2023: PDP calls for arrest, prosecution of Emefiele


The opposition Peoples Democratic Party (PDP) has called for the immediate arrest of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over his alleged involvement in partisan politics.

PDP called for investigation and prosecution of Emefiele by security and anti-graft agencies, particularly the Economic and Financial Crimes Commission (EFCC) for alleged “financial malfeasance and abuse of office in the CBN under his watch”.

The main opposition party made the call via a statement issued and made available to The Star on Saturday by the PDP National Publicity Secretary, Hon. Debo Ologunagba.

Emefiele had come under heavy criticism after a coalition comprising Rice Farmers Association, Emefiele Support Group and Friends of Godwin, on Friday, obtained the N100 million Expression of Interest and Nomination Forms of the All Progressives Congress (APC) for the CBN Governor to run for the 2023 presidency.

PDP, on Saturday, stated that Emefiele’s involvement in partisan politics while still holding office as CBN Governor “underpins the impunity, lawlessness and recklessness” of the President Muhammadu Buhari-led administration.

The opposition party added that the CBN Governor’s involvement in politics further confirmed that the apex bank under Emefiele has since been the finance department of the APC.

It added that Emefiele’s involvement in politics without resigning as CBN Governor “amounts to gross misconduct in contravention of Section 11 2 (2)(c) of the CBN Act”.

The statement partly read: “Now that Mr. Emefiele has joined politics and reportedly obtained the N100 million Presidential aspirant form from the APC, he cannot continue to resume at the CBN which is the commonwealth of our nation.

“By this Mr. Emefiele has become a clear and present danger to the health, integrity and reputation of the CBN and our nation’s financial sector. His continued stay as CBN Governor will further destroy investors’ confidence in the integrity of our nation’s financial regulatory Institution.

“Mr. Emefiele’s involvement in partisan politics while still holding office as CBN Governor underpins the impunity, lawlessness and recklessness of the Muhammadu Buhari-led APC administration. It further confirms that the CBN under Emefiele has all along been the finance department of the APC.

“It is now evident that the summersault of the economy under Mr. Emefiele as CBN Governor has been influenced by a personal partisan interest for which the CBN under his watch allegedly allowed multiple leakages in our financial regulations through discriminatory exchange rate policies and nebulous subsidies to funnel billons of naira to political lackies to fund a presidential ambition.

“This also explains why under Emefiele, the CBN which is supposed to be the bankers’ bank continues to engage in fraudulent retail banking services under ill-defined economic intervention programmes to plunder the treasury.

“The tsunamic macro-economic and fiscal policies of the CBN under Emefiele brought untold hardship to the productive and service sectors of our nation’s economy with consequential negative effect on the lives of our citizens.

“It is provocative that instead of being remorseful, Mr. Emefiele is even insulting the sensibilities of Nigerians by seeking the office of the President while still holding office as CBN Governor.”

The main opposition party added: “The PDP points to reports in the public space of how Emefiele’s agents through corrupt practices, including manipulation of exchange rate, allegedly amassed sum close to $1 billion dollar which is already being deployed by the purchase of hundreds of Emefiele branded campaign vehicles in the colours of the APC in furtherance of a lavish Presidential campaign.

“The direct consequences of such atrocious regime in the CBN under Emefiele is the collapse of our naira from N197 to N600 to a dollar, the crippling of our productive sector, multiple economic recession, increased poverty, inflation and unemployment rates, high costs of living and excruciating hardship to our citizens.

“It is indeed saddening that President Muhammadu Buhari, who promised zero tolerance for corruption will enable, encourage and condone such atrocious regime in the CBN where our economy is opened to fraudulent pillaging to promote a political ambition.

“Our party stands with Nigerians in demanding the immediate arrest, investigation and prosecution of Mr. Emefiele by security and anti-graft agencies, particularly the Economic and Financial Crimes Commission (EFCC) for alleged financial malfeasance and abuse of office in the CBN under his watch.

“As Nigerians we are determined to confront this evil. We wish Mr. Emefiele well in his new found but ill-fated political vocation but we demand that he must be brought to account for the activities that he undertook, supervised and superintended over the years that he has been at the helm of affairs at the CBN and for which our economy is in comatose.

“The PDP calls on all Nigerians, the Civil Society, Students, Organized Labour, the Media and all lovers of good governance to rise up as the PDP takes drastic actions in leading the charge to defend the integrity of the CBN, Rule of Law and ensure that those who brought our economy to its knees face the wrath of the law,” the PDP stated.

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