Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria (CBN), took to Twitter to denounce Godwin Emefiele as the “worst CBN Governor” in the country’s history. In a series of tweets on Saturday, Moghalu delivered a scathing assessment of Emefiele’s tenure, highlighting critical areas of concern.
Moghalu pointed out Emefiele’s alleged failures in maintaining Naira stability, illegal lending practices, an unauthorised presidential campaign, and mishandling the Naira redesign policy, which reportedly had detrimental effects on the economy.
Describing Emefiele as “incompetent and ill-prepared for the role,” Moghalu raised questions about Emefiele’s integrity and suitability for the position, citing various actions and policies during his tenure.
The former CBN official highlighted Emefiele’s alleged shortcomings in managing the Naira exchange rate and controlling inflation, the fundamental responsibilities of the CBN. He also criticised the purported illegal provision of Ways & Means lending to the federal government, suggesting a disregard for legal provisions under Emefiele’s leadership.
During Emefiele’s tenure as CBN governor, approximately N26.627 trillion was reportedly released to the federal government through Ways & Means as the government sought to bridge budget deficits.
Moreover, Moghalu raised concerns about Emefiele’s attempt to run for the presidency, which he claimed violated Section 9 of the CBN Act of 2007.
“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 said.
“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.”
Moghalu expressed scepticism about the political leaders responsible for Emefiele’s appointment and reappointment, urging a reevaluation of Nigeria’s political leadership culture and governance practices. He stressed the need for comprehensive changes rather than focusing solely on Emefiele’s alleged failings.
While addressing the ongoing discourse about Emefiele’s performance and actions, Moghalu called for a deeper examination of Nigeria’s approach to governance and the need for more comprehensive strategies to combat corruption, extending beyond the CBN to other key entities, such as the NNPC.
“Nigeria’s political leadership culture and governance need a complete overhaul,” Moghalu stated, highlighting the necessity for a more effective and holistic approach to governance and leadership practices in the country.
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