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CBN biting more than it can chew – Kingsley Muoghalu



CBN biting more than it can chew - Kingsley Muoghalu

Former Deputy Governor, Central Bank of Nigeria (CBN), Prof. Kingsley Muoghalu has faulted the make-up of the current apex bank, saying it was exceeding its boundaries and functions.

He said the CBN he spearheaded years back was no longer what it used to be following several encumberances it occupied itself with, insisting that the apex bank was not meant to be an alternative to a failed state.

Muoghalu spoke at Nnamdi Azikiwe University, Awka, Anambra state at a event organized by a socio-political pressure group, “Kwechiri N’oganiru Anambra, themed, “Anambra: The Quest For Excellence in Governance.”

He said, “Many people have expressed concerns at the level of expansion of the CBN. The CBN can’t become an alternative to a failing state. The CBN of today is involved in a lot of things. Many people confuse the CBN with the Ministry of Finance, Agriculture and so many others.

“We all know what CBN supposed to mean, even in developing countries where CBN should be involved in development finance, but it needs to be within a certain boundary. And many, including I feel these boundaries are being exceeded.

“Besides, it’s a public knowledge that CBN has gone beyond the legal bounds allowed by the Central Bank act in terms of lending to the Federal government. An independent CBN is one that supposed to stand its ground against the demands of politicians and other vested interests.

“We hope the CBN will be conscious of these concerns that many Nigerians have.”

Muoghalu who was the Presidential candidate for the Young Progressive Party, YPP, blamed Nigeria’s woes to what he described as corruption of democracy which he said had been hijacked by the politicians.

According to him, what Nigeria needed was a brand new constitution instead of its a review to resolve its myriad of challenges, insisting that the present constitution was never designed to reflect the nation’s true status.

He called on Nigerians to hold their leaders responsible to account for their stewardship.

He added, “I don’t think Nigerian government has met the bar in terms of accountability, transperacy, inclusiveness, effectiveness, effectiveness and other indices of good governance which has led to the insecurity, poverty and inflation.

“But the hope depends on Nigerians which they can exercise with their votes at the polls in 2023. They need to elect government that can’t just win an election, but also govern the country.

“Democracy can’t work if the millions of Nigerians do not take responsibility for the outcome of elections. The people need to understand that they’re not the spectators but rather the engine of democracy.

“Nigerians should resolve that they’ve had enough of the nonsense going on. What we have now is not democracy, but a government by politicians, of politicians and for the politicians. That’s corruption of democracy.

“If you vote for party instead of individuals you’re sure of his capacity, don’t complain about the outcome. If
your votes don’t matter, why are the politicians buying them?

He said it was regrettable the way politicians use religion to divide the people of the state, urging them to resist such division.

“Religion should not be a determining factor in our elections. We must resolve among ourselves not to allow religion to divide us.

Reacting to the security votes of state governors, Moghalu said, “the security votes should be scrapped because it’s not part of accountable governance. If it’s supposedly for security, and we still have the security challenges we have today, then what’s the point?

On his part, former Chairman of the Nigerian Electricity Regulatory Commission (NERC), Dr. Sam Amadi expressed doubt over National Assembly readiness to amend the Electoral Act, stressing the need for Nigerians to mount presure on them.

“We have the worst Senate ever. I doubt if the electoral act can be amended under the current leadership,” he said.

Earlier, Anambra South Coordinator of the group, Mr Uzordimma Nzeribe called on Anambra people to be careful in the choice of the next governor of the state.

The Convener, Mr Nigeria Mbachu called for cancellation of security vote, no overseas trips for elected and appointed office holders, no extension of Service year in the state civil service, among others.

Profile: From Ozuitem, Bende Local government Area of Anambra State. Political science (B. Sc) from Nnamdi Azikiwe University, Awka & Business Administration (Diploma) from the University of Calabar. Email him at

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