The former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, has explained the reasons embattled ex-CBN Governor, Godwin Emefiele, is the worst the apex bank has ever produced in the history of the country.<\/p>\n
Moghalu, in a lengthy post on X Saturday via his verified handle, raised a concern about a report purported to be that of a CBN investigated appointed by President Bola Tinubu, made it to the public without a signature appended to it nor the President and his administration speaking about it.<\/span><\/p>\n He cited Emefiele\u2019s incompetence, performance regarding the stability of the naira exchange rate and inflation, the \u201cbrazen illegal\u201d provision of Ways and Means lending to the government, his \u201cillegal\u201d attempt to run for president, and the \u201cincompetent\u201d manner in which the naira redesign policy was handled as connected to why he has concluded him to be the worst and damaging CBN gov.<\/span><\/p>\n \u201cThe foregoing notwithstanding, my views on Emefiele\u2019s 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. \u201cHe is, without debate, the worst and most damaging Central Bank Governor in Nigeria\u2019s history- incompetent and ill-prepared for the role, and from all available information from his actions, doubtlessly severely challenged with integrity.<\/span><\/p>\n \u201cFour 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\u2019s 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\u2019s economy,\u201d he noted.<\/span><\/p>\n Report\u2019s authenticity and media trial<\/span><\/p>\n Speaking on the report\u2019s authenticity and media trial, Moghalu said, \u201cThe \u2018report\u2019 has no signature appended, so we can\u2019t assume it is the real and official report. Assuming it is, in fact, the real report, it\u2019s wrong for such a sensitive report to have \u2018leaked\u2019 to the public before the President and his government have reviewed and spoken to it.<\/span><\/p>\n \u201cThis 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,\u201d Moghalu kicked.<\/span><\/p>\n 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\u2019s economy.<\/span><\/p>\n \u201cAs 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\u2019s economy, image, and the institution of the CBN itself,\u201d he said. \u201cWhen it comes to law, allegations are simply allegations unless and until proven in a court of law.\u201d<\/span><\/p>\n NNPC, others need similar investigations<\/span><\/p>\n \u201cWhile the law should certainly take its course, it is worth noting that an exclusive focus on the CBN as a \u2018fight against corruption\u2019 may come to seem more as vendetta than anything else if other sensitive entities such as the NNPC, Nigeria\u2019s national oil company, are not subjected to a similarly vigorous searchlight,\u201d he said.<\/span><\/p>\n He stressed that corruption has robbed Nigeria of its destiny and impoverished the citizens while enriching \u201cat insane levels\u201d a select few.<\/span><\/p>\n \u201cCombating it has to be a holistic affair, not just politically convenient media trials,\u201d he added.<\/span><\/p>\n Moghalu further maintained that Nigeria\u2019s political leadership culture and governance need a complete overhaul adding, \u201cThe current approach to the matter to Emefiele, who undoubtedly deserves his trial, is not quite the optimal path when placed under close\u00a0scrutiny.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" The former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, has explained the reasons embattled ex-CBN Governor, Godwin Emefiele, is the worst the apex bank has ever produced in the history of the country. Moghalu, in a lengthy post on X Saturday via his verified handle, raised a concern about a report purported […]<\/p>\n","protected":false},"author":1,"featured_media":17170,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[4669,2926,3581,5131],"class_list":["post-17168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cbn-gov","tag-godwin-emefiele","tag-history","tag-kingsley-moghalu"],"_links":{"self":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17168"}],"collection":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17168"}],"version-history":[{"count":1,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17168\/revisions"}],"predecessor-version":[{"id":17169,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17168\/revisions\/17169"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/media\/17170"}],"wp:attachment":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}