President Muhammadu Buhari said the presidential ambition of Godwin Emefiele did not affect his role Central Bank of Nigeria (CBN).
The head of the apex bank had indicated interest in contesting the 2023 presidency under the All Progressives Congress (APC).
His move drew public condemnation with many seeing him as partisan especially as one heading an institution as strategic as the CBN.
While critics called for Emefiele’s sack, Buhari said such decisions do not rest solely on him as Nigeria’s President.
Buhari is quoted in a Q&A session with Bloomberg as saying that, “The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate,”
Among other conditions for the removal of a sitting CBN governor, the CBN Act did not list political participation as part of the grounds for the removal of a CBN governor which some of Emefiele’s critics pointed to.
The president stated that such decisions can only be determined by the board of directors of the CBN.
He said, “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.”
Buhari noted however, that “there is a subtext to the accusations” of Emefiele being unfit to remain CBN governor.
“Because the governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has proved wrong time and again,” Buhari said.
“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.”
Emefiele stepped down his presidential ambition before the APC presidential primary election that was won by former Lagos State governor Bola Tinubu in early June.
The CBN governor also withdrew a suit against the attorney-general and the Independent National Electoral Commission (INEC) over an alleged plan to disqualify him from contesting for the office of Nigeria’s president.