The embattled former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, though out on bail, but far from being off the hook, as new allegations mount against his name.
Some see his prosecution as political, but a newly released report hinting at a comprehensive investigation, suggests otherwise.
In a recent episode of the Mic on Podcast, Paul Alaje, a chief economist, redirected attention from Emefiele’s influence to possible weaknesses in the previous administration, stating, “If the allegations are correct, it reveals how weak President Buhari was, not how powerful the former CBN Governor was.” He also criticized Nigerian officials as “economic vampires,” highlighting a pervasive sentiment of systemic corruption that has drained the country’s vitality.
Mr. Alaje additionally expressed concerns about economic consequences of actions and inactions of government, warning that without foreign investor support by December 2024, Nigeria’s currency could face significant devaluation, cautioning, “If we don’t get help from foreign investors by then, forget it! The Naira might equal the Tanzanian shilling.” Conversely, lawyer Liborous Oshoma voiced skepticism, noting potential delays and compromises in Emefiele’s case, as he suggested that bail and appeals might delay justice until a change in government, “I am not impressed. After this jamboree, what happens? The man (Emefiele) is on bail. Some people will beg Mr. President on his behalf, some judges will be mentioned and compromising the matter until this government goes.”
Mr. Liborous Oshoma emphasized the need to hold numerous individuals accountable for the misappropriation of funds, including former President Muhammadu Buhari and some of his cabinet members, “If I were President Tinubu, it is not just Emefiele…He did not act alone! The CBN Deputy Governors didn’t act alone. A lot of people need to be dragged into the net. President Muhammadu Buhari, first and foremost, was the bus stop at the table. These monies were stolen clearly under President Buhari.
There is a need for him also to answer to some of these allegations.”
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