The former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has delivered a scathing critique of Godwin Emefiele’s record as the head of Nigeria’s apex bank, condemning his leadership as “disastrously incompetent” and a central factor in the nation’s recent economic woes.
In a detailed post shared on X (formerly Twitter), Moghalu contrasted the tenure of Emefiele who served as CBN governor from 2014 until his suspension in 2023—with that of his predecessors and successors, asserting that Emefiele’s nearly decade-long stewardship marked a period of grave institutional decline. Moghalu did not mince words, declaring that the former governor functioned “more as a political poodle than a real central banker,” and that his approach “undermined the principle of central bank independence.”
Adding that, “the CBN’s role as a stabilising institution was compromised by Emefiele’s willingness to adopt political directives under the administration of former President Muhammadu Buhari,” Moghalu stated. He emphasized that, “All the presidency had to say was ‘jump’ and he would ask, ‘How high?’
Emefiele, whose time at the CBN ended abruptly by presidential suspension, faces a battery of corruption-related charges, including allegations of abuse of office, fraudulent procurement practices, and misconduct linked to the controversial naira redesign programme. While several charges have been withdrawn at different points, new ones have also emerged, ensuring that Emefiele’s complex legal saga continues to make national headlines.
The naira redesign program, introduced during the waning months of Buhari’s presidency, has been particularly controversial. It sparked severe cash shortages, disrupted daily life nationwide, and drew brisk condemnation for its “poor timing, weak implementation and harmful effects on small businesses, informal markets and agriculture-dependent communities.” The policy’s contentiousness reached a head when the Supreme Court ruled against key aspects of the rollout.
Moghalu also cited what he considered Emefiele’s “overreach” in seeking political office without relinquishing his central banking role, a move that “drew widespread backlash” and raised serious questions about partisan interference in a post meant to be protected from political influence.
In the same breath, Moghalu contrasted Emefiele’s tenure with that of former Finance Minister Ngozi Okonjo-Iweala, praising her gravitas and professionalism. He credited Okonjo-Iweala with “maintaining professional boundaries that protected fiscal policy from political capture,” adding, “her tenure showed how strong institutional leadership can limit excessive government borrowing and help stabilise macroeconomic management.”
According to Moghalu, institutional instability under Emefiele mirrored the myth of Sisyphus: “Central banks in Africa often labor like the Greek mythical king Sisyphus, who was condemned to rolling a huge boulder up the hill but could never tip it over to the other side because it kept rolling back down. While they work, politicians ‘scatter’, constraining the possibilities for overall macroeconomic management and economic transformation.”
- Godwin Emefiele’s arrest and ongoing prosecution have intensified debates about good governance, central bank independence, and the separation of monetary policy from partisan politics in Nigeria.
