Moghalu Criticizes ‘Media Trial’ Of Godwin Emefiele, Stresses Caution Amid Fraud Allegations

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has stepped forward to condemn what he termed a “media trial” surrounding the allegations against ex-CBN chief Godwin Emefiele.

Emefiele faces charges of procurement fraud exceeding $1.2 billion, with the leaked reports alleging additional fraudulent misconduct during his tenure.

In a series of statements shared via his official social media account, particularly X page (formerly Twitter), Moghalu expressed concern over the leaked report’s credibility, emphasizing the absence of a signature and urging restraint until the government verifies its authenticity.

READ ALSO: Former CBN Governor, Emefiele Leaves Kuje Prison

“This ‘report’ has no signature appended, so we can’t assume it is the real and official report. Assuming it is 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,” Moghalu stated, highlighting the potential bias created by public disclosure.

Asserting the critical role of the CBN in Nigeria’s economic landscape, Moghalu stressed the significance of handling such sensitive matters responsibly to avoid damaging repercussions on the nation’s image and economy.

“While the Bank and its leaders ought to be accountable for their official actions, we must consider the continuing damage this kind of sensationalism does to Nigeria’s economy, image, and the institution of the CBN itself,” he remarked, cautioning against prematurely assuming guilt without legal proof.

However, Moghalu did not shy away from criticizing Emefiele’s governance at the CBN, labeling him as the “most damaging” governor in Nigeria’s history due to alleged incompetence and unethical decisions, notably approving “Ways and Means” in a manner he deemed blatantly illegal.

Emefiele, currently facing charges of procurement fraud, had his initial 20-count charge reduced to six by the Federal Government.

He was granted bail by the Federal High Court in Lagos and subsequently fulfilled the bail conditions on December 23, leading to his release from Kuje Prison.

The ongoing situation surrounding Emefiele’s case has generated debate and raised concerns about the due process and credibility of the allegations.