The controversy generated by the political ambition of Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), is not over yet despite his decision to withdraw from the presidential race.
Although Emefiele had, after his meeting with President Muhammadu Buhari last Friday, jettisoned his presidential ambition, many Nigerians and the main opposition party, the People’s Democratic Party (PDP), still insist that the apex banker “must go.”
The call for his resignation is predicated on his membership of the ruling All Progressives Congress (APC) and the belief that his continued stay at the CBN could compromise the sensitive election materials kept in the bank.
Alphonsus Nwosu, a former minister of health, said Emefiele’s actions were capable of eroding investor confidence in Nigeria’s economy.
Nwosu said that Emefiele had not displayed the much-needed decorum required of a top financial expert, adding that his actions made mockery of his highly exalted position as Nigeria’s leading banker.
He said: “My worry is that he is quite aware that sensitive electoral materials are kept with the CBN. So, with these revelations that he is a card-carrying member of the APC, what kind of confidence do you think that people will place on him and the bank’s ability to ensure that these sensitive materials will not be compromised?
“It is just like telling us that the chairman of the Independent National Electoral Commission is a card-carrying member of APC or any other political party or that the Chief Justice of Nigeria has entered the presidential race and picked a form under the ruling APC. For me, it is still like a dream.”
The PDP, while insisting on Emefiele’s resignation, relied on the provisions in the CBN Act 2007 and particularly Section 9, which provides that “the governor and the deputy governors shall devote the whole of their time to the service of the bank and while holding office, shall not engage in any full or part-time employment or vocation, whether remunerated or not…”
Debo Ologunagba, the party’s publicity secretary, told BusinessDay in Abuja that the apex bank’s “provision is clear in demanding that 100 percent of the time and expertise of the CBN Governor and Deputy Governors shall be dedicated to the service of the CBN. This is because the CBN is critical to the integrity and stability of our economy.”
Ologunagba said the party was particularly irked by Emefiele’s comments, asking Nigerians to “go ahead and have heart attack” over the widespread anxiety created by his involvement in partisan politics.
He described the comments as not only “provocative”, but “enough to trigger a nation-wide restiveness, pitch Nigerians against the CBN, shut down the economy and destabilise the polity.”
The PDP image-maker also drew attention to Section 030422 of the Public Service Rule that states that no public officer shall “(a) hold any office, paid or unpaid, permanent or temporary, in any political organisation (b) offer himself/herself or nominate anyone else as a candidate for any elective public office… (c) indicate publicly his support of or opposition to any party, candidate or policy and (d) engage in canvassing in support of political candidates unless such officer resigns his appointment.”
“Importantly, Section 030502 (g) of the Rule lists “engaging in partisan political activities’ as a serious act of misconduct.”
Read also: Emefiele’s power thirst: A failed litmus test for true economic leadership
He insisted that Emefiele’s involvement in politics without resigning as CBN governor therefore amounted to gross misconduct in contravention of Section 11 2 (2)(c) of the CBN Act.
According to him, Emefiele has become a source of danger to the health, integrity and reputation of the CBN and our nation’s financial sector.
He also expressed fears that his continuous stay in office “as CBN governor will further destroy investor confidence in the integrity of our nation’s financial regulatory institution.”
Nduka Erikpume, chairman of the APC Ward 6 of the Ika South Local Government Area of Delta State, had recently confirmed Emefiele as a member of the ruling party.
He said the CBN governor registered for APC membership as far back as February 2021. According to the party procedure, registration for membership usually takes place at the ward.
Osita Nwanjo, an Abuja-based legal practitioner, believes that since he is no longer interested in the presidential race, he should be allowed to keep his job.
“Only President Muhammadu Buhari has the power to either retain or sack him. He owes his tenure-ship to the President who appointed him. It is only the President who can determine his fate. If he says he is no longer contesting, they should allow him to retain his job. He was having the impression that he may be the anointed one,” he said.
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