Africa (Commonwealth Union) _ Nigeria’s suspended Central Bank governor, Godwin Emefiele, has been detained by the country’s security services as part of an investigation into his office, according to the national domestic security agency. This action follows Emefiele’s suspension by President Bola Ahmed Tinubu’s government shortly after taking office. Tinubu, who assumed power after a contested presidential election, had promised reforms to address Nigeria’s financial challenges.
The Department of State Services (DSS), Nigeria’s internal security agency, confirmed Emefiele’s custody for investigative reasons. However, no further details were provided. One of Tinubu’s government spokesmen stated earlier that Emefiele’s suspension was related to an ongoing investigation of his office and planned reforms in the financial sector. In the interim, the bank’s deputy governor will assume the role of director until the investigation concludes.
Emefiele had faced criticism for various reasons, including his involvement in former President Muhammadu Buhari’s policy to replace old currency notes with new ones to combat corruption during the election and reduce cash payments for ransom. This policy led to a severe shortage of cash in Nigeria, impacting the informal economy and people’s ability to access cash payments.
Furthermore, Emefiele had initially attempted to run against Tinubu in the All-Progressives Congress (APC) party primaries for the presidency but later withdrew from the race. Tinubu, a former Lagos governor, attracted controversy by immediately ending government subsidies on petrol prices on his inauguration day. The removal of subsidies caused fuel prices to nearly triple, resulting in increased transportation costs, soaring food prices, and higher electricity expenses for those reliant on generators.
Nigeria’s new leader, Tinubu, faces numerous challenges, including a security crisis involving battles with jihadists, heavily armed criminal gangs, and separatist militants across different regions of the country.
