“Shouldn’t the Independent National Electoral Commission, INEC, be investigated with the utmost urgency if there is any government agency that should be?”
The Labour Party (LP) has criticized the Central Bank of Nigeria’s (CBN) decision to suspend Godwin Emefiele as its governor and urged President Bola Tinubu to look into the Independent National Electoral Commission (INEC) rather than the top bank.
Emefiele was placed on administrative leave by Tinubu on Friday, citing a “ongoing investigation of his office and the planned reforms in the financial sector of the economy”.
But in a statement released on Saturday by LP spokesman Obiorah Ifo, the party criticized the action and asserted that it was unconstitutional.
The majority of Nigerians are already aware of the government’s intentions, so reading that statement is absurd. The Independent National Electoral Commission, INEC, and its Chairman, Prof. Mahmood Yakubu, should be investigated with the utmost urgency if there is any government agency that warrants such a determination, the statement posed.
“The leadership of the Labour Party is disturbed by the decision of President Bola Ahmed Tinubu to suspend/sack the Governor of the Central Bank, Godwin Emefiele, even though it was made illegally and without the national assembly’s consent, and we insist that the action was not in good taste and sounds punitive,” the party continued.
The LP recalled the Emefiele-led CBN’s naira swap policy, which it said hurt the political class, and added that the former governor of the top bank was just the “fall guy” whose “sin” of carrying out the currency redesign must not be pardoned.
It cited a statement made in 2014 by Femi Gbajabiamila, who was the minority leader of the House of Representatives at the time, criticizing former President Goodluck Jonathan for removing Sanusi Lamido as the head of the Central Bank of Nigeria on the grounds that the Nigerian president lacked such authority.
But LP questioned what had altered since then.
“The majority of Nigerians won’t forget quickly the well-known Naira redesign policy Emefiele initiated, which was primarily implemented to prevent vote buying in the most recent general election. Sadly, one candidate at the time believed he was the target of a noble policy. He saw it as a mortal sin that could not be pardoned and required punishment. Part of the statement stated, “Labour Party believes that Emefiele, a fall guy, is making up for his “sin”.
Read the full statement below.
Emefiele: Investigate INEC, Not CBN; the Labour Party Urges Tinubu
Suspension is unconstitutional, vindictive, and not in good taste.
“Mr. President has the right to ask the CBN governor to resign; in the same way, Nigerians have the right to ask him or anyone else to resign. However, he does not have the power to do so. Having a right is one thing; having the power is another. Many have asked Mr. President to resign but lack the powers to compel him to do so,” said Femi Gbajabiamila, the minority leader of the House of Representatives, on January 13, 2014.
The leadership of the Labour Party is disturbed by the decision of President Bola Ahmed Tinubu to suspend or sack the Governor of the Central Bank, Godwin Emefiele, albeit unconstitutionally without seeking the permission of the national assembly, and we insist that the action was not in good taste and sounds punitive.
Drawing inspiration from what Femi Gbajabiamila, then Minority Leader, had said years ago (as quoted above) over a similar situation when President Goodluck Jonathan sacked former CBN Governor, Sanusi Lamido Sanusi, wherein he questioned the powers of the President in sacking the CBN Governor. The opposition leader made it clear that the president lacks the powers under the laws of the land to sack the CBN boss. One wonders what has changed between that time and now.
Femi Gbajabiamila is the current Speaker of the House of Representatives and also holds the enviable portfolio of Chief of Staff to President Tinubu. He had then argued that the law requires the President to seek the approval of two-thirds of the Senate to be able to sack the CBN Governor. Reasons being essentially to enforce the doctrine of checks and balances and to avoid the abuse of powers by a capricious and arbitrary president, while at the same time guaranteeing the autonomy of the CBN. But under Gbajabiamila’s watch, Emefiele was fired in a most unconstitutional and vindictive manner.
It is only in Nigeria that we find people who applaud and reprobate at the same time. People say one thing from one side of their mouth and another from the other, especially when it favors them politically or otherwise. That explains why the country is in shambles: no rule of law, no equity, no justice, and no fair play. People don’t follow standard rules and procedures. That is why every aspect of our lives, be they economic, political, or social, is challenged.
Gbajabiamila, because he was in the opposition at that time, saw everything wrong with President Jonathan sacking Sanusi. Today, he is on the other side of the divide, and he doesn’t see anything wrong with it. This is what Nigerians will face in the APC government, where perceived enemies are dealt with and opposition parties and their members are dealt with, even when they are protected by the law.
Most Nigerians will not forget in a hurry the famous Naira redesign policy initiated by Emefiele primarily to check vote buying in the last general election. A noble policy that a particular candidate then unfortunately believed was targeted at him. To him, it was a mortal sin that cannot be forgiven and must be punished. The Labour Party believes that Emefiele, a fall guy, is paying for his “sin”.
The government said the suspension of Emefiele is “a sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.”
It is laughable to read that statement, as most Nigerians are already aware of the intention of the government. If indeed there is any government agency that should be investigated with the utmost urgency, should it not be the Independent National Electoral Commission, INEC, and its Chairman, Prof. Mahmood Yakubu? This is the institution that is responsible for the mockery of our democracy. This is an institution that asked for and received N355 billion in tax payer money to conduct the worst ever election in the history of Nigeria and sub-Saharan Africa. This is an election umpire who has shamelessly chosen to be partisan during and after the election, even at the tribunal.
Finally, we urge the APC-led government to carry out a thorough investigation of the CBN and, particularly, the last APC government’s interference in the operation of the apex bank. Nigerians will not tolerate political and peripheral investigations. We suggest a forensic audit by an independent firm, and by so doing, maybe the real culprits, not just Emefiele, will be unearthed.
SIGN
Obiora Ifoh
National Publicity Secretary
LABOUR PARTY
10-06-2023
