From Unyielding Authority to Tearful Humility: The Curious Case of Godwin Emefiele

By #adl 

In the grand tapestry of life, irony often takes center stage when the most formidable of individuals find themselves humbled by unforeseen circumstances. 

Emiefele in Court

Such is the case of Godwin Emefiele, a name that once echoed with resolute authority as the Governor of the Central Bank of Nigeria. Little did he know that the tables would turn, and he would face the very struggles he once dismissed.

In the final chapter of his tenure, Emefiele launched the "Naira Redesigned Policy," a move that would later be referred to as a journey through the inferno by many Nigerians. 

As the nation grappled with the soaring scarcity of naira and the gradual erosion of purchasing power, Emefiele, unyielding and resolute, proclaimed that there was no turning back. The populace's pleas fell upon deaf ears, and as the suffering reached unprecedented heights, some succumbed while others trudged on.

Fast forward to a different time, a different scene—a courtroom bustling with anticipation and heavy security. Emefiele, now a defendant, stood before the bar of justice, the same place where he once wielded power. This time, however, his eyes were pools of tears, a stark contrast to the steely resolve he had displayed not so long ago. The man who had watched, unmoved, as others faced hardship now faced the consequences of his actions.

As he wept and pleaded, a sense of irony hung in the air like a familiar melody. The once-mighty Emefiele, now vulnerable and remorseful, seemed to have experienced a cosmic twist of fate. Those who bore witness to his emotional breakdown couldn't help but recall the days when their cries fell on deaf ears. A sense of poetic justice filled the room, leaving no doubt that the tides of time are a force to be reckoned with.

Emefiele's tears flowed unabated, akin to a baby yearning for his mother's comforting embrace. The courtroom, usually a stage for stern legal battles, became an arena for the spectacle of humanity's capacity to change. The man who had stood tall in the face of adversity was now grappling with his version of it, a reminder that power and prestige are ephemeral.

In this narrative, we find a lesson that transcends borders and circumstances. The tale of Emefiele serves as a poignant reminder that those who wield authority must do so with compassion and empathy, for the wheel of fortune turns, and what goes around truly does come around. 

As the chapter of Emefiele's life takes an unexpected turn, it leaves us with a thought-provoking question: Can tears of remorse wash away the sins of the past? Only time will tell.

Enjoy and be happy subsidy or no subsidy. 

#AdlWrites

MP Tom Tugendhat was speaking "rubbish" Says Gowon | AgegePulse Magazine

“Former Nigerian head of state Lt Col Yakubu Gowon has denied an accusation made by a British MP of "stealing half of Nigeria’s Central Bank".

The Conservative MP Tom Tugendhat said in the UK parliament on Monday:

"Some people will remember when General Gowon left Nigeria with half the Central Bank of Nigeria, so it is said, and moved to London."

But, in an exclusive interview with the BBC, Lt Col Gowon took issue with accusation.

“I don't know where he got that rubbish from, I served Nigeria diligently and my records are there for all to see,” he said.

After leaving power in a bloodless coup in 1975, General Gowon went to the UK and enrolled at Warwick University as an undergraduate where he studied political science and international relations.” Copied

Nigerians To Start Paying For Bank Deposit, Withdrawal - CBN

AgegePulse Magazine

Effective Wednesday, September 18, cash deposits and withdrawals from individual bank accounts are to attract addition charges, the Central Bank of Nigeria said on Tuesday.


In a circular to all deposit money bank (DMBs), the Director, Payments System Management Department at the CBN, Sam Okojere, said henceforth 3 percent processing fees would be paid for withdrawals and 2 percent for deposits of amounts above N500,000 for individual accounts.

Similarly, corporate accounts will attract 5 percent processing fees for withdrawals and 3 percent processing fee for lodgments of amounts above N3 million.

The CBN said the charges would be in addition to already existing charges on withdrawals, and will be aimed at encouraging it’s cashless policy.


The statement, however, said the charge on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

To further promote a cashless economy and enhance the collection of applicable government revenues, the CBN also announced a review of the process for merchant settlement by bank customers.

With the review, which takes effect from Tuesday September 17, the CBN said it gave approval for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.


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Polaris Bank Takes Over Skye Bank

AgegePulse Magazine

The Central Bank of Nigeria (CBN) has revoked the licence of Skye Bank Nigeria Plc.

CBN Governor and the Managing Director of the Nigeria Insurance Deposit Corporation (NDIC), Godwin Emefiele, disclosed this on Friday at a media briefing in Lagos.

He also announced the change in the name of Skye Bank to Polaris Bank which takes over the bank.

He said an injection of N786 billion has been made into the bank with the Asset Management Corporation of Nigeria (AMCON) has been directed to commence the sale process of the bank from Monday.
The revocation of Skye Bank’s operating licence follows the Central bank’s decision to pause its injection of funds processes in the lender.

The regulators maintain that customers deposits safe as management and members of staff will be retained under the new ownership structure.

Meanwhile, the share price of Skye Bank on Friday gained 4.05 percent at 77 kobo.

The stock is expected to be placed on suspension from Monday in accordance with bridge bank procedures.

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Nigeria must create 4 million jobs annually to ensure growth - Ambode

…Asks CBN to reduce lending rate on N200bn MSME fund

Lagos State Governor, Mr Akinwunmi Ambode on Saturday said for Nigeria to meet its growth ambitions and achieve full economic potential, concerted efforts must be made to create at least four million jobs annually and as well jettison policies that stifle development.

Speaking at the opening session of the 9th Annual Bankers’ Committee Retreat of the Central Bank of Nigeria (CBN) held at Renaissance Hotel in Ikeja, Lagos, Governor Ambode said it was time for the government to review such policies that inhibit growth, and as well come up with a well-functioning low cost financial system that will work for all Nigerians.

While describing the theme of the retreat – “Improving Financial Access, Enabling Job Creation and Driving Inclusive Growth in Nigeria,” as apt, the Governor said same was at the heart of the nation’s economy and are important determinants of the country’s future prosperity, but that all hands must be on deck to create more jobs for the people and ensure 6.7 per cent annual growth rate.

He said: “To meet our growth ambitions we need jobs. Figures from the National Bureau of Statistics show that in employment terms, from a labour force population of about 81million people, we currently have 11.5million people unemployed in Nigeria and 17million people under-employed with the total employment is around 52.6million while the working age population grows by 3.7 per cent every year. So, to make a meaningful dent on un-employment and underemployment, and to reduce poverty (which is at over 60 per cent), we need to be creating at least four million jobs per year.

“Where do banks fit into all of this? Well, the reality is if we do not have a well-functioning banking sector, all of this is not possible. Both investment and day-to-day commerce requires the intermediation of banks. And while someone outside of the formal financial sector can in some cases make a living, the reality is that incomes of the bottom of the pyramid are increased when we have better financial inclusion but we are not there yet.”

The Governor, who particularly alluded to the strategy adopted in Kenya to deepen financial inclusion, said efforts must be made to ensure low cost access to banking services especially through mobile money.

He said it was painful that mobile money had been so slow to take off in Nigeria despite huge population, saying it remained very low, increasing from just 0.7million adults in 2014 to 0.9million in 2016, despite the fact that there were about 58.2million people who actually had mobile phones in 2016.

Besides, Governor Ambode challenged the CBN, the Nigeria Deposit Insurance Commission (NDIC), commercial banks and other players in the financial system to decide the type of financial system that will really impact on employment and bring more people into the formal financial system.

According to him, “This is where we should focus as a nation not the type of directives or decisions that actually try to stifle growth and commerce. One clear example is this; as a State Government, I want to take a commercial loan from the bank and they tell me I should go and get a letter from Debt Management Office (DMO); I should get approval from the Federal Ministry of Finance; I should go to CBN and so on. Who does that?

“You want to accelerate growth and everything that I am doing even when I take loan from the bank; when I do bond and so on, I am only trying to reflate the economy. Each construction site that you see in Lagos, I am trying to create employment at the lower level so that the artisans, the bricklayers and so on can go home with N5,000. I need to do something in Badagry to make the people stay there and not come to the central Lagos and when you take the extra money outside the IGR, you are actually trying to help the economy to reflate itself and that is why you are able to excite yourself with the growth that you have seen in the third quarter that we say is 1.5 but that is not the number that we want.

“So sometimes, government seems to shoot itself in the leg. Why should Lagos State go and be meeting DMO to say I want to take a commercial loan when 80 per cent of my IGR can pay the loan itself back? So, you see that there is some sense of homogeneity in the policies that we make but sometimes they are not really flexible and you end up coming back to say we want to create jobs but the things that create jobs are the things that we are actually working against and you create unnecessary competition in the system.”

Responding to earlier comment by the CBN Governor, Mr Godwin Emefiele on the inability of the Micro Small and Medium Scale Enterprises (MSMEs) to access the N200billion fund earmarked for them, Governor Ambode said the easiest way to achieve same was to reduce the lending rate to about five per cent or lower.

He said at the State level, his administration created the Employment Trust Fund through which about N10billion had been disbursed to the MSMEs at five per cent with over 6,000 benefiting so far, saying the CBN could replicate such at the federal level for the overall benefit of the people and the system.

Stop complaining, join political parties, Osinbajo tells youths

AgegePulse

You' ve power to change your destiny to better - Moghalu

Vice President Yemi Osinbajo has urged youths in the country to join political parties ahead of the 2019 elections to enable them to be voted into political offices.

Osinbajo, who was represented by Sen. Babafemi Ojudu, Special Adviser to the President on Political Affairs, made the call at the Emerging Political Leaders Summit in Abuja.

He said that it was not enough for youths to always complain about bad leaders, but that they needed to break the status quo by taking the chance to be elected and create the transformation they needed for a change.

“Youths have a challenge in their hands for the future of our country; so, I advice you not to sit down and fold your hands and be lamenting over bad leadership or politicians.

“Get down to business, organise and do something to become elected political youths; after all, Enahoro became a leader in this country at the age of 23 and later moved a motion for the nation’s independence at the age of 27.

“The leaders there today will vacate the place tomorrow so if you the youths don’t start preparing today by getting mentored and learning the ropes.

“There is no way you will perform very well if the mantle of leadership falls on you tomorrow; so there is need for you to go in there and participate,’’ he said.

Osinbajo, however, advised youths not to expect that from the day they start participating in politics they would become the president of Nigeria.

He said that it was not realistic and could not happen, but that they needed to start gradually from the ward level and move up to local government level and to state “before the presidency’’.

Mr Kingsley Moghalu, former Deputy Governor of Central Bank of Nigeria (CBN), said that youths had the power to change their destiny to a better future by participating in politics from the grassroots.

Moghalu said that what the country needed was a democratic revolution at the polling units, adding that for it to happen the citizens should recognize that they had the power to change and improve governance.

“If they don’t exercise that power, if they keep selling their votes for N2, 000 so that they will eat today, their children will have no jobs in the future.

“It is high time Nigerians stopped seeking immediate gratification; they always love what they can get now and that is killing us as a nation.

“If this continues, then the citizens are just as irresponsible as the leadership they condemn,’’ he said.

Moghalu said that the next line of action lay with the citizens, adding that “we have talked enough, the politicians don’t listen, they keep carrying on in their old ways.

“We have had enough but if that is true, then we must act like we have had enough and take up the challenge to change the status quo.’’

The convener of the summit, Mr Wale Ajani, said the event was organsied to brainstorm ahead of the 2019 elections towards problem-solving both economically and politically for country’s development.

Ajani said that the summit became imperative at this auspicious moment in the nation’s history because Nigeria had remained a country of enormous potentials for several decades but unable to perform better in human development and economic indices.

“Leadership failure is largely at the heart of the current woes bedevilling Nigeria, with little being done to build a new crop of leaders.

“The nation seems fixated; the citizens have come to have very low expectations of their leaders. The summit provides a platform for qualitative conversations and discourse about Nigeria.’’

He said that it was time for Nigeria to have a paradigm shift as an alternative to the current system where there already existed a disconnection between citizens’ expectations and service delivery by politicians.

Source: Panorama