Still On Emefiele – by Frank Ofili

I have just heard with the corner of one ear that the suspended CBN Governor Godwin Emefiele has been granted bail for N20 million and one surety.

Really? N20 million only? With the humongous crimes, including money laundering, terrorism financing, threat to national security and all worth not, that the DSS alleged Emefiele committed one would think the man would be unbailable, or if bailable, the conditions would be so stiff as to be impossible to meet.

Now I hear it is only N20 million bail plus one surety. What is N20 million to a former bank chief and Nigeria’s equivalent of the Chancellor of Exchequer?

This is preposterous and unacceptable! And it can only be because the DSS may have now discovered that the man never committed any illegality in his official capacity as CBN Governor. That explains why of all his alleged high crimes he could only be charged with illegal possession of one shakabula fire arm and munitions.

When the former CBN Governor was arrested, I had argued that the man ought not to be arrested for whatever legitimate actions he took in his official capacity as CBN Governor unless there was ample evidence to the contrary. I argued that removing him from office was enough. But arresting him did not only not just cut it but also smacked of vindictiveness and scapegoating.

But Some friends pointed to the Naira redesign fiasco as proof of his crime.

Let us be clear here. I believe that Emefiele was a bad and incompetent CBN Governor judging by the results of his actions as CBN Governor – reason I called for his sack several times. I mean, under his watch exchange rate shot through the roof, arbitrage became the order of the day, the Naira received a sustained continuous bashing against major currencies as the gulf between the official and parallel exchange markets widen every day. Inflation and interest rate also skyrocketed; sharp practices became a regular feature in banks.  And the chief monetary policy manager of the land had no answer!

The poorly implemented Naira redesign policy was the last straw that broke the camel’s back. From all indications, Emefiele had the authority, but not the intellectual and mental capacity to think, learn, plan, execute and drive with discipline the monetary policy direction of the government of the day.

But being incompetent is not the same as being criminal, fraudulent or subversive. Even a situation of conflict of interest does not qualify for arrest, in my opinion. So, as long as the man operated within the confines of the CBN Act he ought not to be arrested even if the results of his decisions were calamitous.

To repeat, I do not think Emefiele set out to subvert the government, the ruling party or the people of Nigeria. He was just a poor manager, and no one ought to be blamed other President Buhari who kept him in office for so long.