Godwin Emefiele, the embattled ex-CBN governor, assumed office at a time of relative and stable economic ease. That was 2014. By 2023, when he was axed, he had made a mess of everything. Like a spoilt brat, he frittered with every gain he met and squandered all the fortunes he inherited.
Gradually, his often-contentious policies and programs undermined and turned the wheel of Nigeria backwards, leaving the naira reeling and all indices and indicators of a healthy economy in shambles.
Once a toast of investors, Nigeria’s economy under him went under. It was a free fall on all fronts. No doubt, Kingsley Moghalu, a former Deputy Governor of CBN, aptly described him as the “worst and most damaging CBN Governor in Nigeria’s history”
Time to Ban
When Emefiele came on board in 2014, Nigeria’s inflation was at a single digit. The naira was waxing stronger. Poverty, minimal. Unemployment was under the belt. In the years that followed his reign, the hope of millions became shattered, expectations dashed, and optimism quashed. Godwin Emefiele started his CBN job on a bumpy ride.
In 2015, as Nigeria’s foreign exchange reserves dipped, Emefiele’s CBN arbitrarily placed foreign exchange restrictions on 43 items like palm kernel, meat and processed meat, vegetable oils, rice, cement., private jets, margarine, etc. The upside of the apex bank restriction was to enhance and support local production, but the downside deprived and denied legitimate importers access to needed foreign exchange.
Inflation to Hyperinflation
Take inflation. Under him, Nigeria’s inflation kept rising steadily and consistently yearly until it hit an all-time high in 2023. For instance, in 2014, inflation was 8.05%. But by 2015, it had risen incrementally to 9.01. It reached an unbelievable high in 2022 at 18.85%. But the October 2023 inflationary trend was worse and heartbreaking; it reached a dizzying 27.33%! As the country’s inflation climbed to an insane height, the value of the naira fell spectacularly, leading to excruciating hardship and suffering. Figures from the National Bureau of Statistics indicated that Nigeria became poorer under his firm grip – surpassing India as the world capital of poverty. More than 133 million (about 63%) fell into the dungeon of multidimensional poverty, highlighting the pernicious effects of his policies. But his naira redesign policy was even more monumental and catastrophic.
Party on Country’s patrimony
But Emefiele did more than that. He broke the law. Flaunted his wealth. Enriched his cronies. Fleeced on the country’s patrimony. Siphoned the people’s commonwealth. He was a Robbin Hood of sorts. CBN Special Investigator Jim Obaaze said, “Emefiele and others embezzled billions of naira and committed other gross financial offences”. He said Emefiele perpetrated fraud in redesigning the naira and that he kept 543.4 million pounds in the United Kingdom”. In short, Emefiele’s policy snuffed the lives out of people. He turned honourable men into beggars in broad daylight.
In the court of law and public opinion
In Nigeria’s contemporary history, Godwin Emefiele is a villain. His times were marked by chaos, turbulence, and tumult. Long before he was dragged to the court, many had already decided his case: he must be made to face the law squarely. His suspension by President Tinubu was widely celebrated: Public enemy number one is down for the count. In Lagos and Abuja, he has been asked to account for his time in office.
In effect, the former CBN Governor has been slammed with 26 count charges bordering on alleged abuse of office, contrary and punishable under Section 73 of the Criminal Law of Lagos 2011; accepting gratification, contrary and punishable under Section 8 of the Corrupt Practices and Other Related Offences Act 2000; corrupt demand, contrary and punishable under Section 10 of the Corrupt Practices and Other Related Offences Act 2000; receiving property fraudulently obtained, contrary to and punishable under Section 328 of the Criminal Law of Lagos 2011; and conferring corrupt advantage, contrary to Section 19 of the Corrupt Practices and Other Related Offences Act 2000. In due time, he will dance to the music of his misdeeds.
Emefiele’s trial is not just about one man. It’s about the future of Nigeria’s economy and the well-being of its people. The nation demands answers, and the verdict will set a precedent for those entrusted with safeguarding Nigeria’s financial future.
