Godwin Emefiele, who served previously as the Chief Executive Officer and Group Managing Director of Zenith Bank PLC was appointed as the Governor of the Central Bank of Nigeria on June 3, 2014 by Nigeria’s former President, Dr.Goodluck Jonathan. Jonathan submitted the name of Emefiele few hours after he suspended Sanusi Lamido who was then the CBN Governor. Mr. Sanusi’s sudden suspension was generally believed to be due to his stand against the corrupt and unconstitutional practices of the Jonathan administration, chiefly of such was the allegation of the missing $20billion from the national treasury. However, the then spokesperson of the government, Dr.Reuben Abati insisted that Sanusi’s suspension was not a vendetta for exposing the financial recklessness of Jonathan administration. Abati had said that Sanusi was suspended ‘based on the need for him (Sanusi) to step aside while the weighty charges of financial recklessness, gross misconduct and persistent disregard for laid down rules and regulations in the management of the Central Bank made against him by the Financial Reporting Council of Nigeria and others are properly investigated’. But up till date, where is the report of that almighty investigation?
Before ascending the throne at the Central Bank, Emefiele had testimonies as to how He transformed Zenith Bank into a global brand. According to Zenith Bank, “ Under Emefiele’s leadership, Zenith Bank has strengthened its position as a leading financial institution in Africa, winning recognition and getting endorsements at home and abroad for giant strides in key performance areas like corporate governance, service delivery and deployment of cutting edge ICT as well as impact in the bank’s numerous shares of operations. “
“In 2012 , Emefiele’s visonary leadership saw Zenith Bank receiving acclaim from reputable institutions such as world Finance, CFI and FTSE Global Markets that have named Zenith Bank the Best in corporate governance, Best Commercial Bank in Africa and Emerging Global Super brand respectively”.
Accordingly, many Nigerians had huge expectations from Mr.Emefiele as regards how the nigerian economy would fare under him. From gradually to an unbearable height, Emefiele’s goodwill seems to have completed eroded. Under Mr.Emefiele, Nigeria has had severe challenge more than she ever had in over 25 years ago. Some of those economic challenges include rising unemployment, loss of jobs, poor monetary policies, inflation, constant fall of the Nigerian currency, economic stagnation and the relocation of companies from the country among others.
Despite what appears to be a trial and error approach by the CBN Governor so far, the Nigerian economy has continued to remain in shambles as the recession lingers with little or no hope. To this end, many eminent Nigerians including the national assembly have called for the resignation or sack of Mr.Emefiele by President Muhammadu Buhari. But the president seems to have rendered a consistent deaf ear to that crucial call even as the economic hardship bites further.
An economic expert, Mallam Umar Muhammed Who spoke to Versatile Reporters expressed bitterness at the continuous stay of Mr.Emefiele amidst the persistent economic mess Nigeria is currently in. “I am deeply shocked that Emefiele still heads the Apex Bank even when everything seems not to be working under him. I expected him to have honourably resigned or for President Buhari to have sacked him after been sworn in, after all Jonathan sacked Sanusi who performed excellently than Emefiele” Muhammed said.
A financial expert based in Lagos who also spoke With Versatile Reporters under the condition of anonymity said “There is no moral and economic justification for Emefiele to still serve as the CBN Governor currently. Are you not aware of all the massive corruption that occurred under Jonathan’s administration? Especially between 2014 and early part of 2015 that fell within the electioneering period which coincided With Emefiele’s appointment? Why will a man who shamelessly approved the looting of our national treasury that threw us into this recession still have his position intact? He inquired.
Investigations by Versatile Reporters have confirmed the real reason(s) why President Buhari may never suspend or sack the CBN Governor, Godwin Emefiele. According to our sources within the presidency and the Delta State chapter of the All Progressives Congress (APC), the continuous stay of Mr.Emefiele against all odds is a deliberate plan to yield huge political benefits in the future.
Our source within the presidency hinted that some influential persons within the current administration have succeeded in pleading with President Buhari to allow Mr.Emefiele finish his tenure at the CBN no matter the number of those calling for his sack or at least stay till 2018. The source further explained that the move is aimed at reducing the tensions and grievances arising from recent appointments by the president as a replacement for Emefiele may eventually be a northerner. “We know the economy is not faring well under the current CBN Governor and we are aware of the calls for the suspension or sack of Mr.Emefiele, but the truth is that there are some strong individuals who are seriously protecting the interest of Emefiele for ethnic, political and financial reasons” the source said.
Meanwhile, a chieftain of the All Progressives Congress, (APC) in Delta State who would not want his name mentioned explained that the continuous stay of the CBN Governor is part of a grand plan by the party in the South-South region to increase its fortune. He revealed that Mr.Godwin Emefiele Who hails from Delta State has promised to defect to the party at the end of his tenure as the head of Nigeria’s apex bank or probably by 2018. According to him, Emefelie joining the APC in Delta State is part of a strategic plan to win the state in 2019 as well as increase the financial supports needed to win other states in the South-South region where the APC has only one state. “You know politics is about numbers and finance. Here in Delta State, we have been seriously strategizing on how to wrestle the state from the ruling PDP government of Dr.Ifeanyi Okowa. Part of that plan is the merging of some key position parties in the state and their leaders with the APC. To succeed in doing this, we also need funds to give the PDP a fight to in in 2019. We are sure if our son, Godwin Emefiele joins us in APC in the state, it will certainly boost our victory drive, especially through the financial assistance we are expecting from him. So this is why the stakeholders have pleaded With President Buhari not to suspend or sack him for now. You recall that APC lost in Delta State in 2015? So a victory for the party in the state in 2019 will also mean a victory for President Buhari”. The source explained.
It may interest you to know that Mr.Godwin Emefiele’s tenure at the Central Bank is expected to end in 2019. Whether Mr.Emefiele will complete his tenure at the CBN or not or defect to the APC or not, only time will tell.

Source: http://www.versatilereporters.com/2016/11/exclusive-why-buhari-may-not-sack-cbn.html