Indications
have emerged that President Goodluck Jonathan may be considering the Group
Managing Director of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede and Governor
Isa Yuguda of Bauchi State to replace Mallam Lamido Sanusi as the Governor of
the Central Bank of Nigeria, CBN.
have emerged that President Goodluck Jonathan may be considering the Group
Managing Director of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede and Governor
Isa Yuguda of Bauchi State to replace Mallam Lamido Sanusi as the Governor of
the Central Bank of Nigeria, CBN.
The
Governor of Bauchi State, Alhaji Isa Yuguda, is also said to be lobbying to get
the plum job and is actively pushing his candidacy through Vice-President
Namadi Sambo.
Governor of Bauchi State, Alhaji Isa Yuguda, is also said to be lobbying to get
the plum job and is actively pushing his candidacy through Vice-President
Namadi Sambo.
Sanusi,
whose tenure end early next year, has said he would not seek reappointment for
a second five-year term.
whose tenure end early next year, has said he would not seek reappointment for
a second five-year term.
The
CBN governor, whose grandfather was Emir of Kano, had openly expressed his
interest in becoming the next Emir.
CBN governor, whose grandfather was Emir of Kano, had openly expressed his
interest in becoming the next Emir.
Even
before Sanusi’s declaration, Presidency sources had said he was not likely to
be nominated for another term despite enjoying a rather successful but
controversial tenure.
before Sanusi’s declaration, Presidency sources had said he was not likely to
be nominated for another term despite enjoying a rather successful but
controversial tenure.
Sources
said top Presidency officials feel that Sanusi’s nomination might become a
problem for President Jonathan if he is put forward next year as the CBN
governor has become one of the biggest critics of the administration’s huge
spending on political office holders and other cronies of those in power.
said top Presidency officials feel that Sanusi’s nomination might become a
problem for President Jonathan if he is put forward next year as the CBN
governor has become one of the biggest critics of the administration’s huge
spending on political office holders and other cronies of those in power.
It
was learnt that the CBN governor had stepped on toes of some key members of the
administration including members of the National Assembly and some Peoples
Democratic Party, PDP, bigwigs who feel that Sanusi cannot be part of a
government which he continues to embarrass by his utterances and are determined
not to confirm his appointment for a second term.
was learnt that the CBN governor had stepped on toes of some key members of the
administration including members of the National Assembly and some Peoples
Democratic Party, PDP, bigwigs who feel that Sanusi cannot be part of a
government which he continues to embarrass by his utterances and are determined
not to confirm his appointment for a second term.
Sanusi
has consistently expressed misgivings about the size and spending habits of the
government and said recently that Nigeria cannot make any progress if 70 per
cent of revenues continue to be expended on running the government.
has consistently expressed misgivings about the size and spending habits of the
government and said recently that Nigeria cannot make any progress if 70 per
cent of revenues continue to be expended on running the government.
Yuguda,
56, who will complete his second term as governor in 2015, faces an uncertain
future thereafter. Sources close to his camp say he believes he is amply
qualified for the post and the CBN governorship is sure way of keeping himself
in the corridors of power.
56, who will complete his second term as governor in 2015, faces an uncertain
future thereafter. Sources close to his camp say he believes he is amply
qualified for the post and the CBN governorship is sure way of keeping himself
in the corridors of power.
The
Bauchi State governor had served as Managing Director and Chief Executive of
the defunct Inland Bank between 1992 and 1999. He was then appointed Managing
Director/ Chief Executive of NAL Merchant Bank holding office until June 2000
Bauchi State governor had served as Managing Director and Chief Executive of
the defunct Inland Bank between 1992 and 1999. He was then appointed Managing
Director/ Chief Executive of NAL Merchant Bank holding office until June 2000
A
1979 graduate of Economics of the Ahmadu Bello University, Zaria, Yuguda
obtained a Masters in Business Administration in 1998 at the University of Jos
in Plateau State, he began his banking career with the Federal Mortgage Bank,
in 1981 and also worked with Savannah Bank before moving over to Inland Bank.
1979 graduate of Economics of the Ahmadu Bello University, Zaria, Yuguda
obtained a Masters in Business Administration in 1998 at the University of Jos
in Plateau State, he began his banking career with the Federal Mortgage Bank,
in 1981 and also worked with Savannah Bank before moving over to Inland Bank.
He
was appointed Minister of State Transportation by former President Olusegun
Obasanjo and was moved to the Ministry of Aviation in May 2003 and served until
he left office in June 2005.
was appointed Minister of State Transportation by former President Olusegun
Obasanjo and was moved to the Ministry of Aviation in May 2003 and served until
he left office in June 2005.
He
was elected governor of Bauchi State in 2007.
was elected governor of Bauchi State in 2007.
Presidency
sources however said that Yuguda’s candidature would face some hurdles as he is
not seen as a reliable ally. He was one of the first governors to endorse
Jonathan’s candidature shortly after President Umaru Yar’Adua died, even though
he is married to the daughter of the late President.
sources however said that Yuguda’s candidature would face some hurdles as he is
not seen as a reliable ally. He was one of the first governors to endorse
Jonathan’s candidature shortly after President Umaru Yar’Adua died, even though
he is married to the daughter of the late President.
Aig-Imoukhuede
is being tipped based on his newly-found closeness to Jonathan. The Access Bank
boss has become an almost regular fixture in the corridors of power and he was
recently appointed to head a Presidential Committee on Verification and
Reconciliation of subsidy claims and payments, which indicted 21 oil firms of
fraudulent activities in July and recommended that they jointly refund N382bn
found to have been wrongly paid as subsidy.
is being tipped based on his newly-found closeness to Jonathan. The Access Bank
boss has become an almost regular fixture in the corridors of power and he was
recently appointed to head a Presidential Committee on Verification and
Reconciliation of subsidy claims and payments, which indicted 21 oil firms of
fraudulent activities in July and recommended that they jointly refund N382bn
found to have been wrongly paid as subsidy.
The
Access Bank boss is already due to step down in December when he would have
completed 10 years in office based on new corporate governance rules imposed by
the CBN in the wake of the banking sector crisis and at 46, he will be the
youngest CBN governor if he gets the job.
Access Bank boss is already due to step down in December when he would have
completed 10 years in office based on new corporate governance rules imposed by
the CBN in the wake of the banking sector crisis and at 46, he will be the
youngest CBN governor if he gets the job.
Aig-Imoukhuede
has had a remarkable banking career of over two decades. A law graduate of the
University of Benin, he rose to the post of executive director in just 10 years
at Guaranty Trust Bank. In March 2002, Aig-Imoukhuede resigned his appointment
to lead a team of young bankers to take over Access Bank Nigeria becoming
managing director as 33.
has had a remarkable banking career of over two decades. A law graduate of the
University of Benin, he rose to the post of executive director in just 10 years
at Guaranty Trust Bank. In March 2002, Aig-Imoukhuede resigned his appointment
to lead a team of young bankers to take over Access Bank Nigeria becoming
managing director as 33.
Last
year, Aig- Imokhuede carried out an audacious and controversial takeover of the
defunct Intercontinental Bank Plc and the merger of both banks was completed in
January making Access Bank one of the top five banks in Nigeria.
year, Aig- Imokhuede carried out an audacious and controversial takeover of the
defunct Intercontinental Bank Plc and the merger of both banks was completed in
January making Access Bank one of the top five banks in Nigeria.
He is
a Director of Africa Finance Corporation, AFC, and fellow of the African
Leadership Institute under the auspices of Aspen Institute, Colorado in the
United States. He is also honorary fellow of the Chartered Institute of
Bankers, CIBN, and an Alumnus of Harvard Business School, Executive Management
Programme.
a Director of Africa Finance Corporation, AFC, and fellow of the African
Leadership Institute under the auspices of Aspen Institute, Colorado in the
United States. He is also honorary fellow of the Chartered Institute of
Bankers, CIBN, and an Alumnus of Harvard Business School, Executive Management
Programme.
CBN
sources however said that government may choose one of the serving deputy
governors to fill the post when it becomes vacant.
sources however said that government may choose one of the serving deputy
governors to fill the post when it becomes vacant.
One
is Mr. Tunde Lemo, 53, who is currently Deputy Governor, Operations Directorate
and has been on the CBN board since January 2004.
is Mr. Tunde Lemo, 53, who is currently Deputy Governor, Operations Directorate
and has been on the CBN board since January 2004.
Lemo,
a chartered accountant and banker, was Managing Director of Wema Bank between
2000 and 2003 and has been responsible for a wide range of policy initiatives
aimed at deepening and reducing the cost of banking services among other strategic
functions. He had previously served as Deputy Governor, Financial Sector
Surveillance and chairman of the Abuja Securities and Commodities Exchange and
Nigeria Export Import Bank and is a director of the AFC.
a chartered accountant and banker, was Managing Director of Wema Bank between
2000 and 2003 and has been responsible for a wide range of policy initiatives
aimed at deepening and reducing the cost of banking services among other strategic
functions. He had previously served as Deputy Governor, Financial Sector
Surveillance and chairman of the Abuja Securities and Commodities Exchange and
Nigeria Export Import Bank and is a director of the AFC.
Another
strong contender is Dr. Kingsley Moghalu, Deputy Governor, Financial System
Stability, who came into office in 2009.
strong contender is Dr. Kingsley Moghalu, Deputy Governor, Financial System
Stability, who came into office in 2009.
Moghalu,
49, a lawyer with a PhD in International Relations, is responsible for
implementing reforms aimed at ensuring the quality and stability of the banking
system and also serves on the board of directors of the Asset Management
Corporation of Nigeria, AMCON, as well as being the Chairman of NEXIM and the
Financial Institutions Training Centre, FITC. He is also a member of the
Economic Management Team, EMT.
49, a lawyer with a PhD in International Relations, is responsible for
implementing reforms aimed at ensuring the quality and stability of the banking
system and also serves on the board of directors of the Asset Management
Corporation of Nigeria, AMCON, as well as being the Chairman of NEXIM and the
Financial Institutions Training Centre, FITC. He is also a member of the
Economic Management Team, EMT.
Sanusi’s
replacement would have big shoes to fill as the incumbent has gained huge
respect in international financial circle on account of his sweeping reforms in
the banking sector and outspoken views.
replacement would have big shoes to fill as the incumbent has gained huge
respect in international financial circle on account of his sweeping reforms in
the banking sector and outspoken views.
Sanusi,
who was named Central Bank Governor of the Year by London-based Banker Magazine
in 2011 had sacked the chief executives of eight banks within four months of
assuming office after an audit found evidence of mismanagement and reckless
lending.
who was named Central Bank Governor of the Year by London-based Banker Magazine
in 2011 had sacked the chief executives of eight banks within four months of
assuming office after an audit found evidence of mismanagement and reckless
lending.
He
has pushed for stability in the currency and helped bring inflation down below
10 per cent, while at the same time antagonising lawmakers by criticising their
spending and courting controversy for his outspoken views, most recently on
China’s role in Africa.
has pushed for stability in the currency and helped bring inflation down below
10 per cent, while at the same time antagonising lawmakers by criticising their
spending and courting controversy for his outspoken views, most recently on
China’s role in Africa.
Sanusi-led
the Monetary Policy Committee in increasing the benchmark interest rate by six
percentage points to a record 12 per cent from September 2010 to October 2011
to bolster the currency and curb inflation.
the Monetary Policy Committee in increasing the benchmark interest rate by six
percentage points to a record 12 per cent from September 2010 to October 2011
to bolster the currency and curb inflation.
The
retention of the interest rate at 12 per cent amid evidence that inflation was
being reined in, has elicited criticism from the Lagos Chamber of Commerce and
Industry and several financial analysts who have called for monetary easing to
facilitate increase lending to the real sector especially the small and medium
enterprises.
retention of the interest rate at 12 per cent amid evidence that inflation was
being reined in, has elicited criticism from the Lagos Chamber of Commerce and
Industry and several financial analysts who have called for monetary easing to
facilitate increase lending to the real sector especially the small and medium
enterprises.
The
Chief Executive Officer of Financial Derivatives Company Limited, Mr. Bismarck
Rewane said, “That quality of character, that boldness is a quality that will
be difficult to find amongst policy makers in Nigeria.”
Chief Executive Officer of Financial Derivatives Company Limited, Mr. Bismarck
Rewane said, “That quality of character, that boldness is a quality that will
be difficult to find amongst policy makers in Nigeria.”
An
Emerging-Markets Strategist at Standard Bank Group Limited, Mr. Samir Gadio,
said last week that the government should name his replacement soon to help
ease investors’ concerns and manage the transition.
Emerging-Markets Strategist at Standard Bank Group Limited, Mr. Samir Gadio,
said last week that the government should name his replacement soon to help
ease investors’ concerns and manage the transition.
Source:
National Mirror
National Mirror
