Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria, launched a scathing critique of Godwin Emefiele, branding him as the “worst CBN Governor” in the country’s history through a series of tweets on Saturday.
Moghalu meticulously assessed Emefiele’s tenure, pinpointing several areas of grave concern, including instability in the Naira, unauthorized lending practices, an improper presidential campaign, and the botched Naira redesign policy, which severely impacted the economy.
In a damning tweet, Moghalu condemned Emefiele as the most damaging CBN governor, citing incompetence, lack of preparedness, and a questionable integrity based on his actions.
“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.
The former Deputy Governor highlighted Emefiele’s failures in maintaining Naira stability and curbing inflation, fundamental responsibilities of the CBN.
He criticized the illicit Ways & Means lending provided to the federal government, a practice that flouted legal provisions during Emefiele’s tenure. Approximately N26.627 trillion was disbursed to the government under this scheme as it grappled with budget shortfalls.
Moghalu also scrutinized Emefiele’s bid for the presidency, flagging it as a violation of the CBN Act of 2007, Section 9.
Casting doubt on the selection process for CBN Governor, Moghalu questioned the rationale behind Emefiele’s initial appointment in 2014 and his reappointment in 2019 despite his perceived shortcomings.
“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.
“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.”
Highlighting the broader impact of regulatory compliance on the economy, Moghalu underscored the adverse consequences of Emefiele’s mishandling of the Naira redesign policy.
Addressing corruption in Nigeria, Moghalu urged a more comprehensive strategy beyond the CBN, advocating for a holistic approach involving sensitive entities like the NNPC.
He concluded by calling for an overhaul of Nigeria’s political leadership culture and governance practices, stressing the need for a more judicious and transparent selection process for pivotal roles like that of the CBN Governor.
