Court Takes Decision On Order Restraining CBN From Sacking Emefiele

A Delta State High Court in Kwale, Delta State, has revoked an injunction prohibiting the Central Bank of Nigeria (CBN) Board from replacing Godwin Emefiele as the top bank Governor due to his failed presidential bid in 2023.

The court ruled on Tuesday that the May 5 judgment barring the CBN board from removing him from his position as the central bank’s governor is vacated and set aside.

Justice DC Maidoh, the sitting judge, had already allowed the CBN Governor’s desire to run for president in 2023.

The court also issued an injunction prohibiting the CBN Board and the Independent National Electoral Commission (INEC) from preventing Emefiele from running for office.

Justice Maidoh approved the injunction and delayed the case till May 25 in a privately delivered judgment.

However, a new court decision issued yesterday overturned the decision allowing Emefiele to run for President.

Meanwhile, Emefiele is said to have abandoned his presidential ambitions for 2023 and resigned from the race.

Emefiele has opted to drop out of the presidential contest and will remain as the head of the central bank, according to reports.

“CBN Governor has withdrawn from the presidential race and has communicated his intention to continue as CBN Governor,” a source told Business Day.

Emefiele’s eventual withdrawal from the campaign came after weeks of speculation that he will run for president in 2023 under the banner of the All Progressives Congress (APC).

This comes after his meeting with President Muhammadu Buhari at the Presidential Villa in Abuja on Thursday.