The Emefiele saga

THE Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele’s real intention regarding his rumoured presidential bid was laid bare recently when he approached an Abuja High Court to prevent the relevant authorities from stopping him from pursuing his ambition while he remains the CBN governor. That was  after months of unconvincing denials,  dribbling, waffling and hiding behind one finger about his presidential bid. The recourse to the court of law became imperative after a deluge of public censure, especially the demand that he should resign, which attended the  purchase of N100 million All Progressive Congress (APC) expression of interest and nomination forms for him by some amorphous groups. In essence, he did not just want to contest in the presidential primaries of APC, but he would like to do so  while still clinging to his office as the henchman of arguably the most  strategic institution within the economy.

In most market and mixed economies, the apex bank is usually accorded a substantial level of autonomy and independence because of its strategic importance as the manager of the national monetary policy. This is a crucial assignment that it is expected to carry out  in cooperation with, not in subservience to, the government that handles the fiscal side of the economy.  The reason is to keep the apex bank insulated from considerations that may not be in the national interest or outside purely social and economic motives.  That, however, is the kind of discipline that is often difficult to enforce in  government, especially in Nigeria where institutions are weak.

Consequently, beyond legal issues, Emefiele’s retention as CBN governor after  the promotion of his presidential aspiration by some groups and his weak rebuttal of the aspiration raise unprecedented ethical, moral and public governance issues. The position of CBN governor is sacred and must never be tainted by politics. Emefiele, by his unabashed move in joining partisan politics,  and President Muhammadu Buhari, by his characteristic aloofness and reluctance to deter and rein in  the aberrant behaviors of his appointees, have completely sullied the respect and confidence that local and international parties had in the CBN. Whichever way the current circus ends, the apex bank and the domestic economy will be negatively impacted.

If Emefiele resigns his appointment  in order to pursue his ambition, no one will forget that he took the Federal Government to court to prevent a honorable decision he should have made himself without prompting. And if he decides to abandon his presidential ambition ostensibly to focus on his job as the CBN governor, that will be dangerous and should not even be allowed to happen because he has lost the trust and confidence reposed in him.

How can a partisan CBN governor supervise Nigeria’s monetary policy? For instance, as soon as the information came out that the presidential nomination form had been purchased for a sitting CBN governor,  the exchange rate reportedly spiked to N591 to a dollar in the parallel market compared to the average of N415/dollar in the official market. Already, the customary storage of sensitive election materials at the CBN has become controversial,  forcing the Independent National Electoral Commission (INEC) to announce that it is reconsidering the arrangement since the chief custodian of election materials has become an interested party in the election proper. Yet the CBN is one of the most secure places where election materials can be kept. When trust, a critical ingredient associated with the office, is no longer there, why is Emefiele clinging to  office? This is  contemptuous treatment of Nigerians. And why worsen Nigeria’s already battered image in this manner, casting the country in the mode of a society where everything goes?

What the CBN governor wants is to cling to office and use the instrument of his office to further his personal ambition. And he made the repulsive attempt  because he knows that once Buhari administration appoints you into an office, you can go to sleep and the security of your tenure is assured. How can Emefiele concentrate on his CBN job when he has presidential ambition? To be sure, Emefiele has the constitutional right to aspire to elective office, and no one is contesting that. What is in contention is the propriety or otherwise of his desire to remain the apex bank’s governor while aspiring to contest election on the platform of a political party in a multi-party state. We strongly urge that on no account should Emefiele be allowed to continue to be CBN governor whether or not he abandons his ambition, as that will be inimical to the national interest.

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