Nigerians are said to be very forgiving of their leaders no matter the level of betrayal. Many however believe this is the effect of illiteracy in some parts of the country where governors openly celebrate the betrayal of their people who they claim don’t read newspapers. Others attribute this to the fact that a great many Nigerians suffer from collective amnesia. But one betrayal Nigerians are not likely going to forget in a hurry was the avoidable agony they were subjected to by Godwin Emefiele and his principal, President Buhari in the run up to the 2023 election.

That the anger and anguish of many Nigerians are yet to be assuaged was experienced by yours truly in a supermarket a few days back. A woman following a seamless transaction with her ATM card triumphantly declared: “It is just as well Godwin Emefiele is in prison”. An intervention by the cashier to the effect that Emefiele was not in prison attracted a despondent “he should be taken back to prison where he should be left to rot away”. As she walked out of the supermarket, she spoke of the agony her family went through when Emefiele confiscated their life savings in 2023.

Except that power sometimes leads to self-delusion, it was hard to imagine how Emefiele thought he could ignore constitutional provisions to contest the presidency of Nigeria as a sitting CBN governor.  But intoxicated by sycophants’ eulogies and deceived by a segment of the media, he went to court to defend the indefensible. When he became sober, opportunistic Emefiele, who initially secured his job because of his sympathy for PDP decided to go down with APC.

Emefiele on the eve of an all-important general election confiscated people’s life savings in the name of currency swapping. He then ordered the destruction of the old currencies even when he knew many locations in the country were yet to be saturated with the new notes. Unable to stand the sufferings of their people, some governors sought and secured relief from the Supreme Court. Emefiele ignored the Supreme Court ruling. All he wanted was anarchy and social dislocation that would hurt the ruling APC in the 2023 election

The problem with Emefiele was that he was a round peg in a square hole. He was ill-equipped but President Jonathan unable to stand Sanusi Lamido’s criticism of monumental corruption going on in PDP, replaced him with a more pliable Emefiele. In fact, Emefiele was described by Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria, as “the worst CBN Governor” in the nation’s history”. He is without debate the worst and most damaging central bank governor in Nigeria’s history – incompetent and ill-prepared for the role and from all available information from his actions, doubtlessly severely integrity-challenged.

Emefiele’s case is not helped by the report of Jim Obazee on the infractions that took place under his watch as CBN governor.  One of the 17 allegations by the Obazee’s report was that Emefiele employed surrogates to obtain shares in a new-generation bank. Other grave allegations as contained in the report submitted to President Tinubu on December 20 last year include Emefiele’s alleged unauthorised funding of 593 offshore bank accounts, fraudulent cash withdrawals from the CBN vault, gross financial misconduct involving the former governor and his deputy governors, and substantial fixed deposit holdings amounting to £543.4 million. It was on account of the above grave allegations Emefiele was arraigned at the High Court of the Federal Capital Territory, Maitama, Abuja, in January on a 20 count-charge bordering on corruption and forgery.

Last Friday, April 8, Emefiele was once again dragged to Lagos High Court by EFCC with the following charges: “That Mr. Emefiele directed to be done in abuse of the authority of your office, as the governor, Central Bank of Nigeria, an arbitrary act, to wit: allocating foreign exchange in the aggregate sum of $2,136,391,737.33 without bids, which act is prejudicial to the rights of Nigerians.”

Count two, also of abuse of office, alleged that “Godwin Emefiele between 2020 and 2021, in Lagos, “directed to be done in abuse of the authority of your office, as the governor, Central Bank of Nigeria, an arbitrary, act to wit: allocating foreign exchange in the aggregate sum of $291,945,785.59, without bids, which act is prejudicial to the rights of Nigerians”.

In the third count, Mr Emefiele was alleged to have, in 2021, in Lagos, “directed to be done in abuse of the authority of your office, as the governor, Central Bank of Nigeria, an arbitrary act, to wit: special allocation of foreign exchange in the aggregate sum of $1,769,254,793.16, which act is prejudicial to the rights of Nigerians.”

In count four, the sum involved was $370,872,893.01. Emefiele’s co-defendant, Mr Omoile was accused of “about the 17th of November, 2020, whilst acting as an agent, accepted from Raja Punjab through Monday Osazuwa, the total sum of $110,000, for Godwin Ifeanyi Emefiele, gifts as reward for allocating foreign exchange by the Central Bank in favour of Raja Punjab’s employer.”

Although the buck stops at Emefiele’s desk, but the special investigation report indicated Emefiele, he did not work or act alone. He and the four deputy governors worked hand in glove. And this cannot be otherwise because deputy governors’ duties include “sustainability; foreign reserve adequacy; improving the transmission mechanism of monetary policy; achieving depth, safety and soundness in the financial sector; and managing capital flow and ensuring that key economic and financial policy reforms are focused on fiscal and debt”. This is why Nigerians expect the four CBN deputy governors to have their own dates in court.

It is also on record that in 2019, President Muhammadu Buhari constituted an Economic Advisory Council (EAC) to replace his administration’s Economic Management Team. It was headed by Professor Doyin Salami, a doctoral degree holder of Queen Mary College, University of London who had earlier served as a member of the Monetary Policy Committee of the Central Bank of Nigeria and had been a member of the Federal Government’s Economic Management Team.

 There was Bismarck J. Rewane, a chartered member of the Institute of Bankers of England and Wales and a Fellow of the Nigerian Institute of Bankers with over 30 years of experience as an economist, banker & financial analyst. There was also Chukwuma Soludo, a former CBN governor. He earned a first-class degree in Economics, backed up with a with a PhD and post-doctoral training in some of the world’s most prestigious institutions, including The Brookings Institution, Washington, DC; University of Cambridge, UK, University of Oxford among others. 

Professor Shehu Yahaya, another member was a macroeconomics lecturer at the Department of Economics at the University of Sussex, UK. He was a former Executive Director at the African Development Bank. There was also Professor Ode Ojowu, former President Olusegun Obasanjo’s adviser who had held positions at the International Monetary Bank and the World Bank.  Mohammed Sagagi with a PhD (Economics) from University of Warwick was another member. Salisu Mohammed BSc (First Class Hons) in Economics from University of Maiduguri and went on to bag PhD in Economics from Lancaster University, Lancaster, United Kingdom

 Iyabo Masha has worked with the International Monetary Fund since 2003 in Washington D.C. Metro Area Assignment has taken her to more than 10 emerging markets (Asian and African countries). She worked at Central Bank of Nigeria’s Research Department and was also the immediate past IMF Representative for Sierra Leone).

That these accomplished stars could not sound the alarm when things began to go critically wrong cannot but leave Nigerians in wonder.