The Central Bank Governor Mr. Emefiele Should be Arrested, says PDP

You will remember March 25, 2022, our political Party warned the country when we got cleverness that Mr. Godwin Emefiele the Governor of the Central Bank of Nigeria (CBN), was being encouraged by the Presidency as a Presidential prospect of the All Progressives Congress (APC) in the general elections.

At that time, we drew the awareness of Nigerians to the requirements of the CBN Act 2007 and specifically referenced Section 9 which provides that “the Governor and the vice Governors shall dedicate the whole of their time to the benefit of the bank and while maintaining the office, shall not entertain in any full or part-time career or employment, whether reimbursed or not he said”

This condition is clear in requiring that a whole of the time and expertise of the CBN Governor and Deputy Governors shall be devoted to the benefit of the Central Bank of Nigeria (CBN). This is because the CBN is essential to the goodness and resilience of our economizing.

Likewise, Section 030422 of the Public Service Rule comments that no public officer shall (a) “have another office, paid or not paying, permanent or transient, in any political association”, (b) present himself/herself or appoint anyone else as a prospect for any elective general office…”, (c) “indicate publicly his support of or opposition to any party, candidate or policy and (d) “engage in canvassing in aid of political candidates” unless such officer resigns his appointment.

Notably, Section 030502 (g) of the Convention lists “hiring in partisan political activities as a Deep ACT OF Mischief.

Emefiele’s involvement in politics without resigning as CBN Governor, therefore, amounts to gross misconduct in contravention of Section 11 2 (2)(c) of the CBN Act.

Now that Mr. Emefiele has joined politics and reportedly acquired the N100 million Presidential nominee form from The All Progressives Congress (APC), it’s not possible for him to continue to work at the Central Bank of Nigeria (CBN) which is the commonwealth of our nation.

By this Mr. Emefiele has become a clear and present hazard to the health, virtue, and reputation of the Central Bank of Nigeria (CBN) and our nation’s financial sector. His

stay as CBN Governor will further destroy investors’ confidence in the integrity of our nation’s financial regulatory Institution.

Mr. Emefiele’s involvement in partisan politics while still holding office as CBN Governor underpins the impunity, lawlessness, and recklessness of the Muhammadu Buhari-led APC administration. It further confirms that the CBN under Emefiele has all along been the finance department of the APC.

It is now evident that the summersault of the economy under Mr. Emefiele as CBN Governor has been influenced by a personal partisan interest for which the CBN under his watch allegedly allowed multiple leakages in our financial regulations through discriminatory exchange rate policies and nebulous subsidies to funnel billions of naira to political lackeys to fund a presidential ambition.

This also explains why under Emefiele, the CBN which is supposed to be the bankers’ bank continues to engage in fraudulent retail banking services under ill-defined economic intervention programs to plunder the treasury.

The tsunamic macro-economic and fiscal policies of the CBN under Emefiele brought untold hardship to the productive and service sectors of our nation’s thrift with the consequential harmful effects on the lives of our people.

It is provocative that rather than being embarrassed, Mr. Emefiele is even offending the sensibilities of Nigerians by pursuing the office of the President while still maintaining office as The Central Bank of Nigeria (CBN) Governor.
that’s very very wrong in our constitution

The Peoples Democratic Party (PDP) points to reports in the

public space of how Emefiele’s representatives
through unethical approaches, including manipulation of the exchange rate, allegedly amassed a sum close to 1 billion dollars which are already being deployed by the purchase of hundreds of Emefiele branded campaign vehicles in the colors of the APC in furtherance of a lavish Presidential campaign.

The direct developments of such an atrocious regime in the CBN under Emefiele is the ruin of our naira from N197 to N600 to a dollar, the crippling of our effective sector, numerous economic slump, increased poverty, inflation, and unemployment rates, high prices of living and unbearable difficulty to our people, the nation too.

It is indeed discouraging that President Muhammadu Buhari, who vowed zero tolerance for criminality will help, encourage and condone such an inhuman control in the Central Bank of Nigeria (CBN) where our economy is open to defrauding pillaging to elevate a political ambition.

Our political Party is with Nigerians in demanding the immediate arrest, investigation, and prosecution of Mr. Emefiele by security and anti-graft agencies, particularly the Economic and Financial Crimes Commission (EFCC) for alleged financial malfeasance and mishandling of office in the Central Bank of Nigeria (CBN) beneath his watch, things are not going fine with the office and we must act fast before it too late.

As Nigerians, we intend to confront this evil as fast as we can, because the economy is stumbling. We wish The The Central Bank of Nigeria (CBN) Governor Mr. Emefiele well in his newfound but ill-fated political work but we urge that he must be brought to account for the activities that he launched, watched, and superintended over the years that he has stood at the helm of matters at the Central Bank of Nigeria (CBN) and for which our economy is in comatose.

The PDP calls on all Nigerians; the Civil Society, Students, Classified Labour, the Media, and all lovers of good government to rise as The Peoples Democratic Party (PDP) abides severe measures in directing the charge to protect the virtue of the CBN, Rule of Law and confirm that

those who obtained our economizing to its knees face the wrath of the law.

Thank you

Hon. Debo Ologunagba

National Publicity Secretary