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Reasons Why Godwin Emefiele cannot be sacked as CBN governor – President Buhari

Nigerian President Muhammadu Buhari said Godwin Emiefele’s presidential ambition did not affect his role Central Bank of Nigeria (CBN).

Buhari also stated that he has no power to sack the CBN Governor and that decisions can only be determined by the board of directors of the CBN.

“The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate,” Buhari said as quoted in a Q&A with Bloomberg.

Among other conditions for the removal of a sitting CBN governor, the CBN Act did not list political participation as part of the grounds for the removal of a CBN governor which some of Emefiele’s critics pointed to.

“Ultimately, it will be for the CBN’s board of directors to determine whether a CBN governor’s actions have fallen foul of the laws in place to ensure he can most effectively carry out his duties,” Buhari said.

The president, however, noted that “there is a subtext to the accusations” of Emefiele being unfit to remain CBN governor.

“Because the governor follows a model outside of the economic orthodoxy, he is labeled political. But the orthodoxy has proved wrong time and again,” Buhari said.

“Instead, the governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians.”

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