Mefy, stop riding the back of a tiger, By Ehi Braimah

Mefy, you are the one in the eye of the storm – not a friend or a friend. Consider the pressure on your family and the legacy you will leave behind that is at stake. What is your exit strategy?.. You need to hurry up and send more money into the hands of Nigerians before it is too late. This is the only way to save the situation as we gradually migrate to a cashless society, which is your long-term goal.

For those who don’t know, “Mefy” is the alias of Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN) who completed his first five-year term in 2019 and was reappointed by President Muhammadu Buhari for another term. five years. Ten years is a long time in a high position that is the cynosure of all eyes.

Do you know what it means to be a CBN governor? Mefy’s tenure began on June 4, 2014 when he was first appointed by former President Goodluck Jonathan. Prior to this appointment, he had spent around 26 years in commercial banking and was the group managing director/chief executive officer of Zenith Bank.

Our CBN Governor holds a degree in Banking and Finance from the University of Nigeria, Nsukka (UNN) and he is a proud alumnus of Stanford University, Harvard and Wharton Graduate Schools of Business. As you can see, Mefy has excellent credentials from some of the best universities in the world.

However, since becoming the CBN governor, it has been a roller-coaster ride for the former university lecturer.

I don’t know how Emefiele wants to be remembered after he leaves office, but if we examine his role as CBN governor and his performance as a “politician” between June last year and now, his rating in the court of public opinion is nothing. – less time.

Clearly, this is not what Mefy wanted and I’m sure he doesn’t like the negative publicity that is now tarnishing his reputation. Wherever he is today, the media spotlight is on him for the wrong reasons.

Two issues, which have created a wide network around him, are visible: his entry into presidential politics and the redesign of the naira. If we interrogate this issue extensively, we can write a book on Mefy and his misadventures. Clearly, he could be a victim of his own stupidity.

What exactly was Emefiele thinking when, as a sitting Central Bank governor, he showed interest in running for president in the ruling All Progressives Congress (APC) without resigning from his position? I still couldn’t wrap my head around the idea, and when the news spread around the world, it was not well received – to the best of my knowledge.

The CBN governor wants to eat his cake and have it because he knows the sky is not going to fall – a pattern that fits the pervasive culture of impunity. He was not grandstanding when he approached the federal high court in Asaba for injunctive relief to prevent anyone from scuttling his presidential ambitions.

This is the bravery he did as a sitting CBN governor.

Mefy was deceived by close friends, power brokers and dim-witted opportunists into believing that he stood a chance in the race for the APC presidential ticket, which turned out to be a wild goose.

It was part of a grand plan to undermine the APC presidential leadership, but it backfired. He wasn’t the only one lined up for the nefarious campaign.

Mefy should not mix his position with murky political waters. He failed miserably on that score, no matter how hard his PR machine tried to spin the story. As the governor of CBN, Mefy should close his office from duplicitous acts of politicians and guard against jealousy.

To expose ourselves to politics and politicians in the way we have done, is to compromise the integrity and high ethical authority of the office. Mefy should have immediately retired after committing an unforced error.

Indeed, Mefy’s strategy team has even gone ahead to form different committees and make some important appointments to push the political campaign.

According to insiders, eight ministers who served in the Buhari administration attended a strategy session at the Mefy presidential project last year at Eko Hotel, Victoria Island, Lagos. Emefiele did not know that he had been set up with a lot of money.

If he really wants to be president of Nigeria, wouldn’t it be better to complete his second term as CBN governor? Who counted him? Why is he punching above his weight? What point is this trying to prove?

The United States Central Bank – also known as the Federal Reserve System or simply, the Fed – has a board of governors chaired by Jerome Powell. Could Powell also wake up in the morning and announce his bid for the presidency of the United States, along with other candidates while he is still the chairman?

What about the Bank of England? Can Andrew Bailey, the governor, also muzzle his way through parliament in England and seek to become prime minister of the country while still in office?

Mefy has a great job ahead of him as CBN governor. He is the head of a powerful and influential financial institution with full autonomy that acts as a banker and provides economic and financial advice to the Federal Government, issues legal tender currency, maintains external reserves to maintain the international value of the naira, and promotes a financial system that healthy

Combined, Mefy’s mandate is to promote – and defend – the public interest. But how did he do so well?

On Mefy’s watch, the naira crashed to the point where one dollar was exchanged for more than N750 on the black market. It can be said that the forex crisis is not all his fault, but it appears that Emefiele is hoping to reverse the naira as president – something he could not achieve as CBN governor!

The same Mefy previously accused the founder of Aboki Fx – a discredited online platform for live exchange – for “manipulating” our exchange rate from his base in London and threatened to “deal” with him. What has changed since then? Do we have a better exchange rate now?

Mefy knows that foreign currencies – especially dollars, pounds sterling and euros which are pegged at ridiculous exchange rates – are openly sold in our international airports, as well as on the streets of Nigeria, or does he not know? What did he do? How is it different from people who splash naira at social events, as much as I don’t like the idea?

Forex challenges aside, the naira redesign and its implementation have threatened to cripple the economy. Mefy is in the driver’s seat of the project and smack in the middle of the crisis – he has no rest, even if he tries to put on a brave face on the outside.

Mefy is also human. He was very worried inside.

No one can say that the naira exchange policy is politically motivated, but clearly not enough new notes are being printed and the implementation of the policy is dangerous, causing pain and hardship to everyone.

Although the naira exchange policy is supported by President Muhammadu Buhari, what is also evident is the lack of stakeholder engagement. First, the Minister of Finance, Budget and National Planning, Zainab Ahmed, denied knowledge of the naira redesign initiative during a Senate hearing in Abuja last year. He was not brought.

The deadlines set for the policy have also proven unrealistic and have led to significant pushback by different bodies and individuals – including the intervention of the Supreme Court after several states challenged the policy.

The chorus everywhere is that deadlines must be extended; more new notes should be printed abroad, because our local agencies do not have the capacity to meet the demand, while new and old naira notes should be allowed to transact for a reasonable period of time. in circulation.

Perhaps, Mefy did not expect the national anger caused by the currency chaos, in addition to the ongoing shortage of gasoline. With the general election in view, it is easy to suspect sabotage.

In a strong statement, Bayo Onanuga, the director of Media and Publicity of the APC Presidential Campaign Council (PCC) called for the sacking of Emefiele as CBN governor, “after the turmoil that followed the controversial naira exchange policy” and “put Nigerians through a terrible experience and untold hardship can be understood in the last two weeks.

If Asiwaju Bola Ahmed Tinubu wins the presidential election, what will happen to Mefy’s job?

Meanwhile, the CBN governor has also had a running battle with the Department of State Services (DSS). The secret police accused Mefy of money laundering and terrorism financing. It is a serious charge that is still on the table, although according to a Bloomberg report, Emefiele’s defenders believe that politicians are targeting him because of the currency reform.

At a time like this, not many people envy Emefiele. Even if the cat has nine lives, it is dangerous to ride on the tiger’s back, unless he has a choice of survival.

This is particularly difficult for bankers from Agbor in Delta State – an area from where you will find contemporaries and philanthropists such as Jim Ovia, chairman of Zenith Bank. General Lucky Irabor, Nigeria’s chief of defense staff and Nduka Obaigbena, a media entrepreneur, are kith and kin from the Agbor axis.

Mefy, you are the one in the eye of the storm – not a friend or a friend. Consider the pressure on your family and the legacy you will leave behind that is at stake. What is your exit strategy?

You must hurry to print and send more money into the hands of Nigerians before it is too late. This is the only way to save the situation as we gradually migrate to a cashless society, which is your long-term goal.

Ehi Braimah is a public relations strategist and publisher/editor Naija Times.