Pastor Tunde Bakare, the Serving Overseer of the Citadel Global Community Church, has urged the Federal Government to refrain from attempting to scapegoat the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for any issues related to the nation’s monetary policy during his tenure.
Although Bakare acknowledged that Emefiele might have made some incorrect decisions in managing Nigeria’s monetary policy, he emphasized the possibility that the suspended CBN governor did not act without authorization from the presidency. Bakare expressed these views during his State of the Nation address on Sunday, August 13, 2023, where he discussed recent developments in the country.
Emefiele faced criticism for his handling of the apex bank’s affairs, particularly in the period leading up to the 2023 presidential election due to his persistence in implementing the naira swap policy despite the hardships faced by the people. While Bakare agreed that Emefiele should face prosecution if found guilty of any wrongdoing, he suggested that the events preceding the 2023 election hint at a potential political vendetta against Emefiele by President Bola Tinubu.
“Although Mr. Godwin Emefiele might have made errors in judgment during his tenure in managing Nigeria’s monetary policy, it’s crucial not to use him as a scapegoat.
“In accordance with the provisions of the Central Bank of Nigeria (CBN) Act 2007, it’s entirely plausible that the former central bank governor did not act without presidential authorization.
“If Emefiele is found culpable of any wrongdoing, he should unquestionably face prosecution. However, given the circumstances in the pre-election environment and the public allegations made by then-candidate Bola Tinubu, suggesting that the naira redesign policy targeted him, the optics of the president pursuing Emefiele for prosecution after winning the election and being sworn in as president could be seen as a form of vendetta, which is far below the stature of such a distinguished office,” Bakare commented.
Emefiele has been in the custody of the Department of State Services (DSS) since his arrest on June 10, 2023, the day after his suspension from office by the President. The Federal Government has since charged the embattled CBN governor with illegal possession of firearms and ammunition in a two-count charge, and despite several court rulings to the contrary, the DSS continues to keep him in custody.
Additionally, Bakare criticized the DSS for its role in Emefiele’s detention, expressing concerns about professionalism and adherence to the rule of law.
“Given the DSS’s claim that its actions were in response to orders from above, the handling of the Emefiele case has sent a signal to the world that the current president’s approach to the fight against corruption is primarily driven by cracking down on perceived political adversaries, while various other challenges to Nigeria remain untouched,” he added.
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