Recession: Why Nigeria’s Economy May Not Improve With Emefiele In Charge By Peregrino Brimah
By Peregrino Brimah
It’s a mystery how Goodluck Jonathan’s appointed Central Bank director, Godwin Emefiele remains comfortably at the helm of Nigeria’s Apex bank. While the processes for his dismissal maybe somewhat convoluted, they do exist; and one man cannot stand in the way of the progress and hope of an entire nation, regardless of the conditions of his enthronement. Nigeria witnessed how Jonathan determined to remove Sanusi by any means necessary when he went against him. There is no equivalent to day with Buhari and Godwin, who goes against the nation as a whole.
At the resumption of the Buhari government, it appeared the new administration recognized the urgency to retire Godwin Emefiele, but as time went on, while one refuses to believe that the reported nepotism facilitated it, the Buhari government eased out of a posture to get him out.
Nigeria thus remains under the stranglehold of Jonathan’s top General. This is not only economically suicidal but a crime and a sin. Godwin Emefiele is the Dasuki Arms gate. Much of the funds Dasuki released to buy and bribe looters were taken directly from the Central bank. Some were released and bullion vans filled with not much more than hand-written notes. Dasuki cannot be under trial while his partner in crime, Godwin walks free. This is a joke.
At the height of the Ekiti Fayose scandal again sits Godwin. It was Godwin’s Zenith bank that facilitated the transfer of the nation’s billions to fund Fayose and this was done under the watch of Central Bank chair, Godwin Emefiele. The examples are unlimited. No one owns the deadly corruption of the last administration more than Godwin Emefiele…who remains at the head of the nation’s economy. The EFCC and Attorney General of the Federation and DSS has more than enough evidence to pursue and prosecute Godwin Emefiele. What they have on Saraki is a joke compared to the legitimate reasons to suspend, detain and prosecute Godwin Emefiele.
But the problem with keeping Godwin at the head of the Apex bank transcends the crimes of the past. Godwin is a threat to Nigeria’s economic progress. This is a man who is enmeshed with the corrupt cabal and puts the cabal first. As the Buhari government struggles to cap corruption and awaken the economy, Godwin with all his policies puts the cabal first, tries to extend life lines to them and continues policies to cripple the masses and irreversibly destroys the economy.
The Central bank’s foreign currency policies are a typical example of where and how Godwin continues to serve the cabal and destroy the nation’s economy. The crash of the Naira is a Godwin policy. Demand and supply economics leaves Nigeria prostrate to Godwin’s choices to give his cabal friends and partners massive profits as he pulls the strings on the Naira-Dollar exchange rates.
After much protest and after astute businessmen like Leo Stan Ekeh, January this year warned that 99% of Nigerian businesses will fold unless crippling Forex restrictions are reversed, Godwin reluctantly eased on restrictions imposed by the CBN. By this time the damage was irreversible to foreign-exchange dependent businesses especially SMEs, the bulk of employers of labour. Godwin continued to play games with forex, giving undue advantage to a handful of cabal who he promised unfettered access to Central Bank rate dollars, while killing small businesses. Nigeria got ruined and entered a recession. The masses tried to rise with a No Banking day to fight Godwin’s crippling punishment but the Buhari government turned a blind ear to the protests by the people.
Finally agreeing to better advise to devalue the naira, Godwin still fails to properly adjust and regulate the exchange rate and availability of dollars in the market and maintains a dual rate longer than necessary, thus allowing his cronies to buy and sell dollars to make billions from the hustle as he adjusts the strings as he likes, akin to what the stock market calls “insider trading.” How can Nigeria pull out of this economic recession while the like of Godwin Emefiele, a snake and corrupt cabal monster remains at the helm of the economy?
Dr. Pergerino Brimah; @EveryNigerian