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A Call For The Immediate Resignation Of Mr. Godwin Emeifele As The Governor Of Central Bank Of Nigeria In Order To Save The Nigerian Economy From Total Collapse By The Save Nigeria Anti-Corruption Initiative

By Kelvin Adegbenga
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We stand by President Muhammadu Buhari to kill corruption in Nigeria. Enough is enough to impunity, ineffectiveness and mediocrity among Government appointees. We shall collectively promote efficiency and accountability as always. We have spoken!

With the mandate of the overwhelming population of our people, we are calling for the immediate resignation from office, of Mr. Godwin Emefiele as the Governor of the Central Bank of Nigeria, having failed the nation and Nigerians as a result of his inability to effectively provide leadership for the institution saddled with the core mandate of promoting and maintaining monetary stability cum sound and efficient financial system in the nation.

We recall the bold declaration of the Central Bank of Nigeria that the effectiveness of any central bank in executing its functions hinges crucially on its ability to promote monetary stability; that ability is obviously dead under your leadership owing to the loss of initiative that has led to monetary instability like never before witnessed in Nigeria under a CBN Governor both dead or alive.

A critical comparative analysis of CBN Governors preceding Mr. Emeifele reveals that he has the lowest performance index rating due to his inability to initiate and promote pragmatic monetary policy to stem the continuous free fall of the Naira, halt the rising debt profile of the nation or help in the effective management of the country's foreign exchange, which have all impacted negatively on the rate of poverty presently put at 71%, unemployment rate erroneously put at less than 9% by the NBS but stands at over 24% and inflation rate though put at a single digit rate of less than 10% but ironically does not reflect the economic reality currently facing Nigerians as the prices of goods and services have more than tripled in the past one year.

Furthermore, our call while not limited to the above is also predicated on the following:

1. The indiscriminate debiting of customers by commercial banks the sum of N65 after first withdrawal from ATMs other than their banks: The rate at which innocent Nigerians are being defrauded by commercial banks is alarming and worse still is the fact that this is being done with impunity. Several unwarranted charges most especially the persistent debiting of customers using the ATMs of other banks after first withdrawal is criminal but more criminal is the conspiracy of silence by the CBN over this matter considering the fact that you happen to be a product of the system.

The CBN's inability to strictly implement a policy initiated voluntarily after the reintroduction of ATM charges, which was cancelled by the immediate past Governor of the CBN is the highest level of irresponsibility that should not be allowed to pass away without condemnation. We want you to recall that in reintroducing these charges, it was explicitly made clear that customers will be charged the sum of N65 only after the third withdrawal from ATMs of banks other than theirs but shamefully as we speak, this policy has not been completely adhered to by commercial banks who debit customers immediately after the first withdrawal and this has been ongoing for about two years under your watch with documentary evidences of thousands of Nigerians who are victims of this fraud at our disposal.

2. The failure to blow the whistle even after the discovery of a lopsided distribution of millions of dollars to promote the off-shore business interest of Aliko Dangote at the detriment of the Nigerian economy: Even though this fraud was acknowledged to have happened long before Mr. Emefiele became the CBN Governor, it is quite obvious that the failure to blow the whistle and expose this criminal act just like his predecessor Sanusi Lamido Sanusi did when he exposed the illegal diversion of billions of dollars from the treasury makes you an accomplice in one of the worst crimes against the Nigerian economy where just one man or few individuals had access to better part of the foreign exchange within the coffers of the apex bank, which in most cases have been criminally diverted and sold at the black market rate thereby destroying our already fragile economy.

3. Mr. Godwin Emefiele’s role in the misappropriation of over $2.1billion dollars meant for the procurement of arms now known as "The Dasukigate": It has never been heard in a sane clime that a CBN Governor would release a whooping sum of over $47million and millions of Euros from the vault of the CBN without due process and worse still is when such action was carried out only by an instruction on a piece of paper by the embattled erstwhile security adviser, Sambo Dasuki. This display of unprofessional conduct has not only brought the office of the Governor to disrepute but has also set a bad precedent that can only be corrected by his immediate resignation.

4. The continuous free fall of the Naira: While we understand the sharp decline in foreign exchange earnings caused by the dwindling prices of crude in the international market, we are however surprised that the CBN under your leadership seems to be helpless on how to address the free fall of the nation’s currency, the naira, which continue to decline and currently being exchanged for about N300 to the dollar at the parallel market. If our legal tender cannot be effectively managed in order to achieve stability through the instrumentality of sound monetary policy, which is one of the core mandates of the CBN, then the essence of your leadership at the apex bank is defeated.

5. The sharp decline in foreign reserve: The sharp decline of the nation's foreign reserve presently put at less than $27billion from an inherited reserve of over $35billion is the height of administrative inefficiency as the reserve which ought to have served as a cushion due to decline in our foreign exchange earnings have been grossly mismanaged.

6. Unholy romance/sponsorship of PDP campaigns in the 2015 general elections: It is shocking to us with facts that a CBN Governor could channel funds from the CBN to sponsor the PDP in the 2015 general elections as events presently unfolding with the arrest and prosecution of Sambo Dasuki already indicted him. Records also show several monies released by Mr. Emefiele to choice candidates in PDP i.e. Gov. Emmanuel Udom of Akwa-Ibom State as well as details of his hidden meetings with Bayelsa State APC Gubernatorial candidate in the person of Chief Timipreye Silva at different points before the Bayelsa Governorship election is also an indication that he is a failed CBN governor who mixes professionalism with politics.

Performance in a highly exalted office such as the CBN Governor, cannot be better measured by the above indicators most of which are currently in red and unfavorable thereby depicting failure. The economy of our great nation has never had it this bad since independence under a Central Bank Governor. The multiplier effect of the exchange rate under his watch has caused the astronomical increase in the prices of goods and services which in turn has brought unimaginable hardships on the already impoverished Nigerian citizens.

To this end, the honorable thing to do is for the CBN Governor, to humbly resign, a rare virtue which is obviously lacking in this part of the world. While we await him to take this path of honor in the next 14days, we want to assure nigerians, that we will not hesitate to do everything within the ambit of the law to not only call for his resignation but also see to your investigation, arrest and prosecution by relevant anti-corruption agencies.

We will occupy the National Assembly, the CBN and EFCC headquarters for a protest match to save the Nigerian economy from the clutches of corruption and Incompetence if you failed to do the needful before the expiration of the above ultimatum.

Signed:
Comrade Femi Lawson Mallam Tanko Usman
Executive Director Asst. Secretary General
Save Nigeria Anti-Corruption Initiative