Society Gists

—As Emefiele comes under stronger criticism

Apart from the ongoing investigation into the books of the Central Bank of Nigeria, there are more reasons for the leadership of the apex bank to fear as the President, Muhammadu Buhari has already indicated to closest confidants that he cannot work with the incumbent Governor of the Bank, Emefiele. According to reports, Emefiele’s xupnis full over discoveries which indirectly indicted him in the various government spending spree in the period between 2014 when he took over as CBN Governor and when Muhammadu Buhari took over. If Venw though he has not been directly and personally indicted for deeping his hands in the monies kept under his watch, Emefiele’s sins arose from the fact that he presided over the Bank at a time when such wasteful and illegal spending took place but kept quiet.
Though the government is waiting for the report of the full investigation of the Bank under his tenure, his handling of the post elections financial crisis that has continued to leave the Naira reeling has also not gone unnoticed. Indeed, many of those who want to mail him have pointed at his policy summersaults as well as his lack of firmness to probe his incompetency at a time when the economy needs the best of hands to steer it out of troubled waters.
The former Zenith Bank Managing Director /CEO is not unaware that the only thing saving him from being removed is the fact that the consent of the Senate is needed to effect jos removal unless there is a proven case of abuse of office against him. He has however continue to carry on in office unfazed.
Emefiele is the first Nigerian to head the Central Bank without having a degree in Economics according to some of his traducers, this is one of the reasons the country’s economy might find it difficult to come out of the present conodrum under his leadership as he does not have a firm grip of this what he needs to do. Rather, he depends on his various legion of advisers some of who are also not well grounded.
The continuation of the wasteful spending at the bank under his predecessor who is now a major ally of the present government has also placed him in a tight corner. In his characteristic behavior, Buhari, rather than call for the head of Emefiele’s predecessor who presided over the wasteful and questionable spendings by the apex bank might call for the head of Emefiele as he continues his search for scapegoats. Truly, the CBN books stink.
Buhari is said to be considering four different names as possible replacements for the CBN Governor whose term should ordinarily expire in 2019. Among the four, there are two top bankers from the North as well as another from the South West while a former Governor ofbthe apex bank who served under Goodluck Jonathan is believed to be the brain behind the nomination of another candidate whose identity is not known.