10 key facts about Special Adviser to President Tinubu on Monetary Policies, Wale Edun

Samuel AkpanJune 15, 20231k

Here is the track record of the new Presidential Adviser on Monetary Policies, Chief Adebayo Olawale Edun, appointed along with seven others on Thursday by President Bola Tinubu:

1. Edun, an age-long ally of Tinubu, was the former Commissioner for Finance in Lagos State in the Tinubu administration as governor 1999-2007.

2. He has a solid background in international finance, corporate finance, public finance and merchant banking.

3. He obtained his Master’s degree in Economics from the University of Sussex, Brighton, United Kingdom and a Bachelor of Science (Hons) in Economics from the University of London, Queen Marry College, United Kingdom.

4. Edun’s impeccable record in the banking sector can be traced to his numerous portfolios which include serving as Head of Treasury and Deputy Head of Corporate Finance at Chase Merchant Bank from 1980 to 1986.

5. He is an International Trustee of the Duke of Edinburgh’s International Award Foundatiion.

6. He teamed up with the World Bank/IFC in Washington DC in 1986, he worked on economic and financial packages for several countries in Latin America and the Caribbean, including the Dominican Republic and Trinidad as well as Indonesia and India.

7. His trajectory in the financial sector was skyward, he co-founded and served as Executive Director of Investment Banking and Trust Company Limited, now Stanbic IBTC Plc, in 1989.

8. He is also the chairman of Chapel Hill Denham Group an investment bank in Lagos.

9. Prior to his appointment as Commissioner for Finance in Lagos, the state had not filed any financial report from 1997-1999 or record of income and expenditure.

10. As at then with a population of 10 million, the revenue generated by the state stood at N1.2bn monthly, but his financial expertise revamped the dwindling economy and the internal revenue surged to N6.9bn monthly, significant increase of 469 percent.

With the recent reports by Persecondnews on the inflation rate rising to 22.41 percent, and Nigeria recording the fifth consecutive rise in the inflation rate this year, the task ahead for the new Adviser is enormous but surmountable given his trajectories.