Business / News / politics

Why Emefiele was not sacked as CBN governor – Buhari

Nigeria President Muhammadu Buhari said the presidential bid of Godwin Emefiele did not affect his role Central Bank of Nigeria (CBN).

Emefiele sought to be the presidential candidate of the ruling All Progressives Congress (APC) and drew widespread criticisms for being partisan while heading the CBN.

While critics called for Emefiele’s sacking, Buhari said such decisions do not rest solely on him as Nigeria’s President.

“The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate,” Buhari said as quoted in a Q&A with Bloomberg.

Among other conditions for the removal of a sitting CBN governor, the CBN Act did not list political participation as part of the grounds for the removal of a CBN governor which some of Emefiele’s critics pointed to.

Buhari said such decisions can only be determined by the board of directors of the CBN.

“Ultimately, it will be for the CBN’s board of directors to determine whether a CBN governor’s actions have fallen foul of the laws in place to ensure he can most effectively carry out his duties,” Buhari said.

The president, however, noted that “there is a subtext to the accusations” of Emefiele being unfit to remain CBN governor.

“Because the governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has proved wrong time and again,” Buhari said.

“Instead, the governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians.”

Emefiele stepped down his presidential ambition before the APC presidential primary election that was won by former Lagos State governor Bola Tinubu in early June.

The CBN governor also withdrew a suit against the attorney-general and the Independent National Electoral Commission (INEC) over an alleged plan to disqualify him from contesting for the office of Nigeria’s president.…

Business / Law / News

Wigwe, Emefiele honoured with Juris Law Award

The Chairman, Body of Bank CEOs and Group Managing Director of Access Bank PLC, Herbert Wigwe, has been recognized for his outstanding contributions to Corporate Governance and Rule of Law in Nigeria’s Banking Industry.

Wigwe was presented the Juris Law Award by Chief Justice of Nigeria, Ibrahim Tanko Muhammad at the 2021 Judges Workshop on Banks and Other Financial Institutions Act (BOFIA) 2020 which held on Tuesday, 12 October 2021 in Abuja.

Also honored with an award was the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele. The Juris Law Award is presented in honor of leaders who are taking significant steps towards promoting economic growth in Nigeria through deepening institutions, corporate governance and Rule of Law.

Accepting the award, Wigwe stated that he was honored to receive the award, adding that “through innovative banking initiatives and our underlying sustainability drive, Access Bank will continue to create shared value for all our stakeholders, striking a balance between competitive advantage and corporate social responsibility.”

Wigwe and Emefiele have partnered in the creation of several positive socio-economic initiatives such as the Creative Industries and Financing Initiative; a loan scheme developed to provide access to long-term and low-interest financing for entrepreneurs in Nigeria. In addition, Wigwe, Emefiele and Aliko Dangote were key parties in the formation of the Coalition Against COVID-19 (CACOVID) – a vehicle created to spearhead corporate Nigeria’s support for the federal government’s fight against the deadly virus. The successful coalition funded the establishment of response centers,  acquisition of medical equipment, supplies and food palliatives for vulnerable Nigerians.

The 2021 Judges Workshop on Banks and Other Financial Institutions Act (BOFIA) 2020 focused on reforms and the statutory requirements imposed by CBN on all banks and other financial institutions in Nigeria to adopt policies on anti-money laundering and combating the financing of terrorism and cyber security in Nigeria.

Also in attendance of the workshop were the Attorney General of the Federation and Minister of Justice (AGF); Abubakar Malami (SAN); the Appeal Court President, Justice Monica Dongban-Mensen; the Chief Judge of the Federal …