Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has issued a scathing assessment of the tenure of former CBN Governor, Godwin Emefiele, describing his leadership as “disastrously incompetent” and a major factor in Nigeria’s economic deterioration.
In a detailed commentary posted on X, Moghalu contrasted the era of past CBN governors with what he termed a period of institutional decline under Emefiele’s nearly nine-year stewardship. He argued that the apex bank’s credibility and independence were severely eroded during that period.
According to Moghalu, Emefiele functioned “more as a political poodle than a real central banker,” accusing him of subordinating monetary policy to political directives under the administration of former President Muhammadu Buhari.
“All the presidency had to say was ‘jump,’ and he would ask, ‘How high?’” Moghalu stated.
Emefiele, suspended in 2023, is currently facing multiple corruption-related allegations, including abuse of office, irregular procurement practices and controversies linked to the naira redesign programme. While some of the charges have been withdrawn, new cases continue to emerge, extending a legal battle that has attracted nationwide attention.
The naira redesign, rolled out in the final months of Buhari’s presidency, sparked widespread cash shortages that crippled daily transactions. The policy drew criticism for poor timing, flawed implementation and harsh effects on small businesses, informal traders and rural communities. The Supreme Court later ruled against key aspects of the policy, cementing its place as one of the most contentious monetary decisions in Nigeria’s recent history.
Moghalu also revisited Emefiele’s controversial ambition to contest the 2023 presidential election while still serving as CBN governor — a move that triggered public outrage and raised concerns about the politicisation of a constitutionally insulated office.
Contrasting this with the example of former Finance Minister Ngozi Okonjo-Iweala, Moghalu praised her professionalism, strong institutional values and ability to maintain clear boundaries between political influence and fiscal management. He argued that her leadership demonstrated how disciplined economic governance can rein in excessive borrowing and promote stability.
Reflecting on the broader challenges facing central banks across Africa, Moghalu likened the role of monetary authorities to the Greek myth of Sisyphus, condemned to push a boulder uphill only for it to roll back.
“While central banks work to maintain stability, politicians ‘scatter’, undermining long-term macroeconomic management,” he said.
