Ifeanyi Onuba, Abuja


A former Deputy Governor of the Central Bank of Nigeria , Prof. Kingsley Moghalu , on Thursday said the level of political interference in the operations of the apex bank was a major reason why the economy went into recession .

Moghalu , who is now the President , Institute for Governance and Economic Transformation , said this while delivering a paper at the Annual Directors ’ Conference organised by the Institute of Directors , Nigeria .

He spoke on the theme , ‘ Implementing best corporate governance practices in Nigeria ’ s public and private sectors ’ .

He noted that the level of political interference in the governance and activities of public sector corporations had robbed them of independence.
This , according to him , has left the institutions too weak to set and meet effective performance targets and focus on delivering real stakeholder value .

He stated , “ The central bank that was led by his royal highness (Emir of Kano , Muhammadu Sanusi II) is not what we are seeing today . We have seen a lot of interference in the work of the central bank and I say that that was a very important factor that led to the massive recession that we have experienced in this economy .

“ Corporate governance has very real consequences for our livelihood, for the quality of the economy and strength of the economy . ”

Moghalu said apart from political interference , the culture of patronage in the Nigerian public sector governance had led to such corporations being seen and utilised only as a reward system for partisan politics .

This , he argued , had left the institutions with little or no thought given to competence and performance of public corporations and their boards .

He said the apex bank , in its current form , lacked a board , adding that this was inimical to its operations .

Moghalu stated , “ The central bank , in the last few years, has not had a board . How is this possible that a central bank operates without a board ? So how is the corporate governance being run ? Is it just by the governor? Or is it by the governor and anyone who is not a member of the board ?

“ That is a question of the rule of law . The central bank Act is clear . It is one of the public corporations in this country that is very strong from the way it was conceptualised .

“ So you have a very clear role for the board . The President’ s approving authority comes up only in about three instances in the board . One is in investment , the second is in currency and the third is the auditors.

“ Most of the rest (approving authority ) lies in the board of directors and if the bank doesn ’ t have a board , I find it very problematic . ”

He cited the Nigerian National Petroleum Corporation as another public corporation where massive financial obligations were being undertaken without board approval .
This , he noted, was not good corporate governance .

He said , “ The failure of corporate governance to take off in Nigeria’ s public sector is part of our country ’ s long -standing and continuing crisis of governance.

Nigerian citizens who are shareholders of a commercial company will demand accountability if those attributes are perceived to be absent , but they will not be as exercised by the failure of public corporations because they believe that these institutions exist to serve vested patronage interest rather than the public interest .

“ Examples include the evident and massive failures of corporate governance in the Niger Delta Commission and the Nigerian National Petroleum Corporation. ”

Firefire:
All thanks to the dullardeen in-charge.

Let us wait for the reaction of the irredeemable Zone-Bs...

dodelight:
I've always known that. But APC Lords and e-rats would rather blame previous administration.

sarrki:


Simple English you can't interprete

Let me help you here

Pmb never interfere

Gej did he sacked sanusi, he allowed niinsance to interfere in their affairs

sarrki:



Gej interfered Alot

It was during Gej tenure that you can sign on a paper to collect billions from cbn

Firefire:


I laugh at your sense of humor making mockery of your paymaster.

He stated , “ The central bank that was led by his royal highness (Emir of Kano , Muhammadu Sanusi II) is not what we are seeing today . We have seen a lot of interference in the work of the central bank and I say that that was a very important factor that led to the massive recession that we have experienced in this economy."

The olodo president with NEPA certificate interfering with matter beyond his knowledge.

sarrki:


N moghalu worked under who ?

Firefire:


Oga Ade, Itumo'?

sarrki:


E daub ibere mi

Firefire:
All thanks to the dullardeen in-charge.
Let us wait for the reaction of the irredeemable Zone-Bs...

anonimi:


They are busy trading in bitcoins, iTune cards, Amazon payout ati bebe lo.


www.nairaland.com/attachments/3431120_cdatausersdefappsappdatainternetexplorertempsavedimages3420191picsart1455886204785jpeg503a9ea978cee321112203705090d494_jpeg42f7ff794fb9c526b6223de620a8596b


www.nairaland.com/attachments/4780865_img20170115wa0000_jpeg1d8e7567925b3c58ce06da5797c6a05a

sarrki:



Gej interfered Alot

It was during Gej tenure that you can sign on a paper to collect billions from cbn

AishaBuhari:
Zombies (Obailala, GavelSlam & Co) were made to believe that Nigeria was outta recession!

Zombies were also made to believe THAT PDP plunged the economy into recession!

Zombies are programmed to believe whatever is been presented before them!

obailala:
Your Pa!...

Go ye into your mud and wail alone!

sarrki:



Gej interfered Alot

It was during Gej tenure that you can sign on a paper to collect billions from cbn