BREAKING: Emefiele withdraws lawsuit, backs down from presidential contest

Godwin Emefiele has withdrawn his lawsuit seeking to run for president while serving as the governor of Nigeria’s central bank, a move that consequently shelved his controversial ambition to lead the country from next year.

“We shall be praying your Lordship to respectfully discontinue the suit and make an order striking out the suit,” Mr Emefiele’s lawyers told the Abuja Division of the Federal High Court on Monday afternoon.

Mr Emefiele filed the suit earlier this month, erasing doubts about his intention to run for president. His action drew immediate backlash, compelling President Muhammadu Buhari to issue a directive for him and other appointees to resign in pursuit of their political ambitions.

Following the president’s order, Mr Emefiele relaxed his aggressive push for ruling APC’s presidential nomination.

His membership in the ruling party, however, is likely to keep generating anger amongst Nigerians and foreign investors who believe the CBN should be an independent institution.