Nigeria's suspended CBN governor Godwin Emefiele
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Godwin Emefiele’s suspension: Public sector CEOs in fear over possible probe

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In light of the suspension of Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), there is growing concern among top officials in Nigeria’s public sector.

On June 9, 2023, Nigeria’s new President, Bola Ahmed Tinubu, suspended Emefiele from his position as the CBN governor and appointed Folashodun Adebisi Shonubi, the Deputy Governor of the Operations Directorate, as the acting governor.

Deputy Governor of Operations Directorate, Folashodun Adebisi Shonubi acting governor
President Tinubu appoints the Deputy Governor of the Operations Directorate, Folashodun Adebisi Shonubi as the CBN acting governor

An anonymous Federal Government staff member stated to the press, “Most senior officials are now being cautious with the new administration. They are afraid of being investigated.”

It has been reported that President Bola Tinubu has instructed all Ministries, Departments, and Agencies (MDAs) to halt payments to contractors and third parties for the time being. This decision has also affected payments for advertisements in newspapers by MDAs.

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The Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offenses Commission (ICPC) have reopened cases against some of the previously neglected MDAs.

As a result, Directors in the Aviation Ministry who were on annual leave have been called back to work immediately.

During his inauguration, President Tinubu emphasized, “Our government will continue to take proactive measures, such as promoting a culture of credit to discourage corruption, while enhancing the effectiveness and efficiency of various anti-corruption agencies.”

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Tinubu has also suspended subsidy payments on fuel, stating that such an era has ended.

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