The Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele, has been axed from office by President Bola Ahmed Tinubu effective, immediately.

Willie Bassey, Director, Information Office of the Secretary to the Government of the Federation, said in a terse statement on Friday night that it is in response to the ongoing investigation of Emefiele’s office and the anticipated banking sector improvements.

Emefiele has been instructed to immediately transfer control of his office’s business to the Deputy Governor (Operations Directorate), who would now serve as the acting CBN Governor while the investigation and improvements are ongoing.