Godwin Emefiele: Court don order release of suspended CBN govnor from DSS custody

Justice Hamza Mu'azu of di Federal Calital Territory High Court don order di DSS make dem charge di suspended CBN Govnor, Godwin Emefiele to court within one week or release am on administrative bail.

Justice Hamza Mu'azu also tok say di FCT High Court get jurisdiction to hear di suit.

Godwin Emefiele lawyer, Joseph Daudu SAN tell tori pipo afta di ruling say "di continued detention dey unlawful, dem neva bring any charge and e dey wrong to keep pesin for detention before you begin find evidence wey dem go use charge am to court"

Im say di ruling wey di court give dey right.

"We dey expect di DSS to release am on administrative bail today."

"E no go good say our tear rubber President Bola Tinubu go start in administration with organizations under am to disobey court order"

E call on President Bola Tinubu to tell di organizations under am to obey court order.

"Tinubu na pesin wey bin dey chastise military goment dem to obey court orders, now we go see if im go obey now wey power dem im hand"

Na on June 10, wey DSS arrest di Central Bamk of Nigeria former oga afta President Bola Tinubu suspend am.

President Bola Tinubu also order probe into di CBN naira design policy.

Im lawyer Joseph Daudu (SAN), dey allege say dem violate Emefiele human rights.

Attorney General of di Federation; di Director General of DSS and di DSS wey be di respondents file preliminary objections, challenging wia dem challenge di jurisdiction of di court to entertain di case.

Dem dey also pray di court to dismiss di suit.

Why DSS arrest am?
Dem accuse di CBN former oga patapata say im dey run fraudulent activities, dey finance tourism and also commit crime wey fit threaten national security.

Emefiele don deny dis accusation.

Despite dia initial attempt, Chief Judge of di Federal High Court, Justice JT Tsoho no gree grant di DSS dia request to arres am unto say e no come wit dem President Muhammadu Buhari approval.

Di court tok say di request by di DSS intend to use di court as cova up for irregular procedure, and dem add say e dey unacceptable.Why DSS arrest am?

Dem accuse di CBN former oga patapata say im dey run fraudulent activities, dey finance tourism and also commit crime wey fit threaten national security.

Emefiele don deny dis accusation.

Despite dia initial attempt, Chief Judge of di Federal High Court, Justice JT Tsoho no gree grant di DSS dia request to arres am unto say e no come wit dem President Muhammadu Buhari approval.

Di court tok say di request by di DSS intend to use di court as cover up for irregular procedure, and dem add say e dey unacceptable.

Emefiele suspension and new naira note controversy
According to one statement from di office of di Secretary of the Government of the Federation, di suspension dey come sake of di ongoing investigation of im office and plan dem get to reform Nigeria financial sector.

Emefiele bin don dey in di eye of di storm for months now afta di 'new naira note policy' dem launch just before di general elections for February cause kasala and lead to economic hardship for citizens as a result of naira scarcity.

CBN bin roll out a policy wey introduce new naira notes of N1000, N500 and N200 in a bid to take out di old currency in those values out of circulation. But di plan no go smoothly.

In defence of di policy den, Emefiele bin say CBN dey face problem wit di management of di current series of banknotes wey dey circulation, especially di ones wey dey outside di banking system for Nigeria.

E say currency management na key legal function of di bank, wey dey for Section 2 (b) of di CBN Act 2007.

Emefiele say one of di challenges dem dey face na say members of di public dey hoard banknotes.

E say data don show say ova 80 percent of di naira note wey dey for circulation dey outside di vaults of commercial banks.

Anoda challenge na say dirty and unfit banknotes dey for circulation and dis one dey give CBN bad image and e dey increase risk of financial instability.

CBN also tok say di currency wey dey for circulation dey increase risk of fake notes.

"For recent years, di CBN don record significantly higher rates of counterfeit especially for di higher denomination of ₦500 and ₦1000 banknotes," Emefiele tok.

E say according to global best practice, central banks suppose dey redesign, produce and circulate new currency every 5-8 years, but CBN neva redesign di naira for di past 20 years.

But govnors, politicians and many odas bin criticise di policy and timeframe of implementation dat time sotay di mata land court wen some govnors wey Kaduna state Govnor den, Nasir El-Rufai lead take am to Supreme Court.

Supreme Court bin later rule say make everybody maintain status quo.

Afta plenti silence and dragging leg, Former President Muhammadu Buhari later tok say make di old and new naira notes flow togeda.

Mr Emefiele bin don serve as governor of Nigeria Central Bank since June 2014.