Months after the Central Bank of Nigeria (CBN), Godwin Emefiele, decided to withdraw from contesting for an elective position in the government, President Muhammadu Buhari has addressed the outcry that trailed his political ambition.
Emefiele’s decision to contest for political office via the platform of the ruling party, All Progressive Congress (APC) had generated condemnation from Nigerians, considering it is unorthodox for an incumbent CBN governor to do so.
This led to the apex bank chef taking Independent National Electoral Commission (INEC) and Attorney General to court over the restriction preventing him from contesting for the seat of the President.
INEC was against Emefiele’s political ambition due to his access to sensitive electoral materials which are kept in the possession of CBN, considering the financial regulator is apolitical.
In his reaction to Emefiele’s actions, President Buhari said the CBN board are mandated to probe him to confirm if his political ambition floats the rule of the apex Bank. He said it isn’t the President’s job to do that.
Buhari told Bloomberg on Tuesday that the board will check if CBN governor’s actions have fallen foul of the laws that could affect his duties, “The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate.
“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.
“But there is a subtext to the accusations. Because the governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has proved wrong time and again.
“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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