Why Emefiele is Nigeria’s ‘worst CBN Governor’

A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has described Godwin Emefiele as “the worst CBN Governor” in the nation’s history.

In a series of tweets on Saturday, Mr Moghalu provided an assessment of Mr Emefiele’s tenure, shedding light on various critical areas of concern.

He cited Mr Emefiele’s failures in maintaining Naira stability, illegal lending practices, an unlawful presidential campaign, and the mishandling of the Naira redesign policy with disastrous consequences for the economy.

“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 integrity-challenged,” he tweeted.

Mr Moghalu highlighted Mr Emefiele’s shortcomings in maintaining the stability of the Naira exchange rate and effectively managing inflation, two key aspects of the CBN’s responsibilities.

He also criticized the illegal provision of Ways & Means lending to the federal government, adding that there was brazen disregard for legal provisions under Mr Emefiele’s leadership.

When Mr Emefiele held away as Nigerian CBN governor, the central bank released about N26.627 trillion to the federal government through Ways & Means as the government struggled to bridge budget deficits.

Mr Emefiele also attempted to run for the presidency despite outcries that the move violated Section 9 of the CBN Act of 2007.

“Emefiele’s fame and infamy today certainly calls into question the self-serving attitude of our elected political leaders to sensitive appointments like that of CBN Governor as opposed to a focus on the national interest,” Mr Moghalu noted.

“Who appointed Emefiele as CBN Governor in 2014 and why? Who re-appointed him in 2019 (despite his obvious -even then – weak performance) and backed his malfeasance cloaked as “policy”? We like theatre in Nigeria, but the thing about entertainment is that it tends to be chimeric, vanishing from view (and even memory sometimes) a little while after we are “in the moment.”

Mr Moghalu emphasised the importance of adhering to regulatory statutes and the potential impact of such actions on the nation’s economy. He also lampooned Mr Emefiele’s handling of the Naira redesign policy, noting that it had a disastrous impact on Nigeria’s economy.

While addressing Mr Emefiele’s shortcomings, Mr Moghalu called for a broader approach to combating corruption in Nigeria. He questioned the rationale behind focusing on the CBN and called for a more holistic strategy involving other sensitive entities, such as the NNPC.

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While questioning the appointment and reappointment of Mr Emefiele, he urged a reevaluation of Nigeria’s political leadership culture and governance practices.

“Nigeria’s political leadership culture and governance need a complete overhaul. The current approach to the matter of Emefiele, who undoubtedly deserves his trial, is not quite the optimal path when placed under close scrutiny,” he tweeted.