Prof Kingsley Moghalu Bags Chieftaincy Title

Professor Kingsley Chiedu Moghalu, former Deputy Governor of Central Bank of Nigeria and a presidential candidate in the 2019 elections, was recently conferred with the traditional title of Ifek’ego Nnewi (‘That which is greater than money’) by the Igwe of Nnewi, HRH Dr. Kenneth Orizu III.

The title wasconferred by the monarch of the 600 year-old kingdom at a colourful ceremony in Nnewi during his 57th yearly Ofala Festival on December 28, 2020.

With this recognition, Moghalu is now a member of the prestigious Body of Titled Chiefs of Nnewi, one of Nigeria’s most dynamic commercial towns.

Igwe Orizu, 95, and one of Africa’s longest reigning monarchs, having clocked 57 years on the throne, said that he conferred the Ifek’ego title on Moghalu in recognition of his “meritorious contributions to the development of Nnewi town.”

Thousands of Nigerians have reacted to the title with passionate approval of Moghalu’s chieftaincy conferment on social media.

“Big congrats to a great man, Prof. @MoghaluKingsley for his well deserved chieftaincy title as the Ifek’ego 1 of Nnewi. May you keep inspiring us. Greater years ahead, sir,” wrote Laz Ude Eze, a medical doctor, on Moghalu’s Twitter handle, where he broke the news of his honour.

“You are truly ‘greater than wealth’; a well-deserved award,” wrote Zakar Isma’il Ma’aji on Facebook.

Participants at the Nnewi Ofala festival and many others consider Moghalu’s new title of Ifek’ego Nnewi profound in meaning, intriguing and apt for this distinguished former United Nations diplomat, ex-central banker and new-generation politician.

In a culture and society where hard work and other positive values were once respected but the new rich and politicians have largely abandoned core values, Moghalu’s title is seen by many as a straightforward rebuke of the worship of money and crass materialism.

It fittingly comes from an accomplished global and national icon that inspires millions of young people across the country and possesses a strong record of integrity in public life.

“This recognition matters to me,” Moghalu said in a statement he released after his traditional title investiture. “My new title is a strong statement of my values in life. Integrity matters more than money. In public service for the world and for my country, I have never compromised it. It matters what we teach our society and how we are remembered.”

He said: “The recognition matters also because my traditional ruler showed appreciation for my humble contributions to my hometown community. This encourages me to remain on the track of service.”

Moghalu is a global leader whose leadership has contributed to the progress of nations, societies and individual lives, and across domains ranging from economic policy, nation-building and international diplomacy to academia, politics and philanthropy. He is currently serving on a high-level special assignment for the United Nations Development Programme as the UNDP Special Envoy on Post-COVID Development Finance for Africa.

In this role, the former CBN Deputy Governor leads a project team based in New York, to assess the fiscal stress imposed on African governments and economies by the COVID-19 pandemic, possible sources of domestic and international resource mobilisation for African countries and, following consultations with African leaders and policymakers, make recommendations to UNDP and African governments on how the latter can recover from the devastating economic impact of the COVID-19 pandemic.

As a Deputy Governor of the CBN, where he was headhunted by then Governor Sanusi Lamido Sanusi and appointed by President Umaru Yar’Adua in 2009, Moghalu successfully led the apex bank’s Financial System Stability (FSS) stability directorate, supervising a N17 trillion banking sector and extensive reforms that stabilised the sector after the global financial crisis of 2008.