Gbajabiamila Threatens Emefiele With Arrest Over Naira Notes Swap

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has been given a warrant of arrest by the Speaker of the House of Representatives, Femi Gbajabiamila, in the event that he does to appear before the committee on Thursday. 

Instead of the House adjourning session till February 28 as scheduled for the elections, Gbajabiamila stated that the lawmakers would meet again on Tuesday to take action against Emefiele and other bank CEOs who fail to appear. 

The Speaker said that even though Emefiele is a friend of his, he would not hesitate to demand that the Inspector-General of Police arrest the CBN governor and order him to appear before the House.

The House had set up an ad hoc committee to investigate the scarcity of the new naira at the Deposit Money Banks, also known as commercial banks, leading to tension over the January 31 deadline set by the CBN for the exchange of the old notes with the newly designed ones.

Alhassan Ado-Doguwa, the committee’s chairman, informed the House during Thursday’s plenary that the CBN leaders had not appeared before the committee on Wednesday. He mentioned that the committee has moved the meeting to Thursday at 1 PM. 

Gbajabiamila did, however, also let the House know that the CBN had written to the Clerk to let them know that Emefiele wouldn’t be able to attend before the committee on Thursday. 

The House would utilize its authority in accordance with Section 89 of the 1999 Constitution, according to the Speaker.

The House had on Tuesday called on President Muhammadu Buhari, over the brewing crisis occasioned by the January 31 deadline.

Apart from asking the CBN to extend the window for swapping the old notes with the newly redesigned one by six months, the House had invited the banks to a meeting on Wednesday over the scarcity of new naira notes.

The Managing Directors/Chief Executive Officers of the banks, under the auspices of the Bankers’ Committee, were to meet with an ad hoc committee of the House to be chaired by the Majority Leader, Alhassan Ado-Doguwa.

The House had particularly resolved that the banks should be invited to explain the alleged supply shortage from the CBN, after which the lawmakers would invite the leadership of the apex bank for questioning.

The House had particularly resolved that the banks should be invited to explain the alleged supply shortage from the CBN, after which the lawmakers would invite the leadership of the apex bank for questioning.

The House “call on President Muhammadu Buhari to intervene in the insistence of the CBN on the tight deadline for the implementation of the cashless policy and currency swap.”

The lawmakers also urged the CBN to extend the implementation of the cashless policy “to at least six months as well as review the daily withdrawal limit and the charges therefrom.”

The resolution was passed after a motion of urgent public concern made by Sara Soli, a Katsina State representative, was unanimously approved at the start of the plenary on Tuesday. 

Both parties cited short notice as the reason why the CBN failed to appear before the committee on Wednesday.