Just In:SSS Arrests Emefiele Following Suspension

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State Security Service (SSS) has arrested former  Central Bank of Nigeria governor, Godwin Emefiele.

Bayo Onanuga, an ally of Mr Tinubu, shared a story of Mr Emefiele’s arrest reported by PM news On Friday night. However, SSS spokesperson Peter Afunanya did not pick calls seeking to get comment from the secret police. 

This comes after President Bola Tinubu suspended Mr Emefiele, replacing him with Adebisi Sonubi, the deputy governor in charge of operations.

The statement announcing Mr Emefiele’s suspension said the CBN governor’s suspension was “sequel to ongoing investigation of his office and the planned reforms in the financial sector of the economy.” 

Mr Emefiele, 61, assumed office on June 4, 2014, following the controversial dismissal of his predecessor Lamido Sanusi by former President Goodluck Jonathan.

Mr Emefiele’s tenure saw an unprecedented depletion of Nigeria’s vast foreign reserves, as well as excruciating inflation via currency devaluation.  

He repeatedly defended his action as necessary to mitigate the country’s challenges, which became intense after fuel prices fell at the international markets and Nigeria’s production output reduced following incessant hostilities in the oil-rich Niger Delta and a coordinated exodus of foreign oil majors.

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