#CurrencySwap: Emefiele And The Burden Of History –Richard Odusanya

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Godwin Emefiele, a Nigerian banker who has been serving as the Governor of the Central Bank of Nigeria since June 4, 2014. Emefiele has reduced the Nigeria currency to next to nothing through policies that enrich few high ranking officials. He killed over 70% of small scale businesses within a short period of time; destroyed our economy and families are in excruciating pains occasion by most of the monetary policy.

Permit me to begin with the use of broken language as it is called in the local parlance (Pidgin English) “Dog wey wan loss.. E no dey hear hunter whistle.”

For those who do not know, “Meffy” is the alias of Godwin Emefiele. The buck actually stops with the President, however, the Central Bank Governor “Meffy” plays a critical role. If a policy you have been given the mandate to implement fails, in saner climes you will be sacked. No one cares about your excuses. This same “Meffy” dabbled in politics wanting to contest for the Presidency. No wonder he is not concentrating on the job he was appointed to do. If the man was honourable, he would have resigned by now. Sadly, this is a nation where anything goes.

A partisan public office holder who successfully compromised the entire system hand in glove with the co-called “Cabal” both the official and unofficial (State actors and non-State Actors).The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele having been associated with partisan political activities and political campaigns aside from several infractions morally and ethically has been a source of serious concerns to Nigerians. Emefiele’s declaration to contest for president and the purchase of the nomination and expression of interest forms of the All Progressives Congress (APC), while still serving as CBN governor is completely unacceptable. Emefiele acted contrary to section 9 of the CBN Act which forbids CBN governors and their deputies from engaging in politics. Clearly, Emefiele actions contravened Section 9 of the CBN Act provides that “the Governor and the Deputy Governors shall devote the whole of their time to the service of the Bank and while holding office shall not engage in any full or part-time employment or vocation whether remunerated or not, except such personal or charitable causes as may be determined by the Board and which do not conflict with or detract from their full-time duties”.Section 11 (1) of the CBN Act provides that “a person shall not remain a Governor, Deputy Governor or Director of the Bank if he is – (a) a member of any Federal or Legislative House; or (b) a director, officer or employee of any Bank licensed under the Banks and Other Financial Institutions Act.”

Clearly, the head of such an institution cannot and must not be seen to be involved in partisan politics.

This is where the principle of central bank independence and its separation from partisan politics becomes so crucial, even if the central bank must still be accountable to the elected political authorities. No doubt, some of the actions are economic sabotage by nature.

On May 12, 2022. Emefiele was asked by state house correspondents if he would resign following the directive by President Muhammadu Buhari that all public office holders seeking elective positions should resign on or before May 16, 2022.

The CBN governor — who had earlier indicated interest in running for president in 2023 — did not give a direct response but said: “Let them have a heart attack; it’s good to have a heart attack; I am having a lot of fun.”

Habaa! Meffy, a public office holder!Interestingly, the problem on ground is not just about the so called cashless ‘punishing’ (not policy) but a combination of anger inducing measures that “Cabal” are introducing comprising; renewed fuel scarcity from Sept 22, flagrant disobedience of Supreme court injunction and arrogance of power through saying something now only to recapitulate later eg ‘take notes to the CBN’ on Friday ‘you can take your notes to Commercial Banks’ on Thursday. Unwittingly they may have scored an own goal while trying to vent their anger for losing out at the primary election. Otherwise, how do you explain a core banker for that matter going into active politics and no one said anything, no consequences for bad behavior, no sanction.What is more, at the height of the ‘currency swap’ redesign naira confusion, Emefiele was rumoured to be wanted by the Department of State Services (DSS) for alleged terrorism funding and economic crimes.

Some people had speculated that his absence in the country is linked to his supposed evasion from the DSS, while the entire system is heated up with uncertainty.

It is against this backdrop that we call on our statesmen, stakeholders and men good conscience to come to the rescue of our beloved country.


In conclusion, the verdict of history, verdict of posterity and the judgment of God will be very harsh with us as a nation if our beloved country Nigeria goes down in history as a nation that is unable to manage its resources, people and conduct a free fair and credible elections. Finally, for an economy that is tottering on the brink, the capacity to absorb shocks and disruptions is severely constrained. With 133 million Nigerians in poverty, inflicting additional hardship on the citizens would be clearly unfair, insensitive and inconsiderate. The position of the Supreme court stand.


@Richard_Odusanya is 9News Nigeria special guest writer on Politics, Africanism, African Emancipation and Humanitarianism
Richard_Odusanya is 9News Nigeria special guest writer on Politics, Africanism, African Emancipation and Humanitarianism

By Richard Odusanya.

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