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The Imperative of Emefiele’s International Recognition on Nigeria’s Economy
By Solomon Semaka
In the Christian Holy Book, Jesus is quoted to have said to the people of his hometown of Nazareth after they failed to recognise his messianic message of the sonship of God that a prophet is not without honour, except in his hometown and among his relatives and in his household.’ (cf Mark 6: 4, English Standard Version). The people of this little town could not believe that the little boy that grew up with them, whose parents they also knew very well could become so powerful, wise and knowledgeable about the law and scriptures like Jesus did. The elders felt they should be the ones teaching him and not the other way around. Even in our homes and offices, we trivialize people’s talents and skills because they come from certain places or are of a certain age or religion. It is also common for people to refuse to accept even the most seasoned technocrat’s leadership because of political party affiliation, tribe and even religious or gender consideration. This analogy can be likened to the case of a great financial wizard and technocrat of the Nigerian banking system in the person of Chief Godwin Emefiele, the indefatigable Governor of the Central Bank of Nigeria.
The global Banking and Financial Community over the years has been keenly observing and documenting his numerous pioneering achievements and technological innovations in the Nigerian banking system and the Central Bank of Nigeria. Little wonder, on Thursday, 13th October 2022 at the Willard Intercontinental Hotel, Washington DC, the Foreign Investment Network (FIN), organizers of the *Euroknowledge* Award For Digital Transformation conferred on the astute financial Wizard, the
‘Euroknowledge Africa Most Innovative Digital Transformation Governor of the Year Award for 2022. This more than ever before calls for genuine celebration and indeed Nigerians who are conversant with the modest yet transformational works Chief Emefiele was doing for the Nigerian economy are in great jubilation and rolling out the red carpet for him.
Chief Godwin Emefiele is no doubt a giant in the area of banking innovations. He is a pioneer not just in Nigerian banking but in Africa and indeed the world at large. The CBN under Emefiele has emerged as a pace-setter in the payments system with pioneering efforts in Central Bank Digital Currency (CBDC). This is the first of its kind and a marvel even to the International Monetary Fund (IMF) and the World Bank who have shown interest and are eager to key into the innovative policy, a brain child of the Central Bank of Nigeria under Godwin Emiefele. This digital currency popularly called e-Naira has clocked one year since its launch with many financial benefits to justify it’s sustainability.
Before the emergence of Emefiele, many Nigerians were ‘unbanked’ and had no access to financial and banking services, especially in rural areas. The CBN under Chief Emefiele changed that narrative and also deepened options for digital payments by licensing many Micro-Financial companies to deliver services to the grassroots. The CBN also licensed Mobile Money Agents that made it possible for Nigerians everywhere to seamlessly operate wallets on their phones, and receive and send money without any hassles. The multiplier effect of this on the economy is unquantifiable.
The CBN had, in the wake of the COVID-19 pandemic saved Nigeria from going into a terrible recession even when almost the whole world was on its knees and barely struggling to keep their economies afloat. The innovative financial management techniques and approaches used by the CBN through the AGMESIS loan scheme for SMEs and Households which stimulated local production helped save the economy. Not just that, the CBN through the able and visionary leadership of Chief Emefiele extended more stimulus packages to youths through the NYSC scheme, manufacturers and other stakeholders, the Nigerian economy did not succumb to the global recession that visited other countries. Nigerians of goodwill across all divides are grateful for this financial mastery of a Nigerian son and patriot who is now receiving international awards with reckless abandon.
Through the financial foresight and determination of the CBN Governor and keeping to the cashless policy of the CBN, Point of Sale Terminals (POS) is spread across the length and breadth of the country. Before now, only in banks could one find POS. With a secured payment system and a robust system for lodging complaints in various financial institutions and other licensed payment agents, POS operators are smiling daily to the bank with their patrons saving many man-hours that were previously wasted queuing in banking halls and bank ATM machines. Apart from the hundreds of thousands of people employed as POS vendors, the deployment of POS and their seeming availability in all shops, schools, churches, fueling stations, motor parks and even in the remotest villages has eased payments and facilitated trade all over the country.
Nigeria has become a hub for direct foreign investments in Nigeria because of the ease of doing business facilitated by the legendary financial wizard. The number of investors indicating interest in the Nigerian business environment especially the financial sector and those already doing business in Nigeria is a confirmation of the fact that Nigeria under Emefiele is a fertile ground for secured and profitable investments. With a secured payment system and a friendly forex regime, investors have nothing to fear as can be seen from the number of new investors choosing the Nigerian destination from all over the world. Nigeria’s economy is indeed growing and history will forever be kind to Chief Emefiele for his innovative financial management skills and prowess.
The CBN in conjunction with the Nigerian InterBank Settlement System (NIBSS) and the Bankers Committee set to float a National Card Scheme to improve the payment system in Nigeria. The project which has already received approval and the nod of all stakeholders is the brainchild of the CBN under Chief Godwin Emefiele. The National Domestic Card scheme is created to help drive acceptance and efficiency and reduce the operating cost of cards in the country. It is configured to address the unique ecosystem that we have to help improve payment across the nation with lower charges. This local content is at its peak with features that support micro-payment and credit, e-government, identity management, transportation, the health sector and agriculture in terms of payment. This and many other innovative solutions are the things the ‘little boy of Nazareth’ is doing that many people do not want to recognize.
As the global world recognizes and honours Chief Godwin Emefiele, it is high time we rally around him and give him our utmost support. It is noteworthy to commend Mr. President for the confidence he has reposed in the financial technocrat in driving the economy. With the ideas and international experience of Chief Emefiele, Nigeria’s banking and financial sector will soon become a rallying point globally.
Rev Solomon Semaka is the Convener Save Nigeria Movement
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Senate President Godswill Akpabio over the suspension of Senator Natasha Akpoti-Uduaghan. The group argues that the suspension is unlawful and violates her fundamental right to freedom of expression.
SERAP is seeking a court order compelling Akpabio to reverse the six-month suspension, reinstate Akpoti-Uduaghan, and restore all her legislative privileges. The organization also wants an injunction preventing the Senate from imposing further disciplinary actions against her for expressing her views.
Senator Akpoti-Uduaghan was suspended after she reportedly spoke without permission and rejected a new seat assignment in the Senate chamber. As part of her suspension, her salary and allowances have been withheld, and she has been barred from identifying as a senator.
In its suit filed at the Federal High Court in Abuja, SERAP contends that the suspension deprives Akpoti-Uduaghan’s constituents of political representation. The organization also argues that penalizing a senator for exercising free speech creates a chilling effect on other lawmakers.
“No one should ever be punished for speaking without permission,” SERAP stated. “The Senate should uphold the rule of law and protect human rights, not suppress them.”
The group cites constitutional provisions and international human rights treaties, including Section 39 of the Nigerian Constitution, the African Charter on Human and Peoples’ Rights, and the International Covenant on Civil and Political Rights.
SERAP maintains that the Senate Standing Orders cannot override constitutional guarantees of free speech. The lawsuit emphasizes that restricting a senator’s expression undermines democracy and violates Nigerians’ right to receive information and participate politically.
No date has been set for the hearing of the case.
Ahead of the 2027 elections, hundreds of members of market associations and numerous women groups in Kaduna state at the weekend, occupied Kaduna metropolis in a peaceful demonstration where they reiterated their loyalty and support to the administration of
Governor Uba Sani of Kaduna state and President Bola Ahmed Tinubu.
The protesters who alleged that they had bitter experiences during the El-Rufa’i administration, said they would remain where Governor Uba Sani stood and advised the citizens of Kaduna not to be deceived by doing the contrary.
They recounted their ordeals during the 8 years of the previous administration, alleging that hundreds of market shops belonging to individuals were either seized, demolished or confiscated, a situation that triggered ill health in many traders and business owners leading to paralysis and multiple deaths of their colleagues.
“We’ve been in the market for over 40 years and have never experienced the kind of set backs we suffered under the previous Governor.”
“A lot of lives were lost,a lot of finances were ruined by reason of his kind of policies. We are here to speak with one voice and say that anything that would kind of revive such kind of philosophy in Kaduna market, we don’t want it,” Daniel Audu Maigari, a stakeholder of the Kaduna Market associations, has said.
He explained that “this incumbent Governor began by healing the wounds, the wounds that were really severed by the former Governor. Governor Uba Sani has been doing so,so very well and that’s why we’ve been with our leader, Alhaji Abdurrahman Mohammed, who like Governor Sani,has been charting the right course, ensuring programmes and plans that will heal these wounds .”
He said there was never been a time they are having the impact of leadership in Kaduna market, like they are having now.
” Now we’ve lots of incentives, lots of policies that are driving us to progress .We are now standing with one voice to denounce anything that would reverse this,” he said.
Alhaji Daiyabu Ismail Mai Gwanjo, Chairman Stakeholders of the Kaduna State Market Traders associations, said on behalf of their leader,Alhaji Abdurrahman Mohammed, his EXCO and all trader leaders in the 23 Local Government Areas of Kaduna State, they have gathered to unilaterally declare an unalloyed support to Governor Uba Sani who had taken care of them and protected their interests.
According to him,” we have to say so,haven had the harrowing experience in the hands of the past administration. The scar still remains and many are yet to recover.”
“But when Almighty Allah sent Governor Uba Sani to us,he declared he would not do anything bad to traders because the world thrives on businesses.All the most cherished countries like China, Canada, UAE, India,are very proud of and supportive to their traders and other business persons.”
“Unfortunately, we found ourselves during the previous administration that neither showed empathy nor sympathy to traders. An approximate number of 36 markets were demolished at that time.None of these markets was completely rebuild ,till date,and we are suspicious of the collaboration between the previous administration and the market developers.”
“We are therefore calling on Governor Uba Sani, our Governor of sympathy and understanding, to look at this issue with a view to resolving it.We are with Uba Sani a hundred percent, ” he added.
Hajiya Hadiza Abdulaziz,a woman leader of the market association,said they have gathered in multitudes to reiterate their support to the APC and Governor Uba Sani who has tremendously supported the market men and women in Kaduna State.
” Most of the market women had no shops because the shops were collected. But now we give God the glory everybody has gotten their shops back and nobody will collect it again,” she said.
She expressed happiness that those making the market women not to achieve, had left the party and government.
“We’ve been crying, a lot of market women don’t have capital, they have been deceiving us.But now,I believe Governor Uba Sani is going to assist us,”she added.
The protesters later took to the streets ,displaying placards with various inscriptions denouncing the previous arrangements, and chanting slogans in support of President Bola Ahmed Tinubu, Governor Uba Sani and the All Progressives Congress, APC.
” Most of the market women had no shops because the shops were collected. But now we give God the glory everybody has gotten their shops back and nobody will collect it again,” she said.
She expressed happiness that those making the market women not to achieve, had left the party and government.
“We’ve been crying, a lot of market women don’t have capital, they have been deceiving us.But now,I believe Governor Uba Sani is going to assist us,”she added.
The protesters later took to the streets ,displaying placards with various inscriptions denouncing the previous arrangements, and chanting slogans in support of President Bola Ahmed Tinubu, Governor Uba Sani and the All Progressives Congress, APC.
Former President Olusegun Obasanjo has raised concerns over the selection process of traditional rulers in Nigeria, stating that criminal elements have infiltrated royal institutions. He lamented that individuals with questionable backgrounds, including drug addicts, vagabonds, bandits, and kidnappers, now hold positions of authority as traditional rulers.
Obasanjo made these remarks in his newly released book, Nigeria: Past and Future, unveiled last week. He criticized the rapid increase in traditional rulers, many of whom, he claimed, lack the training and moral integrity required for the role. According to him, this deterioration has weakened the institution’s ability to contribute positively to the nation’s socio-political stability.
“Today, there are criminals, drug addicts, vagabonds, bandits, and kidnappers as so-called traditional rulers,” Obasanjo stated, stressing that some have abandoned their cultural responsibilities and engaged in misconduct. He cited an example of a monarch allegedly involved in electoral malpractice, questioning the moral integrity of such leaders.
“How do we account for a traditional ruler snatching a ballot box at an election polling station and running away with it?” he queried.
Reflecting on the past, Obasanjo noted that traditional rulers once commanded immense respect, especially during colonial and early post-independence eras. However, he said, their influence has been diluted due to the lack of proper training and moral reformation.
“The class of traditional rulers with their distinction, honour, and dignity, as we knew them in the colonial days and early post-independence days, has been diluted and polluted,” he remarked.
Calling for urgent reforms, the former president stressed the need to restore the lost dignity of traditional leadership. He emphasized that rather than being a liability, traditional rulers should play a vital role in national development.
“That dignity, aura, and respect should be brought back, and traditional rulers should be an asset to Nigeria’s development and greatness, not a liability,” he asserted.
Obasanjo further called for moral rejuvenation among traditional rulers, particularly those from historically significant institutions. He maintained that if properly positioned, they could contribute significantly to Nigeria’s long-term progress.
“There is a need for moral re-armament among the traditional rulers—the ancient and historic ones. They can and should make meaningful contributions to the Nigeria of our dreams that will serve the purpose and interest of all,” he concluded.
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