Connect with us

News

Governor of Central Bank of Nigeria, Godwin Emefiele Breaking New Grounds

Published

on

By Rev Solomon Semaka

In 2015, when Muhammadu Buhari assumed office as the president of the Federal Republic of Nigeria, he came with a lot of enthusiasm and that messianic wand to change the story of Nigeria that was on the verge of collapsing especially economically.

As a new sheriff in town, President Buhari made a lot of administrative changes, dissolved many boards and many heads of agencies and public service institutions that were not worth their unions were sacked or relieved of their appointments. This was done to take the country back on track towards economic recovery and prosperity.

However, one of the few places that the head was not changed was the apex monetary authority; the Central Bank of Nigeria otherwise known as CBN where a thoroughly bred economist, a financial expert and reputable banker, Godwin Emefiele was holding fort as the Governor having been appointed by the previous administration of Jonathan Goodluck on June 4, 2014.

For the Governor of the Central Bank, Godwin Emefiele to have gained the confidence of President Buhari, it is therefore, unambiguously an indication that he was doing something spectacularly different that worthily fitted into the change mantra of the current led administration. For instance, during his first term, he supervised an interventionist currency policy at the behest of the presidency, propping up the Nigerian naira by pumping billions of dollars into the foreign exchange market. He also introduced a multiple exchange rate regime to try to make pressure on the naira and avoid series of devaluations.

It is also pertinent to highlight unequivocally that the Central Bank under the watchful financial conscious eyes of the Governor; Godwin Emefiele has also taken the cashless policy in Nigeria to an unprecedented level.

For the avoidance of doubt, the Central Bank developed the cashless policy in 2012, which required a daily total limit of N500, 000 and N3,000,000 on free cash withdrawals across all accounts owned by individual and corporate customers respectively. The pilot was run in Lagos state from January 2012 while the policy took effect in Rivers, Anambra, Abia, Kano, Ogun and Federal Capital Territory (FCT) on July 1, 2013. The policy was implemented nationwide on July 1, 2014 a few days Godwin Emefiele assumed responsibility as the Governor of Bank.
Before the introduction and implementation of the cashless policy in Nigeria, Bussiness Day had noted that “the ease of cash flow occasioned by the cash-based economy made Nigeria vulnerable to fraud, terrorism, and crime. Armed robbers attacked bullion vans and customers who carried large sum of cash. Apart from that, the central bank spends billions of naira to remove and replace dirty notes in circulation”.

In other to effectively entrench the new cashless regime in the 6 states and the FCT, the Central Bank under Emefiele licensed 26 Mobile Money Operators, 10 Super Agents, 21 Payment Terminal Service Providers, 21 Payment Solution Service Providers, 4 Third Party Processors, 9 Switches and 5 non-Bank Acquirers. It is expected that these licensed entities will smoothen the implementation of the Cashless Policy across the Payments System.

Taking a careful look at the achievements of the cashless policy, Bussiness Day reports that “as evidenced by the NIBSS second-quarter fraud report of 2019, attempted fraud volume decreased by 47.28 percent from Q1 figures, while Web, ATM and Mobile remain the usual suspects to be used by fraudsters”.

“Okojere noted the growth in the volume of transactions that occurred in 2012 against 2018, following the Cashless Policy re-introduction and increase in usage of electronic transactions”.
Consequently, transactions on instant payments grew from 4 million in 2012 to 729m in 2018, transactions on PoS from 2.5 million in 2012 to 285 million in 2018, and transactions on Mobile Inter-Scheme grew from 2,200 in 2012 to 15 million in 2018”.

One of the areas that the administration of President Buhari will be fondly remembered even by generations yet unborn is the agricultural revolution. The peak of its commitment was the directive by the president to the Central Bank on August 13, 2019 not to make foreign currency available to fund food imports.

Otherwise, according to Emefiele in an interview with TBY in 2018 stated categorically that “four commodities—rice, fish, sugar, and wheat—make up nearly NGN1.3 trillion (USD3.6 billion) annually in import bills. These and other commodities on the 41 items list are a drain on our FX reserves. Our proclivity for imports has enriched other countries and impoverished ours. We cannot depend on other countries for food; that exposes us to unquantifiable social and economic vulnerabilities. If we increase domestic food production, we will create jobs, reduce poverty, and shield our economy from foreign impulses”.

“Thus, the CBN is channeling a great deal of development finance and interventions towards agriculture to ensure sufficiency in the production of food and raw materials through our various development finance mechanisms and schemes. Our intention is to ensure that Nigeria does not depend on other countries for most of the things we consume. We must ensure that our non-oil current account balances stand hugely positive”.

“On this note, the Anchor Borrowers’ Program (ABP) has recorded spectacular success, especially with regard to rice production. As we speak, rice production has increased several-fold. Kebbi State alone is expected to produce over 2 million metric tons of rice annually, while employees at Labana Rice Mills seek to keep pace with demand, processing 320 tons of rice a day, a 250% increase from the previous year. Therefore, we have seen sharp drop in rice imports that translates to a significant reduction in rice import bills, saving us over USD600 million in 2016 alone”.

An interesting thing about Godwin Emefiele is that since the return of democracy in Nigeria in 1999, he is the first governor of the Central Bank of Nigeria to serve a second term in office. The senate of the Federal Republic of Nigeria while screening him for a second term in office in May 2019 through its chairman on Banking, Finance, and other Financial Institutions, Rafiu Ibarahim said the committee was impressed with Mr Emefiele’s more than 32 years’ experience with outstanding performance.

The committee recommended confirmation of Mr Emefiele based on performance in his first tenure. “That the nominee understands the diverse economy of the country and has displayed profound knowledge of the continuous existence of our economy stability. That the nominee has performed credibly in his first tenure which resulted to the exit of the nation out of economic recession”, Mr Ibrahim said. His confirmation was put to voice vote and received a unanimous ‘ayes’ from the senators, reports Premium Times on May 16, 2019.

Consequent upon his confirmation and reappointment for a second term in office, Emefiele the CBN governor unveiled his policy thrust for the next five years. Although the policy document outlines a number of objectives, the most important ones include
a) the aim to achieve double-digit GDP growth in the next five years,
b) bringing down inflation to single-digits
c) improving the payment systems infrastructure and driving financial inclusion to 95% by 2024,
d) maintaining the existing exchange-rate policy regime of a managed float and
e) recapitalisation of the banking industry.

In order to cushion the effect on the Covid-19 pandemic on the Nigerian economy and to ameliorate the sufferings of the poor masses, the Buhari led administration through the Central Bank introduced a N50 billion Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises that are affected by the coronavirus pandemic.

This was part of measures and policies aimed at making sure that Nigeria’s economy does not slip back into recession due to the coronavirus pandemic and low oil prices.
The Central Bank of Nigeria (CBN) has so far announced the disbursement of over N49 billion out of N50 billion targeted facility for households and small businesses to over 80,000 families and households.

In addition, healthcare facility operators also benefitted from a N100 billion intervention fund and another N1 trillion fund for the manufacturing sector and is aimed at ensuring that productivity is enhanced, thereby working a way out of the impact of this pandemic.
It is very important to point out that there are many other areas that the Central Bank of Nigeria under the leadership of Godwin Emefiele as the governor has done creditably well to save the Nigerian economy from slipping into recession, the above mentioned are just but the tip of an iceberg.

Therefore, it is imperative to call the President Muhammadu Buhari led administration not to relent in its efforts in supporting Emefiele in the discharge of his onerous duties so as to make the Nigerian economy viable, dependable, sustainable, reliable and strong.

Semaka is a public affairs commentator and Convener of Save Nigeria Movement.

News

AONDOAKAA’S LAWYERS URGE COURT TO DISMISS SUIT CHALLENGING HIS GOVERNORSHIP CANDIDACY

Published

on

…As Court Reserves Judgment for November 16

The legal team representing the Peoples Democratic Party (PDP) governorship candidate in Benue State, Chief Michael Kaase Aondoakaa, SAN, has urged the Federal High Court, Abuja, to dismiss a suit challenging his candidacy for the 2027 governorship election for lack of competence.

Led by Prof. Anthony Ijohor, SAN, the legal team adopted Aondoakaa’s preliminary objection and urged the court to dismiss the suit in limine, arguing that it was not competent to proceed with the case.

The legal team headed by Prof. Ijohor, SAN, comprised other Senior Advocates of Nigeria, including Chiesonu I. Okpoko, SAN, Anthony A. Malik, SAN, and Mohammed Said Diri, SAN. Other members of the team were AT Kohol, Esq, Michael Gusa, Esq, Aleichenu Ogwuche, Esq, AJ Apera, Esq,
Matthew Onoja, Esq, DD Asema, Esq, and HT Ijohor, Esq.

The suit, marked FHC/ABJ/CS/2152/2026, was instituted by David Ejembi, Aondoaver Teryila, Joseph Okpanachi and Benedict Akaazua Orkume against the Independent National Electoral Commission (INEC), the PDP and Aondoakaa.

At the proceedings, counsel to the PDP, CT Mue, Esq, also adopted the party’s preliminary objection and urged the court to strike out the suit for lack of competence.

Counsel to the plaintiffs, Feng Pwajok, Esq, adopted the plaintiffs’ counter-addresses and written address in response to the preliminary objections. Prof. Ijohor subsequently adopted Aondoakaa’s further affidavit and reply on points of law, while Mue adopted the PDP’s reply on points of law.

On the substantive suit, counsel to the plaintiffs adopted their originating processes, while counsel representing the defendants adopted their respective processes. The plaintiffs’ counsel thereafter adopted further affidavits and replies on points of law filed in response to the submissions of the PDP and Aondoakaa.

Following the arguments, the court adjourned the matter to November 16, 2026, for judgment.

Aondoakaa, a former Attorney-General of the Federation and Minister of Justice, is the PDP’s duly nominated governorship candidate for the 2027 Benue State election.

Continue Reading

News

“WIKE CANNOT CHOOSE A GOVERNOR FOR US!” — Group Rejects Alleged Rainbow Coalition Plot in Benue

Published

on

The Benue Alliance for Good Governance and Accountability (BAGA) alleges secret political negotiations involving Wike, Akume and Ortom; insists Governor Alia should be allowed to complete two terms if re-elected.

BAGA has raised concerns over an alleged political arrangement involving prominent political figures, warning against any attempt to influence the outcome of the 2027 Benue State governorship election without the consent of voters.

In a statement signed by its President, Chief John Terfa, the group alleged that the Minister of the Federal Capital Territory (FCT), Nyesom Wike, was involved in discussions with the Secretary to the Government of the Federation (SGF), Senator George Akume, and former Benue State Governor Samuel Ortom over a proposed political alliance reportedly known as the “Rainbow Coalition”.

BAGA further alleged that Wike was seeking political control over five states under the Peoples Democratic Party (PDP) as part of the proposed arrangement to deliver President Bola Tinubu’s re-election in 2027, with Benue reportedly among the states being considered to hand over to Wike through the Rainbow Coalition.

The group also claimed that the alleged discussions were aimed at securing the emergence of former Attorney General of the Federation, Chief Mike Aondoakaa, as a preferred governorship candidate in Benue under the proposed coalition, despite Aondoakaa being banned from holding any political office for life by Supreme Court, due to unprecedented corruption and abuse of office when he was the Attorney General.

BAGA questioned why political actors from outside Benue should have a decisive influence over who governs the state, arguing that the choice of governor must remain with the electorate.

“Benue is not a political commodity to be traded behind closed doors in Abuja. The people of the state must have the final say on who governs them and the direction their state takes,” the group said.

The organisation alleged that Wike had held a series of meetings with Akume and Ortom in recent weeks to discuss the reported arrangement.

It further claimed that tensions arose during one of the alleged meetings at Akume’s residence in Abuja recently, where Wike was said to have questioned why Akume had allowed Governor Hyacinth Alia to become so politically powerful.

It was alleged that Wike demanded that Akume should make sure Governor Alia is not re-elected or declared winner in 2027 whether he wins or not and boast of having the judiciary under his control.

BAGA rejected what it described as an attempt to determine Benue’s political leadership through negotiations among powerful individuals, insisting that Governor Hyacinth Alia should be allowed to complete his constitutionally permitted tenure, if re-elected in 2027.

The group said it believed Alia’s administration was performing well in governance and development, adding that political alliances should not be used to undermine the democratic choices of the electorate.

It also criticised the record of Ortom’s administration and expressed concern about what it described as divisions within Benue’s political space arising from the influence of powerful political interests within and outside the state.

BAGA argued that any coalition seeking to influence the 2027 election should be based on transparent principles, competence, accountability and the interests of the people, rather than personal ambition or political bargaining in Abuja.

The group also challenged political actors seeking the support of President Bola Ahmed Tinubu to pursue their ambitions without attaching conditions that could compromise the democratic choices of the voters.

“Benue people are politically conscious. They will not surrender their future to a coalition of political interests formed without their consent,” the statement said.

The organisation called on voters, civil society groups and political stakeholders to remain vigilant and defend the state’s democratic rights ahead of the 2027 elections.

“Whatever colour it is given; Rainbow, PDP or otherwise, the people will reject any arrangement that threatens their collective interests and development,” BAGA said.

“Benue is not Rivers and we will not allow Wike from Rivers State to choose a governor for us in Benue State,” the group added.

According to BAGA, the central issue is whether political negotiations in Abuja will respect the right of Benue voters to determine their own leadership.

The group maintains that the state’s governorship should not be decided through private agreements among political power brokers, but through a democratic process in which the people have the final say.

Continue Reading

News

2027: Group Defends INEC, Urges Evidence-Based Scrutiny of Staff Redeployments

Published

on

The Coalition of Civil Society Organisations Against Corruption (COCSOAC) and 33 partner civil society organisations have expressed confidence in the Independent National Electoral Commission (INEC), urging Nigerians to treat recent reports concerning the commission with caution and rely only on verified facts.

The coalition, in a statement signed and issued in Abuja on Tuesday by its President, Bola Ademola, and National Secretary, Comrade Abdulfatah Aliyu, the group said while INEC must be held accountable where necessary, criticisms of the electoral body should be based on credible evidence, due process and an opportunity for affected parties to respond.

COCSOAC was reacting to an online publication alleging questionable staff redeployments within INEC, including the reported reassignment of a Northern director and the deployment of South-West officials to key departments.

The coalition said it had not independently verified the alleged redeployments or the motives behind them, warning that claims of political interference or ethnic favouritism should therefore not be treated as established facts.

“Assuming without conceding that the redeployments occurred as reported, staff reassignment is a recognised administrative practice that may serve legitimate purposes, including operational efficiency, professional development and improved management,” the group said.

It maintained that the geographical origin or family associations of an INEC official could not, on their own, establish bias or an intention to manipulate elections.

According to the coalition, the more important questions should be whether the decisions complied with applicable rules, received proper authorisation and were based on legitimate administrative considerations.

COCSOAC consequently urged INEC to clarify the circumstances surrounding the reported redeployments where necessary, while appealing to the media and civil society organisations to avoid drawing premature conclusions from unverified reports.

The group also congratulated INEC Secretary, Dr Rose Oriaran Anthony, on her turbaning, describing institutional experience, diligence and administrative continuity as important factors in the management of elections.

It appealed to President Bola Ahmed Tinubu to consider Oriaran Anthony for reappointment as INEC Secretary when her tenure expires, subject to applicable laws and established appointment procedures.

COCSOAC said its appeal was not a demand for an appointment outside the law but was based on the need to preserve institutional knowledge and strengthen coordination ahead of the 2027 general elections.

“Where an experienced incumbent has demonstrated the requisite commitment and competence, continuity may help preserve institutional knowledge, strengthen coordination and support preparations for peaceful, credible and well-organised elections,” the coalition said.

It, however, stressed that any decision on the matter must be guided by legality, INEC’s independence and the integrity of the electoral process.

The coalition called on political actors, civil society organisations, the media and other stakeholders to protect public confidence in Nigeria’s electoral institutions through evidence-based engagement, transparency and respect for due process.

It said its position was not that INEC should be shielded from scrutiny, but that allegations against the commission must be verified and affected institutions given a fair opportunity to respond.

“As the nation approaches another critical electoral cycle, accountability, institutional stability and the rule of law must remain central to the collective pursuit of credible elections,” COCSOAC said.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.