Emefiele remains worst CBN gov in history — Moghalu

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Moghalu, Emefiele

 

former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has declared that the 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” via his verified handle, gave reasons for his personal judgement.

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 part of the reasons.

Moghalu, however, maintained that Nigeria’s political leadership culture and governance need a complete overhaul adding,

He said: “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 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.”

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”

“When it comes to law, allegations are simply allegations unless and until proven in a court of law.”

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.

“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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