Foremost human rights lawyer, Femi Falana, SAN, on Sunday, declared that the Department of State Services (DSS) lacked power to investigate and prosecute the suspended Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, for alleged money laundering.
Falana said such prosecutorial powers belong to the Economic and Financial Crimes Commission (EFCC), and urged DSS to investigate Emefiele only on the allegations bordering on terrorism.
In a similar vein, Executive Director of Policy and Legal Advocacy Centre (PLAC), and Convener of Civil Society Situation Room, Clement Okechukwu Nwankwo, in an interview on Channels Television on Sunday, alleged that due process was not followed in the removal of Emefiele.
Likewise, some analysts on Sunday, rallied round Emefiele, describing his ordeal as more of personal vendetta by the current administration than impartial prosecution.
Falana pointed out that DSS, which had accused Emefiele of funding terrorism, should concentrate its investigation in that regard and, subsequently, hand over the investigation to EFCC.
In a statement issued on Sunday, Falana stated that DSS would bungle the investigation if it stayed on money laundering investigation, which was outside its purview.
The statement said, “A few months ago, the State Security Service (SSS) levelled grave allegations of terrorism financing, money laundering, and other economic crimes against Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN).
“At the material time, the attempt by the SSS to arrest, investigate, and prosecute Mr. Emefiele was frustrated by the erstwhile Buhari administration.
“However, following the suspension of Mr. Emefiele as the Governor of the CBN by President Bola Tinubu, the SSS quizzed him in Lagos and flew him to Abuja on Sunday. According to media reports, the investigation of the suspect by the SSS has commenced. Even though the SSS, which initially denied the arrest, has since turned round to admit that Mr. Emefiele is in its custody.”
Falana recalled, “In the case of Dr. Bukola Saraki v. Federal Republic of Nigeria (2018) 16 NWLR (pt. 1646) 433-434, the Supreme Court ruled that the Economic and Financial Crimes Commission lacks the vires to investigate and prosecute the appellant for the breach of the provisions of the Code of Conduct Bureau and Tribunal Act. It was for that principal reason that Senator Saraki was freed by the apex court.”
The senior lawyer maintained that in line with the principle of law enunciated by the apex court in Saraki’s case, SSS lacked power to investigate and prosecute Emefiele in respect of allegations of money laundering and other economic crimes.
“Therefore, after investigating the alleged involvement of Mr. Emefiele in terrorism financing, the SSS should transfer him to the EFCC for the purpose of investigating the allegations of money laundering and allied offences. Otherwise, the investigation of the case will be bungled by the SSS!” Falana stated.
Nwankwo, in his own submission, noted that the CBN Act was put in place to prevent unwarranted removal of a CBN governor. He acknowledged that, certainly, some Nigerians were angry with the CBN governor, especially with what he termed the unprofessional manner he went about some of his policies.
But Nwankwo stated, “You cannot act following the provisions of the law. The removal of a CBN governor shall be supported by two-thirds majority of the senate, praying that he be so removed. That means that you don’t go to the senate after you have removed him. You actually would have to pray to the senate that he be removed.
“Suspension is removal. There is no provision that says you can suspend the governor of the CBN. Everyone knows that Emefiele has his issues and we do not want a CBN governor that operates with such unprofessionalism, but I don’t see what the rush is in his removal, unless you fear that the CBN governor is about to flee the country and unable to answer to the charges against him.
“The president had the senate, which only had its valedictory session on Saturday. He could have gone to the senate to ask for his removal.”
He insisted that Emefiele’s removal was illegal, adding however, that a lot of Nigerians would have wanted the CBN governor removed in line with the rule of law.
Meanwhile, analysts have rallied round the embattled Emefiele, describing his ordeal personal vendetta by the Tinubu administration. They particularly expressed worry over the manner in which DSS officials in Lagos arrested Emefiele before he was airlifted to Abuja.
They said the alleged terrorism charges brought against Emefiele was unimaginable, and wondered what the former CBN governor’s interest would be in financing terror – and given that he had severally spoken against it, and even initiated policies aimed at countering terrorism financing in the country.
The analysts also warned that the primitive measures applied in Emefiele’s investigation could send the wrong signal to foreign investors and portray the country as unsafe and unserious for business.
Speaking separately on Arise Television, a sister broadcast arm of THISDAY Newspapers, the experts further wondered why former President Muhammadu Buhari did not prosecute Emefiele for the same charges now being levelled against him by the government of Tinubu.
They said Emefiele was simply following instructions from his masters and should not be singled out for prosecution over policy issues. But they commended the erstwhile CBN governor for ensuring financial sector stability, going by the prudential ratios, among other initiatives, while in office.
Renowned economist/Chief Executive, BIC Consultancy Services, Dr. Boniface Chizea, wondered what interest it would serve Emefiele to finance terrorism.
Chizea aligned with the Labour Party (LP) on the need for the Tinubu administration to focus on investigating the Independent National Electoral Commission (INEC) over its abysmal performance in the conduct of the 2023 general election, rather than dissipate energy on prosecuting the former CBN boss.
He said, “Look at the mess INEC has made of our elections; they should go and investigate them, why is he investigating CBN governor?”
Chizea also described the current administration’s promise to unify the foreign exchange rate as a “pig in a poke”, and wondered how the government intended to achieve the objective in the midst of the current economic realities.
Chizea also frowned on the primitive manner in which Emefiele was arrested, saying it would send a negative message to the international community and hurt the economy.
Speaking on Arise Television, also, former Managing Director, Skyway Aviation Holding Company Limited (SAHCO), Mr. Chike Ogeah, said the former CBN governor was being unfairly treated, even though it was evident that he discharged his duties by obeying instructions from Buhari, especially over the currency redesign programme that infuriated many.
Ogeah said, “How could the government Emefiele served not have held him accountable? That would have been what I would like to see.”
However, President, Association of Capital Market Academics of Nigeria, Professor Uche Uwaleke, commended Emefiele for ensuring financial sector stability.
Uwaleke said Emefiele’s forex demand management policies, especially the 41 items not qualified for forex, promoted import substitution, conserved external reserves and ensured relative stability in exchange rates.
The former Imo State Commissioner of Finance also said it would be unfair to blame Emefiele for the current high inflation rate since most of the causative factors were beyond the control of the CBN.
Uwaleke noted that Emefiele would be remembered for implementing big ideas, such as the Anchor Borrowers’ Programme (ABP), RT200, eNaira, and a raft of other interventions that helped to stimulate the economy during the periods of economic recession.
He said, “On the flip side, he will also be remembered for the currency redesign exercise, which didn’t go down well with Nigerians and the CBN Ways and Means, which grew astronomically during his tenure.
“His greatest misstep was his attempt to join the list of presidential candidates. All said, I think he deserves some rest now.”
Uwaleke said Emefiele’s relief from office was long foretold.
He said, “The president cannot sack the CBN Governor, but he can suspend, which is what the President Tinubu has done.
“Recall that Mr. Sanusi Lamido Sanusi was equally suspended from office by the Jonathan administration. This suspension will mark an end to a turbulent era.”
Kingsley Nwezeh, James Emejo and Wale Igbintade
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