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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