In a move deemed unconstitutional by critics, Mr. Emefiele was removed from his position as the head of the Central Bank of Nigeria on Friday evening. President Bola Tinubu's action raised concerns among investors who had long anticipated a politically independent central bank in Nigeria.
Following his removal, Mr. Emefiele was arrested in Lagos on Saturday and subsequently transported to Abuja by the State Security Service. The agency stated that the former CBN chief would be questioned regarding his role at the CBN since June 2014. Efforts to obtain comments from Mr. Emefiele have been unsuccessful, and it remains uncertain whether he has secured legal representation since being taken into custody.
Reacting to the arrest, Laolu Akande expressed his dismay at the damage caused by Mr. Emefiele's actions at the CBN, emphasizing the negative impact on the Nigerian people. Mr. Akande highlighted the issue of corruption, particularly in the dual exchange rate policy, which he deemed nonsensical. He expressed a sense of relief at the recent developments.
Having served as a presidential spokesperson attached to the vice-president's office for eight years, beginning in 2015, Mr. Akande previously issued a statement on behalf of Mr. Osinbajo, criticizing Mr. Emefiele for his controversial handling of the nation's exchange rate regime.
In October 2021, Mr. Akande's statement alleged that Mr. Emefiele was overseeing rampant corruption in the foreign exchange market in Nigeria. Mr. Emefiele denied the allegations, and it remains unclear whether Mr. Osinbajo proposed any official measures to investigate or impose sanctions on the former CBN chief to the president.
Highlighting the necessity of the suspension and investigation of the CBN governor, Mr. Akande emphasized that Mr. Emefiele had been given ample opportunity to redeem himself but had failed to do so during the Buhari-Osinbajo regime.
Mr. Emefiele appears to be the first high-ranking official from the Buhari administration to be arrested and held on fraud charges under Mr. Tinubu's administration. Anti-corruption experts speculate that many of Mr. Buhari's aides may face similar charges, given the alleged years-long looting of the nation's treasury.