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“Controversy for the sake of controversy is sin. Controversy for the sake of truth is a divine command.”
—Walter Martin
By Cosmas Omegoh
Everywhere you turn, the Central Bank of Nigeria (CBN) governor, Godwin Emefiele’s name hangs thickly in the air, resonating and reverberating.
At the market place, traders are talking about Emefiele, the same for the artisans. The media, the National Assembly, the Judiciary, all have him on their lips. Many everywhere have something to say about the CBN boss, his deeds and his ways, his policies and his politics, and how they are all impacting the air everyone breathes. Everything they have been saying borders on controversy.
Every now and then, Emefiele is dragged out into the public arena. He is placed on the spotlight. His presence at such place compels many to contend that he is often in the news nowadays rather for the wrong reasons.
Until Emefiele became the governor of the CBN in 2014, he was only known in the corporate world. Then he was the Managing Director/CEO of Zenith Bank Plc. Even a little after he had climbed on the CBN governor’s chair, he still remained relatively anonymous.
But at some point, much about Emefiele began to change, the same for his circle of friends and influence. Slowly, but steadily, everything about him began to go full circle.
For instance, sometime last year, the politician in Emefiele surfaced.
Some of his traducers are yet to forgive him for allowing inflation to fester and the naira to plunge precipitously while he pressed on with his presidential bid.
In May 2022, contrary to CBN Act, Emefiele had allegedly tabled a whopping N100million to pick a form to contest for president on the platform of the APC. His campaign posters allegedly flooded the major cities, all that happening even when he was a sitting governor of the bankers’ bank. That had never happened before. And for that reason, it sparked shock and outrage.
Chroniclers have it that everyone who followed Emefiele’s failed presidential bid at that time was taken aback. There was obvious consternation in the land, coming as people recalled that no CBN governor late or living had ever taken similar action before, let alone being that audacious while still in office. Of course, there were strident calls for his sack. But his body language spoke in volumes. So, he soldiered on with gait and guts, his strides right or wrong pointing to the growing belief that he had such very strong backing.
Then at some point, not many had the courage to talk about Emefiele’s march to glory. Trend watchers only waited with bathed breath to see how the Emefiele project would pan out.
Of course, all he did was well within his right. But some people maintained that it robed him with the gab of controversy. And from then, there was no let up. His steps became dogged by controversies that kept swinging and swirling all around him. Going forward, it was like “one week, one trouble.”
More controversy was to come Emefiele’s way when on October 26, last year, he announced that the naira was billed for redesigning. The new notes, he said, would be introduced from December 15 while the old notes would cease to be legal tender from January 31. The redesigned notes are: N200, N500, and N1,000.
Going by Emefiele’s pronouncement many people believed he and the CBN had handed a nation in distress a handful. From individuals’ closets, the citizens wondered how a redesigned naira would improve their lot. However, the CBN has the final say.
Another gale of controversy was to follow when the Minister of Finance, Budget and National Planning, Hajia Zianab Ahmed declared that she was not consulted when the naira redesigning idea was conceived. Again, the flame of that controversy raged, but died down as soon as it was ignited. Now, the new naira project has come to stay. But analysts suggest that the bickering that was to follow strengthened the belief that actors in the President Muhammadu Buhari administration do not work in sync. And the beat goes on.
But while the naira redesigning controversy got underway, from the CBN stable came this policy limiting daily cash withdrawals. Individual and corporate bodies cannot withdraw more than N100,000 and N5 million respectively daily. Again, this triggered tension. Operators of Point of Sales (POS) kicked, lamenting how the policy would kill their business when it became operational. Individuals and corporate organisations also lamented. Then the National Assembly weighed in.
When the CBN eventually succumbed to the piling pressure, it raised the minimum daily withdrawal threshold. But curious observers said the move vindicated their position that the policy lacked depth.
For Emefiele, more controversy was to follow when a member of the House of Representatives, Muhammed Kazaure, raised the alarm, alleging that he (Emefiele) played a role in the alleged missing N89 trillion stamp duty proceeds.
Kazaure further alleged that the CBN did not remit stamp duty revenue to the government as tax, insisting that the bank only paid 60 per cent of the said revenue to the government, and frittered away the rest.
It was such a weighty allegation that almost assumed a life of its own.
However, as the Yuletide approached, many Nigerians were happy to take their ears off the vibes waltzing off the CBN. But while they were happy to do so, it emerged that the Directorate of State Service (DSS) was allegedly hunting for Emefiele over an alleged terrorism funding and sundry offences. Many, including those who do not like Emefiele and his ways, cut short their holidays to ask questions. It was such a strange allegation, they chorused. But till now, no one has a clear picture of what is amiss.
Whatever it was, Emefiele had the right to push back. And he did indeed! His first move was to approach an Abuja High Court to obtain a restraining order via suit No FHC/Abj/CS/2255/2022, barring the DSS and even the Inspector General of Police from arresting and detaining him.
Now, satisfied that he had effectively secured his flanks, Emefiele proceeded on vacation overseas to give himself a deserved breather. But while he was away, sometime sinister kept brewing behind him. The DSS allegedly approached Justice J.T Tsoho of the Federal High Court in Abuja, seeking a warrant to arrest him over the same allegations of terrorism financing and other economic crimes. However, Emefiele got a reprieve when the learned judge declined the request, contending that the DSS did not provide cogent proof to substantiate its claims.
But some days ago, Emefiele returned from his trip abroad. Luckily he was not molested by either the police or the DSS. It was learnt that he had long resumed duty. Yet, between him and the secret police, a seeming ding-dong game is playing out. But what curious citizens do not understand is whether the said game is rugby or cricket.
Emefiele was appointed governor of the Central Bank of Nigeria for the first term in 2014. A second five-year term was approved for him by the Senate on May 9, 2019.
With a Masters degree in Finance, which he obtained in 1986, he had a fulfilling career at Zenith Bank Plc lasting for more 18 years. While at the bank, he served in various capacities. He also had various executive trainings in various institutions abroad.
Before going into banking, he lectured finance and insurance at his alma mater, University of Nigeria, Nsukka (UNN) and University of Port Harcourt, respectively and had a stint at Vodafone.
