Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria (CBN), took to Twitter to denounce Godwin Emefiele as the “worst CBN Governor” in the country’s history. In a series of tweets on Saturday, Moghalu delivered a scathing assessment of Emefiele’s tenure, highlighting critical areas of concern.

Moghalu pointed out Emefiele’s alleged failures in maintaining Naira stability, illegal lending practices, an unauthorised presidential campaign, and mishandling the Naira redesign policy, which reportedly had detrimental effects on the economy.

Describing Emefiele as “incompetent and ill-prepared for the role,” Moghalu raised questions about Emefiele’s integrity and suitability for the position, citing various actions and policies during his tenure.

The former CBN official highlighted Emefiele’s alleged shortcomings in managing the Naira exchange rate and controlling inflation, the fundamental responsibilities of the CBN. He also criticised the purported illegal provision of Ways & Means lending to the federal government, suggesting a disregard for legal provisions under Emefiele’s leadership.

During Emefiele’s tenure as CBN governor, approximately N26.627 trillion was reportedly released to the federal government through Ways & Means as the government sought to bridge budget deficits.

Moreover, Moghalu raised concerns about Emefiele’s attempt to run for the presidency, which he claimed violated Section 9 of the CBN Act of 2007.