Festus Ogun, a human rights lawyer, has said that President Muhammed Buhari cannot sack Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), outright.

This came after rumors of the president sacking Emefiele spread like wildfire on social media, especially Twitter, on Wednesday.

In a conversation with FIJ, Ogun said although the president reserves the right to unseat the CBN governor, he cannot exercise the power without approval from the national assembly.

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“The president appoints, but the appointment is subject to the Senate’s approval. In the process of removing him too, the sack has to be approved by the national assembly,” he said.

“The position of the law is seen in Section 11 subsection (2) (f) of the CBN act. It states: ‘the Governor, Deputy Governor or Director shall cease to hold office in the Bank if he is removed by the President, provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed’.

The CBN Act provides for the removal of a CBN governor on certain grounds. One is if he is a member of any federal or state legislative house, or a director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act.

The CBN governor can also be removed if he loses his mind, is unhealthy or found guilty of a serious offence.

Meanwhile, Osita Nwanisiobi, the head of corporate communications of the Central Bank, debunked the rumoured sack of Emefiele. According to Nairametrics, Nwanisiobi stated that he was not aware of any purported sack of the CBN governor.