You may have seen, in recent times, that the Central Bank governor, Godwin Emefiele, is supposedly more political than tolerable. But, it is just a ‘fan club’ singing his praises. He has not come out himself to say this or that. Yet, full-page newspaper adverts and news stories flood the dailies urging him to throw his hat into the ring and run for the office of the presidency.

In an advert, the sponsors, under the name ‘Friends of Godwin Emefiele’ claimed to have met with Emefiele and he had told them that he remains focused on supporting President Muhammadu Buhari’s economic recovery programme, that he does not lobby for high office and that since it is “God that anoints leaders, he will leave his faith [sic] firmly in the hands of God”.

The point: If he has political intentions of any sort, Emefiele must either resign from office today or put a stop to the speculations by saying in clear terms that he would not run for any office or that of the presidency to which he has been connected with.

In fact, Central banking and politics are not compatible, not even on the lips of fans who believe ‘he has done well’, because the clear separation of the CBN from politics is not only important to effective economic management but also to democratic governance.

The head of the central bank must not be seen to be involved in partisan politics – the principle of the independence of the central bank and its separation from partisan politics is not ambiguous, even if the central bank must still be accountable to the elected political authorities. 

Nigeria’s CBN Act 2007 explicitly states that:

The Governor and the Deputy Governors shall devote the whole of their time to the service of the Bank and while holding office shall not engage in any full or part-time employment or vocation whether renumerated or not except such personal or charitable causes as may be determined by the Board and which do not conflict with or detract from their full-time duties.

The law cannot be clearer.

Go deeper: If you think Emefiele’s presidential ambition is a joke, remember that he has managed to gain popularity during his time, and surely has a fan club that wants him to lead the country – the same way he has led the country’s inflated economy.

If Emefiele wants to run for political office, it is only right that he does not spit on the hallowed office of the Central Bank governor in the process, because occupancy of a political office annihilates his commitment to the bank’s service.

In February this year, the Patriotic Front of Nigeria (PFN), a youth-based civil society group, called on members of the National Assembly to, as a matter of urgent public importance, investigate cases of financial misappropriation against Emefiele.
 
Emefiele, the group alleged, had used the many CBN’s intervention funds for Nigerians in the post-COVID-19 era and other resources of the apex bank, to service his political associates and for his 2023 presidential ambition.

The group also advised the CBN Governor to “immediately resign” his appointment, so as to protect the image, integrity and sanctity of the apex bank, which should be known for political neutrality and professionalism.

If nothing is done by the National Assembly, the group anticipated “more negative effects from the CBN Governor’s political interest on the economy,” stressing that it would get worse as Emefiele would roll out more unethical policies to curry favours from his associates.

We cannot even start the conversation on the CBN’s role in the last general election…