The pensive mood with which suspended Central Bank Governor, Godwin Emefiele walked into the waiting private jet spoke volumes of the transient nature of power, position and privilege. Following his suspension by President Bola Ahmed Tinubu yesterday, the embattled apex bank chief has since been arrested by officers of Nigeria’s Secret Police, the Department of State Security (DSS) and flown to Abuja. A social media video showing the moment he was been taken on the unwanted trip captured how the apex bank chief was driven in company of the DSS officials in a white Hilux van to an aircraft, which was apparently to fly him to the nation’s capital.
Apparently not minding the effect the drama would have on already fragile investors and market confidence, those in charge of the apprehension of Emefiele went out of their way to add every tinge of humiliation. The DSS has been on the trail of the suspended CBN Governor over allegations of terrorism financing and national security breaches. Previous attempts by the nation’s Secret Police to apprehend Emefiele proved abortive as a Federal High Court judge had declined to give an ex parte application ordering his arrest by the DSS.
The DSS has accused Emefiele of terrorism financing, fraud, and diverting public funds for personal purposes. The DSS similarly alleged that Emefiele was involved in activities, which constitute a threat to Nigeria’s national security. It will be recalled that in the build up to the 2023 general elections, Emefiele at the behest of immediate past President, Muhammadu Buhari, implemented a harsh Naira redesign and demonization policy, which many perceived was targeted at politicians suspected of planning to sway votes by using monetary inducements of voters. President Tinubu, then the candidate of the ruling All Progressives Congress (APC) was quite vocal at the time in condemning the policy, just as he alleged that it was a ploy to scuttle his victory in the polls. Things got so interesting that the APC governors became the ones opposing their party’s policy at the federal level, while the opposition Peoples Democratic Party (PDP) Governors shouted themselves hoarse applauding the gains of the policy.
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It took the verdict of the Supreme Court, which denounced the policy and declared that old notes and new notes will remain legal tender for the suffering of Nigerians to be eased. Back then, many citizens lamented the impact of the policy, especially because it took a serious toll on businesses and the livelihoods of Nigerians many of whom were barely recovering from the damaging recession and the impact of COVID on the economy. Although the Tinubu Presidency started on a rocky note with the unilateral announcement that subsidy is gone during his inaugural day speech, close watchers of developments in the polity see Emefiele’s arrest as a move to blunt the backlash precipitated by the public anger, which has followed the removal of subsidy without the least consultation with stakeholders.
Whether the terrorism financing allegations preferred against Emefiele are eventually proved or not, analysts are of the view that President Tinubu has used the move against Emefiele to consolidate his position. For President Tinubu, the suspension and subsequent arrest of the former CBN Chief is one stone, which kills two birds; first, it waters down whatever backlash that remains from his decision on subsidy, especially after the capitulation of labour. Secondly, it assuages those Nigerians baying for blood following the Naira redesign fiasco. On both scores, Tinubu appears to be getting his tactics for the consolidation of his position spot on; nonetheless, how these deft moves by the President translate in terms of the objective conditions of Nigerians would become clearer in the coming weeks.
