Moghalu Explains Why Emefiele is Worst and Most Damaging CBN Governor in Nigeria's History
- A former deputy governor of the CBN has condemned the infamous tenure of Godwin Emefiele
- Moghalu has described Emefiele as the worst and most damaging CBN governor in Nigeria's history
- He added that Emefiele's performance only showed that he was incompetent and ill-prepared for the role
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
Kingsley Moghalu, an ex-deputy governor of the Central Bank of Nigeria, has expressed his views on Godwin Emefiele, the immediate governor of the apex bank, describing him as the worst to head that position.
Source: UGC
In a recent string of tweets, Moghalu meticulously analyzed Emefiele's tenure and leadership, emphasizing noteworthy shortcomings.
Moghalu highlighted concerns encompassing Naira stability, questionable lending practices, an alleged breach of regulations in a presidential campaign, and the tumultuous impact of the Naira redesign policy on the economy.
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Emefiele is incompetent and ill-prepared for the role
The ex-deputy governor of the CBN asserted that his assessments of Emefiele's tenure as CBN Governor have been consistently documented, even when numerous current commentators remained silent on the matter.
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 integrity-challenged.”
Moghalu underscored Emefiele's deficiencies in upholding the stability of the Naira exchange rate and adeptly managing inflation—both pivotal facets of the Central Bank's mandates.
Furthermore, he criticized the illicit extension of Ways & Means lending to the federal government, pointing out a blatant disregard for legal provisions during Emefiele's tenure.
During Mr. Emefiele's tenure as the CBN governor, approximately N26.627 trillion was disbursed to the federal government through Ways & Means as they grappled with budgetary shortfalls.
Additionally, despite widespread protests citing a contravention of Section 9 of the CBN Act 2007, Mr. Emefiele ventured into a presidential bid.
He said:
“Emefiele’s fame and infamy today certainly calls into question the self-serving attitude of our elected political leaders to sensitive appointments like that of CBN Governor as opposed to a focus on the national interest.”
In critiquing Mr. Emefiele's inadequacies, Mr. Moghalu advocated for a more comprehensive strategy to tackle corruption in Nigeria.
He raised questions about the justification for solely concentrating on the Central Bank and urged a broader approach encompassing other crucial entities, including the NNPC, in the fight against corruption.
Moghalu points out two problems with naira redesign policy
In related news, Legit.ng reported that Moghalu expressed dissatisfaction with the upheaval caused by the CBN's naira redesign policy.
In a statement, he emphasized the significance of currency responsibilities within the purview of any central bank's mandate, clarifying that his concerns were focused on two specific aspects of the policy.
Moghalu noted that the 90-day deadline required an extended and smoother execution, and he raised the issue of the timing coinciding with elections.
He underscored the need for a more coherent and well-timed implementation.
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Source: Legit.ng
