As speculation over who succeeds Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, mounts, one of the frontline contenders for the job, the Group Managing Director/Chief Executive Officer, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, has said if offered the job, it would be difficult to turn down.
Aig-Imoukhuede has been widely touted as one of the possible successors to Sanusi, if President Goodluck Jonathan decides to choose a banker.
Sanusi is expected to step down in June 2014 when his tenure will expire. Also, Aig-Imoukhuede, who is 47, steps down from his role at Access Bank at the end of this year.
Speaking in an interview with the UK-based Banker magazine, the Access Bank boss said: “For a professional banker, who has operated as a CEO and had an exciting career, I guess it would be impossible to say that the opportunity to go one level up and work as the head of the apex bank would not appeal.
“It’s appealing in that context. And it’s appealing if you have a developmental focus, which I do. It’s obviously a platform from which you can have a major impact on the country.
“But at the same time, I’m very aware that such positions are political by nature. It’s flattering so many people think I’m qualified. But, frankly, you leave it to those with the political power to decide.”
The decision over the next CBN governor would be one of the most significant to be made by the president in the next six months, given the role of the institution in driving Nigeria’s economic reforms.
Several analysts have argued that the president may choose someone that is less independent-minded than Sanusi, who, while winning widespread plaudits internationally for the way he revived the Nigerian banking sector after its 2009 crisis, has angered many lawmakers by complaining about corruption in politics and maintaining tight monetary conditions.
The elections that are due in 2015 could also complicate the process as some have expressed fears that President Jonathan might use the selection to placate his opponents by picking someone who will acquiesce to calls from politicians for, among other measures, lowering interest rates in the run-up to the election.
Speaking further, the Access Bank boss praised Sanusi over his achievements at the central bank, suggesting he would not change the CBN’s course significantly if he becomes the next governor.
He argued that monetary policy under Sanusi, which has led to exchange rate stability in recent years and inflation falling to 7.9 per cent in November, its lowest level since early 2008, is more transparent and sophisticated than ever.
“Mr. Sanusi has taken it to the next level. In terms of his price stability mandate, compare our macroeconomic indicators as a country with other emerging markets. You would have to say that this central bank is operating at an outstanding level.
“I don’t think we’ve ever had as many PhDs within the central bank as we have today. Unlike in the past, the central bank, from a talent and capacity standpoint, is in some respects ahead of the (commercial banking) industry,” he added.
Aig-Imoukhuede who used a football analogy to describe the Nigerian economy, said: “Nigeria is a team that has great potential and resources. However, we know that the team is not playing well. The issue is simply that with more effective management, it can go from a great potential case into a fantastic team.
“We have competent managers in many aspects of the Nigerian economy. We have not so competent managers in other aspects of the Nigerian economy. One of the most important of those managers will be the next person in charge of the central bank.
“Nigerians will be hoping that whoever takes over next year will be as effective as Sanusi at helping their country turn its potential into reality.”
Beside Aig-Imoukhuede, others THISDAY has identified as top contenders to take over from Sanusi are the Deputy Governor, Operations, CBN, Mr. Tunde Lemo; Deputy Governor,
Economic Policy, CBN, Dr. Sarah Alade; Deputy Governor, Financial System Stability, CBN, Dr. Kingsley Moghalu; Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Mustafa Chike-Obi; and Managing Director/Chief Executive Officer, First Bank of Nigeria Limited (FBN), Mr. Bisi Onasanya.
Whoever succeeds Sanusi next year will be the 11th governor of the CBN.
Source: Thisday
