FixPolitics urges democratic accountability in Nigeria’s financial system


For the Central Bank of Nigeria to restore confidence in the management and integrity of the country’s financial system, it must steer clear of partisan politics, while its governor remains apolitical, the #FixPolitics Initiative has said.

#FixPolitics stated this on Tuesday to explain why the CBN Governor, Godwin Emefiele, must resign or be booted out of the office.

The statement was signed by its Co-Chair, Constitutional, Political and Electoral Reforms, Prof Remi Sonaiya, and Executive Director, Anthony Ubani.

It said, “The apex bank must be insulated from partisan politics and the office of the CBN governor must remain apolitical, to allow its occupant the neutrality and independence to effectively execute the sensitive and significant duties vested in the office.”

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According to the initiative, there is a revelation by the All Progressives Congress National Chairman that Emefile is a card-carrying member of the party since 2021, joining the party after he was appointed governor of the CBN.

The group stressed that by being a card-carrying member of APC, Emefiele has lost his independence and can no longer speak truth to power, neither can anything he says or does now be believed nor accepted by the Nigerian people, who pay the taxes from which his salary is paid.

“It is now crystal clear that rather than devote the whole of his time to the service of the CBN, Emefiele has been spending his time and attention in office playing partisan politics. Little wonder that the naira has been on a steady and sustained descent, while inflation has been on a rapid ascent,” it stated.

#FixPolitics stated, categorically, that by the shocking and appalling development, “Emefiele’s position as CBN governor is now absolutely, more than ever, untenable.”

Earlier, in a statement issued on Monday, #FixPolitics had joined concerned Nigerians, civil society groups, the media as well as state governors, both in the ruling and opposition parties, to condemn Emefiele’s action of obtaining the APC presidential form.

The group had demanded the immediate resignation of Emefiele as CBN governor or he be removed from office by the President, for breaching provisions of Section 9 of the CBN Act and for conduct inconsistent with best conventions and good governance principles for central bank governors under a democratic government.

“Rather than respond with remorse and respect for the legitimate concerns and demands of Nigerians, Emefiele, in an arrogant and stone-deaf manner, chose to hire a Senior Advocate of Nigeria and to swear to an affidavit of urgency for a short date to be granted in a suit to be heard, challenging the constitutionality of the CBN Act that prevents him from running while serving as a governor of the apex bank.

“This is how low Nigeria has sunk in the cesspit of abuse of power of public by public service leaders,” it added.

A citizens-led, research-based movement designed to structurally change and innovate politics in Africa, #FixPolitics called on Nigerians at home and in the Diaspora to take note of the steady and brazen erosion of every vestige of due process, good governance, democracy and accountability in Nigeria in this decadent season of anomie.

“The politicisation of such a very significant institution like the CBN must not be allowed to stand. It is, therefore, imperative that Emefiele resigns his office forthwith or be sacked by the President.”

It explained that democracies die in darkness, but they die a slow and even more painful death when citizens sit idly by and refuse to hold elected and appointed public leaders accountable.

“This desecration and compromise of the CBN must not be allowed to stand. Emefiele must resign now or be booted out!” #FixPolitics added. 

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