QuickRead: Emefiele’s suspension as CBN governor. Four other stories we tracked and why they matter

President Bola Tinubu last week suspended the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

This and four other stories we tracked dominated public discourse last week.

1. Emefiele’s suspension as CBN governor

On June 9, the president suspended Emefiele and directed him to transfer his responsibilities to the Deputy Governor in charge of operations pending the conclusion of the investigation into his activities in the office.

The Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, who disclosed this in a statement in Abuja, said: “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 the investigation and the reforms.”

Why it matters

The CBN governor may be paying the price for the chaotic handling of the policy on naira redesign which caused untold hardship in the country before the Supreme Court’s intervention.

Although the investigation of the Delta-born administrator is long overdue considering the enormity of allegations against him while in office, the government will do well to avoid making him the fall guy that must be punished at all costs for the failed naira experiment.

The Tinubu administration must also be wary of actions capable of driving the nation into chaos, especially in the South-East, where there are insinuations that Emefiele’s suspension is aimed at alienating the region for rejecting the All Progressives Congress (APC) in the February 25 election.

2. Kanu’s insistence on Biafra

The leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, on June 9 insisted on the actualization of the Biafra Republic.

Kanu’s lawyer, Alloy Ejimakor, who disclosed this on his Twitter handle, said the activist insisted that Biafra was non-negotiable and cannot be subdued.

He wrote: “Personal Message from Mazi Nnamdi Kanu: I deeply appreciate the abiding solidarity of the people of Biafra & the entire IPOB noble family against my continued illegal detention.
“I assure you all that our pursuit of self-determination to its logical conclusion is non-negotiable.”

Why it matters

The activist’s remark reinforces the call for the current administration to quickly resolve the impasse around his incarceration and the group’s separatist agitation in a bid to restore calm to the troubled region.

3. Tinubu signs new power sector act

President Bola Tinubu on June 9 signed the new electricity bill into law. The Act which replaces the Electricity and Power Sector Reform Act (EPSR) of 2005 empowers states, companies, and individuals to generate, transmit, and distribute electricity in the country.

READ ALSO:Quickread: Akeredolu charges Tinubu on devolution of power to states. Four other stories we tracked and why they matter

The president, who confirmed the development at a meeting with traditional rulers at the Presidential Villa, Abuja, said: “That’s devolution of power and that should be our contribution to the developmental projects you are looking for and we will continue in ways that will help our people.”

Why it matters

The new electricity law if properly implemented may address the country’s chronic power problems by removing the existing monopoly in the value chain and creating free competition in the market through states.

It also allows the states to inject funds into the power sector which in turn will translate to increased generation and supply.

But in a sector mired in efficiency and corruption, the question is how the additional power generated by the system will be injected into the national grid that has suffered several collapses in the last few years due to sabotage.

4. Ogunlewe on Nigeria’s politics

A former Minister of Works, Adeseye Ogunlewe, on June 7 declared that the country’s political system was not designed for the poor.

Ogunlewe, who spoke on Arise TV’s Morning Show, said: “As I said many years ago, Nigeria politics is not for the poor. No matter how much you describe it, it’s for the rich. If you don’t have enough funds, just don’t come into politics; you will never get through.“

Why it matters

Ogunlewe’s remark sums up the perception of the country’s political space where personal interest supersedes other considerations.

It is seen as a lucrative venture with quick returns on investments meant only for people with deep pockets or those willing to dine with the devil in their lust for political power.

This largely explains why the country’s leadership recruitment process has continued to produce individuals that leave much to be desired in the last 50 years or thereabout.

5. Police arraigns ex-Ekiti speaker for alleged fraud

Police on June 6 arraigned a former speaker of Ekiti House of Assembly, Dele Olugbemi, and one Tajero Adebayo at the Ado-Ekiti Chief Magistrates’ Court for alleged fraud and attempted murder.

The two men were arraigned on a four-count charge of conspiracy, fraud, attempted murder, and threat of violence.
The police prosecutor, Inspector Caleb Leramo, told the court that the defendants committed the offence between February and May.

He said: “The defendants threatened violence and attempted to murder one Chief Ogunyemi Aluko and another person in Ado-Ekiti, the state capital.
“The offences contravened Sections 421, 329(1)(a), 241(a), and 46 of the Criminal Law of Ekiti, 2021.”

Why it matters

The ex-speaker’s arraignment means that the law is no respecter of anybody irrespective of one’s status in society.
It is also a reminder that bad behavior will not go unpunished, no matter how long it takes.

By Hamed Shobiye

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