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Nigeria’s security services have detained the country’s suspended Central Bank Governor Godwin Emefiele as part of an investigation into his office. His arrest came immediately after the new president Bola Ahmed Tinubu took office
Nigeria’s security services have detained the country’s suspended Central Bank Governor Godwin Emefiele as part of an investigation into his office. His arrest came immediately after the new president Bola Ahmed Tinubu took office. Godwin Emefiele was in office for almost ten years. The Domestic Security Agency did not give any further details about the reasons for his arrest. What is known is that the new government is wanting to carry out several far-reaching financial reforms in the country to bring discipline to the financial sector of the country and the arrest is related to that. But arrest can be done only when there is a suspected criminal offense.
Emefiele has attracted the wrath of the people for his role in the replacement of currency notes with new ones, a policy announced by former president Muhammadu Buhari to replace old naira currency notes with new ones, a measure purportedly meant to prevent corruption and acts of ransom during the election days.
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The ill-conceived policy has had its backlashes. People queued up in front of banks and ATMs for several hours to exchange old notes for new ones. It may be also recalled that Emefiele had also attempted to run against Tinubu as the candidate for the presidency from the ruling All Progressives Congress (APC) party primaries. But later he withdrew from the race. Tinubu is facing a lot of criticism for the immediate withdrawal of the subsidies on fuel oil, which increased transportation cost. The cascading effect is felt more in food prices, which have soared very high in recent days.
