Individuals or Groups Protesting Emefiele’s Arrest are Enemies of Nigeria – Civil Society Coalition

A group of civil society organizations say individuals or groups protesting the arrest and questioning of the former Governor of the Central Bank of Nigeria (CBN) Godwin Emiefele are enemies of Nigeria as their action is capable of derailing the opportunity of exposing the grand corruption perpetuated by Emiefele while heading a critical arm of Nigeria’s economy.

The group which is made of civil society organizations such as: Gatekeepers Foundation, Christian Muslim Youth Association of Nigeria (CMYAN), National Anti-Corruption Network, and the National Campaign Against Vandals said the security agencies should be given all the support they need to carry out a holistic investigation of the activities of the former CBN governor while in office.

A statement jointly signed on behalf of the coalition by Chief Tunji Ajiboye, Director, Gatekeepers Foundation
and Peter Davids, Director of Publicity, Christian Muslim Youth Association of Nigeria (CMYAN) urged the security agencies to beam their searchlight on one Eric Udoh, the personal assistant to Emefiele who it believes was the conduit pipe used by Emiefele to amass humongous amount of wealth at the detriment of Nigerians.

The coalition said Emiefele was desperate to become the President of Nigeria and in the process jettisoned decorum and decency and ventured into a terrain reserved for politicians, adding that his involvement in partisan politics was in violation of extant laws establishing the CBN, thereby neglecting his critical role of a financial regulator resulting in the massive fall in the value of the naira, which was exchanging for ₦190 to one United States dollar before Emiefele’s assumption of office in 2014, but which depreciated to as much as ₦750 at the parallel market in 2023.

The group also accused Emiefele of encouraging forex arbitrage and round-tripping which was used to turn his cronies and friends to overnight billionaires without any tangible source of income while at the same time spending billions of dollars in an unsuccsessful bid to defend the value of the naira.

As if that was not enough, the coalition said it concurs with several reports which seems to suggest a link between the former CBN Governor and terror financing in a country that is already grappling with massive insecurity on all fronts.

While lamenting the unrestrained corruption perpetuated by Emiefele, the coalition said it was erroneous to assume that Deputy Governors in the apex bank were all involved in the malpractices which the former CBN governor is being investigated and therefore appealed to President Bola Tinubu to make a detailed assessment of the Deputy Governors in order to pick a capable replacement for Emiefele.

In picking a replacement for Emiefele, the coalition expressed joy that among the pool of Deputy Governors in the CBN exists a financial expert with international experience, having played an impressive role in directing the economies of not just Nigeria but other African countries with the instrumentality of the International Monetary Fund (IMF) and possessing the requisite knowledge and qualifications that are capable of changing the fortunes of the apex bank for good.

However, if in the wisdom of President Bola Tinubu there is need to introduce a new CBN Governor from outside of the bank’s structures, the coalition implores the Deputy Governors and would-be Governor to give their all in rejigging the economy.

Signed:

1. Chief Tunji Ajiboye, Director, Gatekeepers Foundation
2. Peter Davids, Director of Publicity, Christian Muslim Youth Association of Nigeria (CMYAN)

20/06/20