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Revealed: Power Struggle As Search For Emefiele’s Replacement Hots Up….. Adesola Adeduntan, Kemi Adeosun Top Contenders!

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High power politics is currently at play as the search for who replaces Godwin Emefiele, the Central Bank of Nigeria’s governor has begun.
That there are forces bent on removing Emefiele for ‘ruffling feathers,’ rather than allow the status quo, is no longer news,
The genesis
Recall that following the announcement by CBN to change the naira notes as the country approaches the 2023 general elections for a change of government, a cross section of Nigeria’s political and business elites rose vehemently against it.

But Emefiele explaining why the naira had to be changed revealed that money especially higher denominations were being hoarded by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks. He added that the worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability, were among others, good enough reason to change the naira.

Continuing, he said that recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.

Unfortunately, many were not pacified by his explanations, but the change happened anyway.
Then came the withdrawal limits which was pegged at N100,000 N500,000 daily for individuals and organisations respectively. CBN instructed that withdrawals above the limit for individuals should attract five per cent processing fees, and businesses should pay 10 per cent. Also, that Point of Sale (PoS) and Auto Teller Machine (ATM) should dispense only N20,000 per day for persons using other withdrawal channels.

Expectedly, it was greeted with protests.

Members of the Association of Mobile Money and Bank Agents (AMMBAN) threatened to take their protest of the cash withdrawal limit to the streets and court if CBN doesn’t revise the policy as according to them, this could lead to millions of mobile money agents losing their jobs and also reduce their income and transaction volume.
The National Assembly had promised to prevail on the CBN to revise the withdrawal limit.
First the House of Representative ordered CBN to suspend the cash withdrawal limits and when that didn’t happen, they summoned Emefiele to appear before it to shed more light on the naira redesign and withdrawal limit policies.

But Emefiele ignored their summon.

Explaining through the Deputy Governor, Corporate Services, CBN, Edward Adamu, he said he couldn’t honour their summon as he was part of the entourage of President Muhammadu Buhari on an official trip to the United States at the time.
DSS, terrorism charges

But barely a day after the House of Reps summons to Emefiele, the Coalition of United Political Parties, CUPP, alleged that there was a secret plot by the Department of State Security (DSS) to arrest the CBN governor and keep him in solitary confinement over allegations of terrorism financing.

The coordinator of CUPP, Tochukwu Ohazurike, who led other CSOs for a protest, revealed that a suit had been filed with case number FHC/ABJ/CS/2255/2022 at the Federal High Court Abuja with the intention of getting a court order to keep Emefiele out of circulation.

CUPP stated that the plot to frame Emefiele of terrorism financing, arrest him and keep him away for 60 days by the DSS was being sponsored by some top politicians in the country to make Emefiele rescind the cash withdrawal policy recently announced by the apex bank.
Ohazurike further lamented saying the plot was aimed at derailing the naira redesign policy but for the fact that Emefiele travelled with President Muhammadu Buhari to the United States.
“It is shocking that the DG of DSS accused a man of terrorism financing and allowed him to travel with the president,” Ohazurike had said at the protest ground.

Unfortunately, Chief Judge John Tosho declined the application having observed it to be irregular. In his ruling, Tosho noted that it has been the practice of the applicant to seek the detention of a respondent from under detention for a definite time period when such a respondent is already arrested and is in their custody and that fact is clearly disclosed in the supporting affidavit. But that wasn’t the situation in this case.

“Godwin Emefiele, the governor of CBN was shown on television penultimate night having audience with the President of Nigeria. It is therefore seen that the applicant wants to use this order for an irregular procedure which is unacceptable,” the judge affirmed in declining the order for Emefiele’s arrest.

Days after, Emefiele was summoned a second time. Again, he failed to appear before the lawmakers. Disclosing his reason for failing to honour the invitation, he revealed in a letter that he wasn’t in the country as he has taken ill and needed to take care of his health.

The contenders

It is now obvious that Emefiele may likely not return as Nigeria’s Central Bank Governor. But this newspaper has reliably gathered that the race to get his replacement as soon as possible has begun in earnest.

Four groups made up of powerful individuals are being fingered to be responsible for producing who the replacement would be.
One of the groups is being led by Tunde Sabiu, one of Buhari’s nephews, an influential member of the present administration.

Sabiu was a domestic staff of his uncle before he was elevated to the position of a director at the National Intelligence Agency, NIA.

Sabiu is reportedly selling the candidacy of the Managing Director of a first tier bank as Emefiele’s possible replacement.

Adesola Adeduntan

A second group is being led by former Ogun State governor, Senator Ibikunle Amosun, a long-time ally of Buhari. Amosun, a former presidential aspirant on the platform of All Progressives Congress, APC, before he stepped down for Bola Ahmed Tinubu, the presidential candidate of the party, is working at bringing back a former minister of finance to replace Emefiele.
Amosun nominated this minister, Kemi Adeosun who resigned in the heat of some Nationl Youth Service Corps controversy, for the position.
But whether the powers that be would allow her return to the scheme of things, going by the circumstances that led to her resignation, is another kettle of fish entirely.

Kemi Adeosun

A third group is being led by Abu Funtua, a prominent son of Alhaji Isa Funtua, the late longtime friend of Buhari and a former member of his administration’s ‘cabal’, a group of influential persons around him, said to help him take key decisions.
Funtua is reportedly selling the candidacy of Aisha Ahmad, a female deputy governor of Central Bank of Nigeria who has had a meteoric rise in the banking industry. As far back as 2016, Ahmad was quickly appointed an executive director at the defunct Diamond Bank Plc, in preparation for such a time as this.
If Abu Funtua’s scheming does materialize, then she would become the first female CBN governor in the history of Nigeria.

Aisha  Ahmad

The fourth and last group is being led by the deputy senate president, Obarisi Ovie Omo-Agege, a gubernatorial candidate in Delta State on the platform of the All-Progressives Congress party come 2023. Omo-Agege is more favourably disposed to having a fellow Niger Delta individual like Emefiele to replace the embattled CBN chief. He has no preferred candidate for now but is currently shopping for a suitable candidate with the requisite qualification.

The Street Journal.

Society

Court Dismisses Businessman, Funtua’s Suit Seeking To Stop EFCC’s Probe Over Alleged Fraud

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A Federal High Court in Abuja and presided over by Justice Emeka Nwite has thrown out a suit seeking to compel the Attorney General of the Federation and Minister of Justice, AGF, Mr Lateef Fagbemi, SAN, to stop the Economic and Financial Crimes Commission, EFCC, from investigating allegations of fraud and economic crimes allegedly committed by a businessman, Abu Samaila Isa Funtua.

The presiding judge dismissed the case on Monday, February 24, 2025 on the ground that the request of the businessman lacked merit and substance.

 

Delivering judgment in a fundamental rights enforcement suit against AGF and EFCC, Justice Nwite held that AGF has enormous power to take over proceedings in criminal matters but held that such enormous powers are not at large.

Justice Nwite said that under Section 43 of EFCC Act 2004, the anti-graft agency was not under any obligation to take advice from any ministry or agency to drop its statutory powers to initiate investigation into any alleged economic crimes.

The businessman had in his suit marked FHC/ABJ/CS/2024 sued the AGF and EFCC complaining of unlawful investigation into some business transactions involving him and others.

He alleged that EFCC was biased and mischievous in the ways and manners he was being investigated.

Specifically, Funtua alleged that EFCC was acting the script of his business adversaries to cause investigation against him without telling him the nature of his offence or show any petition against him.

Funtua subsequently asked Justice Nwite to issue an order of mandamus against the AGF to order EFCC to drop the investigation and direct any other security agency of the federal government to take over the investigation.

However, in his judgment, Justice Nwite held that Section 174 (3) of the 1999 Constitution upon which the case was predicated did not confer any power on the AGF to nominate any agency to conduct investigation into economic crimes or financial breaches.

The judge held that in the exercise of its statutory duties, the EFCC was not under any obligation to obey directives from any ministry or government department.

Justice Nwite said that Section 43 of the EFCC Act 2004, has no ambiguity to the fact that the anti-graft agency shall have powers to initiate investigation into alleged economic crimes and initiate prosecution of those indicted in the process.

He subsequently dismissed the suit for want of merit and substance.

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Just In: Senate Suspends Kogi Central Senator For 6 Months Over Misconduct

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The Senate has suspended Senator Natasha Akpoti-Uduaghan, who represents Kogi Central, for six months, effective March 6, 2025, over alleged misconduct and violation of Senate rules 2023 (as amended).

Society Reporters reports that the controversy leading to her suspension dated back to February when a dispute over seating arrangements in the Senate chamber escalated into a confrontation between Senator Akpoti-Uduaghan and Senate President Godswill Akpabio. The disagreement has since evolved into allegations of misconduct, raising concerns about decorum within the legislative body. However, Akpabio denied any wrongdoing, stating on Wednesday that he had “never harassed or disrespected any woman.”

During Thursday’s plenary, the Senate Committee on Ethics, Code of Conduct, and Public Petitions, chaired by Senator Neda Imasuen, presented its findings, making seven recommendations. According to the committee, Akpoti-Uduaghan failed to adhere to Senate rules and also disregarded the committee by refusing to honour its invitation.

Reading the committee’s recommendations, Senator Imasuen stated, “One, that the Senate do suspend Senator Natasha Akpoti-Uduaghan for six months for her total violation of Senate standing rules, bringing the presiding officer and the entire Senate to public opprobrium.

“Two, that for the Senate to consider lifting or reducing the duration of the suspension, Senator Natasha Uduaghan shall submit a written apology to the Senate before reconsideration.

“Three, that the Senate suspend Natasha Akpoti-Uduaghan with effect from March 6, 2025, from all legislative activities.

“Four, that her office be locked up for the duration of her suspension and that she hand over all Senate properties in her possession to the Clerk of the National Assembly.

“Five, that for the duration of her suspension, she must not be seen within the vicinity of the Senate or the National Assembly, including her staff.

“Six, that her salaries and allowances, including those of her legislative aides, be suspended, and that all security details assigned to her be withdrawn for the period of her suspension.

“Seven, that during her suspension, she be barred from representing herself locally and internationally as a Senator of the Federal Republic of Nigeria.”

Senator Imasuen expressed the committee’s appreciation for the opportunity to serve, stating, “On behalf of the Senate Committee on Ethics, Code of Conduct, and Public Petitions, we appreciate the President and our distinguished colleagues for the opportunity granted upon us to serve Nigerians through this committee. Respectfully submitted for consideration and approval. Thank you, Mr. President, distinguished colleagues.”

After a lengthy debate on the report by Senators, all the recommendations were adopted by the Senators through a voice vote with a slight amendment to the 6th recommendation, allowing Senator Natasha’s aides to receive their salaries and allowances in order not to suffer unduly.

Society Reporters reports that all the Senators who spoke expressed their support for the outcome of the investigation.

Meanwhile, after the adoption of the report, Senator Natasha briefly interrupted the proceedings, saying the injustice against her won’t be sustained. She was thereafter escorted out of the chamber.

 

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Coronation: Alaafin-designate, Oba Akeem Owoade returns from Canada, arrives Oyo today

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After spending about seven weeks in Canada, the Alaafin of Oyo-designate, Oba Akeem Owoade, arrived at Murtala Mohammed Airport, Ikeja, on Wednesday evening.

He is expected to make his way to his hometown, Oyo, today (Thursday).

Owoade’s return comes just a month before his official coronation as the 45th Alaafin of Oyo, scheduled for April 5.

On January 13, the Oyo State Governor, Seyi Makinde, presented Owoade with his certificate and staff of office at the Governor’s Office, State Secretariat, Ibadan.

At the event, Governor Makinde announced that the coronation of the new Alaafin would take place within four weeks.

As the countdown to the coronation began, The PUNCH exclusively reported that Owoade had left Nigeria just hours after receiving his staff of office, travelling back to Canada, his base.

The PUNCH then reported that Owoade had yet to begin the traditional rites before leaving for Canada where he had to officially resign from his workplaces and engagements.

Owoade is based in Canada as a real estate investor, and financial services businessman, and is the Project Coordinator at one of the largest electric power and natural gas utility providers in Canada, Manitoba Hydro.

Confirming his return, the Chief of Staff to the Alaafin-designate, Rotimi Osuntola, urged Oyo indigenes to turn out in large numbers to welcome their new king.

“He arrived safely in Nigeria on Wednesday evening. Alaafin will be in Oyo town by noon on Thursday (today) and looks forward to seeing the people of Oyo come out en masse to receive him,” Osuntola said.

Stakeholders in Oyo town also confirmed receiving news of the monarch’s arrival.

Some noted that they would travel to Ibadan, the Oyo State capital, to welcome him and accompany his entourage to ensure his grand entry into Oyo today.

In the coming days, Owoade will commence traditional rites leading up to his April 5 coronation.

The Alaafin-designate is to perform certain enthronement rites at the Baba Iyaji residence, Ona Isokun, Ilemole, Bara before he proceeds to the Koso chamber accompanied by his chiefs and priests.

Documents relating to the Alaafin installation indicate that the divinely selected candidate goes to Ipebi for traditional rites and is installed as the new king after the completion of all the traditional rites.

The Ipebi (seclusion) ritual involves several individuals and groups playing key roles in guaranteeing the spiritual well-being and authority of the Alaafin.

Among them is the Oluawo (Ifa priest) who serves as the spiritual guide and advisor to the Alaafin through the Ipebi ritual.

The Oyo Mesi, priests and priestesses also play roles in offering prayers, performing sacrifices and providing spiritual support.

In the Koso chamber, the Alaafin-elect will be crowned with his royal headdress, symbolising his renewed spiritual authority.

He also would perform additional rituals and make offerings to the Orishas and his ancestors solidifying his connection with the divine.

Meanwhile, both the state and local organising committees have intensified preparations for the April 5 coronation.

These preparations continue despite ongoing legal challenges to Owoade’s emergence as Alaafin.

One of the lawsuits was filed by Prince Lukman Gbadegesin, a contender for the throne, who argues that Owoade’s appointment violates the Chiefs Law of Oyo State, 2000, and the Registered Alaafin Chieftaincy Declaration of 1961.

Filed on February 12, Gbadegesin’s suit seeks to nullify Owoade’s appointment and prevent him from assuming the throne or performing any royal duties.

The lawsuit names Governor Seyi Makinde, the Attorney General of Oyo State, and 11 others as defendants.

Similarly, another Oyo prince and former aspirant to the Alaafin throne, Ismaila Owoade, has filed a separate lawsuit against Governor Makinde and 19 others.

His suit challenges his exclusion from the selection process, which he claims was abruptly truncated with the appointment of Prince Abimbola Owoade.

 

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