Abuja, Dec. 24, 2023 – Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria (CBN), on Sunday described Godwin Emefiele, the embattled former Governor of CBN, as the worst governor the apex bank ever had.
Moghalu, who gave an assessment of the two-term tenure of Emefiele on his X, formerly Twitter, post, also described Emefiele as incompetent and ill prepared for the job.
“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 the incompetent manner in which the Naira Redesign Policy was handled, and its consequent negative, indeed disastrous impact on 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 said corruption had 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.
“The current approach to the matter to Emefiele, who undoubtedly deserves his trial, is not quite the optimal path when placed under close scrutiny.” (GBN)
