KINGSLEY MOGHALU

Professor Kingsley Moghalu is the former Deputy Governor of the Central Bank of Nigeria, a distinguished career UN diplomat, author of three books, a non-resident fellow and a current professor at The Fletcher School of Economics at Tufts University in Ma

Can you please tell us about your educational background and formative years as a way tointroduce you to our readers.

I studied Law as my first degree, and my Master’s degree in International Affairs at The Fletcher School of Law and Diplomacy at Tufts University in Massachusetts, USA was interdisciplinary. The Fletcher School was the first exclusively graduate school of International Affairs in the United States. It was established in 1933 jointly by Tufts and Harvard universities, and I studied a combination of International Law , Diplomacy, and international Political Economy. While a student there, I also worked as a research assistant in the programme on International Political Economy. I was also the Joan Gillespie Fellow at The Fletcher School for the academic year I studied there.

I also later obtained a Doctor of Philosophy (PhD) degree in international Relations at the London School of Economics and Political Science (LSE). The worldwide alumni network of The Fletcher School (which we fondly call “the Fletcher mafia”) in leadership positions in governments, international organizations, business corporations and the military and security services around the world has also been an important support in my career trajectory.

My family was another major influence. My childhood was international, and I also had a very deep interest in world affairs. My late father, Elder Isaac Moghalu was one of Nigeria’s pioneer Foreign Service Officers in the 1960s. We lived first in Geneva and later on in Washington DC where he was posted in the mid-1960s. So my dad naturally supported my interest in an international career as I was growing up.

I remember that, as a young boy and a teenager I always read the “World News” section of the newspapers first before reading anything else!

Could you give us a quick summary of the work you did at the CBN as deputy governor during your tenure?

My tenure there was about leading a team to stabilise the Nigerian banking industry, through several mechanisms. I led corporate governance reforms in the banking system. We also introduced structural reforms such the new banking model, established different categories of banks with different capital requirements instead of a “one-size-fits-all” uniform capital requirement that was not working out very well. So global Nigerian banks with subsidiaries abroad had the highest capital requirement of N50 billion, national banks needed to have minimum capital of N25 billion, and regional banks required N10 billion in capital.

As a global citizen what do you think Nigeria can teach other countries and, inversely, what can we learn from the countries you have lived in?

Nigeria has much to teach other countries. We remain a vibrant and dynamic country in spite of the many challenges we face. Our Nollywood and musical industries are globally renowned. Our diaspora are on the cutting edges of their professions in many countries around the world. On the other hand, we also must learn from other countries that only our citizens can change their own political and economic destiny by exercising our voting rights. We are too docile and tolerant of bad governance in this country. Poverty should not be an excuse to tolerate the poor state of our economy, our health systems and our infrastructure—we need to learn to use our democracy to better our lot by selecting the right kinds of leaders. It is not enough to merely survive day to day, we must make progress. We also need to learn from more mature countries and democracies about how to manage our ethnic and religious diversity.

You’ve also authored several books one of which was on post-war Rwanda. Are there lessons Nigeria can learn about national healing and reconciliation, as a multi-ethnic country?

Rwanda offers a very powerful lesson about how we can shift the narrative from one of negativity (the genocide) to one that is positive (Rwanda’s economic and developmental progress since the horror of the genocide). Rwanda has confronted its history through the gacacacourts and reconciliation progress and moved on. Ethnic identification is banned in all Rwandan state documents. I think in Nigeria we are avoiding confronting our national history and using it as a lesson learned so we can avoid future mistakes. And the rule of law remains an illusion in our country. Speaking of books though, I think my third book Emerging Africa: How the Global Economy’s Last Frontier Can Prosper and Matter, a roadmap on economic development and transformation, is my most important work to date.

As a family man what has been a benefit of raising your family all over the globe?

I think it has given them a very broad view of the world while understanding and still being proud of their identity as Nigerians. For example, my kids have native level fluency in French from our time living in Switzerland and France when I was serving in the UN system. When we arrived in Switzerland I insisted they should go to Swiss schools where everyone spoke French and very little English, instead of international schools where English was the dominant language. That decision paid off. Sometimes when they want to “conspire” against their mother and I, they go into deep French between themselves instead of English or Igbo. They also have friends from all over the world from the various countries we lived and where they went to school.

Tell us some of your favourite traits of your family.

As I said my wife is a practical but very loving and sentimental person. She is the master of logistics and I call her my Minister of Finance because I am always too busy to handle a lot of personal financial things like paying bills. You also cannot cheat my wife in a commercial transaction because she will price and haggle you down into the ground!

My kids are fun but very thoughtful. We have trained them to be domestically able to support themselves with cooking and so many other things. My first child and son Tobenna, a graduate of Neuroscience who plans to go to medical school and become a doctor, is a very thoughtful

I remember that, as a young boy and a teenager I always read the “World News” section of the newspapers first before reading anything else!

Frankly, the Grace of God has enabled me achieve a lot in life, and now I am not interested in personal success anymore but how our country Nigeria can create a better life for all her citizens.

and serious-minded young man. My second son Sochimaechiwho is studying Psychology in university says he doesn’t just believe but KNOWS he will be a successful chap! My third son Yagazie is a man with many big dreams. He is a first-year university student in Economics but is already setting up a company with his friend to sell things online. My last child and daughter Chidera is a very sweet and lovely child who helps her mother look after everyone else in the house. She is socially conscious and loves to serve in leadership roles in school. What has been a philosophy you abide by that you would say has played an important part in your success?

I believe that, in a competitive world, Africans are God’s children too, entitled to a place in the sun. That worldview has driven me to do a lot of what I have done on the global stage.

I believe I should live a life of consequence for my immediate society in Nigeria, so I am focused on lifting up my fellow men and women, not just on myself and my own individual success.

Frankly, the Grace of God has enabled me achieve a lot in life, and now I am not interested in personal success anymore but how our country Nigeria can create a better life for all her citizens.

That’s why I founded the Isaac Moghalu Foundation (IMoF) 13 years ago in 2005 to work in our rural communities here at home even while I was still in active service in the UN. Which was the last book you read to relax, and what did you like about it?

I read a lot of books, but really for knowledge and not relaxation. Don’t forget I am a professor so books are part of the trade! What I read for relaxation are magazines of various types – political, economic, social. So you could say I combine relaxation with soaking in knowledge at the same time. In that context I have enjoyed the books by the Cambridge University economist Ha-Joon Chang, one of which is titled ‘Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism’. He is a great and contrarian intellectual who challenges the status quo thinking about economic development. Is it true that you are aiming for the coveted seat in 2019? And if so what do you intend to do differently from your predecessors should you get the mandate?

There’s been a lot of speculation, but I will say this: Nigeria requires a bold new approach to leadership. Something different. We as a nation must put our minds together to drive three big solutions that will move this country forward: one, a heal Nigeria and build a nation; two, fight against poverty and unemployment; and three, restore Nigeria’s standing in the world.