Mr. Godwin Emefiele has been described by a former Deputy Governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu as the worst governor of the apex bank.
Moghalu said Emefiele failed to maintain Naira stability, illegal lending practices, an unauthorised presidential campaign, and mishandling the Naira redesign policy.
In a post on X which was sighted by Africa Today News, New York, Moghalu said Emefiele was ill-prepared for the role of the CBN governor.
According to Moghalu: ‘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 was mute.
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‘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.’
His comment follows an investigative report on the CBN which indicted Emefiele of misappropriation of funds.
Speaking on the report’s authenticity and media trial, 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,’ Moghalu kicked.
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,’ he said. ‘When it comes to law, allegations are simply allegations unless and until proven in a court of law.’
‘While the law should certainly take its course, it is worth noting that an exclusive focus on the CBN as a ‘fight against corruption’ may come to seem more as vendetta than anything else if other sensitive entities such as the NNPC, Nigeria’s national oil company, are not subjected to a similarly vigorous searchlight,’ he said.
He stressed that corruption has robbed Nigeria of its destiny and impoverished the citizens while enriching “at insane levels” a select few.