Kingsley Moghalu

Kingsley Chiedu Moghalu OON (born 7 May 1963) is a Nigerian political economist. He served as Deputy Governor of the Central Bank of Nigeria, appointed by President Umaru Musa Yar'Adua, from 2009 to 2014. He subsequently taught at Tufts University as Professor of Practice in International Business and Public Policy at The Fletcher School of Law and Diplomacy from 2015 to 2017.^[1] He was the presidential candidate of the Young Progressive Party (YPP) in the country's general election in February 2019.^[2]

Dr Kingsley Moghalu OON
Personal details
Born	(1963-05-07) 7 May 1963 (age 60) Lagos, Nigeria
Spouse	Maryanne Moghalu
Children	4
Education	Doctor of Philosophy degree in International Relations
Alma mater	London School of Economics, Tufts University, University of Nigeria
Occupation	Political economist
Website	http://kingsleymoghalu.com

Moghalu is the founder of Sogato Strategies LLC, a global investment advisory firm, and the president of the Institute for Governance and Economic Transformation (IGET),^[3] a public policy think tank. He is a Non-Resident Senior Fellow at the Council on Emerging Market Enterprises at the Fletcher School at Tufts University^[4] and has served as the United Nations Development Program (UNDP) Special Envoy on Post-Covid Development Finance for Africa.^[5][6][7]

He was the Oxford Martin Visiting Fellow at the University of Oxford for the Michaelmas term in 2021^[8]

Moghalu is a member of the Advisory Council of the Official Monetary and Financial Institutions Forum (OMFIF), a network of global asset management firms, sovereign wealth and pension funds.^[9]

Early life and education

Moghalu was born in Lagos in 1963 to Isaac Moghalu, a Nigerian foreign service officer and Vidah Moghalu, a school teacher. Moghalu spent his early childhood in Switzerland and Washington, DC, where his father was posted. Isaac Moghalu transferred his service back to Nigeria's Eastern Region as the country was rocked by a political and humanitarian crisis, and the family returned to Nigeria in April 1967. The Eastern Region announced its secession from Nigeria the following month of May, and Moghalu and his family lived in his hometown of Nnewi, as well as Umuahia, the capital of the short-lived Republic of Biafra, during the civil war that lasted for two and a half years. In the 1970s Kingsley received his secondary school education at Eziama High School, Aba, Government College Umuahia, and Federal Government College Enugu. He earned a degree in law from the University of Nigeria in 1986, and the Barrister at Law from the Nigerian Law School, Lagos.^[10][11][12]

Moghalu obtained a Master of Arts degree in 1992, at The Fletcher School of Law and Diplomacy at Tufts University, where he was the Joan Gillespie Fellow and a Research Assistant in the International Political Economy Program. He earned the International Certificate in Risk Management from the Institute of Risk Management (IRM) in London. Moghalu later obtained his Doctor of Philosophy degree in International Relations at the London School of Economics and Political Science in 2005 with a thesis entitled "Justice as policy and strategy: A study of the tension between political and juridical responses to violations of international humanitarian law".^[13] He received advanced executive education in macroeconomics and financial sector management, corporate governance, and global strategic leadership at the International Monetary Fund Institute, Columbia Business School, Harvard University's Kennedy School of Government, Harvard Business School, and the Wharton School at the University of Pennsylvania.^[12][11]

Career

Moghalu joined the United Nations in 1992. He served in political, legal, and external affairs assignments at duty stations in Cambodia, the United Nations headquarters in New York, Croatia, and Tanzania/ Rwanda. His first assignment was as a UN human rights and elections officer with the United Nations Transitional Authority. A year later, he was appointed political affairs officer in the department of peacekeeping operations at the UN Headquarters in New York. From 1996 to 1997, he served in the former Yugoslavia as political advisor to the special representative of the UN Secretary-General in Croatia. Kingsley was then assigned as legal adviser to the United Nations International Criminal Tribunal for Rwanda (UNICTR) in Arusha, Tanzania, in 1997 and later promoted to the role of the international tribunal's spokesman. As special counsel and spokesman, he was responsible for policy development, strategic planning and external relations. The UNICTR delivered the first-ever judgement by an international court on genocide.^[14]

In 2002, Moghalu was appointed to the World Health Organization in Geneva, Switzerland, as head of global partnerships and resource mobilization at The Global Fund to Fight AIDS, Tuberculosis and Malaria (GFATM), a public-private international development finance organization and social investment fund with $20 billion in assets and investments in 140 developing and middle-income countries. He was a member of the Global Fund's senior management group that set corporate strategy, a member of the risk management committee, and was promoted to the rank of director in 2006.^[10]

In 2006, United Nations Secretary-General Kofi Annan appointed Moghalu as a member of the UN General Assembly-mandated Redesign Panel on the United Nations Internal Justice System. Working at the UN Headquarters in New York for six months in the first half of 2006, the Redesign Panel reviewed and made recommendations on how to improve the system of administration of justice at the United Nations.^[15]

The Governing Board of The United Nations Conference on Trade and Development (UNCTAD) in Geneva, Switzerland appointed Kingsley Moghalu, in 2017, as a member of its high level Independent Expert Group on Financing for Development. The Expert Group reviewed and made recommendations on how to better achieve the Sustainable Development Goals and effective domestic resource mobilization for development in developing countries.^[16]

Moghalu resigned from the United Nations in December 2008. He then founded Sogato Strategies S.A., a global strategy and risk consultancy, in Geneva.

Umaru Yar'Adua, President of the Federal Republic of Nigeria (2007–2010), appointed Moghalu deputy governor of the Central Bank of Nigeria in November 2009.^[17] Moghalu was the deputy governor for Financial System Stability and supervised the execution of reforms in Nigeria’s banking sector after the global financial crisis of 2008.^[18] He also served as deputy governor for Operations, with supervisory responsibility for currency and branch operations, payment systems, and the management of Nigeria's foreign reserves of $37 billion. He led the rollout of payment systems reforms, including the development and introduction of the unique identifier Bank Verification Number (BVN), that enabled the growth of a thriving Fintech industry.^[19][20][21]

Moghalu was a member of the Monetary Policy Committee (MPC), the Committee of Governors (CoG), and the Board of Directors of the CBN, and also served as a member and representative of the CBN in the Economic Management Team of president Goodluck Jonathan. He served as the Chairman of the Boards of Directors of the Nigerian Export-Import Bank (NEXIM) and the Financial Institutions Training Centre, and as a member of the boards of the Asset Management Corporation of Nigeria, Securities and Exchange Commission (SEC), and the Kuala Lumpur-based Alliance for Financial Inclusion (AFI). He also represented the CBN as a member of the Board Executive Committee of the International Islamic Liquidity Management Corporation, headquartered in Kuala Lumpur.^[22][23]

In 2014, Kingsley Moghalu delivered the Thomas Hodgkin Memorial Lecture at the University of Oxford.^[24][25][26]

On May 8, 2023 Moghalu delivered the 30th Anniversary Founders’ Day Lecture of the African Export-Import Bank Afreximbank at the Bank’s Headquarters in Cairo, Egypt. ^[27][28][29]

Controversies

Moghalu's tenure at the CBN included the introduction of non-interest (Islamic) banking. This policy generated strong political controversy. Moghalu defended the decision to introduce Islamic banking explaining that this was one of several measures to expand financial inclusion and not, as many Christians in a country with strong sectarian tensions erroneously believed, an Islamization agenda.^[30]

In early 2014, a disagreement of principle led to a temporary rupture in Moghalu's relationship with his former boss Sanusi Lamido Sanusi, who had been suspended by President Goodluck Jonathan. Sanusi had alleged a $20 billion fraud at the country's publicly owned oil corporation. Moghalu disagreed with the manner in which his erstwhile superior handled the sensitive controversy. He expressed frustration that Sanusi had overstepped his role as the head of the central bank and crossed into political activism, but emphasized his support for Sanusi's leadership in monetary policy.^[23]

The two men reconciled when, three years later, Sanusi, now the former Emir of Kano, received Moghalu with pomp and pageantry, along with the entire Emirate Council of Kano, when Moghalu visited him at his royal palace in Kano in November 2017. The Emir praised Moghalu's contributions the successes of Sanusi's leadership team at the CBN, and stated that he had no regrets for having recommended Professor Moghalu to President Yar’Adua for appointment as a deputy governor of the central bank.^[31]

Political career

In February 2018, Moghalu announced his intention to run for the office of the President of Nigeria. He later chose to run on the party platform of the Young Progressives Party.^[7] As the presidential campaign wound down in February 2019, Wole Soyinka, the Nigerian born Nobel Laureate, issued a strong endorsement of Kingsley Moghalu to be elected Nigeria's president.^[32][33]

Sanusi Lamido Sanusi, then Emir of Kano, also endorsed Moghalu for President.^[34] Moghalu also received the strong endorsement of the Ooni of Ife, Adeyeye Enitan Ogunwusi^[35][36]

Although Moghalu ultimately lost the election to Buhari, his candidacy, anchored on his manifesto "Build, Innovate and Grow" (BIG), had a strong appeal, and created a shift in Nigeria's political narrative towards the need for political and electoral reform.^[37] In October 2019, Moghalu resigned his membership of the YPP, announcing that he would focus in the immediate future on advocacy for electoral reform through the non-partisan citizens movement To Build a Nation (TBAN).^[38][39]. In December 2022, Moghalu announced that he had withdrawn completely from partisan politics in Nigeria and had returned to a professional life.^{[40][41][42][9]}

Publications

• Moghalu, Kingsley Chiedu (February 2018). Build, Innovate and Grow: My Vision for Our Country, Bookcraft.
• Moghalu, Kingsley Chiedu (24 July 2014). Emerging Africa: How the Global Economy's 'Last Frontier' Can Prosper and Matter. Penguin UK. ISBN 9780141979465.
• Moghalu, Kingsley Chiedu (2006). Global Justice: The Politics of War Crimes Trials. Greenwood Publishing Group. ISBN 9780275992972.
• Moghalu, Kingsley (15 November 2005). Rwanda's Genocide: The Politics of Global Justice. Palgrave Macmillan. ISBN 9781403970817.

He wrote an essay, "Bretton Woods": "The West and the Rest” in the book "Bretton woods: The Next 70 Years (2015).^[43] He served as a member of the Editorial Board of Central Banking Journal.^[44]

Honours

Moghalu was decorated with the Nigerian National Honour of the Officer of the Order of the Nigerian (OON) by President Goodluck Jonathan.^[45] He was conferred with the degree of Doctor of Laws (LL.D.) Honoris Causa by Anambra State University,^[46] and is a Fellow of the Chartered Institute of Bankers of Nigeria (FCIB). He is the recipient of the Rotary International Distinguished Service Award, and the "Against All Odds" Achievement Award of the African Women Economic Consortium.^[47] In 2019, following the general elections in Nigeria, the Federation of West African Freelance Journalists Association named Moghalu "Nigerian Political Icon of the Year" in what the association called "the Nigerian Political Achievers Hall of Fame".^[48]

On December 28, 2020, Moghalu was honoured with the conferment of the Nnewi traditional title of Ifekaego of Nnewi Kingdom by HRH Igwe Kenneth Onyeneke Orizu III.^[49]

Personal life

Moghalu married Maryanne Onyinyechi Moghalu, Nee Ezike, in 1994. They have four children.^[14]

External links

• Official Website
• Institute for Governance and Economic Transformation

References

1. . Fletcher.tufts.edu. Archived from the original on 23 November 2015. Retrieved 4 August 2018.
2. Nseyen, Nsikak (8 October 2021). "2023: Kingsley Moghalu joins ADC after dumping YPP". Daily Post Nigeria. Retrieved 11 January 2023.
3. "Institute for Governance and Economic Transformation (IGET) Archives". Premium Times Nigeria. Retrieved 21 August 2023.
4. "Kingsley Moghalu – CEME".
5. "The Lunch Hour - Kingsley Moghalu: UNDP Special Envoy". 2 December 2020.
6. "Kingsley Moghalu: A profile of YPP's 2019 presidential candidate". www.pulse.ng. 7 January 2019.
7. "Kingsley Moghalu picks party for 2019 presidential election". Premiumtimesng.com. 24 May 2018. Retrieved 4 August 2018.
8. "Oxford University appoints Moghalu as visiting academic". guardian.ng. Retrieved 17 September 2023.
9. Okojie, Kelvin (24 December 2022). "I am no longer running for office in Nigeria — Kingsley Moghalu". Businessday NG. Retrieved 21 August 2023.
10. "Professor Kingsley Chiedu Moghalu". Businessdayonline.com. 25 June 2015. Retrieved 4 August 2018.
11. . Archived from the original on 25 November 2020. Retrieved 8 August 2018.
12. "Central Bank of Nigeria:: Board of Directors". Cenbank.org. Retrieved 4 August 2018.
13. Moghalu, Kingsley Chiedu (2005). Justice as policy and strategy: A study of the tension between political and juridical responses to violations of international humanitarian law (phd thesis). London School of Economics and Political Science (United Kingdom).
14. . Archived from the original on 3 November 2018. Retrieved 7 May 2019.
15. "Secretary-General Appoints Independent Experts to Redesign System of Administration of Justice". Un.org. Retrieved 4 August 2018.
16. "UNCTAD Appoints Moghalu to High Level Expert Group". THISDAYLIVE. 27 September 2017.
17. Orioha, Lucky (23 February 2015). "Moghalu, CBN ex-Deputy Governor appointed prof at Tufts University". The Guardian Nigeria News - Nigeria and World News. Retrieved 21 August 2023.
18. Nigeria, Guardian (10 September 2018). "Banks, the challenges and real sector interventions". The Guardian Nigeria News - Nigeria and World News. Retrieved 21 August 2023.
19. "Professor Kingsley Moghalu, OON – AFRIBIF".
20. "Central Bank of Nigeria:: Board of Directors". www.cbn.gov.ng.
21. [1]^{[dead link]}
22. "Company Overview of AMCON, Inc". Bloomberg.com.
23. "Nigeria’s suspended central banker overstepped the mark, says his". The Independent. 18 March 2014. Retrieved 21 January 2019.
24. "Former CBN Deputy Governor Moghalu to address Swiss business leaders". Financial Nigeria International Limited.
25. "Kingsley Moghalu - Tufts Fletcher School". Fletcher.tufts.edu. Retrieved 4 August 2018.
26. "CBN Deputy Gov, Moghalu, to Deliver Oxford Lecture Jan. 27". METROWATCH. 26 January 2014.
27. Adeeso, Adejumoke (5 May 2023). "Moghalu To Deliver Afreximbank 30th Founders' Day Lecture". Retrieved 21 August 2023.
28. "Moghalu Urges Afreximbank to Focus on Building Trade Policy Capacity in Africa - THISDAYLIVE". www.thisdaylive.com. Retrieved 21 August 2023.
29. Agbo, Jeffrey (9 May 2023). "Afreximbank has to leverage AfCFTA to transform Africa by 2050 – Moghalu". TheNiche. Retrieved 21 August 2023.
30. "Nigeria: CBN Defends Islamic Banking". allafrica.com. 23 June 2011. Retrieved 15 March 2021.
31. "Former CBN Deputy Gov., Prof Moghalu visits Emir of Kano, Obi of Onitsha, others". Vanguard News. 10 January 2018.
32. "2019 Presidential Election: Wole Soyinka endorses Kingsley Moghalu | Premium Times Nigeria". 8 February 2019.
33. "Prof. Kingsley Moghalu declares for Presidency – - The Sun News". Sunnewsonline.com. 1 March 2018. Retrieved 4 August 2018.
34. Sijuade, Gbenga (18 June 2018). "Emir Sanusi Endorses Moghalu As One Of The Most Credible 2019 Presidential Aspirants".
35. "2019: Ooni of Ife drums support for Moghalu". 2 February 2019.
36. Television, Oak (5 February 2019). "What Ooni of Ife told Moghalu ahead of 2019 elections". OAK TV. Oak tv. Retrieved 5 February 2019.
37. "TBAN: Moghalu withdraws from partisan politics to lead movement". www.pulse.ng. 12 April 2019.
38. "TBAN calls for constitutional restructuring, electronic voting". Vanguard News. 12 November 2020.
39. "Moghalu Writes NASS Leadership As TBAN Launches Petition For Electoral Reform | Channels Television". www.channelstv.com.
40. Adeeso, Adejumoke (5 May 2023). "Moghalu To Deliver Afreximbank 30th Founders' Day Lecture". Retrieved 21 August 2023.
41. Ogunsile, Richard (22 December 2022). "Ex-Deputy CBN Gov, Moghalu Withdraws From Partisan Politics". Naija News. Retrieved 21 August 2023.
42. "Moghalu: I am happy I withdrew from partisan politics - P.M. News". Retrieved 21 August 2023.
43. Uzan, Marc, ed. (2015). Bretton Woods: The Next 70 Years (PDF). Prudential Investment Management.
44. "Moghalu to Deliver Babcock University 2022 Convocation Lecture - THISDAYLIVE". www.thisdaylive.com. Retrieved 21 August 2023.
45. "National Honours – Channels Television".
46. "Moghalu Bags Honorary Doctorate". article.wn.com.
47. "Kingsley Moghalu receives Political Icon of the year 2019 award". Vanguard News. 24 August 2019.
48. "Moghalu Kingsley Biography and Detailed Profile". 24 May 2018.
49. "Who the cap fits: Kingsley Moghalu bags Nnewi traditional title". 2 January 2021.