COSEYL: Tinubu cannot unilaterally suspend Emefiele

South East-based youth group, Coalition of South East Youth Leaders (COSEYL), has faulted suspension of Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, by President Bola Tinubu, saying he lacks constitutional power to unilaterally take such action.

•Demands release, reinstatement of CBN governor

South East-based youth group, Coalition of South East Youth Leaders (COSEYL), has faulted suspension of Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, by President Bola Tinubu, saying he lacks constitutional power to unilaterally take such action.

The group, therefore, demanded that the President releases the detained CBN boss and follow due process specified by the Act establishing the apex bank.

In a statement, yesterday, the President General of COSEYL, Goodluck Ibem, noted that Emefiele is being detained unlawfully. The statement added: “COSEYL is alarmed over the unilateral suspension CBN governor without following the constitutional process or the CBN Act.

“The apex bank is a creation of the law and not a body created by one man, which Tinubu is trying to make us believe. The suspension of Emefiele and his unlawful detention by the Department of State Services (DSS), operating on orders of the President, is the height of impunity, executive lawlessness and recklessness, which must stop forthwith.”

The group noted that before the apex bank boss can be removed from office, there are laid down laws and procedures that must be followed. It insisted that these laws were not followed in this circumstance, which makes it unlawful, illegal and of no effect.

The statement faulted the reasons given by the Federal Government for the action, saying: “We are aware that the major reason Tinubu is after Emefiele is because of the introduction of the naira redesign policy, which made Tinubu and the All Progressives Congress (APC) lose Lagos State to the Labour Party (LP) during the Presidential elections.”

The group alleged that Tinubu is now on a personal vendetta mission against Emefiele for destroying his political grip on Lagos.”