Moghalu Describes Emefiele as a “Disastrous” CBN Governor and Political Puppet

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has strongly criticised the leadership of former CBN Governor Godwin Emefiele, describing his tenure as disastrous, politically influenced, and damaging to Nigeria’s economy.

In a post shared on X, Moghalu assessed the performances of past and current CBN governors, highlighting what he called a period of severe institutional decline during Emefiele’s nearly ten years in office.

According to him, Emefiele operated “more like a political puppet than a true central banker,” arguing that his actions eroded the independence and credibility of the apex bank.

Moghalu said the CBN under Emefiele failed to act as a stabilising economic institution because of the former governor’s willingness to bow to political pressure from the administration of former President Muhammadu Buhari.

“All the presidency had to say was ‘jump’, and he would ask, ‘How high?’” Moghalu wrote.

Emefiele has been embroiled in multiple corruption-related cases since his suspension in 2023. The allegations include abuse of office, fraudulent procurement, and misconduct linked to the controversial naira redesign policy.

While some of the charges have been withdrawn, new ones continue to surface, prolonging a protracted legal battle that has kept the former CBN governor in the public eye.

The naira redesign initiative, introduced toward the end of Buhari’s presidency, triggered widespread cash shortages and disrupted economic activities nationwide. It faced intense criticism over poor planning, weak execution and its harsh impact on small businesses, informal traders and rural communities.

The Supreme Court later overturned aspects of the policy, cementing its status as one of Nigeria’s most controversial financial decisions.

Moghalu also criticised Emefiele’s attempt to run for president in 2023 while still serving as CBN governor, a move that drew nationwide outrage and raised concerns about political interference in an institution meant to remain neutral.

He contrasted Emefiele’s tenure with that of former Finance Minister Ngozi Okonjo-Iweala, praising her professionalism and ability to maintain boundaries that prevented excessive government borrowing and protected economic stability.

Moghalu likened the struggles of African central banks to the Greek myth of Sisyphus, forever pushing a boulder uphill, arguing that political leaders often undermine long-term economic goals with short-term decisions.

“While central banks work to maintain stability, politicians scatter,” he wrote, warning that this pattern continues to constrain effective macroeconomic management across the continent.