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Less than two weeks after assuming office as President and Commander-in-Chief of the Armed Forces, President Bola Ahmed Tinubu has suspended the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, from office with immediate effect.

The suspension, according to a statement issued and signed by the Director of Information in the Office of Secretary to the Government of the Federation (OSGF), Willie Bassey, on Friday night, said the suspension came into effect as part of investigation of his office and the planned reforms in the financial sector of the economy.

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The statement noted that Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.

“President Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, from office with immediate effect. This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

“Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms,” he stated.

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