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.”

ALSO READ: Groundnut at N1,000 per bottle: Moghalu mocks Buhari

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.

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.

Banker-turned-politician, Kingsley Moghalu, has recalled how he facilitated a N1bn project for the government of Mr Peter Obi, when he (Obi) was Anambra State Governor.

Moghalu, who was a Deputy Governor at the Central Bank of Nigeria then, recalled this on Friday while noting that Obi visited him on Thursday.

Both spoke highly of each other, saying they had had a fruitful relationship.

Obi, who is the Labour Party’s presidential aspirant, said about the meeting in a tweet: “Yesterday, I spent some valuable time with my brother and friend Moghalu Kingsley 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.”

On his part, Moghalu, a former presidential aspirant of the African Democratic Congress, noted:

Moghalu wrote, “His Excellency @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 invitation to me to deliver the sixth 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 under then President Goodluck Jonathan.

“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.”

Mr Dumebi Kachikwu, the Founder of Roots Television, Nigeria, has clinched the African Democratic Congress (ADC), presidential ticket for the 2023 General Elections.

Kachikwu secured 978 votes to beat his closest rivals, Kingsley Moghalu and Chukwuka Monye, who polled 589 and 339 votes, respectively.

Retired Maj.- Gen. Ekundayo Opaleye, Chairman of the party’s National Convention Committee, announced the result on Thursday.
The convention was held at the Olusegun Obasanjo Presidential Library in Abeokuta, Ogun.
A total of 10 aspirants participated in the primary, including five females, and a person with special needs, Dr Chike Okogwu, who stepped down after addressing the delegates.
A total of 2,040 delegates from across the country were accredited by the convention committee to elect the party’s presidential candidate.

Kachikwu in his acceptance speech, commended the party for organising quality primary election devoid of monetisation.
He appreciated party members for electing him as presidential candidate, and assured them that he would continue to project the good image of the ADC, and woo voters ahead of the elections.
The ADC National Chairman, Chief Ralph Nwosu, lamented that the two main political parties in the country had failed to provide good leadership for Nigerians over the years.

Nwosu said that the ADC was on a rescue mission to save Nigeria, and planned to win 70 per cent of legislative seats at state and federal levels during the 2023 elections.
“The ADC is ready to salvage Nigeria, and that is why we will be bringing in technocrats to take over the reins of power,” he said.
The News Agency of Nigeria (NAN), reports that the event was witnessed by INEC officials, security agents and party faithful.

Former presidential candidate, Kingsley Moghalu, has mocked President Muhammadu Buhari over the deepening inflation in Nigeria.

He expressed shock in a Facebook post in which he noted he found out a bottle of groundnuts *medium) is now N1,000.

According to him, it was N600 a while ago.

He said, “Four Corner” in Enugu State, I bought a bottle of my favorite groundnuts that I used to buy for N600 for N1000. Economists call it inflation. The market woman said when I gasped: “oga the price has gone up”. I call it Buhari’s Nigeria.”

Prices of all commodities have continued to jump in Nigeria, where earnings are either static or dwindling in many cases.

Prof. Kingsley Moghalu, a former Deputy Governor of the CBN on Friday in Abuja announced his decision to join the African Democratic Congress (ADC) to pursue his presidential ambition in 2023.

“I am pleased to announce to you today that I have joined the African Democratic Congress (ADC) which I feel ideologically aligned with. I am honoured to become a card-carrying member of the party.

“In doing so, I restate my public announcement on June 1, 2021, making myself available to lead our country as a competent, 21st century president and my intention to contest in the 2023 presidential election.

“I look forward to close collaboration with the party’s chairman, Chief Ralph Okey Nwosu, Alhaji Said Abdullahi, the ADC National Secretary and the National Executive Committee, and Chair of its Board of Trustees among others,’’ he told a news conference.

He added that his desire was to take Nigeria higher and make her the envy of other nations if he becomes the president.

Moghalu noted that since its founding, in 2005 to date, including in the 2019 general election in which the ADC presented the late Dr Obadiah Mailafia as its presidential candidate, the party had remained consistent.

He said the ADC had remained consistent in its commitment to the emergence of true democracy in Nigeria and to the role of belief, passion and idea in nation building.

“The party has shunned `food-is-ready’ and divisive ethno-centric politics,’’ Moghalu stressed.

According to him, Nigeria’s big political parties have failed Nigerians and voting for them again in 2023 will amount to a waste of votes.

Moghalu said the ADC remained a key player in the efforts to create a new and bigger platform through merger of several political parties to take over power in 2023 to begin the work of rebuilding the country.

He said he had been part of a group of individuals and political parties working towards the emergence of a “Third Force’’ in the country’s political space.

He added that Nigerians were tired of the failure of traditional politics and were waiting eagerly for the emergence of such platform.

“For the party’s growth and expansion in the months ahead, I ask all my political supporters, including those aspiring to be elected to gubernatorial positions and the national and state legislatures to join the ADC,’’ Moghalu said.

While welcoming Moghalu to the party, Nwosu said he had returned to where he truly belonged.

“He has found his way to where he truly belongs; our handshake as a party cuts across regions and sentiments and we will together build a better Nigeria for all.

“We welcome you proudly because you are a distinguished Nigerian. We need servants and dedicated leaders like you to lead this country’’ the ADC chairman said.

He added that the ADC had been working with other political parties and institutions to achieve its desire of enthroning a better Nigeria.

The News Agency of Nigeria (NAN) reports that Moghalu, a lawyer and political economist was a presidential candidate of the Young Progressives Party (YPP) in 2019 presidential election.

He left the YPP in October 2019 and did not join any other party since then,

Moghalu, had however, remained an influential voice on national issues, including the economy, nation-building and governance.

He was recently identified as one of the leaders of an emerging “Third Force’’.

He recently served as the Special Envoy of the UN on Post-COVID Development Finance for Africa.

Moghalu’s new party fielded Prof. Pat Utomi as its candidate at the 2007 presidential election.
– NAN

Prof. Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria (CBN), says Nigeria needs a brand new constitution to channel its paths as the nation marks its 60th Independence Anniversary.

Moghalu, the Convener of To Build A Nation (TBAN), and 2019 presidential candidate of the Young Progressive Party (YPP), said that for Nigeria to achieve its desired heights, it must restructure its constitution.

The former apex bank top official had announced his withdrawal from partisan politics for nation building shortly after the 2019 presidential election.

His apprasal of the country is contained in a statement made available to the News Agency in Nigeria (NAN) in Lagos on Thursday.

“Not many fellow citizens still doubt that a constitutional restructuring of the country is highly necessary for progress.

“In this regard, what Nigeria needs is a brand new constitution.

“Such a constitution must reflect a new grand bargain by Nigerian ethnic nationalities, civil society organisations, socio-political organisations, pressure groups and the government of the day.

“For emphasis, this fundamental requirement will not be met by another tinkering of the 1999 Constitution (as amended),” he said.

He said there was need to salvage the country and start to rebuild a more united and prosperous Nigeria.

“I am, however, optimistic that we will do the needful, in the interest of the country, the citizens and to reclaim our pride of place among the countries of the world,” he said.

According to him, Nigeria’s 60th independence day calls for sober reflection from all.

“As Nigeria turns 60 as a politically independent state, sadly, it is not a time for the past and current leaders to congratulate themselves.

“Neither is it a time for celebration for the citizens. Instead, the occasion of the 60th independence anniversary of Nigeria calls for a sober reflection.

“A most optimistic view of the state of affairs of the country today will only reflect the Nigeria we could have had.

“Right from the early years of independence in 1960, many African countries were looking up to Nigeria, the giant of Africa, in their own quests for freedom, peace and progress.

“The Nigerian economy boomed, as the federating regions competed with each other for development in a healthy rivalry.

“But after mid-decade, the country took a wrong turning politically and economically,” he said.

He noted that apart from the country itself, which Chinua Achebe described in the past-tense and viewed by Obafemi Awolowo as “a mere geographical expression”, ordinary Nigerians have continued to be victims of failure of Nigeria’s leaders.

“Many comparator countries to Nigeria have left the country behind.

“Nigeria was relatively at the same level of economic prosperity with Singapore, Malaysia and South Korea in 1963.
“The good news is that it is not too late for the ship of the Nigerian state to turn around.

“But this needs to happen without further delay,” Moghalu added.

Enjoy this short video.

Prof. Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria, on Wednesday denied defecting to the ruling All Progresives Congress (APC) as reported by an online medium.

Moghalu, a political economist and Presidential Candidate of the Young Progressives Party (YPP) in the 2019 General Elections, made the denial in a statement in Lagos.

He said: “My attention has been drawn to a new story published by Elombah News, an online medium, with the false and misleading headline, Kingsley Moghalu has Joined APC – Anambra spokesman.

“This headline and the claim on which the report is based is false.

”In late 2019, I resigned my membership of the Young Progressives Party, the party platform on which I was a presidential candidate in 2019, but I did not subsequently join and have not joined any other political party.

”I am therefore not a member of any political party in Nigeria today.”

According to him, the online report is mischievous.

“Despite my denying this false claim when the online news outlet contacted me, Elombah News nevertheless went ahead to publish the story with this misleading and mischievous headline with no evidence to back it up, while burying my comment debunking the false claim deep inside its story.

“This is irresponsible journalism. I ask the public to disregard this fake news report and be guided by this clarification,” Moghalu said.

Meanwhile, watch and enjoy this short educative video.

Prof. Kingsley Moghalu, a former Deputy Governor, Central Bank of Nigeria (CBN), has called on African countries to step up their games and develop untapped “scientific capital” buried in their forests and ecosystems.

Moghalu made the call in a statement on Saturday in Lagos, while commenting on “Madagascar’s COVID-19 Cure”.

According to him, the cure for COVID-19 pandemic can certainly come from Africa, urging them to establish the “scientific capital” in a manner that was credible and provable.

“I believe Africa should seek homegrown cures to COVID-19. So, I’m curious about the ‘Madagascar’s COVID Organics’ cure claim.

“Like the Chinese acupuncture for instance, the next step for African countries, which have huge amounts of untapped “scientific capital” buried in their forests and ecosystems, was to step up their game.

“They should develop/refine this kind of knowledge and establish it in a manner that was credible and provable.

“Given the risks and sensitivity of the COVID-19 pandemic, African countries can’t expect to make such claims without clear proof, and, in that event, without being challenged.

“If the belief is that the Western scientists are inclined to find a way to ‘kill such claims as part of scientific imperialism’, then, we have scientists versed in standard ‘western’ scientific traditions.

“They should first do the job in the continent, and then, provide evidence of that internal verification,”
Moghalu said.

He described science as a matter of exactitude for the most part; “so, what is scientifically true can be largely, even, if not always completely, proven.

“We have seen this in the controversies over other COVID-19 medication hypotheses around Hydroxychloroquine, Remdesivir and so on, as well as the controversies over ‘cures’ for HIV/AIDS,” he said.

According to him, knowledge systems (the different styles, systems and structures of knowing and establishing empirical reality) are one of the seven components of a clear worldview.

“We need leaders who understand these concepts and can drive us in this direction in a post COVID-19 world.

“The President of Madagascar, Andre Rajoelina, has reportedly withdrawn his country from membership of the World Health Organisation (WHO) and has called on African nations to do the same after WHO said the cure-claim should be tested.

“I am fully aware of the international politics of science, in which scientific knowledge in Africa and of Africans is often questioned because it’s not ‘Western science’.

“But, it ought to be independently and certifiably tested, to be certain that it’s safe for general consumption and has no dangerous side effects.

“There is also need to ascertain that it actually cures the COVID-19 disease, just as other drugs touted as a cure even in the West. African science should meet this test too,” he said.