Moghalu Slams Emefiele’s ‘Media Trial’ Tactics

Kingsley Moghalu, the former deputy governor of the Central Bank of Nigeria (CBN), has expressed strong disapproval of what he deems a “media trial” targeting the former CBN chief, Godwin Emefiele.

Emefiele, who was dismissed by President Tinubu in June, is currently facing multiple charges of procurement fraud totaling over $1.2 billion. Furthermore, a leaked report from a special investigator has recently accused the former CBN governor of various fraudulent misconducts, including abuse of power, violation of the CBN Act of 2007, and alleged theft of billions of dollars stashed in foreign banks in Europe and America.

Despite the seriousness of these allegations, none of them have been independently verified, as the original report, said to have been submitted to President Bola Tinubu on December 9, has not been made public. Moghalu took to his official X (formerly Twitter) account to voice his concerns about the authenticity and handling of the report.

In Moghalu’s words, “The ‘report’ has no signature appended, so we can’t assume it is the real and official report. Assuming it is the real report, it’s wrong for such a sensitive report to have ‘leaked’ to the public before the President and his government have reviewed and spoken to it. This is a media trial and prejudices the rights of these individuals named or referred to. This is NOT how a report into the Central Bank of Nigeria should be handled.”

He emphasized the critical role of the central bank in the economic landscape of Nigeria, asserting that confidence in the institution has practical ramifications for the country’s economic well-being. While acknowledging the need for accountability, Moghalu cautioned against sensationalism that could potentially damage Nigeria’s economy, image, and the institution of the CBN itself.

Moghalu further underscored the importance of distinguishing between allegations and proven facts in a court of law. He stated, “When it comes to the law, allegations are simply allegations unless and until proven in a court of law.”

However, Moghalu did not mince words when criticizing Emefiele’s tenure as CBN governor. According to him, Emefiele is the most damaging CBN governor in Nigeria’s history, labeling his actions in approving “Ways and Means” as brazenly illegal. Moghalu characterized Emefiele as incompetent, ill-prepared for the role, and severely integrity-challenged based on available information about his actions.

In a legal context, Emefiele faced a six-count charge related to alleged procurement fraud in November. The initial charge, amounting to 20 counts and N6.5 billion, was later reduced to six counts totaling N1.6 billion. The allegations include the illegal purchase of 43 vehicles worth N1.2 billion between 2018 and 2020 and the awarding of a contract for the procurement of 37 Toyota Hilux Vehicles valued at N854 million.

Despite the serious nature of these charges, Emefiele was granted bail by the Federal High Court in Lagos, with bail conditions set at N30 million and two sureties. On December 23, Emefiele fulfilled the bail conditions and was released from Kuje Prison.

As the legal proceedings unfold, the controversy surrounding Emefiele’s tenure and the authenticity of the leaked report continue to cast a shadow over the reputation of the former CBN governor and raise questions about the broader implications for the Nigerian economy.