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10 unforgivable sins committed by Emefiele

Published

3 years ago

June 11, 2023

Godwin Emefiele

10 unforgivable sins committed by Emefiele

Emefiele has been suspended by President Tinubu with immediate effect and the possibility of him returning to the CBN is almost non-existent.

If there was any government official that has kept millions of Nigerians on their knees for the past nine years or thereabouts, it definitely has to be the suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

Emefiele finally met what might appear to be his waterloo on Friday, June 10, 2023, when the presidential hammer landed on his ever-shining, but delicate head.

In a not-so-shocking development, President Bola Tinubu dropped the axe on Emefiele who had caught the figure of a pariah in some sort, largely due to the excruciating effects of his many ill-thought-out, poorly-executed fiscal and monetary policies on Nigerians.

The reactions that have trailed the controversial CBN governor’s suspension so far suggested that President Tinubu may jolly well have ended the reign of economic terror and wanton financial servitude most Nigerians were subjected to in the last decade.

When the news broke on Friday night, you could hear a national sigh of relief, so silent, but still audible enough to reverberate across the country. It was one of such very rare occasions when Nigerians collectively agreed on a course of action.

Such was the kind of impact Emefiele had on the nation. He was not only one of the longest-serving government appointees but also held a position that was crucial to the economic prosperity and survival of Africa’s most populous country and its citizens.

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But, his stint will be etched in the annals of history as the one that ushered Africa’s biggest economy into the worst economic phase in its over 60 years of nationhood.

Having been privileged to serve under three different presidents, one would imagine that Emefiele will exit office amid pumps and pageantry, but the reverse is clearly the case.

Below are 10 reasons Nigerians may never forgive Emefiele

1 Naira plunged to an all-time low: Under Emefiele’s watch, the nation’s currency suffered a great deal. The naira, which was exchanging for ₦190 to one United States dollar before he assumed office in 2014, sank to an all-time low, trading at over ₦750 at the parallel market as of Friday.

2 Encouraged forex arbitrage and round-tripping: Against advice by experts, including the International Monetary Fund (IMF) and the World Bank, that the naira should be allowed to find its true value, the suspended CBN governor spent trillions of naira trying to defend the currency but to no success.

He also created a window for Importers and Exporters to access dollars at subsidised rates in a bid to keep inflation at bay. While the answer to whether the intervention was successful or otherwise is still blowing in the wind, what is in no doubt is the price discrepancy it created in the market.

As a result of this, some unscrupulous elements who are opportune to access forex in the I&E window smiled to the banks at the expense of the Nigerian masses by profiting heavily from currency arbitrage and round-tripping.

3 Banned Crypto trading: Arguably, the biggest blow Emefiele dealt the young population was his decision to prohibit banks from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges in Nigeria in 2021.

Justifying his decision to ban cryptocurrency-related transactions in the country, he claimed that digital currency was being used for money laundering and terrorism, adding that the use of cryptocurrencies in Nigeria is a direct contravention of existing law.

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Though the apex bank promised to bring up a regulatory policy framework for the implementation of cryptocurrencies in the country, not much has been heard about that since.

4 Accused a website of causing naira devaluation: Perhaps the most ridiculous act from an apex bank governor anywhere in the world. Frustrated by his failure to rescue the falling naira, in September 2021, Emefiele accused AbokiFX of economic sabotage.

The online platform is famous for publishing daily foreign exchange rates in the parallel market and is a popular reference point for traders. But, the suspended CBN governor said, by publishing speculative black market rates, the platform and its founder, Oniwinde Adedotun, were influencing the naira value.

5 Dabbled into politics: If his sins were to be ranked, this particular one will take the top spot. In a very surprising move and against the rules of his office, Emefiele decided in his wisdom that he wanted to succeed President Muhammadu Buhari as Nigeria’s president.

Even though he never came out to declare this ambition, pictures emerged online of campaign vehicles painted with his image on them. Also, a group of All Progressives Congress (APC) supporters purchased the party’s presidential expression of interest and nomination forms in his name.

As criticisms grew about his inordinate ambition, Emefiele approached the court to seek clarification on whether he is eligible to contest for president without resigning his position as the CBN governor. The court ruled against him.

6 Introduced Naria re-colouration and cashless policy: Reeling from his failed presidential bid, Emefiele decided to get back at the politicians who he believed thwarted his dream and sold the dummy of naira redesign and cashless policy to the former President.

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Against the expectations of many Nigerians, the purported naira redesign later turned out to be a mere recolouration as the affected notes still retained their old designs with just a little colour variation.

However, his intention became clearer as we approached the last general elections. What was meant to be a cash swap later turned to cash confiscation as Nigerians were denied access to their money, leading to protests and chaos in several states across the country.

7 Alleged Terrorism financing: While this still remains in the realm of speculation, several reports have alleged that the Department of State Services (DSS) has established a link between the embattled banker and terror financing in the country. He was accused of funding the activities of the proscribed pro-Biafra group, IPOB and other such groups in the country.

8 Refused to pay Paris Club refund: Emefiele has a pending case before Justice Inyang Ekwo of the Abuja Federal High Court over his refusal to effect payment of $53 million judgement debt arising from the Paris Club refunds.

The suspended CBN governor was initially invited to appear before the court on January 18, 2023, to explain his refusal to obey a valid order for payment of a $70m debt.

Emefiele has only released $17 million, leaving $53 million in unpaid debt.

9 Failed to tame raging inflation: Despite spending trillions of naira in form of interventions to bring down inflation, Emefiele successfully failed in this singular task as inflation surged to an 18-year high from 9% in 2014 to 22% in 2023.

10 Illegally printing money: Emefiele was also accused of printing money for the federal government to the tune of ₦22 trillion, an action considered to be illegal for an apex bank.

10 unforgivable sins committed by Emefiele

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Court Orders DIA to Produce Cleric Accused of Coup Plot by February 18

Published

12 hours ago

February 13, 2026

Trends Admin

Sheikh Sani Abdulkadir Zaria

Court Orders DIA to Produce Cleric Accused of Coup Plot by February 18

A Federal High Court in Abuja has directed the Defence Intelligence Agency (DIA) to produce Sheikh Sani Abdulkadir Zaria, an Islamic cleric accused of plotting a coup against President Bola Tinubu’s government, before the court on February 18, 2026. The order follows a fundamental rights enforcement suit filed on behalf of the cleric challenging the legality of his detention.

Justice Peter Lifu emphasised that in a democratic society, all security and intelligence agencies are subordinate to civil authority, noting that every citizen is entitled to protection under Sections 36(1), (5), and (6) of the 1999 Constitution. He also reminded authorities that Nigeria’s commitments to international human rights conventions require strict adherence to lawful detention procedures.

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The suit, filed by Sheikh Zaria’s legal team led by Sunusi Musa (SAN), Abdul Aliyu (SAN), and Mohammed Sheriff, names the DIA, the Economic and Financial Crimes Commission (EFCC), the Attorney General of the Federation and Minister of Justice, and Jaiz Bank Plc as respondents. The lawyers are seeking either the cleric’s release or an explanation for his continued detention.

During Thursday’s hearing, DIA counsel I.O. Odom Esq informed the court that the cleric was being held on behalf of the Defence Headquarters, but could not provide a valid detention order. The EFCC’s counsel, M.C. Odimbaiwe Esq, supported this position. Justice Lifu adjourned the matter and set February 18 for the DIA to produce Sheikh Zaria or justify his detention, warning that failure to do so could influence the outcome of the rights enforcement case.

Family sources linked Sheikh Zaria’s detention to an ₦2 million gift sent to the cleric’s account by an adherent connected to a suspect in the broader coup allegation. Since December 11, 2025, the cleric has reportedly been held in “safe custody” without access to family or associates, prompting his lawyers to argue that his fundamental rights have been violated.

The case underscores ongoing concerns about civil liberties, human rights, and lawful detention in Nigeria, particularly in high-profile national security investigations. The court’s ruling will be closely watched as it addresses the balance between state security and individual rights.

Court Orders DIA to Produce Cleric Accused of Coup Plot by February 18

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End of Weekly Shutdown: Igboho Advocates Negotiation to Resolve Kanu’s Legal Battle

Published

12 hours ago

February 13, 2026

Trends Admin

Yoruba nation activist, Chief Sunday Adeyemo, popularly known as Sunday Igboho and Leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu

Leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu and Yoruba nation activist, Chief Sunday Adeyemo, popularly known as Sunday Igboho

End of Weekly Shutdown: Igboho Advocates Negotiation to Resolve Kanu’s Legal Battle

Yoruba nation activist, Chief Sunday Adeyemo, popularly known as Sunday Igboho, has called on the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, to engage in constructive dialogue with the Federal Government following the formal end of the controversial Monday sit‑at‑home directive across the South‑East region.

In a statement issued on Friday by his legal counsel, Pelumi Olajengbesi, Igboho applauded Kanu for suspending the weekly protest, which had disrupted economic and social activities in the region for over five years. The directive, first introduced in August 2021, led to periodic shutdowns of markets, offices, schools, and transport services, severely affecting local businesses and daily life.

Describing the suspension as a “thoughtful and necessary” step, Igboho noted that ending the sit‑at‑home signals a shift toward constructive engagement and could help restore stability and economic normalcy in the South‑East. He said the move represents the conclusion of a five-year period of economic disruption that has hampered growth and development in the region.

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Beyond applauding the abolition of the civil disobedience measure, Igboho urged Kanu to adopt a conciliatory approach, opening channels for mediation and negotiation with the Federal Government. He emphasised that sustained dialogue could help break the deadlock surrounding Kanu’s legal battle and potentially pave the way for a political resolution to longstanding grievances.

Igboho also warned that those who profit from the destabilisation and violence in the South‑East should desist, highlighting the importance of peace for the economic recovery and prosperity of the region and the nation at large.

“This is a critical moment for the South‑East. True progress depends on dialogue, compromise, and the willingness of all parties to engage constructively,” the statement read. Igboho’s remarks reflect a growing call among activists and stakeholders for peaceful resolution and collaboration to ensure lasting stability in the region.

The end of the Monday sit‑at‑home has been welcomed by several civil society groups and business leaders, who view it as a key step toward restoring normalcy, resuming commerce, and promoting social cohesion in the South‑East.

End of Weekly Shutdown: Igboho Advocates Negotiation to Resolve Kanu’s Legal Battle

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EFCC Nabs Three in Borno Over Viral ₦500 Naira Mutilation Video

Published

13 hours ago

February 13, 2026

Trends Admin

The suspects were arrested following a viral video circulated on social media where they were seen cleaning mucus from their noses using N500 Naira notes

EFCC Nabs Three in Borno Over Viral ₦500 Naira Mutilation Video

The Economic and Financial Crimes Commission (EFCC) has arrested three suspects in Maiduguri, Borno State, over alleged naira mutilation following a viral social media video showing them misusing the Nigerian currency.

In a statement issued on Thursday by its Head of Media and Publicity, Dele Oyewale, the anti-graft agency disclosed that the suspects — Adam Muhammad, Muhammad Muhammad, and Bashir Musa — were apprehended by operatives of the EFCC’s Maiduguri Zonal Directorate.

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According to the commission, the trio was seen in a widely circulated video cleaning mucus from their noses using ₦500 naira notes, an act described as abuse and defacement of the national currency.

The statement said the suspects were traced and arrested within the Maiduguri metropolis shortly after the video surfaced online and triggered public reactions.

They are currently being held at the EFCC’s Maiduguri detention facility while investigations continue. The commission added that the suspects would be charged to court upon the conclusion of investigations.

Under the Central Bank of Nigeria (CBN) Act, abuse, defacement, spraying, or improper handling of the naira constitutes an offence punishable under Nigerian law. The EFCC has in recent months intensified its crackdown on cases involving naira abuse and currency mutilation across the country.

The latest arrest underscores the agency’s renewed enforcement drive aimed at protecting the integrity of Nigeria’s legal tender.