The economic woes that have plagued Nigeria since 2023 have proven the competence and impact of former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, according to a group of stakeholders from Delta State.

The Agbor Stakeholders Forum (ASF) said in a statement that Emefiele, who was removed from his position in 2023 by President Tinubu, was unfairly persecuted and vilified by the current administration despite his impeccable and dedicated service to the country.

The group pointed out that Emefiele was credited with several achievements that helped Nigeria cope with the challenges of low oil prices, currency devaluation, inflation, and security threats while he was in office.

A victim of political vendetta

The ASF accused President Tinubu of launching a “mindless persecution” against Emefiele, who was detained for over six months and investigated by various agencies, but no serious misdemeanours or graft cases were established against him.

The group said the only charge that remained against Emefiele was that he forged the president’s signature to procure $6.2 million to pay international election observers in 2023, which they dismissed as a “lie”.

“We are proud to say that if for about nine years as CBN governor, the only misdemeanor found in our brother is a forgery of the president’s signature during 2023 elections, then Emefiele must be a saint indeed. Does a corrupt CBN governor need to forge any signatures to covet millions of dollars over nine years?” the statement read.

The ASF also questioned why the current administration had not investigated or apprehended the oil thieves who were responsible for stealing about 80 percent of Nigeria’s crude oil, according to former president Olusegun Obasanjo.

A hero of economic transformation

The group praised Emefiele for his visionary and innovative policies that boosted the non-oil sector, enhanced financial inclusion, supported small and medium enterprises, and promoted local production and consumption.

The group cited the example of the Anchor Borrowers Programme, which provided loans and inputs to farmers and linked them to processors and markets, thereby increasing agricultural output and creating jobs.

They also lauded Emefiele for his efforts to stabilize the exchange rate, curb inflation, and maintain foreign reserves, despite the external shocks and pressures that the Nigerian economy faced.

The group said Emefiele’s legacy was evident in the fact that Nigeria’s economic growth reached 2.74 percent in 2023, compared to 3.10 percent in 2022, while the inflation rate declined from 18.12 percent in April 2023 to 15.75 percent in December 2023.

The group urged the Tinubu administration to seek Emefiele’s advice and expertise to help the country overcome the current economic crisis, which has seen the benchmark interest rate rise to 22.75 percent, the unemployment rate soars to 33.3 percent, and the poverty rate hit 40.1 percent.

They said Emefiele deserved respect and recognition for his contributions to Nigeria’s economic development and transformation.

“History will preserve his records as one of the most competent and most impactful governors ever to manage the Central Bank of Nigeria,” the group concluded.

Source: Vanguard