News

Moghalu: Emefiele, Worst CBN Gov In Our History, But We Don’t Need Media Trials

Published

4 months ago

December 24, 2023

Professor Moghalu is a former Deputy Governor of the CBN (2009-2014)

I have seen in the mainstream media and floating around on social media including Whatsapp, a report purported to be that of the CBN Special Investigator appointed by President Tinubu. I have some comments on this development.

1. The “report” has no signature appended, so we can’t assume it is the real and official report.

2. 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. 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.

3. The foregoing notwithstanding, my views on Emefiele’s PERFORMANCE as CBN Governor have been a matter of record even when many now opining on the matter of his performance on the job were mute. 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. Four things make this clear:

a) his performance regarding the STABILITY of the Naira exchange rate, as well as inflation;

b) the brazen illegal provisions of Ways & Means lending to @NigeriaGov ;

c) 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

d) the incompetent manner in which the Naira Redesign Policy was handled, and its consequent negative, indeed disastrous impact on Nigeria’s economy.

4. 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.

4. Emefiele’s fame & infamy today certainly calls into question the self-serving attitude of our 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? 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. The current approach to the matter to Emefiele, who undoubtedly deserves his trial, is not quite the optimal path when placed under close scrutiny.

Our political leaders who appoint incompetents and crooks to sensitive positions in the government for their own selfish aims, and back the supposedly “official” acts of those officials, have as much responsibility as the officials for the economic sabotage of Nigeria’s economy.

In countries with real cultures of accountability, Presidents @GEJonathan and @MBuhari would have explanations to give for the collapse of Nigeria’s central bank under Emefiele and the subsequent trauma to Nigeria’s economy.

News

Woman killed while crossing road in Anambra

Published

4 days ago

April 18, 2024

Fellow Press

The Federal Road Safety Corps (FRSC), Anambra State Sector Command, has confirmed the death of a woman in an accident at Okpoko Market on the Asaba-Onitsha Road.

The Sector Commander, Mr Adeoye Irelewuyi, who confirmed the accident to journalists in Awka on Thursday, said that the woman was hit while she was crossing the road.

He said that the accident, which occurred on Wednesday, involved a commercial tow truck with registration number XA550BMA.

“Eyewitness report reaching us indicates that the truck was towing a vehicle in an uncontrollable speed along the axis.

“The vehicle that was being towed got detached from the tow truck.

“It hit and killed a female adult, who was said to be crossing the road, while the tow truck continued its movement.

“FRSC rescue team came to the scene and took the woman to Toronto Hospital, Onitsha, where she was confirmed dead and her body deposited at the hospital’s mortuary,” he said.

While sympathising with the family of the dead, the sector commander urged motorists, especially tow truck drivers, to exercise a high level of professionalism.

He also urged the drivers to always use standard equipment and avoid speeding.

News

LASG’s maize palliative impactful, says poultry association chair

Published

4 days ago

April 18, 2024

Desmond Ukafor

The Chairman, Poultry Association of Nigeria (PAN), Lagos State Chapter, Mr Mojeed Iyiola, said the state government’s maize palliative to members of the association made a positive impact on the sector.

Iyiola said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

“We received about 150,000 tons of maize in February from the Lagos State government as palliative to cushion the effect of high feed prices.

“The major benefit of the palliative is that it actually cushioned the cost of production for most poultry farmers in the state.

“The palliative was beneficial as it made the cost of some poultry produce, especially eggs to drop,” Iyiola said.

He noted that prior to the palliative, a crate of egg was sold between N3,500 and N3,700 at the farm gate, but after the palliative, it now sells between N3,200 and N3,400.

According to the PAN chair, retailers and middlemen who sell from N3,800 to N4,200 do that for their personal gain.

“We have urged our members to sell their eggs at reasonable prices following the receipt of the palliative from the government.

“We appreciate the Lagos State government for the palliative but we also urge the federal government to do likewise, to further reduce the cost of production in the sector.

“This will consequently lead to drop in the prices of all poultry produce across board,” he said.

He said the palliative was shared among financial members of the association at no extra cost.

“As an association we shared the grains equally across PAN’s eight zones in the state equally. We also mandated each zone not the sell even a grain of the maize.

“We, however, considered new poultry farmers who wanted to the join the association as beneficiaries of the palliative,” said Iyiola.

He noted that through the palliative, more poultry farmers were recruited into the association.

“The maize was shared only to poultry farmers and not feed millers, it is the major component of poultry feed formulation,” he said.