A high court of the Federal Capital Territory on Thursday issued a one-week ultimatum to the Department of State Security Service to either charge the detained suspended Governor of the Central Bank of Nigeria, Godwin Emefiele to Court or release him.
Justice Hamza Muazu gave the order while delivering a ruling in a fundamental human rights suit instituted against the DSS and others by Emefiele.
Justice Muazu held that the DSS has the power to carry out its constitutional duties of making arrests, detaining, and ensuring the prevention of internal crime.
However, he maintained that such duties must be carried out within the ambit of the law.
President Bola Tinubu has suspended Emefiele from office with immediate effect on Friday, June 9.
This followed the ongoing investigation of his office and the planned reforms in the financial sector of the economy, according to a statement by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey.
According to the statement, Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the CBN governor pending the conclusion of the investigation and the reforms.
The CBN listed the Deputy Director, Operations Directorate, as Mr Folashodun Adebisi Shonubi.
Shortly after Emefiele’s arrest, the DSS swooped in on him and took him into their custody.
Emefiele, who was appointed the apex bank’s governor on June 4, 2014, was also at the centre of a storm in January 2023 when security operatives attempted to arrest him over allegations of terrorism financing and economic crime.
Also, the introduction of the naira redesign policy by the Emefiele-led CBN in October 2022 started on a controversial note as the then Minister Finance, Budget and National Planning, Zainab Ahmed, kicked against it barely 48 hours after it was announced.
Ahmed had stated that her ministry was not consulted and she was not aware of the monetary policy.
The reaction generated tension and uncertainty until the Presidency confirmed that Buhari approved the policy, which it said was to manage inflation, combat currency counterfeiting and ransom payment.
Early January 2023, the CBN started a cash swap programme in various local government areas to reach citizens in rural communities, who complained of the unavailability of banks in their localities.
The initial deadline of January 31, 2023, set by the apex bank for the old notes to cease being legal tender was moved to February 10, as the country fell into hard times with both the old and new naira notes going out of circulation.
The situation was compounded by fuel scarcity across the country as Nigerians berated the policies of the government as ill-thought.
Tinubu, who was then the presidential candidate of the All Progressives Congress, also slammed those behind the naira redesign, which he said was targeted at his candidature.