Senate President Godswill Akpabio has raised serious allegations against the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, accusing him of attempting to sabotage the conduct of the last general election through the introduction of the naira redesign policy.
Akpabio made these claims during a Senate session on Tuesday while screening the nominee for the position of CBN governor, Olayemi Cardoso, and four deputy governor nominees for the apex bank. The accusation is based on the assertion that the currency redesign policy, announced by Emefiele in October 2022, caused a scarcity of naira notes and had a negative impact on the economy, especially close to the general election.
Emefiele’s announcement included plans to redesign N200, N500, and N1000 notes, with the new notes set to be in circulation by December 15, 2022. The old naira notes were to remain legal tender until January 31, 2023.
Akpabio questioned Cardoso about his stance on political interference, asking if he would resist pressures from politicians to engage in political activities while serving as CBN governor. The Senate President specifically referred to Emefiele’s alleged rush to implement the naira redesign policy just days before the election, suggesting an attempt to sabotage the electoral process.
In his remarks, Akpabio emphasized the importance of maintaining the integrity and steadfastness of the CBN governor, urging Cardoso to resist any temptation to use the resources of the central bank for political purposes.
Akpabio said, “Adams Oshiomhole thanks for the lecture. I identify myself with you since you didn’t ask any questions, I’ll like to ask one on your behalf.
“CBN Governor, will you uphold the integrity, steadfastness – to resist when politicians come to you to join the presidential race and display your posters even as a sitting CBN Governor in political conventions?
“Will you rush to display your profile electronically at political conventions while sitting as a governor because politicians have told you that you have enough money in CBN to do it?
“Don’t forget the fact that the money in the central bank isn’t for you. Will you have the courage to resist the temptation to listen to politicians and throw your hat into the ring and go back to your office and sit as CBN governor?
“Will you rush to sabotage the election in Nigeria by going for new notes, two days to the election when no country in the world changes new notes within one year, you do your own in 14 days or 11 to see how you can sabotage the election in Nigeria?”
The accusations revolve around the timing of the currency redesign and its perceived impact on the economy and election process, highlighting concerns about the role of the central bank in political matters.
