Emefiele was more a Marketer, Incompetent as CBN Governor, Says Muiz Banire

Godwin Emefiele suspended sacked remove news
Muiz Banire
Distinguished readers, you are welcome to our weekly leadership discourse. With the suspension of the embattled Nigerian Central Bank Governor, the social media has been awash with the news, trending like wild fire.

As if that was insufficient, commentators bombarded the social media space with multidimensional views of the events surrounding his suspension as well as their perception of his activities while in office plus the best ways of dealing with him.

The suspension cum arrest became issue of national celebration. The inundation was so much that I couldn’t keep abreast and had to give up at a point.

My interest in the development stemmed from my belief from the onset in the incompetence of Godwin Emefiele from the very day of his appointment.

Reading his curriculum vitae then convinced me that he was a wrong man for the job. Certainly, he is not an economist nor a financial expert. The major inference I could draw from the curriculum vitae is that he was, at best, a marketer.

The miracle he would then be performing became a puzzle to me. Eventually justifying my fears, he ended up throughout his tenure experimenting with our fragile economy and ending up collapsing same.

At the end of the road, as the navigator will put it, the country ended up in a financial collapse

The consequences of the experimentation is better imagined than experienced as several lives were lost, several Nigerians became infirm, some Nigerians became humiliated and embarrassed through his poorly thought-out policies, and many became wretched.

The poverty index went haywire while inflation in the country became unprecedented. His reign was simply a catalogue of woes.

I align with the view of Femi Fani-Kayode, in his immediate response to the news of Emefiele's arrest that "you caused mothers and fathers to regret having their children. You caused Nigerians to strip themselves naked in public places and rant, rave and lament about their suffering and hardship. you caused men and women to burn down banks and public buildings and you caused Nigerians to lose their life savings, beg for bread and walk the streets penniless with no more than 200 naira in their pockets and to their names. You shattered many dreams, broke many hearts and caused many to perish and die before their time."

There is always a day of accountability, both on this earth and in the hereafter. Now it is Emefiele’s time to account. The President must allow him to render account in all ramifications.

So many questions to answer, beyond the Naira redesign which is the latest of his misadventure, anchor borrower’s "scam", the COVID 19 intervention funds, the multiple dollar window intervention and the attendant manipulations, all other parallel ministerial tasks fraudulently assumed by the Central Bank during his tenure, as against the relevant ministries and parastatals.

That fraud has been perpetrated in the institution is an understatement. The probe is critical to the restoration of confidence in the CBN. The institution needs to be insulated against political manipulation.

Mr. President, you are on the right track on this and more to go. Interestingly, this is one instance that Nigerians, except the beneficiaries of the largesse, are unanimous on the sanction to be met out to the man. The consensus appears to be the same.

Muiz Banire is a Senior Advocate of Nigeria, a Bencher and former National Legal Adviser to All Progressives Congress (APC)

Category: World-News
Tag: Godwin Emefiele suspended sacked remove news
Written by Omooba Alekuwodo (omoobaalekuwodo)
Published 6/11/2023 9:48:55 PM

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