Former Deputy Governor of the Central Bank of Nigeria Kingsley Moghalu has delivered a scathing assessment of Godwin Emefiele's leadership at the apex bank, characterizing his nearly decade-long tenure as disastrously incompetent and a major factor in the country's economic challenges.
Political Puppetry at the Central Bank
In a detailed post on social media platform X, Moghalu accused Emefiele of functioning more as a political poodle than an independent central banker. The former CBN chief allegedly compromised the institution's stabilizing role by readily adopting political directives from former President Muhammadu Buhari's administration.
"All the presidency had to say was 'jump' and he would ask, 'How high?'" Moghalu stated, highlighting what he described as a complete surrender of central bank independence.
Controversial Policies and Legal Battles
Emefiele's tenure has been marred by multiple controversies, including his attempt to contest the 2023 presidential election without resigning from his position as CBN governor. This move drew widespread criticism and raised serious concerns about partisan interference in an institution traditionally insulated from political influence.
Since his suspension in 2023, Emefiele has faced numerous corruption-related charges, including allegations of abuse of office, fraudulent procurement practices, and misconduct linked to the controversial naira redesign program.
The naira redesign policy, implemented during the final months of Buhari's presidency, caused severe cash shortages across Nigeria and disrupted daily economic activities. The policy was widely condemned for its poor timing, weak implementation, and damaging effects on small businesses, informal markets, and agricultural communities.
Nigeria's Supreme Court later ruled against aspects of the currency rollout, further cementing the policy's reputation as one of the most contentious monetary decisions in recent history.
Contrasting Leadership Styles
Moghalu contrasted Emefiele's approach with that of former Finance Minister Ngozi Okonjo-Iweala, whom he praised for maintaining professional boundaries that protected fiscal policy from political capture. He emphasized that her tenure demonstrated how strong institutional leadership could limit excessive government borrowing and help stabilize macroeconomic management.
The former deputy governor used powerful imagery to describe the challenges facing central banks in Africa, comparing them to the Greek mythical king Sisyphus, who was condemned to endlessly roll a boulder up a hill only to see it roll back down.
"While they work, politicians 'scatter', constraining the possibilities for overall macroeconomic management and economic transformation," Moghalu wrote, highlighting the constant struggle between technical economic management and political interference.
The legal proceedings against Emefiele continue to evolve, with some charges being withdrawn at different stages while new filings have emerged, prolonging a complex legal battle that maintains national attention on the former central bank governor's controversial legacy.
