Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has strongly criticised the tenure of ex-CBN governor Godwin Emefiele, describing his time in office as “disastrously incompetent” and a major factor in Nigeria’s economic deterioration.
In a post shared on X, Moghalu compared Emefiele’s stewardship with that of previous and current CBN governors, arguing that the bank suffered significant institutional decline under his nearly decade-long leadership.
He accused Emefiele of operating more like a political puppet than an independent central banker.
According to Moghalu, the CBN lost its autonomy as Emefiele allegedly implemented political directives from the administration of former President Muhammadu Buhari without question.
“All the presidency had to say was ‘jump’ and he would ask, ‘How high?’” he wrote.
Emefiele, suspended in 2023, has faced multiple corruption-related cases, including allegations of abuse of office, fraudulent procurement, and misconduct tied to the controversial naira redesign policy.
While several charges have been withdrawn and new ones filed, his legal troubles continue to draw national attention.
The naira redesign programme triggered acute cash shortages, disrupted businesses, and inflicted hardship on millions of Nigerians before being partially nullified by the Supreme Court.
Moghalu also criticised Emefiele’s attempt to run for president in 2023 while still holding office as CBN governor, calling it an unprecedented breach of professional ethics and a clear indicator of political interference in monetary governance.
Contrasting Emefiele with former Finance Minister Ngozi Okonjo-Iweala, Moghalu commended her for maintaining strong institutional boundaries and for exercising a level of professional discipline he said was absent during Emefiele’s tenure.
He noted that African central banks often struggle like “the mythical Sisyphus”, working hard to stabilise economies while political actors disrupt long-term policy goals with short-term interests.
