He attended Ansarudin Primary School and Maryland Comprehensive Secondary both in Lagos, before proceeding to the University of Nigeria Nsukka (UNN) for his tertiary education.

During his first term, he supervised an interventionist currency policy at the behest of the presidency, propping up the Nigerian Naira by pumping billions of dollars into the foreign exchange market.

[14] In May 2022, Emefiele drew public outrage when it emerged that he was seeking to replace President Muhammadu Buhari in the 2023 presidential election.

What started as a rumor when campaign posters of the bank chief flooded the capital city of Abuja[15][16] soon gained traction when a group of alleged rice farmers purchased the presidential form of the All Progressive Congress for the CBN Governor.

[17] In a series of tweets via his verified account, Emefiele rejected the presidential form and declared he has no intention to contest.

On 9 June 2023, President Bola Tinubu suspended him as the Central Bank Governor with immediate effect, the statement came from the office of the Secretary to the Government of the Federation by Mr Willie Bassey.

On 10 June 2023, the Department of State Services (DSS) confirmed the arrest of Emefiele at exactly 14:28 WAT through their official twitter page.

A short video clip of him stepping out of an executive Hilux car, closely accompanied by DSS officers as he walked toward a waiting private jet, went viral in the media.

[24] On 24 May 2024, A Federal High Court in Ikoyi, Lagos, ordered the interim forfeiture of $4,719,054, N830,875,611, and several properties linked to Emefiele.