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Tag: Kingsley Moghalu

  • Cryptocurrency: Moghalu Faults CBN action, Advise FG

    Cryptocurrency: Moghalu Faults CBN action, Advise FG

    A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has criticised President Muhammadu Buhari’s government over the cryptocurrency ban by the apex bank.

    Recall that CBN ordered banks and financial institutions in Nigeria to close the accounts of cryptocurrency traders.

    CBN in its circular signed by Director of Banking Supervision, Bello Hassan, directed financial institutions to halt any transactions in crypto or to facilitate payments for crypto exchanges.

    Reacting to the development, which Nigerians have greatly criticised, Moghalu in an interview on Channels Tv Sunday Politics, said the move was as though the Buhari-led administration is always making decisions to take away opportunities from Nigerians, especially in a depressed economy.

    The former presidential candidate stated that despite the risks involved in trading in cryptocurrencies, he would not recommend that crypto be banned outrightly because it is fast becoming a real factor in Nigeria’s investment ecosystem and livelihood of many Nigerians.

    He said if he were in a government position to make a decision, it would be to balance the risks against the country’s current realities.

    He said: “A lot of the activities across the world are going digital, and I would not recommend banning it (cryptocurrencies) outright.

    “$500 million worth of Bitcoin has been traded in Nigeria within the last five years, and Nigeria is one of the top 10 countries in the use of cryptocurrencies in the world today.”

    Moghalu advised the government to make the investment climate more favourable and friendly to enable foreign investment.

    “Regular currencies depreciate against cryptocurrencies such as the BTC but many Policies from the bank in the past few years have not been favourable.

    “The Nigerian Government should try to make the investment climate far more friendly and efficient than it is now. Any investment has risks.

    “It is unfriendly, that’s why the foreign investment is declining,” he added.

  • Prolonged ASUU strike evidence of Buhari govt’s failure –Moghalu

    Prolonged ASUU strike evidence of Buhari govt’s failure –Moghalu

    Kingsley Moghalu, a former presidential candidate, says the prolonged strike by the Academic Staff Union of Universities (ASUU) is evidence of President Muhammadu Buhari-led government’s failure to ensure the well-being of Nigerians. 

    ASUU had embarked on an indefinite strike in March over non-implementation of agreements and resolutions the federal government reached with the union in 2009.

    The union had also opposed the adoption of the Integrated Payroll and Personnel Information System (IPPIS) while presenting its University Transparency and Accountability Solution (UTAS) as an alternative.

    In a statement on Wednesday, the former deputy governor of the Central Bank of Nigeria (CBN) said it is unfortunate that the current administration has allowed the strike to linger for long.

    He also described the ongoing strike as a “serious infringement” on the right of Nigerians, especially the youth, to education based on the universal declaration of human rights.

    Moghalu, who is the convener of To Build A Nation (TBAN), said while industrial actions are legitimate, they become dysfunctional when protracted.

    “That the government has allowed the current ASUU strike to continue for many months, by not reaching agreement with the lecturers, is very unfortunate. It amounts to a dereliction of the duty of the government to the wellbeing of the citizens,” the statement read.

    “This strike has inflicted mental torture on university students, who are left to wonder when they will complete their programmes. Sadly, the ASUU strike falls into an established pattern. The government has not given due attention to education.

    “The country has been underinvesting in education for years and is far behind its comparator developing countries and emerging economies in terms of public investment in education.”

    Moghalu said the federal government can’t claim seriousness about poor funding of universities — which is a major issue raised by ASUU — when only 5.6% was allocated to education in the 2021 appropriation bill.

    “This indicates that the government is not giving enough considerations to the major issue in its long history of dispute with ASUU. The main issue has been the funding of the tertiary institutions, of which the emoluments of the lecturers are just a part,” he added.

    According to him, the federal government should withdraw the already-submitted 2021 appropriation bill and increase allocation to education to at least 15% in order to demonstrate its commitment to the sector.

    He added that the government must initiate measures that will bring about comprehensive reforms in the country’s education sector which include improvement in teachers’ salaries and review in admission standards.