News From MDA'STrending Story

Emefiele returns as CBN governor

279
The governor of Central Bank of Nigeria, Godwin Emefiele, has confirmed that he is returning for second term. Emefiele confirmed this at an ongoing Association of Assets Custodians of Nigeria (AACN) conference in London, this morning.

 

The 57-year-old banker raised the key interest rate to a record high to contain price growth and strengthen the naira, despite sluggish growth.

 

 

 

He is known to be favoured by President Muhammadu Buhari who particular on boosting local production and strengthening the naira. Emefiele’s defiant stance against multiple calls to devalue the naira and restriction on importation of 40 items from buying foreign exchange are said to endear the banker to the president, according to people familiar with the matter.

Prior to his appointment to the exalted position on June 3, 2014, Emefiele was the group managing director/chief executive officer of Zenith Bank Plc, the post, he assumed after spending over 26 years in commercial banking. He had won the best graduating student award when, in 1986, he obtained a Master’s Degree (MBA) in Finance from the University of Nigeria, Nsukka, the same school, where he studied banking and finance and graduated with a second class upper division, two years earlier. He later had executive studies at Stanford University, Harvard University and Wharton School of Business. Even though his five-year tenure ends on June 2, Buhari has the discretion to renew his appointment.

Under Emefiele’s leadership, the CBN has recorded many feats, notably attributed to his uncanny ability to think outside the box when faced with the most difficult situation.

At a time when Nigeria was at a crossroads, Emefiele as the CBN governor, proved its mettle. He drove the apex bank to rise to the occasion to bring the economy out of crisis and forestalled another one. For instance, he held forth on the economy, when there was a lacuna on the fiscal side, as a result of president’s delay in the appointment of his ministers, particularly the finance minister, for six months.

This is the first time since Nigeria returned to democracy that a central bank governor will serve more than one term in office, a testament to his good relationship with the president, according to people close the two parties.

No official statement yet from the government and the CBN.

Leave a comment

Related Articles

FG raked in N318.5bn revenue in Q1 of 2024 – Accountant-General

The Federal Government recorded a total revenue inflow of N318.5 billion in...

Nigerian Sovereign Investment Authority invests $500m in infrastructure

The Nigeria Sovereign Investment Authority (NSIA) says it has invested over $500...

Billionaire philanthropist Tony Elumelu mulls buying NPFL team

As part of his corporate social responsibility, billionaire banker and philanthropist Tony...

FG appoints management team for Nigeria Education Loans Fund

The Nigeria Education Loans Fund, an initiative of President Bola Tinubu took...

Terry G speaks on Davido, Wizkid, and Burna Boy rivalries, faces backlash from fans

Nigerian music sensation Terry G, also known as the Apako master, has...

Dani Alves pays €1m bail, set to leave Spanish jail

Former Brazil and Barcelona star Dani Alves, convicted of rape in Spain,...

World TB Day: 70 percent of TB cases in Africa now being diagnosed and treated – WHO

The World Health Organization (WHO) has disclosed that about 70 percent of...

13th AAG: Tobi Amusan wins gold in women’s 100m hurdles

The Nigerian sprint star, Tobi Amusan, won gold in the women’s 100m...

Subsidy removal: FG, 36 states, 779 LGs shared jumbo N10.14trn in 2023, says NEITI

The three tiers of government – Federal, state, and local governments –...

FG approves N12.7bln for mass metering of army barracks nationwide

The Federal Government says it has released N12.7 billion to provide electricity...

Tinubu Appoints FCT Civil Service Commission Chair, 10 Permanent Secretaries

President Bola Tinubu has approved the appointments of the Head of the...

Women’s Day: Tinubu felicitates women, vows to prioritise their welfare, rights

President Bola Tinubu has promised to prioritize the welfare of women, protect...

All African Games: Nigeria’s Flying Eagles start their campaign on a losing note

The Flying Eagles of Nigeria started their campaign in the men’s football...

Alleged N178bln debt: Reps dismiss petition against NPA, laud Bello-Koko, NPA 

A petition alleging that Mr. Bello Koko, the Managing Director of the...

$800m rehabilitation funds for Nigerian ports almost ready – FG

The Minister of Marine and Blue Economy, Mr. Gboyega Oyetola, has said...

Presidential Villa, EFCC, FIRS, 83 other MDAs risk total blackout over N47.1bln electricity debt

The Abuja Electricity Distribution Plc (AEDC) has threatened to disconnect the electricity...

FG appoints CEOs, board chairpersons for NAFDAC, NCDC, PCN, others

In furtherance of his determination to bring world class standards to the...

FCTA Disburses N4.8bln to Six Area Councils, Other Stakeholders

The Federal Capital Territory Administration (FCTA) has disbursed N4.8 billion to the...

EFCC sets up task force to combat dollarization of economy, mutilation of naira

The Economic and Financial Crimes Commission (EFCC) has announced the setting up...

How Bafarawa diverted N4.6bln from ex-NSA for prayers, election, acquire luxury vehicles

A startling revelation has been made about how a former governor of...