The embattled Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has purportedly resigned from his position in August 2023, following his suspension by President Bola Ahmed Tinubu.
Recall that President Tinubu suspended the CBN boss on June 9, and instructed him to delegate his duties to the Deputy Governor of the Operations Directorate, Folashodun Adebisi Shonubi.
According to a Reuters report, Emefiele, who was suspended in June, tendered his resignation letter to President Tinubu. This effectively cleared the way for Olayemi Cardoso, who was nominated on Friday by the President to replace the former CBN governor.
It was gathered that he had initially submitted the letter to the Department of State Services (DSS) — but it was rejected, as the law only allows him to submit it to the President.
With Emefiele’s resignation, legal concerns regarding the nomination of Yemi Cardoso as the new governor of CBN have been laid to rest. In a statement on Friday, Special Adviser to the President on Media and Publicity, Ajuri Ngelale, announced Cardoso’s nomination and also nominated four new deputy governors.
By the provisions of the law, the President cannot remove a CBN governor unilaterally. Section 11 of the Central Bank Act 2007 specifies the conditions upon which a CBN governor can be removed from office.
Section 11(2) (f) empowers the president to terminate the appointment of a CBN governor but the “removal of the governor shall be supported by two-thirds majority of the Senate”. If the President cannot get two-thirds majority of the senate, another option would be to wait until the CBN governor is convicted of a criminal offence by a court of competent jurisdiction, per section 11(2)(b).
However, section 11(3) of the CBN Act allows the CBN governor to resign by giving at least three months’ notice in writing to the President.
