When I first saw the presidential campaign posters of Central Bank Governor Godwin Emiefile, my initial reaction was this was the handiwork of the usual political jobbers whose well known stock in trade is to fly a kite in order to market prominent individuals in the public space. In most cases, such political bag men are often acting with the permission and support of their principals in the background who feign ignorance of such activities when confronted.
In the case of CBN Governor Emiefile, I did not entertain any thought that he was somehow connected with the ‘’Emiefile-for-President’’ campaigners and for good reasons. For one, he did not appear to be the political type unlike his predecessor, Sanusi Lamido Sanusi. He was not known to involve himself in the politics of his native Delta State even though the temptation to do so was always there. Indeed, Delta friends of mine tell me he studiously avoids appearing or associating with anything that has political colouring knowing full well the complexities of Delta politics.
And his profession as a banker and more importantly as a Central banker requires him to strictly shun any overt involvement in political causes.
But as the campaign posters persisted and the activities morphed from billboards (some even with ridiculous texts such ‘’we beg Emiefile to contest’’) to processions by groups through the streets of Abuja to promote his presidential ambitions, it became difficult to believe that somehow the CBN governor was not involved in all these.
And indeed a close examination reveals that the campaign was being coordinated by a flamboyant public personality from Emiefile’s own Delta state who has a track record in promoting such activities. It transpired that the CBN governor was actually led to believe by powerful figures in the presidency that he was among those being considered to succeed President Muhammadu Buhari in 2023. With the green light given, Emiefile saw the need to also jump into the race and try his luck as it were.
Thus the CBN governor cannot deny or feign ignorance of the presidential campaigns being conducted on his behalf. Indeed he may well have been funding it.
For sure it is well within Emiefile’s constitutional rights to contest for the presidency as he is eminently qualified for the position. His position as Central Bank governor does not and cannot deny him such rights if he wishes to exercise it.
But again the position of CBN governor is no ordinary one. It is without doubt one of the most sensitive positions one can hold in any country. The CBN is the nexus of the country’s financial and economic policy and its Chief Executive ranks in some way as the de-facto economic Brahmin of the country. As the position of the CBN governor is such a sensitive one to the functioning of the country’s economy, he is expected to be above partisan involvement in political causes.
And if he is interested in any elective position, it is proprietorially required of him as a public servant to resign his position and pursue his political ambition without the encumbrances of his position. This is not just a matter of the requirements of his career and the position he presently occupies, it is also an issue of moral and ethical standards which is expected of him in this regard. Doing so will insulate the Central Bank of Nigeria from accusation and involvement in partisan political activities by the opposition and by members of the public.
But the presidency, which is certainly aware of the CBN governor’s infraction of mixing his highly sensitive job with involvement in partisan politics, has not found it necessary to throw the book at him because some persons there are allegedly in cahoots with him on this.
So the CBN governor can afford to do the unthinkable of dragging the exalted and sensitive institution which he superintends into the murky waters of partisan politics and not even the mild inconvenience of a slap on the wrist can be administered on him.
To the best of my knowledge Emiefile’s overt involvement in partisan politics as CBN governor is unprecedented in Nigeria’s history. You will be hard put to find any instance where a CBN governor has involved himself and dragged the reputation of the institution into partisan politics as under the tenure of Emiefile.
And we should be worried. When his predecessor was disclosing sensitive information on untoward happenings in the management of the nation’s finances under the Goodluck Jonathan administration, many then censured him for his indiscretions. And when he persisted despite entreaties for him not to, he was eventually relieved of his appointment, which was a measure aimed at protecting the sanctity of the CBN from such indiscretions, the then government said.
Now we have a clear situation where, though not of the same trajectory as the indiscretion of Sanusi Lamido Sanusi, is of greater weight in terms of its implication to the sanctity of the CBN the government looks askance.
By this we are clearly encouraging and setting precedence where future Central Bank governors will not be minded to stay within the strict and narrow definitions of their role but seek to turn the independent institution into a partisan political institution with all the negative implications this entails.
(Concluded)
