‘Combating corruption should be holistic’ — Moghalu faults ‘leaked’ panel report on CBN

Kingsley Moghalu, an ex-deputy governor of the Central Bank of Nigeria (CBN), has criticised the recent leak of a report on Godwin Emefiele, a former governor of the apex bank.

Moghalu, in a post on X on Saturday, said the report should have remained confidential until reviewed by the president and government.

The special investigation panel on the CBN and related entities had recently submitted a report to President Bola Tinubu, which revealed several criminal acts allegedly perpetrated by Emefiele and the apex bank’s board of directors.

The panel, led by Jim Obazee, the special investigator, also exposed unauthorised transactions by government top officials.

Reacting to the report’s publication, Moghalu questioned its authenticity and criticised its public release before any official review.

“Assuming it is in fact the real report, it’s wrong for such a sensitive report to have “leaked” to the public before the President and his government have reviewed and spoken to it,” the economist said.

“This is because the ‘report’ talks of ‘chargeable offenses’ and mentions specific individuals it recommends to be prosecuted in addition to Emefiele.

“This is a media trial and prejudices the rights of these individuals named or referred to. This is not how a report into the Central Bank of Nigeria should be handled.

“The central bank of any country is a very sensitive institution and confidence (or the lack of it) in the institution has practical consequences on the ground for Nigeria’s economy.

“As much as the Bank and its leaders ought to be accountable for their official actions, we must consider the continuing damage this kind of sensationalism (which, knowing our country, nothing much is likely to come of it at the end of the day) does to Nigeria’s economy, image, and the institution of the CBN itself.

“When it comes to law, allegations are simply allegations unless and until proven in a court of law.”

MOGHALU’S ASSESSMENT OF EMEFIELE’S PERFORMANCE AS CBN GOVERNOR

Expressing his view on the performance of Emefiele as CBN governor, Moghalu described him as “the worst and most damaging central bank governor in Nigeria’s history”.

The economist hinged his assessment on the stability of the naira rate, inflation, and “the brazen illegal provisions of ways & means of lending to the government”.

“Emefiele’s illegal attempt to run for President, in clear contravention of Section 9 of the CBN Act of 2007 which precludes the governor and deputy governors from engaging in activities outside their functions; and the incompetent manner in which the naira redesign policy was handled, and its consequent negative, indeed disastrous impact on Nigeria’s economy,” he added.

“While the law should certainly take its course, it is worth noting that an exclusive focus on the CBN as a fight against corruption may come to seem more as vendetta than anything else if other sensitive entities such as the NNPC, Nigeria’s national oil company, are not subjected to a similarly vigorous searchlight.

“Corruption has robbed Nigeria of its destiny and impoverished our citizens while enriching at insane levels a select few. Combating it has to be a holistic affair, not just politically convenient media trials.”

Moghalu also questioned the political influence in CBN appointments.

He said Emefiele’s “fame and infamy today certainly call into question the self-serving attitude of elected political leaders to sensitive appointments like that of CBN governor as opposed to a focus on the national interest”.

“Who appointed Emefiele as CBN Governor in 2014 and why?” he queried.

“Who re-appointed him in 2019 (despite his obvious -even then – weak performance) and backed his malfeasance cloaked as “policy”?

“We like theatre in Nigeria, but the thing about entertainment is that it tends to be chimeric, vanishing from view (and even memory sometimes) a little while after we are in the moment.

“Nigeria’s political leadership culture and governance need a complete overhaul.”

Moghalu said the current approach to the matter of Emefiele — who he believes deserves his trial — is not “the optimal path when placed under close scrutiny”.