Senate Clears Emefele As CBN Gov, Resumes June 1

Zenith-MD1

Mr. Godwin Emefiele is to take over as the new Governor of the Central Bank of Nigeria (CBN) on June 1, following his confirmation of his nomination by the Senate on Wednesday.

Emefiele will replace Sanusi Lamideo Sanusi, who was suspended last month by President Goodluck Jonathan for “various acts of financial recklessness and misconduct.”

Emefiele promised to use adopt “Development Banking Model” to drive economic growth and development in the real sectors of the economy to the benefit of all Nigerians.

He said during the question and answer session with the Senate: “We would ensure that whatever decisions we take at the CBN in the Monetary Policy Committee (MPC) would be those that would lead to improvement in the level of employment in Nigeria.

“I would not spend any money in contravention of the law.

“We would ensure that we work with the manufacturing companies to ensure that we improve on their level of production and ensure that we improve and achieve economic growth in Nigeria.

“The Development Banking Model is a model that has been tried and tested in different jurisdictions in the world.

“In fact in some of the frontiers and emerging markets in the world, we have seen development banking used as a tool towards achieving economic growth, development and industrialisation,” he said.

He said under his tenure, the CBN would foster a harmonious working relationship with the Ministry of Finance to ensure unity of purpose in the policy implementation, adding: “It is important that both the Ministry of Finance and the CBN move in one direction.

“The Central Bank of Nigeria is the monetary authority whereas the Ministry of Finance is the fiscal authority. It is important that in their relationship, they must work in one direction.

“So, we expect that there should be a collaborative relationship where they are both ready to work together for the common good of Nigerians,” he said.

The CBN Governor-designate further announced that he would take all necessary steps to stop the use of dollars as a legal tender for financial transactions within Nigeria.

His words: “I will take it as a primary responsibility to ensure that the attempt to dollarise the Nigerian economy is discouraged.

“We should not allow it because it would create problem for the economy, ” Emefiele said.

Sanusi, in his time has been at odds with the Federal Government and has hugged controversy, especially with huge donations on behalf of the CBN to questionable causes.

Thursday’s statement said Sanusi’s suspension followed reports of the Financial Reporting Council of Nigeria and other investigating bodies, which indicated that Sanusi’s tenure was characterised by various acts of financial recklessness and misconduct.

Until his appointment as the Managing Director of Zenith Bank in 2010, Emefiele was the Deputy Managing Director of the bank, having been appointed into that position in 2001.  Emefiele has also served as the bank’s Executive Director in charge of Corporate Banking, Treasury, Financial Control and Strategic Planning.

Until he took over as Group Managing Director, Emefiele was directly responsible for all the Group’s local subsidiaries, Treasury and Correspondent Banking, and Multilateral, Conglomerates, & Private Banking.

He also had responsibilities for direct supervision of majority of the bank’s branches in Lagos and northern Nigeria.  Godwin has been on the bank’s management team since inception.

Emefiele has over twenty-five years banking experience and holds a B.Sc and an MBA in Finance both from the University of Nigeria Nnsukka.Before commencing his banking career, he lectured Finance, Bank Management, and Insurance at the University of Nigeria and University of Port Harcourt respectively.

He is an alumnus of Stanford University, Harvard and Wharton Graduate School of Business where he took courses in Negotiation, Service Excellence, Critical Thinking, Leading Change and Strategy.