(Ecofin Agency) - Less than two months after his inauguration, Nigeria's new president is stepping up his efforts to revive the economy and consolidate his power. After the cancelation of fuel subsidies and the suspension of the governor of the central bank, he is now suspending the head of the Economic and financial crimes commission. 

Nigerian President Bola Tinubu has suspended the head of the country's anti-corruption body, who is under investigation for "abuse of office", the presidency announced in a statement released on Wednesday, June 14.

"Mr. Bawa (photo) has been directed to immediately handover the affairs of his office to the Director, Operations in the Commission, who will oversee the affairs of the Office of the Chairman of the Commission pending the conclusion of the investigation," the presidency said.

The decision follows serious allegations of abuse of power against the suspected chairman. Moments after his suspension, Mr. Bawa was questioned by the Department of State Security (DSS). His suspension comes just days after the dismissal and arrest of Central Bank Governor Godwin Emefiele, who is also being investigated. 

The EFCC is responsible for investigating money laundering, embezzlement, and other financial crimes. Abdulrasheed Bawa was appointed, in February 2021,  by former president Muhammadu Buhari, whose watchword during the 2015 and 2019 presidential campaigns was the fight against corruption. The country's ranking in Transparency International’s corruption perception index has deteriorated over the past eight years.  

Elected on February 25 and sworn into office on May 29, Mr. Tinubu has promised reforms to address the financial challenges facing Nigeria. In addition to canceling fuel subsidies, which forced the country to borrow massive amounts to keep energy products at artificially low prices, he promised to unify the exchange rate of the naira, the official currency.