Kingsley Moghalu OON Profile picture
Apr 21, 2020 3 tweets 2 min read Read on X
A Nigerian recently shaded me on Twitter: “What’s the low-budget Barack Obama saying now”? Inverted compliment, actually. During the 2019 presidential campaign many made the same comparison with a man who made history. We did too! Our time will come! @BarackObama @ValerieJarrett

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More from @MoghaluKingsley

Apr 29
The Naira tanking back down to the 1,400s to $1 demonstrates what some of us have been saying. Seeking a falsely “strong” currency when the fundamentals are out of whack is shadow chasing. The focus should be on the STABILITY of the exchange rate, not a populist exchange rate
and premature declarations of “best performing currency”. Reports that there are now multiple exchange rates to BDCs, Customs, and NAFEX are also worrying. It’s not yet uhuru. Let us stabilize the Naira at whatever is its true market value and then pivot to the real issues:
taking Nigeria to 20-25K megawatts of 24 hour electricity in 2-3 years starting with Lagos, Kano, Onitsha and Nnewi (Aba seems promising with Geometric power) so we can create a truly productive economy. Dealing decisively with oil theft and ramping up oil production to bring in
Read 6 tweets
Jan 26
Our relationships with others sometimes deepen or shrink in strange ways. When I was a Deputy Gov at the CBN, there was this bank MD that wanted my approval for certain things concerning his challenged bank. But he would not follow the guidelines we gave him, instead looking for
shortcuts and expecting me to play along. One day my patience snapped. I terminated our conversation and showed him the door of my office. Long story short, the matter was eventually resolved after the bank met certain regulatory conditions. Today that MD (since retired) is
a good friend. After I completed my tenure in November 2014 and left the apex bank, my deceased father in law was buried in early 2015. The MD sent a personal representative to the funeral with a gift. Note the phrase “after I had completed my tenure and left the apex bank”.
Read 5 tweets
Jan 3
Nigeria’s economic distress is simply part of a 40-year downward trajectory that was broken only briefly by the Obasanjo civilian presidency and to some degree under Yar’Adua/Jonathan (up to mid-2014). Ever since, especially from 2015, we fell under completely incompetent
economic management and have not recovered. The immediate future looks difficult. One wishes one could see what will create fundamental change, but alas! Throwing money that is not created wealth at problems will not solve our problems. It only makes them worse. We need to lay a
real foundation for longer term economic transformation. That 80% of Nigeria’s exports in 2023 was oil tells you we have yet to get serious. “Palliatives” (just google the dictionary definition of the word) will never reverse poverty. Wealth is positively created. You cannot
Read 8 tweets
Dec 23, 2023
I have seen in the mainstream media and floating around on social media including Whatsapp, a report purported to be that of the CBN Special Investigator appointed by President Tinubu. I have some comments on this development.

1. The “report” has no signature appended, so we
can’t assume it is the real and official report.

2. Assuming it is in fact the real report, it’s wrong for such a sensitive report to have “leaked” to the public before the President and his government have reviewed and spoken to it. This is because the “report” talks of
“chargeable offenses” and mentions specific individuals it recommends to be prosecuted in addition to Emefiele. This is a media trial and prejudices the rights of these individuals named or referred to. This is NOT how a report into the Central Bank of Nigeria should be handled.
Read 14 tweets
Oct 17, 2023
I have been a public commentator, nationally in Nigeria and internationally in the global media, for 35 years. As a lawyer-journalist, a UN diplomat, a consultant, a central banker, a university professor, or a one-time presidential candidate. It’s interesting, then, to see some
who were mainly dormant in 2019 as we mounted the first real challenge to the political status quo in Nigeria, assume today the haughty position of “final” arbiters of who is virtuous in Nigeria & who is not, simply because they finally woke up in 2023. Let no one be confused.
Today, I am nonpartisan. By choice. I love my country no less, and reserve the right to criticize, commend or advice on the management of the Nigerian state. To label people negatively as “enemies of Nigeria” simply because they do not
Read 14 tweets
Mar 29, 2023
The failures of Silicon Valley Bank and Signature Bank in the United States, and the jitters over possible banking contagion they have generated have brought my mind back to work we did in the Lamido Sanusi-led @cenbank to establish financial stability in Nigeria after the global
financial crisis. As Deputy Governor in charge of Financial Stability it was my task to supervise the execution of our many successful reforms. We took the position that no bank would fail, and no depositor would lose one kobo of their deposits. The CBN injected more than $4
billion to stabilize about 8 failing banks, sacked and replaced their managements, and midwifed the creation of the Asset Management Corporation of Nigeria (AMCON) to buy up the toxic assets of these banks and recapitalize them. All of this was good for the time, and
Read 10 tweets

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