TheCable

The cat-and-mouse game between the Department of State Services (DSS) and Godwin Emefiele, suspended governor of the Central Bank of Nigeria (CBN), reached its climax on Saturday.

Emefiele has been on the radar of the DSS since 2022 over alleged terrorism financing.

Moments after President Bola Tinubu announced the suspension of Emefiele as CBN governor on Friday, there were reports that operatives of the DSS had arrested him.

After a series of back and forth, DSS on Saturday said Emefiele was in its custody for “some investigative reasons”.

The news of the suspension and arrest of Emefiele has elicited reactions from Nigerians.

For a number of reasons, particularly the naira redesign policy, Emefiele would not be forgotten in a rush by Nigerians, including the political elite.

The policy pitched Emefiele against many Nigerians and his unpopularity became noticeable.

During the electioneering, Bola Tinubu, presidential candidate of the All Progressives Congress (APC), said in Abeokuta, the Ogun state capital, that the naira redesign policy was created to make him lose the election.

Afterwards, the battle between Tinubu’s camp and Emefiele started.

While Emefiele insisted that the policy was to curb inflation, and illicit financing and move the country to a cashless economy, many Nigerians were not convinced of his motives. The timing of the policy was also criticised.

Amid the scarcity of the naira notes, the secret police made an unsuccessful first move to arrest Emefiele.

Here is a timeline of the issues between DSS and Emefiele.

COURT STOPPED DSS FROM ARRESTING EMEFIELE

In December 19, 2022, a federal high court sitting in Abuja declined an application by DSS to arrest and detain Emefiele.

The secret police accused Emefiele of terrorism financing and economic crimes.

John Tsoho, the presiding judge, said the secret police did not provide concrete evidence to substantiate its claims that Emefiele was involved in the alleged crimes.

TheCable learned that the judge told DSS that he would have been taken into confidence if there was any evidence to back the allegations in the DSS’ application.

COURT RESTRAINED DSS FROM ARRESTING EMEFIELE

On December 29, 2022, a federal capital territory (FCT) high court sitting in Maitama issued an order restraining DSS from arresting Emefiele.

The Incorporated Trustees of Forum for Accountability and Good Leadership had filed a suit asking the court to restrain security operatives from arresting Emefiele.

The respondents are DSS and the Economic and Financial Crimes Commission (EFCC).

In her ruling, M.A. Hassan, the presiding judge, said DSS did not substantiate or provide any material fact of terrorism.

The presiding judge ruled that the “continuous harassment” of Emefiele over “trumped-up allegations of terrorism financing and fraudulent practices” was unwarranted and oppressive.

EFCC COUNTERED DSS ON ATTEMPT TO ARREST EMEFIELE

In a counter affidavit filed in response to the suit at the FCT high court, EFCC said it had no case against Emefiele as he was not under investigation by the commission.

EFCC told the court that there is a process for the removal of the CBN governor and that the “continued harassment” by DSS was “embarrassing” in the light of statutory provisions.

EMEFIELE’S ABROAD TRIP 

While DSS was searching for a court order to arrest him, Emefiele travelled abroad for his annual leave before Christmas in 2022 with the knowledge of former President Muhamadu Buhari.

The annual leave ended on January 15 but he returned to the country on January 12.

‘BULLION VAN POLITICIANS TRYING TO DISCREDIT EMEFIELE’

While the secret police were seeking his arrest, the presidential campaign council of the Peoples Democratic Party (PDP) alleged that some politicians were behind the travails of the suspended CBN governor.

The party said those who were “after” Emefiele should be careful of its implications on the country’s economy.

“This is especially on the backdrop of apprehensions that inordinately ambitious politicians that run activities with bullion vans and raw cash are out to destroy the nation’s financial institutions, particularly, the CBN, for their selfish political interests,” the party had said.

‘EMEFIELE’S LIFE UNDER THREAT’

Also, Mass Interest Project, a coalition of civil society organisations (CSOs), raised an alarm that the life of Emefiele was under threat.

The CSO alleged that the threat to his life was linked to politicians who were against the new CBN cash policy.

SOUTHERN, MIDDLE BELT LEADERS ASK BUHARI TO SACK DSS BOSS

In January, the Southern and Middle Belt Leaders’ Forum (SMBLF) asked Buhari to sack Yusuf Bichi, the director-general of the DSS, over attempts to arrest Emefiele.

The forum said the action of the DSS was a disservice to the country, adding that the move to arrest  Emefiele was “capable of unsettling the fragile socio-economic tractions of the country”.

“What is the evidence that the governor of the Central Bank of Nigeria, Mr Godwin Emefiele, is involved in “terrorism financing”? If the allegations against the CBN governor are genuine, why didn’t the DSS present its findings to the president for consideration and necessary action?” the leaders asked.

EMEFIELE VISITED BUHARI AMID DSS SAGA

After he returned to the country at the end of his leave, Emefiele visited Buhari at the presidential villa on January 19.

However, the apex bank governor declined questions and comments from the state correspondents after the meeting.

TINUBU MET WITH EMEFIELE

A day after he was sworn in as president, Tinubu met with Emefiele and Mele Kyari, group chief executive officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), at the presidential villa in Abuja.

Sources told TheCable that the meeting with Kyari and Emefiele was to address the petrol crisis.

After Tinubu’s inaugural speech, there were huge queues at filling stations in some parts of Nigeria due to panic buying over the removal of the petrol subsidy.

TWIST IN EMEFIELE’S ARREST

On Saturday, DSS, in a terse statement, said Emefiele was not in its custody after some reports claimed that the suspended CBN governor was arrested immediately after Tinubu announced his suspension on Friday night.

“Currently, Emefiele is not with DSS,” DSS wrote on Twitter.

Some hours later, the secret police confirmed that they had arrested Emefiele.