Kingsley Moghalu, ex-deputy governor of the Central Bank of Nigeria (CBN), has condemned Godwin Emefiele’s near decade-long leadership as “disastrous” and a key factor in Nigeria’s economic decline. Moghalu accused Emefiele of acting more as a political puppet than an independent banker, alleging that he routinely followed directives from former President Muhammadu Buhari, which undermined central bank autonomy.
Emefiele’s tenure has faced multiple corruption allegations and legal challenges, including fraudulent procurement and the controversial naira redesign policy that led to widespread cash shortages, harming businesses and communities nationwide. The Supreme Court later ruled against the rollout, solidifying its status as a severely flawed policy.
Moghalu also criticized Emefiele’s attempt to contest the 2023 presidential election without first resigning, calling it a clear case of partisan interference in a role meant to be insulated from politics. He contrasted this with former Finance Minister Ngozi Okonjo-Iweala, whom he praised for maintaining fiscal independence and professionalism that helped curb excessive government borrowing.
Moghalu’s remarks emphasized that central banks face a Sisyphean struggle to maintain macroeconomic stability when political actors undermine long-term growth with short-term decisions, urging for strong, independent leadership to restore credibility and effectiveness in African economic management.
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