Kingsley Moghalu OON Profile picture
Jul 10, 2020 7 tweets 2 min read Read on X
Nigeria can work, graduating from a mere country to a real nation, but only if we return to its wobbly Lugardian foundations of the Almalgamation of 1914, and agree to become a nation, and if so on what basis. This is the National Question. I have long argued we must address it.
The only workable outcome for our country must be a constitutional restructuring back to real federalism, for two reasons:One,to prevent people of any part of Nigeria feeling “dominated” by any other part, thus fostering unity and mutual respect on the basis of equity& justice.
Two, this will release the massive potential for economic growth in ALL parts of Nigeria, especially if we take a regional approach that will take advantage of economies of scale. It is striking that some continue to resist the obvious path of restructuring.
But, let’s avoid stereotypes, such as that “the North” is opposed. There is a narrow political elite that continues in futile resistance to this idea, but don’t be confused. Over the past few years large numbers of Northerners are now persuaded that it’s in everyone’s interest.
There is a difference between national ambition and national daydreaming. Nigeria has gone too far backward to have any chance of real unity and development under the “unitary federalism” we practice today. The best way forward is for us to agree on some common aspirations,
and then give ourselves enough space in a constitutional structure to strive for progress. If this is not addressed as a matter of urgency, it will return to the table inevitably in 2023 and immediately thereafter. This is the real issue for Nigeria, as well as #ElectoralReform
It’s also the only real path out of the oil curse and debt peonage that has made us poorer and, despite all rhetoric, will continue to do so under the current system.Combined with the total breakdown of security, esp in Northern Nigeria today,& “count your teeth with your tongue”

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More from @MoghaluKingsley

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
Mar 27, 2023
The constitutional amendments just signed into law by President @MBuhari offer a hopeful example of the benefits of constitutional #restructuring of Nigeria, of which I have been a strong and unapologetic advocate. Giving states powers to establish railways and to generate,
transmit/distribute electricity will help the economy of our country greatly. I hope states can smartly take advantage of this salutary development. But this is only a beginning really. At issue: should we negotiate a completely new constitution for Nigeria agreed by its peoples?
I think we should, because that is what will best repair the broken trust between Nigerians, and between them and the Nigerian state as a construct. #ToBuildaNation where peace and Justice will reign, the agreement of its constituent parts and ethnic nationalities is essential.
Read 9 tweets

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