SSS confirms arrest of suspended CBN governor Emefiele

Nigeria’s spy police has confirmed the arrest of the suspended governor of the Central Bank of Nigeria, Godwin Emefiele.

“The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN) is now in its custody for some investigative reasons,” spokesperson Peter Afunanya said in a statement Saturday afternoon.

Mr Emefiele, who for years poured out loans to the federal government above the allowed limit in violation of the law, oversaw a messy naira redesign that led to unprecedented suffering, and tried to run for president while still in office, was suspended from office Friday.

President Bola Tinubu removed the CBN boss to allow investigations into his tenure, according to a statement from the office of the secretary to the government of the federation.

“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy,” the statement said.

The State Security Service initially denied it had arrested Mr Emefiele. The agency did not say when and where he was arrested.

– Controversial tenure

The suspension came two weeks after President Tinubu took office with a promise to reform Nigeria’s monetary policy, an indication the new president was dissatisfied with the performance of Mr Emefiele, who has completed nine years as the second-longest serving CBN governor, beaten only by Abdulkadir Ahmed, who served four governments between June 1982 and September 1993.

“Monetary policy needs thorough housecleaning,” Mr Tinubu said.

Mr Emefiele oversaw some of the most controversial monetary policies in the history of the bank, drawing criticisms from experts, including his predecessor and former members of the bank’s monetary policy committee. Doyin Salami, once a member of the MPC, accused him of turning the bank to the federal government’s “piggy bank.”