President Bola Ahmed Tinubu, on Friday night, suspended Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, with immediate effect.

A statement from the office of the Secretary to the Government of the (SGF), Senator George Akume, declared that Emefiele was suspended because of ongoing investigations of his office and planned reforms in the financial sector of the economy.

Emefiele is to hand over to the Deputy Governor, Operations Directorate, who will act as CBN Governor, pending the conclusion of investigations.

Full statement below:

OFFICE OF THE SECRETARY TO THE GOVERNMENT OF THE FEDERATION

PRESS RELEASE

PRESIDENT TINUBU SUSPENDS EMEFIELE FROM OFFICE AS CENTRAL BANK GOVERNOR

President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect.

This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.

Willie Bassey

Director, Information

For: Secretary to the Government of the Federation

9th June, 2023.