The Labour Party has expressed deep concern over President Bola Ahmed Tinubu’s decision to suspend/sack the Governor of the Central Bank, Godwin Emefiele, citing it as unconstitutional and lacking the necessary approval from the national assembly. The party contends that the action was carried out in an unfair and punitive manner.
The party draws attention to a statement made by Femi Gbajabiamila, the current Speaker of the House of Representatives and Chief of Staff to President Tinubu, back in 2014 during a similar situation. Gbajabiamila had questioned the President’s authority to dismiss the CBN Governor, emphasizing that the law requires the President to seek the approval of two-thirds of the Senate for such an action. The aim is to maintain a system of checks and balances, prevent the abuse of power, and ensure the autonomy of the CBN. However, under Gbajabiamila’s current leadership, Emefiele was dismissed in a manner that disregarded these constitutional provisions.
The inconsistency in viewpoints within Nigerian politics is highlighted, where individuals tend to switch positions based on their political affiliations and personal interests. This lack of adherence to established rules and procedures is seen as a major challenge for the country, leading to a lack of rule of law, equity, justice, and fair play.
The Labour Party asserts that Emefiele’s suspension may be linked to his initiation of the Naira redesign policy, aimed at curbing vote buying during the last general election. This policy, although noble, was misconstrued by a particular candidate who saw it as a personal attack. The party believes that Emefiele, as a scapegoat, is now paying the price for his actions.
The government has cited ongoing investigations into the CBN office and planned financial sector reforms as reasons for Emefiele’s suspension. However, many Nigerians find this statement to be lacking credibility, as they believe that the urgent investigation should focus on the Independent National Electoral Commission (INEC) and its Chairman, Prof. Mahmood Yakubu. INEC’s role in the flawed electoral process, coupled with allegations of partisanship, have raised concerns among citizens.
