Tag: Kingsley Moghalu

  • Moghalu scores for Nigeria – By Chidi Amuta

    Moghalu scores for Nigeria – By Chidi Amuta

    Those in search of the human asset to help salvage our country have one major place to look these days: the departure lounge of the international airports. Some of the best minds of the nation are either on their way out of the country to assume leading positions or are returning to their international duty posts in major centres of the world. Hardly any day goes by without an outstanding Nigerian making the headline in some news paper somewhere in the world. Our exceptional citizens are making the news waves with stories of achievements that should make us proud.

    Our citizens are being elevated to and celebrated in strategic positions around the world. Some are scoring unusual goals in ground breaking research or scoring the best marks in universities all over the world. Our star footballers and athletes are household names around the world. A select few are occupying cardinal positions in apex global public and private organizations.

    Ngozi Okonjo Iweala has held fort at the World Trade Organization (WTO), using the instrument f trade to help redefine the world. Professor Akinwumi Adesina has maintained an enviable lead at the AFDB since his appointment and has continued to lead that bank as a leading global engine of development for Africa. Mr. Adebayo Ogunlesi has, since acquiring the airport, resurrected Britain’s Gatwick Airport into a major global hub. The current Deputy Treasury Secretary of the United States, Mr. Adewale Adeyemo, fondly called “Wally” at the highest levels of the US government is a major force in Washington’s power circles. The examples and instances are multiple and ever expanding.

    We can of course not ignore the nuisance of the ugly Nigerians: cyber criminals, scam artists, rough and random street cultists and other ugly Nigerians who also make news headlines that taint our green passport. Every great nation has them in all shades but are are better judged by their brighter shades than by their brackish dregs.

    Earlier in the week, yet another significant Nigerian has joined the elongating line up of ambassadors of excellence flying Nigeria’s flag in the places that matter. Kingsley Chiedu Moghalu, former Deputy Governor of Nigeria’s Central Bank and international economics scholar has just been appointed the founding President of the new African leadership University, the African School of Governance (ASG) based in Kigali, Rwanda. The ASG is a tertiary level institution deliberately established by significant African leaders and statesmen to promote the cause of enhancing Africa’s leadership culture at a time of grave challenge.

    The ASG comes on stream as a continental training ground for a new generation of leaders especially from among the youth. The institution is target specific; it aims to train and provide leadership human resorces for the entire continent. It is the brainchild of a select group of outstanding African statesmen and world class technocrats who have themselves been shining examples in the transformation of their own countries in the modern world.

    The founders are led by Rwanda’s poster kid President, Paul Kagame, Ethiopia’s former Prime Minister, Hallemariam Dessalegn. Others include Mr. Mekhtar Diop, Managing Director of the International Finance Corporation and Senegal’s former Minister of Finance and Economic Cooperation as well as Dr. Donald Kaberuka, former president of the African Development Bank, Professor Hajer Gueldisch , former professor at the University of Carthage, Kishore Mahbubani, Former Dean of the Lee Kuan Yew School of Public Policy are also among the founders and board of the new school.

    African School for Governance will offer a broad range of services and programmes directly related to the enhancement of public policy leadership in Africa. For training programs it will offer short term programmes leading to post graduate degrees in public policy. It will also offer short term on –the- job training for African policy and government operatives as well as render services to African governments and public institutions on a continent wide basis. All these activities will be managed and coordinated from the school’s base in Kigali, Rwanda. ASG comes as a fully loaded package of progammes, services and collaborations of a scope and spread that is unprecedented in Africa to date..

    The mission and vision of ASG are honed at today’s Africa where a deficit of appropriate public policy leadership summarizes the current crisis of development on the continent. It has come to be acknowledged that the critical deficit in Africa’s development and progress is a certain embarassing paucity of knowledgeable leadership. Most African leaders are politicians who have not undergone much formal education on modern public leadership. The result is that while Africa’s challenges have grown in scope and complexity, the manpower resources to address them at the level of leadership has remained undeveloped. Yet the world cannot wait for Africa to catch up or bridge the yawning knowledge gap that currently separates Africa from the rest of the world. This broad challenge is the definition of Prof. Moghalu’s new assisgnment which makes it both grueling and unique in Africa.

    Moghalu comes to his new position very well equipped. With a rich and brilliant academic background in international economics and copious practical experience working with the World Bank and other leading financial institutions around the world. Moghalu has in addition considerable experience working in multilateral institutions like the United Nations where he was mentored by such illustrious diplomats as the late Kofi Annan, former UN Secretary General of the UN.

    Thereafter, he was appointed Deputy Governor of Nigeria’s Central Bank where he worked under Lamido Sanusi Lamido, Emir of Kano during the tenure of President Goodluck Jonathan. The Central Bank under Sanusi Lamido Sanusi was essentially a reformist institution. It introduced a number of innovations in Nigeria’s banking sector including the Bank Verification Numbers(BVN) to identify all account holders as part of an anti -graft measure to reduce abuses in the Nigerian banking system.

    After his tenure as Deputy Governor of the Central Bank of Nigeria, Moghalu was appointed professor at the Fletcher School of Law and Diplomacy, Tufts University in 2015. s.

    In the 2019 presidential contest, he ran unsuccessfully as the presidential candidate of the Young Peoples Party (YPP). His manifesto was typically idealistic and a bit academic. After the political adventure, he returned once again to the world of academics. In 20021, he was appointed Visiting Fellow by Oxford University.

    In the 2023 contest, he made yet another unsuccessful attempt at the presidency with little success. This second time, he fared worse than he did in the first attempt at partisan politics. It was an experience where he came face to face with the murkiness of Nigerian politics. He encountered subterfuge, corruption and nastiness as we have come to know them as trademarks of Nigerian politics. He did not need any further disincentives to know that it was time to bow out of partisan politics. He had no alternative than to return to his forte of academia, research and consulting especially in especially in the areas of international finance and economics. He was back to his Washington based consultancy from where he was appointed the President of ASG.

    Moghalu took to his political journey a predictable idealistic obsession to make Nigeria work for the people. His vision was to work towards a functional state with institutions that work efficiently in the service of the people. His informing national aspiration was a medium income and medium power nation that would stand shoulder to shoulder with its peers in the shortest possible time. He wanted to harness and deploy the best energies of the nation to this end. In his mind, he was the candidate of the youth. But he was to discover differently to his utter chagrin.

    He took to his brief political foray his energy and habitual dedication to mission. He travelled the nation, met and mixed with the political high and mighty. He touched base with the shakers and movers of political Nigeria , paid homage to the main shapers of national political opinion. Understandably, he was accepted and endorsed by all those he paid homage to. Quite significantly, he was endorsed by Nobel laureate Wole Soyhinka who used to wield considerable political heft at the levelof opnion and ideas.

    His mission was easy since he carried no major political baggage. His politics was one of ideas and values. No one could pin him down to the fixed verities of Nigeria’s sectional and hegemonic politics. Though a man of Igbo descent, his politics was essentially a nationalistic one predicated mostly on the evolution of a modern institution- based Nigerian state that would work for its citizens and compete with its peers in the new modern world. He belongs to a post war less ethnocentric Nigeria which equipped him with a more nationalistic sense of the Nigerian nation.

    Here then is a man with a rounded background in academics, public service, a bit of politics and international affairs. At a personal level, he is laser focused and avidly result oriented. Therefor, Moghalu brings to his new position as President of ASG a rich background that should enrich his career and glorify the objectives of the new institution. One quality that marks out Prof. Moghalu for his new role is his fervent commitment to African modernity. For him, a modern and progressive Africa is an urgent possibility that can no longer wait.

    Our eyes are on Kigali where one of the jewels of Nigeria’s intellectual property reservoir is now on loan to the rest of Africa.

    Peter Obi and the Yakubu Gowon conundrum

    The social media and the streets found a bit of excitement in the past fortnight. The 90th birthday events of Nigeria’s war time leader, General Yakubu Gowon, provided an opening for the older generation of Nigerians to reflect on aspects of Nigerian history especially the civil war. Gowon’s birthday provided an avenue for interactions among historical personages alive , young and ageing. It was especially an opportunity for younger Nigerians to learn snippets of national history.

    Understandably, the politics of the moment was not immune from that past. Mr. Peter Obi, easily the most visible image and audible voice of what may be described as the present Nigerian political opposition, felt a duty to join the long queue of Nigerian political heavies and significant others to salute General Gowon. As a politician, Obi could not but greet Gowon whose political symbolism remains strong. By the nature of his historical being, Gowon can only be greeted in the language of politics. Peter Obi knows that too well and his congratulatory tweet was in line.

    Fire from the pit of hell was let loose. Mr. Obi’s swarm of social media acolytes, perhaps for the first time, disagreed with their icon and said so. In the view of most of them, General Gowon remains a villain who presided over a war time killing machine that claimed over 3 million Nigerians in the civil war of 1967-70. He does not therefore qualify to be greeted by Obi.

    Most of those on social media today have come to see Mr. Peter Obi as a symbol of a new, more innocent Nigeria who needs to keep his distance from the rotten pillars of old Nigeria. Running through the bulk of the social media posts that greeted Obi’s Gowon tweet is a stubborn sense of hurt especially among the youth of South Eastern extraction.

    This unexpected outrage forced Mr. Obi into the difficulty of ‘explaining’ himself using mostly moral grounds to justify the Gowon tribute. As a Christian, he felt a compulsion to forgive “an enemy” even in the context of national politics. Moreover, as a politician, he cannot afford to harbor ill will for longer than necessary.

    Some followers have forgiven Obi. Others have shown understanding of his position. The more ethnocentric few have swallowed hard, insisting that Gowon remains a war ‘criminal’ who is undeserving of forgiveness by those who feel the hurt of the civil war most. The most interesting thing about this exchange is that we are over 60 years from the end of the civil war and the majority of those who are bitter on the social media were hardly born even a decade after the end of the war. Yet the bitterness endures.

    Peter Obi’s mini cyber travail over the Yakubu Gowon birthday tweet has exposed certain problems in Nigeria’s current political thinking. In a political culture rooted in regionalism and ethnocentrism, politicians and their followers seem to have a problem defining themselves in plain national colours. Peter Obi who was hardly ten years old when the war ended. Yet he is having difficulty defining himself free from the labels of that hostility. Though his political identity is rooted in the new post-1970 federalist Nigeria, many of his followers would want him to identify himself primarily as an Igbo pro-Biafran politician. That would be futile.

    On the contrary, Mr. Obi’s aspiration is for the leadership of a united Nigeria. He is not traversing the length and bread of Nigeria seeking to avenge the Nigerian civil war or the millions of Igbos killed in that war. His mission is not one of ethnic revenge. Rather, I see him as an apostle of new Nigeria, freed at last from the contagion of ethnicity and regionalism. Obi is, in my view, an apostle of a new modern, detribalized Nigeria led by the youth, a nation state that works for all Nigerians in a truly democratic context.

    As a serious apprentice statesman, Peter Obi needs to see more in Gowon than the blood letting in the war years. Gowon means the state structure. He means the National Youth Service Corp, the Unity Schools, driving your car on the right hand side of theroad like the rest of West Africa and the establishment of ECOWAS. These items f nation building cannot be reduced to simplistic and emotional binary categories of hero and villain or saint and sinner.

    Even with their individual failings as mortals, leading national figures like Emeka Ojukwu, Yakubu Gowon and Olusegun Obasanjo tried, through visits and photo opportunities, to reach across the divides of war to send the message of peace, forgiveness and reconciliation.

    Given the ethnic basis of our political culture, hardly anyone emerges on the national political scene without carrying the baggage of an originating ethnicity (the state of origin syndrome!). There may be nothing wrong with that. Every politics is primarily local and ethnic in the end. What matters however is where the politician in question pitches the beacons of his/her consciousness. The politician who places the imperatives of the nation over and above those of his ethnicity is the truly national leader. The opposite is the definition of the ethnic politician in national political costume. We have them in abundance.

    And in any event, the national political leader who does not feel the historic wounds of his own people is counterfeit. Still, the aspirant to national leadership who wears the historic injury of his people as a signpost on his political forehead should not be trusted with the fate of a multi ethnic nation like Nigeria.

    The Peter Obi and Gowon conundrum raises larger questions of political leadership typology. Specifically, on Gowon, the question is a complex one: Can one man be both hero and villain simultaneously? To the advocates of a united Nigeria, General Gowon as the leader of the Nigerian war of unification, was an undisputable hero who won the war.

    But for the predominantly Igbo population of defunct Biafra, Gowon was and remains an unmitigated villain. They hold him responsible for the collective evil of the war and the massive loss of lives. The passage of time and all the political whitewash of peace, reconciliation and national unity cannot wipe away the hurt of war and the loss of kith and kin.

  • Moghalu’s proposal on Nigeria’s economic revival – By Ehi Braimah

    Moghalu’s proposal on Nigeria’s economic revival – By Ehi Braimah

    By Ehi Braimah

    At the LEADERSHIP Conference and Awards 2023 which held recently in Abuja, Professor Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), delivered an adrenalin-pumping keynote which ruffled not a few feathers, even as the appreciative audience applauded his brilliant and thought-provoking presentation.

    But what exactly should anyone expect from such a great mind, public intellectual and authority on political economy? Going by his antecedents, Prof Moghalu shoots straight and does not like beating about the bush. He delivered an excellent Masterclass which will resonate in the public and private sectors for a long time to come.

    The economic challenges that we face today, Prof. Moghalu pointed out, are the result of continuous mismanagement over the years, yet those responsible always go scot-free. “The past 10 years have been particularly ruinous,” he said. Moghalu spoke from his heart as an economist, professional, technocrat, and patriot – not as a politician. 

    Clearly, he was not interested in any blame game; his aim was to proffer solutions to our seemingly intractable economic problems. The best way to solve a problem, he said, is to know what caused it. 

    Speaking on the topic, “Nigeria’s distressed economy: Which way forward?” the keynote speaker explained that every choice we make has consequences, but we have no choice over the combined consequences of the choices that we have made.

    When a country like Nigeria that is so blessed with human and natural endowments refuses to achieve its full potential, it shouldn’t be a surprise. Our GDP per capital, as Prof. Moghalu told his attentive and bewildered audience, is only $2,000 in more than 60 years of nationhood which he described as a “testament of failure.” 

    That kind of report is shocking and deeply troubling, and it calls for serious interrogation of our economic fundamentals if we truly want to join the league of developed nations.

    How do we undo the period of the locusts? The issues that Moghalu raised in his presentation are not exactly new, but he wondered why rising unemployment, extreme poverty, debt distress and revenue challenge have refused to go away.

    If we add the illegal ways and means lending of N30 trillion, unprecedented corruption, hyperinflation and the hunger in the land which the keynote speaker also listed in his paper as problems we must address urgently, it means all hands must be on deck, no matter our political persuasion or where we come from.

    If we know what are economic problems are, why can’t we fix them? What is holding us back? When we have experts like Prof. Moghalu pointing the way forward, why has it been difficult to act on their recommendations? 

    The answers are not far-fetched. One, we politicise the best ideas and actionable plans; two, we weaponise tribe, region and religion, and three, corruption – the big elephant in the room – has remained a major albatross. 

    Moghalu explained that “ideas rule the world,” but he also knows that we have never lacked good ideas or policies; the other elephant in the room has been poor implementation of policies by the enemies of Nigeria. They know themselves.

    Having situated what the problems are, Moghalu went on to make recommendations on how we can navigate our way out of the crisis. But he provided a caveat: the crisis and its effects will last for three to five years.

    If we are truly serious about fixing the myriad of economic problems, five years is not a long time, but the political leadership under President Bola Tinubu must come up with a winning strategy as we have seen in the USA, UK, Germany, UAE, Singapore, China, India, Japan, Malaysia, etc.

    In the case of UAE, Moghalu provided data to explain how the country’s economy was transformed. By 1971, 90 percent of UAE’s GDP depended on oil but it is now less than 30 percent arising from a deliberate strategy of development away from oil. He also said that UAE’s GDP grew more than 247 times in 50 years – a remarkable economic growth index indeed.

    It would appear that the unprecedented assault on the CBN is giving Prof. Moghalu sleepless nights and grief, and he said it must stop. How did we get here? Having played an active role at the CBN as a deputy governor for financial system stability, he is obviously disappointed and pained at what the CBN has turned into.

    It is evident that the unbridled political assault on the independence of the Central Bank since 2014 is at the heart of most of our economic problems today. How will Godwin Emefiele defend his tenure as CBN governor? It will be nice to hear his own side of the story – that is if he chooses to write his memoirs or grant media interviews.

    Moghalu praised President Tinubu’s decision to remove petrol and forex subsidies, describing the decision as “bold and correct.” He said that we could no longer afford to pay petrol subsidy or defend the naira artificially – the double whammy and hydra headed problems that eroded our foreign reserves.

    He also said Yemi Cardoso, CBN governor, acted well by raising MPR (monetary policy rate).by 400 basis points to 22.75 percent on February 27 – a new record high since 2007, and above forecasts of 21 percent. The aim is to tighten rates and money supply to rein in inflation. Well done, Yemo.

    However, Prof. Moghalu went on to identify three “strategic errors,” or, if you like, blunders, that the Tinubu administration made. He said it loud and clear that he was not attacking the government with his comments, but he believes that there are lessons to be learned by everyone, except, of course, those who earn their daily bread sabotaging the economy and de-marketing Nigeria.

    In fact, he said that we must not waste the current economic crisis as it presents an opportunity to re-build the country. The three mistakes, he noted, were: 1.) the precipitate nature of the reform policies; 2.) the exchange rate unification that occurred in a loose monetary environment which contributed to the naira’s race to the bottom, and 3.) it took too long for the cabinet to be formed, and it was predominantly political.

    In a nutshell, if we had a tight monetary policy, the demand pressure on the dollar would have reduced. It goes without saying that when you prioritise politicians over technocrats, there’s no way we will not pay the price.

    Based on his research and findings, Moghalu went on to present a dashboard of seven problematic areas which he believes caused our present predicament. 

    They are: 1.) absence of nationhood, 2.) bad governance in Nigeria’s national life, 3.) adhoc-ism and lack of strategy, 4.) absence of philosophy and knowledge, 5.) financialisation and de-industrialisation, 6.) irregular power supply (let there be light!) and 7.) population crisis.

    In order to craft the right strategy to overcome our economic challenges, we must first know whether we are operating a capitalist, socialist or a mixed economy. 

    Moghalu said in our free market type of economy with capitalist orientation, the economic system must guarantee property rights, unleash innovation and that access to capital is non-negotiable. An economy built on innovation, he explained, is the secret of the rise of great nations.

    Rich people, he continued, have access to capital but how many of them re-pay their loans when they are due? For Nigeria to develop its productive base, Moghalu prescribed that SMEs – they constitute the engine of the economy – must have access to capital.

    Since liquidity is critical, the political economist recommended that the federal government should raise a N20 trillion bond to develop three strategic sectors in three years: railways, housing and agriculture. He described the proposal as Project 3-in-3 which is capable of putting about five million Nigerians to work.

    Moghalu also listed the following prescriptions: a vibrant fiscal policy, end oil theft and corruption, cut the cost of governance that is bleeding the economy, CBN must continue its monetary tightening, and Nigeria should carefully consider borrowing between $20 billion and $30 billion from the International Monetary Fund (IMF) that would serve as a stabilisation fund and life line. 

    The corruption-laden palliative economy, he said, must be abolished immediately. He also did not mince words when he said that our national and subnational budgets legalise corruption because between 40 percent and 50 percent of the budgets are usually not accounted for; they simply disappear like the morning dew.

    He believes that the Ministry of Finance Incorporated (MOFI) should sell some of our assets to raise additional funds to reflate the economy.

    Moghalu also strongly recommended that President Tinubu should create a full time Economic Advisory Council (EAC) made up of seven wise men and women. The idea behind the EAC is to build an economy that can function, adding that fixing the economy cannot be a part-time job. 

    He was very clear about the composition of the council: they must be experts with established credentials in agricultural economics, business economics, fiscal policy, industrial policy, trade policy, industrial policy and development economics.

    How well are some of the ministers performing? Probably not good enough and we should not be surprised to see a cabinet shake-up by May 29 which Moghalu also recommended. Such a moved, he believes, will boost investor-confidence.

    The keynote speaker accused banks of hoarding US dollars. He asked the CBN to go hard on bank CEOs and take action against erring banks. Why should they become part of a criminal enterprise sabotaging the economy?

    Another strategic policy prescription is that the government should work towards achieving 20 megawatts of electricity within three years which should be tied to our productive base to enhance industrialisation.

    Finally, Moghalu is confident that we can beat the crisis, but President Tinubu must have the political will to insulate our institutions from politics, and avoid knee-jerk reactions because of policies that are not well thought out. It is common practice for our political leaders to mix politics and governance which is clearly a recipe for disaster.

    After all said and done, only Nigerians can make Nigeria a productive economy and better place. Moghalu is of the view that Nigeria is too important to fail. If Nigeria fails, he said, then we have all failed.

    To avoid failure, Moghalu said we must do away with corruption, nepotism, tribalism, cronyism and mediocrity. Let us have a new resolve to replace these unproductive adjectives with meritocracy, strategy, discipline, competence, and integrity in governance. 

    Thank you Professor Kingsley Moghalu for the deep insights on, and critical analysis of, the Nigerian economy and your bold recommendations which, by the way, some consultants get paid for. You truly earned the standing ovation that you received for your honesty and scholarship.

    Braimah is a global public relations and marketing strategist. He is also the publisher/editor-in-chief of Naija Times (https://ntm.ng) and Lagos Post (https://lagospost.ng), and can be reached via hello@neomedia.com.ng.

  • APSS appoints Prof Moghalu as Chair of its Advisory Board

    APSS appoints Prof Moghalu as Chair of its Advisory Board

    The Africa Private Sector Summit (APSS), a Pan-African, private sector-led Non-Profit organization that promotes Trade and Investment in Africa and is headquartered in Accra, Ghana, has announced the
    appointment of Professor Kingsley Moghalu of Nigeria, as the new Chairman of its Board of Directors.

    Professor Moghalu, one of Africa’s eminent political economists and development practitioners, served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, and subsequently as Professor of Practice in International Business and Public Policy at Tufts University’s Fletcher School of Law and Diplomacy in Massachusetts, USA.

    He is the CEO of Sogato Strategies LLC,a macroeconomic, investment and geopolitical risk consultancy, and the President of the Institute for Governance and Economic Transformation (IGET), a public policy think tank. Moghalu previously worked in United Nations System for 17 years, rising to the rank of Director. He is the author of several books including Emerging Africa: How The Global Economy’s Last Frontier Can Proper and Matter.

    “The Africa Private Sector Summit is delighted to welcome Kingsley Moghalu as its new Board Chair”, said Mr. Judson Wendell Addy, Founder and outgoing Chairman of APSS, a Liberian-born citizen, a retired International Business Entrepreneur and Pan Africanist. “His international leadership experience, credibility, and networks will help advance the goals of APSS, as we proceed with the roll out of the draft Charter on Private Sector Development, Rights and Protection Environment in Africa [Private Sector Bill of Rights], across all of Africa’s five geographic regions plus diaspora.

    The objective is to strengthen the private sector in African countries, attract increased business investment to the continent, and make strong contributions to enable the private sector actively drive implementation of the Regional Economic Communities (RECs] and the African Continental Free Trade Agreement (AfCFTA) protocols in collaboration with the Pan Africa Chamber of Commerce and
    Industry (PACCI), the Africa Busines Council (AfBC) and other stakeholders”.

  • Moghalu kicks as FG plan to borrow $1.5 billion from World Bank

    Moghalu kicks as FG plan to borrow $1.5 billion from World Bank

    Former Deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu, a has kicked against the federal government’s plan to borrow $1.5 billion from the World Bank.

    The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while speaking with journalists at the 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech, Morocco, confirmed the loan.

    Edun, who promised that there would be a coordination of monetary and fiscal policies, pledged that President Bola Tinubu’s administration will not breach Ways and Means limits.

    “On the talks with the World Bank on $1.5 billion budget support, that is correct.
    “The World Bank is the number one multilateral development bank helping developing countries or funding developing countries, projects and programmes, and sectors.

    “It has free money through either International Development Association (IDA).
    “It is for the poorer countries and right now I think we qualify as one of the countries that can borrow in the normal window of World Bank funding but also some concessionary IDA funding and that means that effectively the interest rate will be zero,” Edun stated.

    Reacting, Moghalu on his X official page said Nigeria is becoming a carcass, “and our political class its scavengers.”

    “There is a real problem when Nigeria is set to borrow another $1.5 billion from @WorldBank for budget support, and SUVs worth N160 million each are reportedly to be bought for 360 members of the House of Representatives. We are not yet serious as a country.

    “Nigeria is becoming a carcass, and our political class its scavengers.”

  • Ex-CBN Deputy Gov warns FG against more World Bank loans

    Ex-CBN Deputy Gov warns FG against more World Bank loans

    A former Deputy Governor of the Central Bank of Nigeria, (CBN) Kingsley  has kicked against the federal government’s plan to borrow $1.5 billion from the World Bank.

    Mr Wale Edun the Minister of Finance and Coordinating Minister of the Economy, while speaking with journalists at the 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech, Morocco, confirmed the loan.

    Edun, who promised that there would be a coordination of monetary and fiscal policies, pledged that President Bola Tinubu’s administration will not breach Ways and Means limits.

    “On the talks with the World Bank on $1.5 billion budget support, that is correct.

    “The World Bank is the number one multilateral development bank helping developing countries or funding developing countries, projects and programmes, and sectors.

    “It has free money through either International Development Association (IDA).

    “It is for the poorer countries and right now I think we qualify as one of the countries that can borrow in the normal window of World Bank funding but also some concessionary IDA funding and that means that effectively the interest rate will be zero,” Edun stated.

    Reacting, Moghalu on his X official page said Nigeria is becoming a carcass, “and our political class its scavengers.”

    “There is a real problem when Nigeria is set to borrow another $1.5 billion from @WorldBank for budget support, and SUVs worth N160 million each are reportedly to be bought for 360 members of the House of Representatives. We are not yet serious as a country.

    “Nigeria is becoming a carcass, and our political class its scavengers,” he wrote.

  • Faulty Elevator: Kingsley Moghalu, wife narrowly escape death [VIDEO]

    Faulty Elevator: Kingsley Moghalu, wife narrowly escape death [VIDEO]

    Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria (CBN), and his wife, Maryanne, narrowly escaped death as they were stuck in a faulty elevator for over 30 minutes.

    In a video Maryanne posted, without revealing the location she wrote; “This morning, @MoghaluKingsley and I were stuck in an elevator for over 30 minutes! The elevator stopped in between floors. I thank God it ended well.

    “This is why you don’t leave home without praying. Ps 91. Never know what is waiting around the corner. Glory to God!”

    Kingsley, a Nigerian political economist, was a former presidential candidate of the Young Progressive Party (YPP) in the 2019 elections.

    See Video below:

     

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  • ‘I arrived the 6th floor today’ – Moghalu marks 60th birthday

    ‘I arrived the 6th floor today’ – Moghalu marks 60th birthday

    Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria (CBN) marks his 60th birthday anniversary today.

    Moghalu announced this in a tweet on Sunday saying he arrived on the 6th floor today.

    The former presidential candidate of the African Democratic Congress (ADC) sang praises for God for his love and tender mercies in the past 60 years.

    He wrote, “Arrived the 6th floor today. Thank God for His love and tender mercies these past 60 years.

    “You have anointed my head with oil. My cup runneth over. Surely, goodness and mercy shall follow me all the days of my life: and I will dwell in the house of the Lord forever.” Psalm 23.”

  • For Kingsley Moghalu, the ‘worldview’ man at 60

    For Kingsley Moghalu, the ‘worldview’ man at 60

    By Samuel Akinnuga

    After our last meeting on November 4, 2022, I tweeted: “For his genius, yes, but more importantly for the ‘high octane’ value he consistently brings to the public space, Prof @MoghaluKingsley is a treasure. I admire Prof a great deal, and he knows this, but I’ll save the other compliments for his diamond jubilee.” I intend to keep that promise with this tribute.

    Before I had the opportunity of meeting him, I had known just as much as anyone can about a public figure of his stature. Then sometime in 2021, one of my mentors sent a WhatsApp message which was culled from a newspaper publication. In that piece, Moghalu shared his story, and how a particular letter of recommendation from Professor Bolaji Akinyemi introducing him as “future leader in Africa” to the Fletcher School of Law and Diplomacy at Tufts University, set him on an incredible trajectory in life. This is a story I have since become so familiar with and even referenced in some remarks I have given since then. He also talked about the other people, opportunities and values that made a  significant difference in his life. After reading that article, his book on ‘Emerging Africa’, and watching a ton of his speeches and lectures (from as far back as ten years ago in some cases), I looked forward to meeting him. And then it happened on May 12, 2022. This is as brief as I can be in plotting the provenance of our relationship.

    When he declared his interest to contest for the office of the president in 2021, I rooted for him because to my mind, he embodied the ideals of a leader who is able to dream up possibilities, fire up the imaginations of Nigerians and had the capacity to achieve significant results. He was, simply, a man you would be proud to have as president. He had a unique worldview and perspective that many of those in the presidential line-up at the time clearly didn’t have.  In my opinion, the major functions of the president were best articulated by him which he outlined as follows: nation-building, national security, national economy and managing Nigeria’s foreign affairs. This was a refreshingly different narrative in a society where the office of the president is often seen as the ultimate elevation in the political hierarchy or the vortex of ‘national cake’ allocation.

    Perhaps the most interesting highlight of our relationship till date was his acceptance to deliver the 2022 Babcock University Convocation Lecture. I’d served in a committee given the assignment to recommend some speakers, one of whom the university management could decide on to deliver the lecture. On completion of the assignment, I had expressed my position that I believed that Prof would do the best job because he had, more than others, spoken and written more consistently about the proposed themes of the lecture – “Knowledge, Vision, Passion and Innovation in the Context of Nigeria’s Development”. He delivered a most incisive lecture on how Nigeria can work its way back to relevance, at the core of which is a ‘worldview’ that would undergird our ability to interrogate with the world on our own terms. I’m humbled to have had the honour of introducing him on that day.

    While Moghalu’s adventure in the political arena may shape the frame with which many young people have come to know him, his stature as a first-rate author, scholar, speaker, diplomat, lawyer, banker and political economist is unshakeable. He has since taken a walk from politics and has chosen instead to contribute value as a private citizen. This, in my opinion, is an effort he has done brilliantly through the Institute for Governance and Economic Transformation (IGET) – the public policy think tank which he leads, and his many interventions on issues of national import both on mainstream and social media. As a much younger friend, I make it a point of duty to read all his views in the papers and watch all interviews on national and international media platforms. He is a gentleman of a rare and unique mould, and certainly, an accomplished man. He holds a Doctorate degree holder in International Relations from the London School of Economics (LSE). He is an Officer of the Order of the Niger (OON), a Fellow of the Chartered Institute of Bankers (FCIB), a recipient of the Doctor of Laws (LL.D) Honoris Causa, and holds the traditional title of Ifekaego of Nnewi Kingdom. He has delivered lectures at some of the world’s leading universities. These, definitely, say a lot.

    At 60 years, Prof has many remarkable achievements for which he can be proud. He worked hard and diligently, served his country and the world, and he continues to inspire many who are coming behind. I have had the privilege of interacting with him a few times and by the quality of his thought, his passion to see his country matter in the international arena, and the value he consistently offers in the public sphere, he is a national treasure. I believe he still has more value to offer this country and our continent.

    On this special day, I am happy to join others in Nigeria and around the world in wishing Professor Kingsley, Bosah, Chiedu, Ayodele Moghalu a happy 60th birthday!

     

    Samuel Akinnuga, MNIIA, ARPA, is a consultant on communications and public affairs.

  • Moghalu lauds CBN’s proposed Naira redesign

    Moghalu lauds CBN’s proposed Naira redesign

    Prof. Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria (CBN) has commended the apex bank on  the  proposed redesigning of  the Naira.

    Moghalu, a Nigerian Political Economist who gave the commendation in a statement on Saturday in Lagos, advocated a 90-day window for implementation.

    He said: “I fully support the Central Bank of Nigeria in redesigning of the Naira. If 80 per cent of bank notes in circulation are outside the banks, that is troubling.

    “The CBN obviously wants to force all those notes back into the banking system. Those with the notes must surrender them to get new ones or else it becomes illegal tender after Jan. 31 2023.

    “This is also a way to withdraw currency from circulation, an unorthodox way of tightening the money supply since the country is battling high inflation.

    “The flip side is that people who are holding huge amounts of cash outside the banking system for nefarious reasons will go to  the parallel forex market to buy hard currency, putting further downward pressure on the value of the Naira as too much Naira will be chasing too few dollars.”

    The ex-CBN boss, however, expressed doubt that the step would solve inflation,  “because there also are other major reasons for inflation such as the forex crisis, which this new move can  exacerbate, as well as the impact of the security crisis on food price inflation.”

    According to him, the step, however,  has become necessary for national security but the window for implementation is too short.

    “This will put a lot of operational pressure on commercial banks and the financial system in general.

    “A 90-day window will have been better, but one can understand the need to avoid interfering with the elections,” he said.

    Recall that the CBN on Wednesday,  announced the new monetary policy to redesign N200, N500 and N1000 naira notes with effect from Dec.  15.

    The Governor of the CBN,  Mr Godwin Emefiele had said that the proposed redesigning of the naira could impact positively on its value.

    Emefiele had said that significant hoarding of banknotes by members of the public, worsening shortage of  clean and fit banknotes and increasing cases and risk of counterfeiting informed the decision.

    According to him, statistics show that more than 85 per cent of currency in circulation are outside the vaults of commercial banks.

    Emefiele said the new currencies and the existing ones would remain legal tender and circulate together until Jan. 31, 2023.

  • 2023: Peter Obi visits Kingsley Moghalu, hints at collaboration

    2023: Peter Obi visits Kingsley Moghalu, hints at collaboration

    Presidential candidate of the Labour Party, Mr Peter Obi has hinted at collaborating with Prof Kingsley Moghalu, a presidential aspirant of African Democratic Congress (ADC), who lost the ticket of his party to Mr Dumebi Kachikwu and resigned.

    TheNewsGuru.com (TNG) reports Mr Obi hinted at the collaboration with Prof Moghalu following a visit of the Labour Party’s presidential candidate to the Abuja residence of the former presidential aspirant on Thursday.

    “Yesterday, I spent some valuable time with my brother and friend @Moghalukingsley and his lovely family. During my visit to him, we discussed some issues that are germane to national interest and nation building. His views, as always, were lucid, concrete and constructive.

    “We have collaborated in the past on issues related to governance, and I look forward to our unfettered collaboration in the weeks and months ahead,” Obi wrote on Twitter.

    Moghalu, who also tweeted on the visit, disclosed that he believes that the candidacy of Peter Obi is a welcome development while recalling past collaborations they had.

    “H.E. @PeterObi paid me a visit yesterday morning at my residence in Abuja. I was very glad to receive him. We discussed the state of the nation and his aspiration to lead our country from 2023. I have always enjoyed a warm fraternal relationship with “Okwute”.

    “We collaborated closely when he was Governor of @AnambraStateGov and I, also an Anambra indigene, was Deputy Governor of @cenbank. I recall his keen interest in education and our close coordination when, as CBN DepGov, I influenced a corporate social responsibility investment of N1 billion by the Bank in building infrastructure for Anambra State University in Igbariam (Chukwuemeka Odumegwu Ojukwu University).

    “I also recall H.E. PO’s ’s invitation to me to deliver the 6th Edition of the Anambra State Distinguished Public Service Lecture in 2011 on the subject of Nigeria’s banking reforms, his conferment on me of the Anambra State Government’s Special Award for Excellence, and our collaboration as colleagues in Nigeria’s Economic Management Team (EMT) under then President @GEJonathan.

    “As someone who has been a leading voice for our youth and a Third Force approach to Nigeria’s democracy, I believe PO’s candidacy is a welcome development,” Moghalu wrote.

    TNG reports after losing the ADC 2023 presidential ticket, Prof Moghalu, who was the presidential candidate of the Young Progressives Party (YPP) in the 2019 elections, said he has totally opted out of the 2023 electoral cycle and will no longer run on any other political platform. After losing the ADC presidential primary election, Moghalu resigned from the party.