A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has described the tenure of ex-CBN governor Godwin Emefiele as “disastrously incompetent,” saying he was a political puppet rather than an independent central banker.
In a post on his X account yesterday, Moghalu stated that Emefiele’s leadership contributed heavily to Nigeria’s current economic challenges, noting that the former governor was more interested in pleasing his political masters than maintaining the independence of the apex bank.
“While Nigeria’s CBN has broadly performed well under various governors, including the current one, it had disastrously incompetent leadership under Godwin Emefiele, which contributed heavily to Nigeria’s economic woes,” Moghalu wrote.
“Why? Because Emefiele was more of a political poodle than a real central banker. The notion of central bank independence was utterly foreign to him,” he added. The former deputy governor accused Emefiele of complete subservience to former President Muhammadu Buhari.
“All the late Muhammadu Buhari’s presidency had to say was ‘jump’ and he would ask: ‘How high?’” Moghalu dramatised.
READ MORE: How Emefiele Spent N18 Billion to Print N1 Billion Notes Under Buhari – EFCC
Drawing on Chinua Achebe’s classic novel, ‘Things Fall Apart’, Moghalu said Emefiele’s ultimate downfall came when he attempted to transition from the CBN to the presidency without resigning from public service.
“At the end, like Nza the little bird in Chinua Achebe’s ‘Things Fall Apart’, he decided to challenge his ‘chi’ (deity) to a wrestling match by seeking to move from the central bank into Aso Rock as President without resigning from a public service post, and ended up where he ended up,” he said.
His comments come as Emefiele continues to battle multiple corruption-related charges following his suspension in 2023. The allegations range from abuse of office to procurement fraud and irregularities tied to the controversial naira redesign programme. Though several charges have been withdrawn and others refiled, the prolonged legal battle has kept the former governor in the national spotlight.
Moghalu emphasised that the naira redesign policy exemplified what happens when the central bank becomes politically compromised. Rolled out in late 2022, the cash overhaul resulted in widespread shortages, paralysed informal markets, and destabilised rural agricultural communities. The Supreme Court later ruled against aspects of the policy’s implementation, further discrediting the decision and highlighting what many analysts described as avoidable policy chaos.
Beyond policy failures, Moghalu said Emefiele’s attempt to run for president in 2023 while still serving as CBN governor marked an unprecedented breach of ethical norms. The move, which attracted national outrage, reinforced concerns that the institution had shifted from technocratic leadership to partisan involvement.
To illustrate the contrast in leadership styles, Moghalu referenced former Finance Minister Ngozi Okonjo-Iweala, whom he praised for maintaining strict professional boundaries that shielded economic policy from political interference. He argued that her stewardship demonstrated how strong institutions can restrain excessive government borrowing and protect macroeconomic stability.
“Politicians in Africa tend to view central bank independence with great suspicion and unease,” Moghalu observed, noting that many African leaders prefer institutions under their direct control.
Moghalu concluded by likening the struggles of African central banks to the myth of Sisyphus perpetually pushing a boulder uphill only for political actors to undo their efforts through short-term decisions. This dynamic, he said, continues to constrain economic transformation on the continent.
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