Emefiele: How has the Mighty Fallen -Editorial

Congress -Editorial

There is a popular saying that human beings will always be the architect of their misfortune. Life will always come in different dimensions, from “Grass to Grace” from “Grace to Grass” and from “Grace to more Grace”. The present situation of a powerful Nigerian Politician, Tinubu, attaining the seat of president in a twinkle of an eye could be ascribed to that of moving from Grace to More Grace and the situation of the Central Bank Governor, Godwin Emefiele, can be likened to that of from “Grace to Grass”.

Godwin Emefiele, a banker, economist, and Nigerian politician was appointed as the Central Bank Governor of Nigeria in 2014. Following the suspension of the CBN Governor, Sanusi Lamido by former President Goodluck Jonathan, he was elevated to the exalted position of the CBN governor.

Trouble brewed in the year 2022 when the Emefiele support Group claimed responsibility for sponsoring campaign materials, which included branded buses, for a sitting CBN Governor Emefiele’s potential presidential ambition. This development sparked reactions from Nigerians and called for his resignation as the CBN Governor. However, in May 2022, Nigerian High Court dismissed Emefiele’s Presidential ambition.

Following the development by the court which stopped the CBN Governor from running a presidential race, on October 26, 2022, Emefiele pronounced the introduction of new Nigeria Naira notes to replace the current denominations of N1000, N500 and N200. It was scheduled to take effect from December 15, 2022, and the existing currency would be stopped from being a legal tender by January 31, 2023.

It is succinct to state that the new naira notes design welcomed more hardship in Nigeria, as many couldn’t withdraw from Banks, ATMs or POS. Many lost their family members in hospitals because they couldn’t get cash payments to pay hospital bills.

As the hardship skyrocketed in Nigeria, in February 2023, three state governments filed a lawsuit at the Supreme Court to reverse the policy due to the hardship caused by the scarcity of new notes. However, Supreme Court ruled that the Naira notes should be legal tender till December 31, 2023.

Amid an investigation of the powerful Central Bank Governor, Godwin Emefiele, the latest twist was his suspension by President Bola Ahmed Tinubu.

It appeared that Emefiele has fallen from Grace. On Friday, June 9, President Bola Ahmed Tinubu ordered the immediate suspension of Emefiele as the CBN Governor and replaced him with Folashodun Shonibu, deputy governor in charge of operations. What goes around comes around.

Emefiele truly is falling from Grace, he was so powerful yesterday but today a man was dismissed from glory without taking a pen out of office on a Friday night, knowing well the next day is the weekend and couldn’t have the opportunity to return to the office on Monday.

Under Emefiele, many exchange rates had thrown confusion among foreign investors and starved the country of dollars.

Many bank workers referred to Emefiele’s suspension as the suspension of an emperor, due to how he ran the nation’s monetary affairs.

It would be recalled, during the presidential campaign, President Bola Ahmed Tinubu accused Emefiele of trying to scuttle his chances of winning the elections through the naira redesign policy that threw many Nigerians into more hardship.

Emefiele as the governor of the Apex bank coincided with an increasing lack of transparency, which the Central Bank has not published—its financial results since 2018. Where is the pride of the eagle? Will he fall alone, where is Buhari his master? Life lesson, don’t join the snake to kill the son of a lion, the snake may go scout free but you may be unlucky.

However, Emefiele may not get away with the hardships he caused Nigerians, the chicken may have come home to roost him, as Mr president ordered his removal on Friday, June 9, and the Department of State Service, DSS, confirmed his arrest on Saturday, June 10.