The former deputy governor of the
Central Bank of Nigeria, Kingsley Moghalu, has explained the reasons embattled
ex-CBN Governor, Godwin Emefiele, is the worst the apex bank has ever produced
in the history of the country.
Moghalu, in a lengthy post on X
Saturday via his verified handle, raised a concern about a report purported to
be that of a CBN investigated appointed by President Bola Tinubu, made it to
the public without a signature appended to it nor the President and his
administration speaking about it.
He cited Emefiele’s incompetence,
performance regarding the stability of the naira exchange rate and inflation,
the “brazen illegal” provision of Ways and Means lending to the government, his
“illegal” attempt to run for president, and the “incompetent” manner in which
the naira redesign policy was handled as connected to why he has concluded him
to be the worst and damaging CBN gov.
“The foregoing notwithstanding,
my views on Emefiele’s performance as CBN Governor have been a matter of record
even when many now opining on the matter of his performance on the job were
mute, he said. “He is, without debate, the worst and most damaging Central Bank
Governor in Nigeria’s history- incompetent and ill-prepared for the role, and
from all available information from his actions, doubtlessly severely
challenged with integrity.
“Four things make this clear; his
performance regarding the STABILITY of the Naira exchange rate, as well as
inflation; the brazen illegal provisions of Ways & Means lending to
@NigeriaGov; Emefiele’s illegal attempt to run for President, in clear
contravention of Section 9 of the CBN Act of 2007, which precludes the Governor
and Deputy Governors from engaging in activities outside their functions; and
he incompetent manner in which the Naira Redesign Policy was handled, and its
consequent negative, indeed disastrous impact on Nigeria’s economy,” he noted.
Report’s authenticity and media
trial
Speaking on the report’s
authenticity and media trial, Moghalu said, “The ‘report’ has no signature
appended, so we can’t assume it is the real and official report. Assuming it
is, in fact, the real report, it’s wrong for such a sensitive report to have
‘leaked’ to the public before the President and his government have reviewed
and spoken to it.
“This is a media trial and
prejudices the rights of these individuals named or referred to. This is NOT
how a report into the Central Bank of Nigeria should be handled,” Moghalu
kicked.
While describing the central bank
of any country as a very sensitive institution, he said confidence (or the lack
of it) in the institution has practical consequences for Nigeria’s economy.
“As much as the bank and its
leaders ought to be accountable for their official actions, we must consider
the continuing damage this kind of sensationalism (which, knowing our country,
nothing much is likely to come of it at the end of the day) does to Nigeria’s
economy, image, and the institution of the CBN itself,” he said. “When it comes
to law, allegations are simply allegations unless and until proven in a court
of law.”
NNPC, others need similar investigations
“While the law should certainly
take its course, it is worth noting that an exclusive focus on the CBN as a
‘fight against corruption’ may come to seem more as vendetta than anything else
if other sensitive entities such as the NNPC, Nigeria’s national oil company,
are not subjected to a similarly vigorous searchlight,” he said.
He stressed that corruption has
robbed Nigeria of its destiny and impoverished the citizens while enriching “at
insane levels” a select few.
“Combating it has to be a
holistic affair, not just politically convenient media trials,” he added.
Moghalu further maintained that
Nigeria’s political leadership culture and governance need a complete overhaul
adding, “The current approach to the matter to Emefiele, who undoubtedly
deserves his trial, is not quite the optimal path when placed under close
scrutiny.”
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