Group Threatens Legal Actions If CBN Governor Is Not Suspended

The South-South Agenda for Tinubu/Shettima (SSAT) has called on Pres­ident Muhammadu Bu­hari to audit the accounts of the Central Bank of Nigeria (CBN).

The call may not be uncon­nected with the criticisms against the leadership of the bank since the announcement of its deci­sion to redesign the N200, N500, and N1,000 banknotes, which will cease to be legal tender by Janu­ary 31, 2023.

SSAT is one of Tinubu’s sup­port groups in the South-South.

In a statement, the group through their National Coor­dinator, Mr. Bitrus Nta Oliver, threatened to commence legal action against the President and the Senate to compel the probe of the bank.

It maintained that the mone­tary policies of the CBN in recent times are bringing the ruling All Progressives Congress (APC) to disrepute.

While insisting that an inde­pendent audit of the bank would expose formerly the damage Mr. Godwin Emefiele, the CBN Gov­ernor, had allegedly done to the bank and indeed the Nigerian economy.

Oliver said the suspension of the CBN Governor from office would enable the bank’s board, which Emefiele is Chairman, as well as the Financial Reporting Council to look into the books of the bank unhindered.

“If we do not see any action by the president within the next 96 hours, we shall immediately launch a suit to compel the sus­pension of the governor from of­fice, because, as the chairman of the board of the bank, he cannot be a judge in his own case.

“So, he will have to step aside while the board looks into the books alongside the Financial Reporting Council,” he stressed.

Oliver further blamed the current economic woes of the country on Emefiele and his in­competence.

He said, “Removal of Emefiele immediately as the Governor of the CBN will help redeem the economy of the country and draw it back from the brink.

“He has abused his office by using the same to get involved in politics and investors do not have confidence in our monetary poli­cy anymore.”