Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, didn’t mince words as he labeled Godwin Emefiele the worst governor the apex bank has ever produced in the nation’s history.
Moghalu, renowned for his candid assessments, laid out a comprehensive indictment of Emefiele’s tenure in a detailed post on X Saturday via his verified handle.
The former deputy governor touched on issues ranging from incompetence and performance to alleged illegalities and attempts at political office.
The crux of Moghalu’s criticism rested on four pillars: Emefiele’s handling of the stability of the Naira exchange rate and inflation, the contentious provision of Ways & Means lending to the government, the CBN governor’s alleged illegal bid for the presidency, and the perceived incompetence in the execution of the Naira Redesign Policy.
“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,” remarked Moghalu.
“He is, without debate, the worst and most damaging Central Bank Governor in Nigeria’s history – incompetent and ill-prepared for the role.”
Moghalu delved into the instability of the Naira exchange rate, asserting that Emefiele’s performance in this critical area had been subpar.
He further criticized the alleged illegal provision of Ways & Means lending to the government and Emefiele’s ill-fated attempt to run for president, a move deemed in violation of the CBN Act.
The former deputy governor also took aim at the Naira Redesign Policy, characterizing its execution as incompetent and attributing disastrous economic impacts to it.
However, Moghalu didn’t stop at critiquing Emefiele’s performance. He also questioned the authenticity of a report purportedly from a CBN investigator appointed by President Bola Tinubu, expressing concern that the document made it to the public without a signature or official government response.
Moghalu pointed out the lack of a signature on the leaked report and criticized what he termed a “media trial,” emphasizing the potential damage such sensationalism could inflict on Nigeria’s economy, image, and the CBN’s institutional standing.
While acknowledging the need for accountability and the pursuit of justice, Moghalu stressed the importance of a holistic approach to combatting corruption.
He called for similar investigations into other sensitive entities like the Nigerian National Petroleum Corporation (NNPC), highlighting the need for a comprehensive overhaul of Nigeria’s political leadership culture and governance.
As the scrutiny surrounding Emefiele intensifies, Moghalu’s bold critique adds a prominent voice to the ongoing discourse about the CBN governor’s legacy and the broader challenges facing Nigeria’s financial landscape.