Opinion
By Steve Osuji
BACKLASH FROM APC’S SUCCESSION GAME:
IT has become clear that Godwin Emefiele is being persecuted. Someone is pursuing an unforgiving vendetta against the suspended governor of the Central Bank of Nigeria (CBN). There’s actually no prize for guessing why or who might be hounding the amiable banker from Agbor in Delta State.
Emefiele’s troubles emanates from the very apogee of power in the country, that is, the presidency, and the reason is not unconnected with APC’S succession politics and the naira redesign policy introduced last year by the Muhammadu Buhari administration.
As it is common knowledge, the Nigerian currency redesign which was initiated late last year in the heat of the 2023 electioneering campaign was former President Buhari’s last gambit against his party, the All Progressives Congress (APC). Buhari had been outplayed in the succession politics and he had sought to punish the elements in his party who dared to deface him. Remember the adage about the ill-tempered mouse that would spill the grains all the same even though he doesn’t eat of it.
One day, the story of the Buhari last days in office would be written and it would be told that he didn’t support the incumbent president, Bola Tinubu to succeed him. Buhari obviously wanted his vice, Professor Yemi Osinbajo to takeover from him (if the mantle must go south) and he backed the erudite scholar to the last count of the votes during the party primary.
But then Kaduna State governor, Nasir el Rufai was a better Nigerian politician. Working with Tinubu, Rufai superceded his commander-in-chief and corralled the Northern governors to vote against the president’s choice at the APC primary. President Buhari who sat through the entire night and day was resoundingly defeated. It was unprecedented in the annals of Nigeria’s politics; it was a nightmare for Buhari as would be for any sitting president. Buhari became a very sad and distraught man since after the June 6 and 7, 2022, APC Presidential Primary in Abuja. He demurred in participating in the campaign until it became embarrassing for him not to show face. That was towards the end.
BUHARI’S LAST GAMBIT: According to Aso Rock insiders, the idea to redesign the naira and cripple the APC Presidential candidate and his backers came from the cabal within the Buhari Presidency. They had thought that the only way to get the last laugh on Tinubu was to pull the oxygen pipe of cash for vote. The cabal also knew that between Tinubu and el Rufai is a sprawling landscape of cash warehouses (in a manner of speaking) purpose-built to suborn the presidential election. Aso Rock knew no other candidate stood a chance in hell against the enormous cash stash of Tinubu and Rufai as well as over a dozen northern governors.
When Emefiele was apprised of this game plan, he reportedly outlined the challenges and the hullabaloo that would ensue, especially considering the heightened election campaign. Buhari had charged the CBN governor to go ahead and implement the initiative.
According to Premium Times, here’s Buhari explanation for the naira redesign in November last year in the heat of the presidential election campaign: “There was an urgent need to take control of the currency in circulation and to address the hoarding of naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation and the increase in counterfeiting of high denominations of naira banknotes.”
Mark Buhari’s words: “urgent need,” “take control” “currency in circulation.” These are telling words that speak of Buhari’s hidden motives.
After the elections, Buhari spoke again in March: “I am inspired by the fact that voters were able to make their own decisions, to decide who won and who lost. With the currency change, there was no money to spread around but even then, I told the voters to take the money and vote their consciences.”
Buhari’s unspoken motive of course, was to stop the Tinubu train. But they fought back with everything they had – the judiciary, bank executives, the media, and even the rabble on the streets of the Southwest – to counter Buhari’s offensive. It was a helluva fight. Cash was really scarse and they were losing the election with ignominy but for the last minute INEC BIVAS shenanigan. They had to shutdown electronic transmission of results in order to save the day! They had to get INEC to work overtime and declare spurious results that made the whole world aghast, especially the EU election observers. The outcome of that heist remains indefensible even at the election tribunal.
EMEFIELE CAUGHT IN THE VORTEX OF A POWER GAME: Buhari may well still have the last laugh going by the fresh twists from the tribunal. From the foregoing, it is obvious that Emefiele may not be let off the hook in a hurry. The presidency would use and abuse the judiciary and even the DSS to ensure that maximum penance is exacted on their perceived number one nemesis: Emefiele.
Several courts had handed injunctions against Emefiele’s arrest and detention. No dice. Courts have ruled in favour of bail. No way. Courts have ordered his release without further ado, but the presidency through the DSS would break every law in the land to hit back at Emefiele.
You would think Emefiele committed high treason or came close to Hadi Sirika in terms of despicable conducts in public office. But since June 10, that the DSS picked Emefiele by the ears like a rabbit and hauled him to Abuja in utmost ignominy, they haven’t been able to pin any serious charge on him!
They had first accused him of financing terrorism, (but there’s a list of hundreds of confirmed terror financiers sent over by the US but ignored by the DSS); they accused him of supporting IPOB and now his current crime is being in possession of a single barrel shotgun. For this, he would be hauled back to Lagos next week to be arraigned – after nearly one month of so-called investigation and detention.
GOVERNANCE BY VINDICTIVENESS: What’s therefore apparent here is that Emefiele has been caught in the vice web of APC succession battle. He’s the fall guy. Pity that the Tinubu government is presenting itself as vindictive and small-minded. It is willing to prove its meanness by nailing or even jailing Emefiele by all means. One would expect a fidihe (placeholder?) government to be gracious and crave the goodwill of all. It ought to eschew distractions like this while redeeming itself with work and more work. Knowing that Emefiele was merely taking orders just as the current CBN head would take orders from the incumbent president.
IN THE FINAL ANALYSIS: There’s no doubt that the former CBN governor was part of a failed Buhari era. However, records show that for nearly eight years, he was probably the pillar holding an administration that was shorn of quality economic minds. Buhari never appointed an economic adviser of renown nor did he believe in an economic team. Emefiele therefore was the fulcrum of Buhari’s economic nationalism which favoured mixed markets, partial subsidy and multiple-window currency exchange market. Emefiele for most part, did not only manage just monetary policies but led the apex bank to embarking on far-reaching fiscal policies that impacted on the economy over these years. He is probably the most development-minded CBN governor in recent times having driven major agricultural and youth empowerment programmes as well as financial inclusion. The few plaudits Buhari earned in agric production, especially rice and the anchor borrowers scheme were the brainchild of Emefiele. By and large, he stabilised the economy unlike the crisis we suffer today only after two weeks of Buhari’s exit.
Lastly, vendetta and persecution is by no means a laudable leadership quality.
Feedback: email: steve.osuji@gmail.com
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July 22, 2023 @ 17:05 GMT|
Tags: Godwin Emefiele Muhammadu Buhari
