After Emefiele, Is It Possible For His Successor To Work In Isolation With The President Who Appointed Him? -By Isaac Asabor

There is no denying the fact that in nearly every decision taken to appoint the Governor of theCentral Bank of Nigeria (CBN) at any given political dispensation since the apex bank was established in March 1958 that political interference has always come to play so much that the appointed Governor hardly had a space to demonstrate his or her political sagacity, at least, to oversee the bank’s financial regulatory role so much that in the long run, supervisors who enforce the regulations are usually hindered in taking action against banks that ran into trouble. In so doing, the financial sector in the run-up to the crisis would be crippled, and with delayed recognition of the severity of the crisis as a result of slowed needed intervention, even as the cost of the crisis to taxpayers, and the generality of the people becomes pervasive.

Over the years, except for a few exceptions, the appointment of the CBN Governor has been based more on political consideration than on merit by whoever was the President at any given time. For this reason, the chances are narrowed to only those with powerful connections. This, however, has had dire consequences on the nation’s economy, and the sustenance of the bank’s independence.

Against the backdrop of the foregoing, it is expedient to opine that with the benefit of hindsight, ahead of June 2014 when Sanusi Lamido Sanusi’s tenure as the CBN governor was about to expire, some individuals began to fly the kite of geo-political consideration in the appointment of his successor.

Thus, it will be recalled that the gauged barometer of public opinion at the time, about 9 years ago or thereabout was that the job should go to the most qualified person, irrespective of the geo-political zone of origin. Rather than emphasize where the person comes from, they argued that what Nigeria needed was a CBN governor who will focus on the economy, using macroeconomic policies and prudential measures to create jobs and revive key sectors of the economy such as agriculture and manufacturing.

The reason for the believability that was inherent in the opinion at the time was convincingly strong enough that the need for merit was jettisoned as ethnic and geo-political balancing has been an important consideration during federal appointments.

Without a doubt, such an arrangement has always paved the way for mediocrity. The reason for the foregoing cannot be farfetched as appointments at the federal level are always determined by the quota system. Regrettably, since the adoption of the system, considered to encourage nepotism rather than being otherwise by a school of thought, job recruitment, admission into institutions of learning, and political appointments have had telling consequences on the nation’s development. For instance, such considerations have given rise to corruption, impunity, exaggeration of ethnicity above the unity of the country, and outright deprivation of qualified candidates.

Given the foregoing, economic experts and political pundits have always been advising the Federal Government not to pigeonhole the search within a particular area but seek out the most suitable candidate for the position of the CBN Governor; irrespective of where the individual may be appointed from within the six geo-political zones of the country. This is because they believe that wherever the next CBN governor comes from is not really an issue, provided such an appointee will perform creditably well in the critical role he or she is assigned.

It will be recalled in this context that ostensibly heeding the advice, President Goodluck Jonathan, as the then number 1 citizen and the commander-in-chief of the Federal Republic of Nigeria, while addressing the National Executive Committee (NEC) of his party after the emergence of Adamu Mu’azu as the new national chairman of the ruling party, said: “In Nigeria, we are all religious people, but some people take religion to a level that becomes a bit uncomfortable. As long as Nigeria is a secular society, your religion should not influence your decision.” Deduced from his statement at the time, it means that undue consideration should not be given to where an individual comes from in matters of appointment for national assignment.

Going down memory lane in this context, it will be recalled that speculation was rife at the time as to who becomes the next CBN governor. There was speculation that AigbojeAig-Imokhuede, who was the immediate past managing director of Access Bank at the time; Bisi Onasanya, who was then the Managing Director of First Bank of Nigeria Limited; Mustapha Chike-Obi, who was also the then Managing Director of Asset Management Corporation of Nigeria, and three deputy governors of the apex bank and one retired deputy governor of the CBN were in the race. The deputy governors then were Kingsley Moghalu (Operations), Sarah Alade (Economic Policy), Suleiman Barau (Corporate Services Directorate), and retired Tunde Lemo. Others said to be on the supplementary list were Olusegun Aganga, then minister of Industry, Trade, and Investment, and Yerima Ngama, then minister of state for Finance including names of a few Nigerian technocrats in the diaspora that were also touted for the plum job.

Given the fact that the drift has been for the president to appoint his man as CBN governor, it was not surprising that in 2014, President Goodluck Jonathan, to the disappointment of not a few Nigerians that were touting the possibility of their own preferred candidate to become the governor of the CBN at the time appointed Emefiele, who was then the managing director of Zenith Bank, as the new governor of the CBN after he announced the suspension of Sanusi Lamido as the CBN governor.

In fact, deep disappointment prevailed at the time over the appointment of Emefiele as the Governor of the CBN at the time, and it was obvious that the appointment did not go down well with those who lost out on the plump job prompting moves to block his approval at the Senate.

See the following link:https://pointblanknews.com/pbn/exclusive/cbn-deputy-gov-apc-leadership-behind-moves-to-sack-emefiele/

As God would have it, and given the scriptural injunction in Psalms 75 verses 6 to 7 that says,  “For promotion comes neither from the east nor from the west nor from the south, but God is the Judge: He puts down one and exalts another”. Emefiele’s appointment was ratified as the substantive governor in place of Mr. Sanusi whose tenure elapsed in June 2014 while the president also nominated Adelabu Adebayo as the deputy governor of the bank. Mr. Adebayo was an executive director at First Bank.

Ostensibly due to political differences that trailed his appointment, thoughts were never spared for him to do his job as he was always criticized by his traducers despite the fact that assessment of his performance during his one year in office, showed that he and his team had ensured stability in the sector. They were able to achieve the feat in his one year in office in spite of global and domestic challenges that prevailed at the time. Analysts agreed that the bank under his watch was on the right track to guaranteeing the soundness and stability of the Nigerian financial system. With the benefit of hindsight, it was hoped that by working closely with the fiscal authorities, CBN under Emefiele would continue to achieve its mandate. But he was not allowed to do his job as he was for the umpteenth time distracted by politicians and ethnic jingoists that usually posed as economists and reputable bankers.

Now that moves have been made to remove Emefiele as the Governor of the CBN since he is still on suspension and under investigation, it is expedient to ask, “If everything goes as planned, is it possible for his successor to disobey the directives of the president who appointed him?”

The answer to the foregoing question cannot be farfetched as a news report published on December 21, 2022, in Pointblanknews.com, titled “CBN DEPUTY GOV, APC LEADERSHIP BEHIND MOVES TO SACK EMEFIELE” speaks volumes. For the sake of clarity, the following link to the story refers: https://pointblanknews.com/pbn/exclusive/cbn-deputy-gov-apc-leadership-behind-moves-to-sack-emefiele/

Be that as it may, while this writer wishes the newly inaugurated President Bola Ahmed Tinubu a successful performance, and the acting governor of the CBN, Mr. Folashodun Shonubi the best while he holds forth until further development, it is expedient to say that Nigerians are watching with the question, “After Emefiele, Is It Possible For A CBN Governor To Disobey The Directives Of The President Who Appointed Him?”, and waiting for the question to be answered.