CBN governor Emefiele arrested

CBN Governor Emefiele Arrested: DSS Seeks Detention Extension

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The Department of State Services (DSS) is preparing to seek a court order to extend the detention of Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), as part of their ongoing investigation. A source within the DSS revealed that they intend to keep the CBN Governor in custody for an indefinite period to facilitate thorough and unhindered interrogation.

President Bola Tinubu suspended Emefiele from office, effective immediately, on Friday. The decision was made in connection with an investigation into the operations of his office and planned reforms within the financial sector. Emefiele was instructed to hand over his responsibilities to the Deputy Governor (Operations Directorate), Mr. Folashodun Adebisi Shonubi, who would act as the interim CBN governor during the investigation and reforms.

The suspended CBN boss was arrested on Saturday in Lagos by DSS operatives and transported to Abuja on a private jet. A video circulating online captured the moment Emefiele was driven to the tarmac in an unmarked Hilux van, accompanied by security agents. He was then escorted onto a waiting plane where security operatives, one of whom had handcuffs, were present.

According to the source, Emefiele will remain in custody for an extended period, and the DSS has assembled a team of expert interrogators to question him on various matters. These include allegations of terrorism financing, mismanagement of the economy, and misconduct within the apex bank. The source emphasized the need for a meticulous investigation to ensure all loose ends are addressed before taking the case to court.

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Furthermore, Emefiele’s arrest marks the beginning of a broader purge within the top echelon of the CBN. Other senior officials, including directors in the procurement department and special advisers to the embattled governor, are expected to be interrogated in the coming weeks. The DSS aims to conduct a comprehensive probe into Emefiele’s administration, as directed by the President.

The DSS spokesperson, Dr. Peter Afunaya, confirmed Emefiele’s custody and stated that he would undergo interrogation. He urged the public, particularly the media, to exercise caution in reporting and narratives surrounding the case.

As investigations unfold, concerns over the devaluation of the Nigerian currency under Emefiele’s leadership have emerged. The naira has depreciated by approximately 76.17% since June 2014, when Emefiele assumed office. Despite efforts by the CBN to stabilize the currency through various policies, such as restricting forex supply and implementing exchange rate schemes, the depreciation has persisted.

Economists attribute the devaluation to a combination of economic factors, including a significant increase in imports over exports, illicit capital flow, and the impact of the COVID-19 pandemic on output. However, they also point out the intentional devaluation by the CBN for political reasons, aiming to increase funds allocated to state governments.

Experts emphasize the need for Nigeria to focus on boosting production and developing a strong and diverse economy to halt the devaluation of the currency. They stress the importance of reducing dependency on oil exports and promoting local industries to generate foreign exchange earnings.

Recently, the World Bank raised concerns about Nigeria’s parallel exchange rate, noting that it poses risks to future debt service payments and increases the likelihood of debt distress. The existence of an active parallel currency market in Nigeria, along with a significant exchange rate premium, contributes to expensive transactions and potential corruption.

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In summary, the arrest of CBN Governor Emefiele has prompted an extensive investigation by the DSS. The department seeks to extend Emefiele’s detention

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