Ex-CBN deputy governor brands Emefiele worst CBN gov in Nigeria's history

Moghalu's remarks come in reaction to a purported audit report submitted to President Bola Tinubu by Special Investigator Jim Obazee, which has now slipped into the public space.

The Federal Government has been prosecuting the embattled banker for alleged procurement fraud worth over $1.2 billion.

Obazee was contracted by Tinubu to carry out a holistic auditing of the CBN under Emefiele's leadership. In the leaked report, the former CBN boss was accused of multiple fraudulent misconducts.

The allegations include abuse of power during his tenure, violation of the CBN Act of 2007, as well as stealing of billions of dollars stashed in foreign banks in Europe and America.  

Though the former CBN deputy governor raised concerns about the report’s authenticity due to the lack of a presidential signature appended to it, he nevertheless lampooned Emefiele for how he ran the apex bank.

In a lengthy post on his X (formerly Twitter) account on Saturday, December 23, 2023, Moghalu listed all the misdeeds of Emefiele and concluded that he's the worst and most damaging CBN governor in Nigeria's history.

He said, "My views on Emefiele’s PERFORMANCE as CBN Governor have been a matter of record even when many now opining on the matter of his performance on the job were mute.

"He is without debate the WORST and MOST damaging central bank governor in Nigeria’s history- incompetent and ill-prepared for the role, and from all available information from his actions, doubtlessly severely integrity-challenged.

"Four things make this clear: his performance regarding the STABILITY of the Naira exchange rate, as well as inflation; b) the brazen illegal provisions of Ways & Means lending to @NigeriaGov.

"(c)Emefiele’s illegal attempt to run for President, in clear contravention of Section 9 of the CBN Act of 2007, which precludes the Governor and Deputy Governors from engaging in activities outside their functions; and (d) the incompetent manner in which the Naira Redesign Policy was handled, and its consequent negative, indeed disastrous impact on Nigeria’s economy.

Moghalu, however, frowned at what appeared like a media trial of Emefiele by the Federal Government over the purported audit report.

“The ‘report’ has no signature appended, so we can’t assume it is the real and official report. Assuming it is, in fact, the real report, it’s wrong for such a sensitive report to have ‘leaked’ to the public before the President and his government have reviewed and spoken to it.

“This is a media trial and prejudices the rights of these individuals named or referred to. This is NOT how a report into the Central Bank of Nigeria should be handled,” Moghalu protested.

He described the central bank of any country as a very sensitive institution, noting that "confidence (or the lack of it) in the institution has practical consequences on the ground for Nigeria’s economy."