Why They Want Emefiele Out | Independent Newspapers Limited
Newsletter subscribe


Why They Want Emefiele Out

Posted: Mar 25, 2016 at 3:00 am   /   by   /   comments (0)


Deepak Michael


THE political intrigues playing out as being orchestrated by the advocates of Mr. Godwin Emefiele’s sack are nothing but sickening. You wonder what Emefiele’s sins are. The clamour is assuming a maddening crescendo without the advocates considering the implication of their endeavour on the economy. About two years ago, an unprecedented political action spearheaded by hawks around government made the government in power to suspend the then governor of the Central Bank, Mallam Sanusi Lamido Sanusi, now Emir of Kano. Though unprecedented in the annals of Nigeria, the suspension by fiat had its consequences on the economy. At that time, the economy of Nigeria was in good shape. But consequent upon that action, the economy began to have issues as the international community, out of panic, lost interest in the economy and began to recall their investments.

The case of Emefiele, the current CBN Governor, is even more laughable and dangerous. It is obvious that some powerful hawks want him out.

Reason, as canvassed by these hawks in and around the corridors of power, both informed and uninformed: Emefiele is bereft of ideas and lacks capacity to run the economy. What some of these enemies of Nigerians do not know or pretend not to know, is that the economy, which is having some challenges, is not caused by the governor.

The global crude oil price, which has witnessed its lowest ever point, is majorly the cause of the bad shape of the economy.

It is certain that the governor has stepped on some powerful toes in the society. This is why they are calling for his sack.

Those clamouring for Emefiele’s sack can be categorized into three groups – the FOREX speculators and looters who want their monies out at all cost, the BDC owners and the international currency sharks and their media.

Though the Bank, over the years, has been a whipping child of all manner of political and economic pundits and the novice alike, the battle for the removal of the governor started immediately after he pronounced the suspension of 41 items from the FOREX window of the Bank. A patriotic decision he took (as if he foresaw the impending shortfall in the nation’s revenue) to encourage local production of the items, and rein-in the drain in the foreign reserves.

Emefiele’s second sin was his battle against currency speculators and looters. He came out strong with reforms in the Bureau de Change sub-sector, and immediately after, both local and international conspirators took up battles with the CBN using their accomplices in the media – particularly the online outfits and some international magazines and broadcast media like the Financial Times of London, The Economist of London, Reuters, Bloomberg, to mention but few, and the local media demanding for his removal.

Surprisingly too, is the unpatriotic attitude some NGOs that enjoy annual subventions from these neo-colonialists. They have joined the fray, raising their voices to the roof calling for Emefiele’s sack apparently to satisfy their masters. They may not like the face Emefiele, but has anyone come out with superior argument to fault his monetary policies. We cannot continue growing other economies and kill our own. The United States dollar is not Nigeria’s currency, why should we dollarize the economy? Why must we kill the naira?

With some of the revelations coming out from the media lately about the CBN, it is also obvious that many of its staff may have been compromised and recruited into this unpatriotic endeavour. And as moles, they are likely to have been induced to compromise and undermine the system, while not ruling out the activities of the deposit money banks. Many of the managing directors of some deposit money banks have been undermining the CBN, and this is simply because they had expected Emefiele, being a former colleague, to churn out policies that will favour them. Under Emefiele, the CBN has accelerated the e-payment systems, thus making it difficult to perpetrate fraud hitherto rampant in the banking sector. The CBN, through its Biometric Verification Number (BVN), has blocked avenues through which bank customers are duped of their hard earned money. Are these the sins of Emefiele? The clamour for his sack has assumed a dangerous tempo; and we need to tread carefully.

Ms. Christine Largarde, the Managing Director, International Monetary Fund (IMF), when she visited Nigeria few months back, said Nigeria is an economy the 21st century is waiting for, if only the government can tackle and fix some defective structural challenges noticed in the economy. This is what Godwin Emefiele has been doing, even before the constitution of the federal cabinet. Let the campaigners sheath their swords and join hands with Emefiele and the President, Muhammadu Buhari, in redirecting the course of the economy than pull him down at all cost. It is all about Nigeria, not Godwin Emefiele.




Michael writes from Jos, Plateau State