How are the mighty fallen is a popular global maxim. This is a sad moment and anti-climax of events in the lives of the powerful on account of their actions and inactions which gives them out as subjects of disgrace and public opprobrium. Many influential men have walked through this inglorious descent path while discovering though very late the meaning of vanity. This is the case of Godwin Emefiele, ex-Governor of the Central Bank of Nigeria (CBN). This calm, humble looking man was typically blinded by the lucre of power, money and influence. The aphorism that power corrupts and absolute power corrupts absolutely was manifest in ways and manner he superintended over the CBN.
Every day, we are reminded of how transient money and power is. However, most deluded office holders in Nigeria do not seem to appreciate the limit of their official elasticity. They keep on acting as if tomorrow never exists and arrogantly act and behave like gods until such a time when there is no longer room for penitence.
The position of the CBN governor is highly exalted and influential. The fiscal and monetary policy hub of the nation revolves around its strategic function. Therefore, governments at the federal and state levels, powerful government officials and individuals have always lured and tampered with the sanctity of the bank to align with some dubious, personal or group economic policy decisions. Officials of the bank especially the governor gives in to such dubious templates feeding on the policy to either enrich and or position themselves as favorites for another positions or plum jobs.
The chicken they say learns from where guinea fowl is being roasted. However, this caution was not meant for the ears of Emefiele - a known lackey of ex-president Buhari’s and a vehicle driving the financial interest and biddings of the then cabal. Most ex-CBN governors were removed from office or refused re-appointment on account of their deals with the previous administration or stiff-necked-stand on some policies of new government. His predecessor Sanusi Lamido Sanusi was hounded out of office on account of his unbridled loquaciousness and for abandoning his core mandate to meddling into politics.
Emefiele did not only meddle into politics by buying the presidential nomination form of the All Progressive Congress (APC) pegged at a whooping sum of One Hundred Million (N100, 000,000) Naira as a sitting head of government agency. He did not only procure a number of vehicles for campaign but threw his weight around, using his closeness to ex-president Buhari and the cabal to his advantage. The enormous power and wealth at his disposal drove his character, attitude, ambition and that of his behind-the-scene supporters.
The hasty redesign of the naira notes which brought untold hardship to Nigerians was one policy which broke the Carmel's back - the albatross hunting Godwin Emefiele. It was inconceivable to spend over 58 billion naira to reprint 2.5 billion unavailable notes. He hid behind “President Buhari approved it” to undertake all sorts of programmes which mostly benefited his friends, family and cronies. Emefiele saw it coming but the sweet scent of power and the allure of authority beclouded his sense of judgement. He would have acted differently but he chose otherwise. At the time he realized the need to go on study leave, it was too late for him as Buhari refused to approve his request.
When one sheepishly presents oneself as a ready pawn to be used by politicians, the devastating backlash is always borne by him alone. Emefiele is personally gnashing his teeth alone at one corner of the detention room designated for the once upon a time powerful man by the Director of State Services (DSS). Does Emefiele think Buhari who he claimed to have given all the directives and endorsement of most failed fiscal policies of the CBN will forever remain in power? Tinubu and his followers did not hide their angst against the policies of the CBN especially the colouration of the naira notes which they said was targeted at the person of Tinubu and deployed to frustrate his emergence as the president. Tinubu made it abundantly clear that he will review or reverse the naira redesign policy if he wins. He is now the president and the review can best start from the driver of the policy and the man at the helm.
Godwin Emefiele was one of the luckiest CBN Governors. He was appointed by Goodluck Jonathan on June 4, 2014 after the suspension of Sanusi and then miraculously retained by Buhari who saw nothing good about Jonathan's policies, let alone his appointments. His tenure was also miraculously renewed even though, he was not adjudged to have performed well. He was the only Governor of the Central Bank in the history of the nation to serve two tenures and also two different and opposing administrations. History will also remember him as the only one who ventured into the murky waters of Nigerian politics without the decency of resigning his position.
The ex-CBN Governor is not the only past government official with a rotten skeleton in his cupboard. He is not the only sinner. Even those casting stones are not clean. In fact, almost all the ministers and Heads of MDAs under the immediate past administration including Buhari himself who was the minister of petroleum for eight years have one or two explanations to make on their stewardships. Those seen to have turned into rabid dogs which ate the bones hung on their necks should be arrested and made to face the wrath of the law. If we are serious as a nation, we have to begin from the beginning. Note that Emefiele worked and took instructions from Buhari. He was simply a fall guy who gave himself out as a pawn in the hands of politicians.
Emefiele is presumed innocent until allegations against him are proven beyond reasonable doubt and a conviction secured against him by a court of competent jurisdiction. The DSS should as a matter of fact and urgency, charge him accordingly and not make a political meat out of his detention. Relevant security agencies in an ideal situation must have gotten the full dossiers of ex and serving public officers whose hands are stained with ill-gotten wealth. They should be made to face the full wrath of the law. This arrest should not be selective of those who the present administration sees as arch enemies. The fight against graft or official malfeasance should serve public and not political party or individual interests.