The conflict between Odilim Basil Enwegbara and Godwin Ifeanyi Emefiele traces back to 2014 when the latter was appointed by former President Goodluck Jonathan as the successor to the dismissed governor of the Central Bank of Nigeria (CBN), Mr Sanusi Lamido Sanusi.
Enwegbara, believing Nigeria needed a more qualified candidate than the obscure commercial banker Emefiele for the crucial role of Nigeria’s chief banker, advocated for Mustafa Chike-Obi, a distinguished mathematician with an MBA from Stanford University and a seasoned Wall Street banker.
Instead of petitioning the President for reconsideration after thoroughly investigating and profiling Emefiele, Enwegbara sent a critical memorandum to the then-Senate President, David Mark, opposing Emefiele’s screening and confirmation.
This memo, widely published in numerous newspapers, caught the attention of Emefiele and his associates, who attempted to persuade Enwegbara, but he rebuffed their appeals.
Upon Emefiele’s confirmation by the Senate, the conflict between the two escalated, persisting into the era of President Muhammadu Buhari, whose nephew, Engr. Suleiman Adamu, is close to Enwegbara.
Enwegbara authored another memorandum demanding Emefiele’s immediate removal, which he vehemently emphasized during a meeting with Buhari’s Chief of Staff, the Late Abba Kyari, in February 2016, as a precondition for his cooperation in implementing an economic agenda for the country. During the aforementioned meeting, Enwegbara advocated for measures to safeguard Nigeria’s national currency, proposing a transition from paper currency to digital currency to curb financial influence in elections.
He also outlined his proposed Naira Redesign and a cashless policy, along with his eNaira fintech solution to facilitate the digitization of financial transactions. Mr. Kyari assured Enwegbara that he would bring these proposals to the President’s attention and the economic team.
However, due to Enwegbara’s unwavering stance on Emefiele’s dismissal, the government distanced itself from him and began implementing his proposals without his involvement. Additionally, Enwegbara’s eNaira project and his proposed Equity Investment Bank of Nigeria were co-opted, renamed, and claimed by Emefiele’s CBN and other government entities.
Enwegbara’s company, Odilimenvir, was also denied access to COVID-19 funds by Emefiele’s CBN amid the ongoing conflict. Despite Odilimenvir’s recognition for treating COVID-19 patients and receiving approvals from NAFDAC and the Minister of State for Health, Dr. Olorunnimbe Mamora, the company was excluded from grant disbursements.
Enwegbara later discovered that his exclusion stemmed from his persistent calls for Emefiele’s dismissal, exacerbating his economic and financial challenges.
He was warned by Emefiele’s aides that the conflict would escalate further, but Enwegbara was focused on plans to relocate to the U.S and perfect the trademark filings of his initiatives, including eNaira, Oyobanking, African Investment Forum, African Institute of Technology, and Equity Investment Bank of Africa.
Sensing that Enwegbara could succeed with the patent of his numerous initiatives in the US, and potentially criminalize him, Emefiele engaged the services of “White and Case,” a prominent American law firm, to challenge Enwegbara in the U.S, alleging ownership of the eNaira trademark.
Despite these legal challenges, Enwegbara remains steadfast in his pursuit of justice, contending that the USPTO has not exercised the expected level of fairness. Meanwhile, Emefiele’s tenure at the CBN ended amid allegations of forgery and corruption, tarnishing the institution’s reputation.
Enwegbara continues to persevere in reclaiming his intellectual property rights, despite resistance from various quarters, including the USPTO’s reluctance to grant his company the eNaira mark.
Deji Omo writes from Abuja
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