Emefiele’s return from ‘exile’: Matters arising

One issue that is serving as a hangover dispensation from 2022 to 2023 is the matter of Godwin Emefiele – the Governor of the Central Bank of Nigeria (CBN). He is presently in the eye of a storm of damaging allegations bordering on various shades of misdemeanor with yet to be defined specific grounds of […]

One issue that is serving as a hangover dispensation from 2022 to 2023 is the matter of Godwin Emefiele – the Governor of the Central Bank of Nigeria (CBN). He is presently in the eye of a storm of damaging allegations bordering on various shades of misdemeanor with yet to be defined specific grounds of culpability on his part. Recently there was a national scare that he was to be arrested by the Department of State Security Services (DSSS) which filed a suit in court for his arrest and detention for 60 days, on the ground of sponsoring terrorism. In response to the suit by the DSSS there were sessions of street rage with crowds protesting over what they saw as witch-hunting of the gentleman. 

Coincidentally or otherwise, at the last count the officer had reportedly travelled out of the country on the grounds of serious health challenges – a situation that has been accentuated by a media report that he is presently hospitalised for cardiac complications. By virtue of the humanity in all of us, what Emefiele deserved with the development was sympathy from countrymen and women, as well as prayers that he recovers quickly and returns to his job. For he left at a most inauspicious time when several national issues under his purview were raging and demanded his personal attention, the scare from the DSSS effort to cage him, notwithstanding. 

Essentially, among the issues that demand Emefiele’s direct and personal attention are the ongoing swap of old currency notes for redesigned ones, the trending allegations of sponsorship of terrorism, the controversy over the custody of stamp duty revenue, and the mother of all national concerns – the humongous hemorrhage of the country’s common patrimony through suspect administration of the ‘ways and means’ window by officials of government. To wit is the recently emerging fact that the current administration had spent a whopping sum of N23.7 trillion through the ‘ways and means’ window in its seven years’ tenure.  This is a series of loans which are created by the CBN for government to borrow for emergency services and obligations, but must be paid back before the succeeding financial year. In the present case the ways and means package had already been spent without recourse to the National Assembly, and had accumulated over the years to the scandalous amount of N23.7 trillion as at the end of 2022. This amount was presented by President Muhamadu Buhari to the National Assembly last week as a debt to be repaid from the country’s future earnings for the next 40 years. It needs to be recalled that the issue generated rumpus in the Senate during the week with the legislature declining to approve it  unless further details were provided by the executive.

Also begging for Emefiele’s attention is the yet to be rested issue of the ‘missing’ N89 trillion earned supposedly by the country from stamp duties. At a  time that Nigeria is contending with sundry loans of foreign and local nature, as well as indulgence in abuse of ways and means provisions, it rankles the mind that as much as N89 trillion can be allowed to vanish into thin air with worthless controversies serving as unbelievable ‘clarifications’. Against the backdrop of these issues and any other ones that may crop up in future, the man’s attention is needed even if all that may be required of him is to explain issues. But for now all the country can settle for is that the man gets well quick and returns home to help in resolving these outstanding issues. 

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Fortunately, the alibi now exists for his return especially if his health status becomes resolved as an Abuja Federal High Court presided by Justice M.A. Hassan has issued an order of perpetual injunction restraining the DSSS from inviting, arresting detaining or charging the CBN Governor with any allegation of terrorism or fraudulent practice. This development is coming a week after the Chief Judge of the Federal High Court Abuja Justice John Tsoho, had rejected the suit filed by the DSSS to arrest Emefiele over terrorism charges. With these two landmark court orders, Emefiele and his host of supporters can heave a sigh of relief as he can return to office in an unencumbered state, and face the other burning issues of the day. 

For instance the country needs his personal handling of the currency swap exercise in respect of which numerous complications have arisen to challenge the integrity of the enterprise, needful to the country as it is. Even during the attendance of a team from the CBN at a National Assembly session, Emefiele’s absence was consciously felt as there were clarifications that strictly demanded his personal attention.  Meanwhile among the trending challenges of the exercise have been the weekly cash withdrawal limits, which have been adjusted to N500,000.00 for individuals and N5 million for corporate bodies. The limits were initially N100,000.00 for the individual and N500,000.00 for corporate bodies. 

Incidentally in anticipation of further protests the apex bank has even made provision for what it called ‘compelling circumstances’ whereby deviations from the rules can be accommodated with the payment of taxes for extra cash withdrawals, in order to prove that the cash control policy is not cast in iron.

Against the backdrop of the foregoing the coast is clear for the return of Emefiele to Nigeria and take his rightful place in the scheme of things. Of course, to say that it will not be business as usual is just stating the obvious, as lessons aplenty must have been learnt.