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

Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), has condemned what he described as a “media trial” of the former CBN chief, Godwin Emefiele.

Emefiele is facing multiple charges of procurement fraud worth over $1.2 billion following his dismissal by President Tinubu in June.

In addition, the former CBN governor is also recently accused of multiple fraudulent misconducts in a leaked report from a special investigator.

The allegations include abuse of power during his tenure, the violation of the CBN Act of 2007 as well as the stealing of billions of dollars stashed in foreign banks in Europe and America.

Meanwhile, none of these allegations have been verified as the original report reported to have been submitted to President Bola Tinubu on December 9 is yet to be made public.

Taking to his official X (formerly Twitter) account, Moghalu objected to the report purported to be that of the CBN special investigator appointed by Tinubu.

“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.
“The ‘report’ has no signature appended, so we can’t assume it is the real and official report. Assuming it is 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 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,” Moghalu said.
Describing the central bank as a critical institution, he underscored that the level of confidence in it has practical ramifications for Nigeria’s economic landscape.

“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 the law, allegations are simply allegations unless and until proven in a court of law,” he added
Meanwhile, Moghalu did not hold back his criticism of Emefiele’s tenure as CBN governor.

According to the ex-deputy governor of the same apex bank, Emefiele is the most damaging CBN governor in the history of Nigeria, describing his actions in approving “Ways and Means“ as brazenly illegal.

“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,” he said.
Backstory
The Federal Government arraigned Emefiele on a six-count charge bordering on alleged procurement in November. The original charge, which was 20 counts to the tune of N6.5 billion, was reduced to six, to the tune of N1.6 billion. Emefiele is the only defendant in the new charge.

According to the amended charge sheet, the charges still border on procurement fraud. The Federal Government alleged that Emefiele illegally bought 43 vehicles between 2018 and 2020 worth N1.2 billion. He was also accused of awarding a contract for the procurement of 37 Toyota Hilux Vehicles valued at N854 million.

However, the Federal High Court Sitting in Lagos granted him bail in the sum of N30 million with two sureties. Emefiele fulfilled his bail conditions yesterday, 23rd of December, and was released from Kuje Prison.