Moghalu Exposes What Makes Emefiele Most Damaging CBN Governor In History

Board Chairman of the Africa Private Sector Summit (APSS), Kingsley Moghalu has adduced reasons why he thinks the embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is the worst apex bank chief the country has ever produced.

The former deputy governor of the CBN stated this in a lengthy post on Saturday via his verified X handle, in which he reacted to the trending report linked to a CBN investigator appointed by President Bola Tinubu.

Prime Business Africa had reported that Emefiele regained freedom from the Kuje Correctional Centre on Friday afternoon after meeting the bail conditions set by an FCT Court where he is being prosecuted by the federal government over alleged procurement fraud.

Moghalu considers Emefiele to be the worst and damaging CBN governor on the basis of the letter’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, “illegal” attempt to run for president, and “incompetent” handling of the naira redesign policy.

“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,” the ex-CBN deputy governor noted.

Speaking on the authenticity of the special investigator’s report and the 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.”

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,” Moghalu wrote.