Good day, Mr. Disu.
I don’t know if you ever reviewed the presentation made by the Emir of Kano (H.M. Mohammed Sanusi II) which got both the CBN and the FG hopping mad. In case you didn’t, the presentation is attached.
Most of us think and speak of Mr. Emefiele as though he is a mild irritation to our economy and a small part of the current recession. We don’t seem to realise that he is actually a major (if not the major) cause of this recession, especially at this level of depth. The foreign exchange policy he has pursued (not the one on paper) has done and is doing incalculable damage to our economy, not to mention damaging future prospects for growth.
Most importantly, he is damaging the credibility of the institution itself- projecting it as a sorry appendage of the presidency, without capacity for independent, and rigourous thought or policy action. He is also creating a horrible precedent for future Central Bank governors who may, like him, ignore the significant powers conferred on the Bank and its governor by the CBN Act, in order to curry favour with the incumbent President. Central Bank independence is considered crucial (all over the world) because Central Banks will always need to take immediate actions which are politically inexpedient, but are meant to preserve the long-term good and stability of their national economies.
In case you think Mr. Emefiele isn’t as bad as I project him to be, please compare him with another public official- Dr. Emmanuel Kachikwu. While Kachikwu isn’t perfect either, please examine them side-by-side in terms of quality of thought, approach to solving problems and results produced so far.
I hope you will consider these thoughts and use the powers you have at your disposal (as a senior journalist) to galvanise the noise we need in order to save our economy. If we leave it to Mr. Emefiele and President Buhari, we may have no economy left by this time next year.
With my highest regards,
Babatunde Ajayi
Head, Corporate Finance- Investment One Financial Services Limited
07038695830
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I do not understand what damage you are talking about. Was this same man not in the previous administration? what has only changed here is the presidency and the minster of finance. so let us look at the minister of finance? she controls the fiscal policy. what has she done to ensure the economy is on a steady growth? where is the President’s economic team? I guess your article is biased and skewed.