Abdulrasheed Bawa, the EFCC Chairman, has joined Godwin Emefiele on the suspension and investigation list. His conduct whilst in charge of the country’s foremost anti-corruption agency will now be placed under a microscope with him lacking the cover and protection of his office.
The move, long demanded by monitors of the agency who insisted that Bawa had compromised it with sleaze, has increased excitement in the country. More so, it has strengthened popular belief that the new president is not here to window-dress; he intends to weed out and reform.
Already, Emefiele’s exit has allowed for reasonable adjustments at the Central Bank and in the country’s monetary policy. The multiple exchange rate system, which allowed an anointed few to hoard dollars at the official rate and sell them in the black market for criminal profit, has been eliminated.
No longer will the CBN fritter away scarce resources — and discourage investors — on the maintenance of a currency peg policy that ignored market realities. Emefiele had used the tactic to mask his incompetence. As opposed to influencing the markets with smart policies that incentivise and nudge actors towards the country’s preferred position, he opted to rule by fiat, banning and restricting, until he diminished the reputation of the bank and made it a one-man’s fiefdom.
His response to a thriving black market, which was a direct consequence of his market-defying currency peg, was to cut down trees. He challenged AbokiFX, a site that merely publishes market rates, to a fight in public. He became a clown, respected by no one.
There was also the serious matter of his dangerous partisan pivot. He nursed a presidential ambition and used the large budget and powers of the CBN, which is subject to little oversight given the constitutional independence of the institution, to pursue that dream. Waivers and privileges were offered not on the basis of their value to the country’s economy but on whether the beneficiaries could help Emefiele’s dream.
He became the grower of rice and cutter of trees, abandoning the more important policy obligations of his office. He announced a currency redesign and starved the economy of cash, ending lives and businesses in the process, just to affect the outcome of the electoral contest.
For Bawa, it was simply that his integrity became too loudly and frequently questioned. It was no longer tenable to leave him in that position without at least an investigation into the damning claims. An EFCC Chairman should be above board. The integrity of the institution and its processes demand it. But Bawa dined at questionable tables and his hitherto immaculate white became smeared with oil and food remnants. The remnants decayed and became the source of an unbearable stench. He must be taken into the sink where it will be determined if he can be yet scrubbed clean or tossed into the trash.
A former governor said he demanded a bribe of $2M. Bawa chose to fight in the press, not in court. It was a revealing choice that dented his reputation.
In all, with the two swift moves, President Tinubu has left no doubt that he possesses the courage to air out the stuffy room. As soon as he stepped in, he flung open the window to allow for proper ventilation. Stale air will be replaced with fresh one. The furniture will be rid of dust and each will be checked again for its value after which a decision will be made on whether it has earned a corner in the house.
Nigeria is in for an exciting, hope-renewing ride.