Emefiele will go down in history as worst CBN governor–Moghalu

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, says embattled ex-CBN Governor, Godwin Emefiele, will go down in history as the worst Governor to ever head the apex bank.

Moghalu, a former presidential aspirant, who made his position known in a series of tweets on his verified X account on Saturday, said the report released by a CBN investigator appointed by President Bola Tinubu to probe the activities of Emefiele while he was the head of the bank, speaks volumes of the rot he turned the apex bank into.

“The foregoing notwithstanding, my views on Emefiele’s performance as CBN Governor have been a matter of record even when many now opening on the matter of his performance on the job were mute,” Moghalu wrote.

“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 the incompetent manner in which the Naira Redesign Policy was handled, and its consequent negative, indeed disastrous impact on Nigeria’s economy,” he said.

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Also speaking on the report and what he calls media trial of Emefiele, 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.

“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.

“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.

“Combating corruption 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,” he summed up.