Moghalu Slams Emefiele’s CBN Leadership, Calls His Tenure a Major Setback for Nigeria’s Economy

Kingsley Moghalu says Godwin Emefiele’s CBN tenure weakened the bank’s independence.
Ex-deputy governor blames politically driven policies for Nigeria’s economic setback.
Naira redesign crisis and corruption charges highlighted as damaging failures.
Moghalu contrasts Emefiele with Okonjo-Iweala, praising her stronger institutional discipline.

Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria, has delivered one of his strongest public criticisms yet of ex-CBN Governor Godwin Emefiele, describing his nearly ten years at the apex bank as a period marked by incompetence, political submission, and harmful economic decisions.

In a post on X, Moghalu compared the institution’s performance under different administrations and argued that the CBN suffered its worst decline in professionalism and independence under Emefiele. According to him, the former governor acted more like an obedient political agent than a technocrat trusted with safeguarding monetary stability.

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He claimed the bank lost its autonomy because Emefiele routinely bowed to directives from former President Muhammadu Buhari. “All the presidency had to say was ‘jump,’ and he would ask, ‘How high?’” Moghalu wrote, stressing that this attitude eroded confidence in the apex bank.

Since his suspension in 2023, Emefiele has faced multiple corruption-related allegations, including abuse of office, procurement fraud, and controversies tied to the chaotic naira redesign. Although several charges were dropped, new filings emerged, deepening what has become a long-running legal battle watched closely across the country.

The naira redesign rollout, introduced at the tail end of Buhari’s administration, triggered severe cash shortages and left millions struggling to meet daily needs. Small businesses, informal traders, and rural communities were among the worst hit, prompting backlash from economists, governors, and civil society groups. The Supreme Court later stepped in, faulting the flawed implementation.

Moghalu also pointed to Emefiele’s decision to pursue the 2023 presidential ticket while still serving as governor of the CBN, a move he described as reckless and damaging to public trust. Critics widely condemned the attempt as a breach of neutrality in a position traditionally protected from politics.

He contrasted Emefiele’s record with that of former Finance Minister Ngozi Okonjo-Iweala, praising her for maintaining firm boundaries that shielded fiscal and monetary policy from political excesses. Moghalu argued that her approach prevented uncontrolled borrowing and strengthened macroeconomic management.

Drawing from classical imagery, Moghalu said central banks in Africa often function like Sisyphus, constantly pushing to stabilise economies while political actors repeatedly undermine long-term progress with short-term decisions. He warned that such interference limits the effectiveness of institutions designed to protect national economies from volatility.

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