Gbajabiamila threatens to order Emefiele's arrest over his failure to appear before House committee

HOUSE of Representatives speaker Hon Femi Gbajabiamila has threatened to order the arrest of the Central Bank of Nigeria (CBN) governor Godwin Emefiele over his failure to appear before the National Assembly committee investigating the old naira notes withdrawal.

On November 23 last year, the CBN launched redesigned ₦‎200, ₦‎500 and ₦‎1000 banknotes, saying the naira was long overdue to wear a new look. Nigerians have been given until January 31 to hand in all old notes, after which time they will cease to be legal tender but the process has been fraught with difficulties, prompting the National Assembly to summon the CBN boss top appear before it to offer explanations.

However, the embattled Mr Emefiele failed to appear before the House committee which summoned him yesterday. Incensed at this, Hon Gbajabiamila said the majority leader of the House, Hon Ado Doguwa informed him that Mr Emefiele and others shunned the invitation to the meeting.

He added that he will not hesitate to order the inspector-general of police Mr Akali Baba to issue an arrest warrant to compel Mr Emefiele to appear before the committee. Hon Gbajabiamila added that the House ought to adjourn today to prepare for the elections, however, they will stay back to resolve the currency swap crisis.

Hon Gbajabiamila said: “I will, pursuant to the authority conferred by Section 89 (1)(d) of the Constitution of the Federal Republic of Nigeria and Order 19 (2)(1) of the Standing Orders of the House of Representatives, not hesitate to issue a warrant to the Inspector General of the Nigeria Police Force to compel the attendance of the CBN or Managing Directors who fail, refuse or neglect to respond to the summons by the House of Representatives."

He also stated that Mr Emefiele’s deadline is not consistent with sector 20 of the CBN Act, noting that the banks are compelled to accept the old notes even after the expiration of the deadline. All Progressives Congress presidential candidate Asiwaju Bola Tinubu, has also spoken up against the policy, alleging that it is targeted against his presidential ambition.