You cannot push anyone up the ladder unless he is willing to climb a little . People would support what they help create – Andrew Carnegie.
Early Life and Education:
Godwin Emefiele was born in Lagos State, Nigeria on 4 August 1961, he is a native of Agbor, Delta State, Nigeria. He attended Ansarudin Primary School and Maryland Comprehensive Secondary both in Lagos, before proceeding to the prestigious University of Nigeria Nsukka (UNN) for his tertiary education.
He obtained a Bachelor’s Degree in Banking and Finance, finishing as one of the top students in his class, in 1984. Soon after his National Youth Service, he returned to UNN for a Masters Degree in Finance, which he obtained in 1986. He is also an alumnus of Executive Education at Stanford University, Harvard University (2004) and Wharton School of Business (2005).
He was conferred with an Honorary Doctorate Degree in Business Administration by the University of Nigeria Nsukka (UNN). A very sound academic background by any standards. This apart , the suspended governor received a very good training from one of the top banking institutions in the country: Zenith Bank PLC.
With this exposure considered , one is convinced that Godwin Emefiele is more than ready for the role trusted upon him as the top banker in Nigeria. However analysts have queried the contribution of the revised CBN act to his present plight. The act edged him to behave in a manner that threw spanner in the works of the economy.
Playing as a lone striker :
The Governor was very clear to let anybody interested to know that he is independent and not necessarily at the beck and call of the Ministry of Finance.
We as outsiders find it odd that the Governor did not carry the Ministry of Finance and the Minister along on key policy decisions. It is rather naive for the suspended CBN governor to think he can execute sensitive policy without getting relevant stakeholders on his side. The Governor humiliated the former Minister of Finance Zainab Ahmed to publicly acknowledge ignorance of a key policy decision as the redesign of the naira. The policy has been severally criticised by public policy analysts as lacking foresight.
According to Enoch Oyedibu, this lack of foresight and planning is especially egregious when one considers the potential consequences of not exchanging old notes in time.
Many Nigerians may found themselves without access to their own money and unable to conduct basic transactions. This led to a devastating impact on the economy and the livelihoods of millions of people. This is a negation of what the CBN is all about as the apex bank in Nigeria . In the midst of this extreme hardship for the people the CBN Governor allegedly announced his desire to replace President Mohammed Buhari as President of the Federal Republic. This was insensitivity at its highest.
The CBN’s actions under Emefiele were a reflection of the larger problem in Nigeria’s society, where the government and its agencies do not consider the plight of the common man.
Read also: Nigerians react as Tinubu suspends Emefiele as CBN governor
It’s a shame that the CBN is not taking this opportunity to improve the economy but rather adding to the already existing problems. The CBN needs to put in more effort to make sure the transition of new notes is smooth and the citizens do not have to bear the burden. Even when court orders were given Emefiele and his colleagues at CBN , turned deaf ears to the plea and prayers of the suffering of the people of Nigeria. Ideally we expect positive intervention from the CBN but under Emefiele the bank became a tool in the hands of the propaganda machine of the ruling APC.
The CBN’s decision to phase out old naira notes and introduce new ones was a commendable move but the execution has been poor. The time frame given to citizens was too short and the new notes are not yet widely circulated even up till this time. The CBN and the banks must take immediate action to rectify this situation and ensure that the transition is smooth and fair for all Nigerians.
Emefiele with the DSS:
According to the lead story by the Leadership Newspaper 11 June 2023 Emefiele was arrested while making his way out of Nigeria by land borders and flown into Abuja yesterday where he was kept in the custody of the Department of State Services (DSS).
Security sources who spoke to the newspaper, said the case against Emefiele is a simple one since he has been in running battle with the DSS over some terrorism financing for some time now.
The paper said now that President Bola Ahmed Tinubu has suspended the governor, the coast is clear for the DSS to bring him in for questioning and possible prosecution.
Some of the charges that may be brought against Emefiele include terrorism financing, fraudulent activities and involvement in economic crimes of national security dimension including mismanaging the CBN subsidiary, NISRAL and the central bank’s Anchor Borrowers Programme.
The DSS also accused Emefiele of fraud, money laundering, round tripping and conferment of financial benefits to self and others. Other corruption issues such as the “ways and means” is still hanging around the suspended governor’s head.
According to human rights activist, Sesugh Akume, under the administration of Emefiele, the bank never followed the principles of “ways and means” loans and the loans moved from N789.6billion in May 2015 to N22.7trillion in May 2023.
In a press release by Akume in reaction to Emefiele’s suspension, he said this policy gaffe and others were responsible for “distortions in the economy, including inflation (the rising cost of goods and services) which the CBN itself admits” under Emefiele.
The activist, however, faulted the unilateral suspension of Emefiele by President Bola Tinubu without recourse to the Nigerian senate as stated in the CBN Act 2007, adding that the act “needs to be strengthened to protect the institution of the CBN from abuses, both internal and external.”
He said; “I have been opposed to the rank incompetence, maladministration, and abuses by Godwin Emefiele as CBN governor and had in the past instituted two lawsuits against him and the CBN, and others at the Federal High Court Abuja.
Matters Arising :
Governor Emefiele should have known that government come and go and advice given to politicians must be strategic and devoid of heavy partisan colouration rather the wholistic good of the economy and people must be obvious and paramount .
The CBN under Emefiele even lay claim to independence and refused to obey the apex court in the country claiming by default one apex judicial body (Supreme Court) cannot lord it over another apex body (CBN) this is twisting our understanding of separation of power and governance. Thus attempting to set a very bad precedence. President Mohammed Buhari even disown the governor albeit for a brief period because the CBN was drifting from the reality of the people and causing damage to the economy.
As a public servant the CBN governor must have known that your spoon and fork when eating with politicians must be long and dynamic. When queried on the damage his currency redesign policy was causing the people and the economy the governor simply said he was following directives. We are all witness to the type of damage done to the economy by inconsistency in government financial policy through adherence to these directives.
Government policies must be people friendly because without the people there is no government. Policy must be for the betterment of the people at all times. We hope due process would be followed in the prosecution of the CBN as he was not acting alone while wrecking the economy.
Michael Umogun is a chartered marketer with interest in public policy.
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