Why Emefiele Remains Worst CBN Governor In History — Moghalu Speaks

Kingsley Moghalu, the former deputy governor of the Central Bank of Nigeria, has outlined the reasons why he considers Godwin Emefiele, the embattled ex-CBN Governor, as the worst in the history of the country's apex bank.

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.

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.”

“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.”