Exclusive: Jostle for CBN Governorship Seat Hots Up
By Chris Agabi
About two months after embattled Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, was suspended by President Bola Ahmed Tinubu, there are strong indications that the battle for his seat is on.
Recall that on the 9th of June, 2023, Mr, Emefiele was suspended from office by President Bola Ahmed Tinubu. The Deputy Governor, Operations Directorate, Mr. Folashodun Adebisi Shonubi, was directed to act as “the Central Bank Governor pending the conclusion of the investigation and the reforms” a statement issued on his suspension said. The president cited a certain investigation of the CBN Governor and the planned reforms in the financial sector of the economy as the main reasons for the suspension. The DSS would later charge Mr. Emefiele for illegal possession of arms. The case is still being heard.
Emefiele was appointed by former President Goodluck Jonathan in 2014. He was reappointed by President Muhammdu Buhari to serve another five years. He had about two years to the end of his second tenure before the suspension came.
Going by the charges hanging on Mr. Emefiele and going by the tradition of previous suspension of a CBN Governor, it is unlikely Mr. Emefiele will return to his seat. Recall President Goodluck Jonathan had suspended Emir. Sanusi Lamido Sanusi and he never returned until Mr. Emefiele was appointed.
Thus, the race to find a substantive CBN Governor has commenced. Multiple sources familiar with the matter said President Tinubu is already shopping for Empfield’s replacement. And he is not limiting his search. He is looking both within the CBN and outside of the CBN. However, the odds favour contenders outside of the CBN because the president is not favourably disposed to appointing anyone that worked directly with Mr. Emefiele. Our correspondent also gathered that; the President is considering sacking all the Deputy CBN Governors over DSS report linking them to alleged corruption.
Our correspondent learnt he has commenced wide range consultations and the new CBN Governor may be announced after the ministers assume office. The Contenders:
Tony Elumelu
Investigation reveals that Mr. Tony Elumelu is a key contender for the CBN Governor seat. Recall Mr. Elumelu was one of the first Nigerians President Tinubu visited to enlist his support immediately he was declared the winner of the Presidential election. Sources familiar with the matter said the President and Mr. Elumelu discussed the CBN Governorship issue and Mr. Elumelu is positively disposed to it if given the opportunity by President Tinubu.
Our sources’ said President Tinubu is very impressed with Mr. Elumelu’s successes in banking, investments and unmatched investments in small and medium-scale enterprises across Africa and hopes Mr. Elumelu might just possess the magic wand that would turn around the fortunes of the naira, inflation and other monetary policy concerns.
Mr. Anthony Onyemaechi Elumelu is an economist, investment banker and philanthropist. He is one of Africa’s leading investors. His investments span banking, oil and gas, hospitality, power and more. He was the Group Managing Director/CEO, UBA Group for about a decade before he became the Chairman of the UBA Group. He is also the Chairman of Heirs Holdings, Transcorp Group and the founder of The Tony Elumelu Foundation.
Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has provided over 1.5 million young Africans with access to training on its digital hub, TEFConnect, and disbursed nearly $100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. In 2020, Elumelu was named on Time’s list of the 100 most influential people in the world.
Folashodun Adebisi Shonubi
Folashodun Adebisi Shonubi, an accomplished economist and banker is currently the acting Governor of the CBN. Before he was appointed to act by President Buhari, he was the Deputy Governor (Operations Directorate). Before the CBN, he was the Managing Director/CEO of the Nigeria Inter-Bank Settlement System PLC from 2012 to 2018. Before that period, Mr Shonubi was Executive Director, Information Technology and Operations at Union Bank of Nigeria Plc.
However, his biggest obstacle is the fact he worked with the embattled CBN Governor, Mr. Emefiele.
Although immediately he assumed office, he began to implement policies that were recommended by President Tinubu’s Policy Advisory Committee. One of them is the free float of the naira as against the managed float policy under President Mohammadu Buhari. The free float policy has sent the naira on a free fall and losing over N300 in value in about three months amidst rising rent seekers. How he successfully manages the freefall of the naira and manages inflation that has spiked to over 24 percent would be his biggest selling point. If he is unable to manage the crisis, it might be his albatross.
Senator Tokunbo Abiru
Senator Tokunbo Abiru, is an accomplished Nigerian Banker, Chartered Accountant, and now a Public Servant. He was the Chairman of the Policy Advisory Council set up by President Bola Tinubu to advise him on how to grow Nigeria’s economy, reform the CBN, and improve revenues among other mandates. Before he left banking and became a Senator, he was the Group Managing Director/Chief Executive Officer of Polaris Bank Limited, Nigeria.
He is also strongly considered because although he has veered into politics, he remains a thorough bread technocrat, an associate of President Tinubu and indeed he enjoys his confidence as well. It was based on this that the President appointed him to chair a strategy committee that has recommended far-reaching policy shifts in the economy.
On the CBN and Monetary reforms, the committee had recommended that there should be a transition to a transparent and unified foreign exchange rate system and also resolve the cash shortage situation which shook the economy from December 2022 into the first quarter of the year as a result of the naira redesign under the last administration. It also sought to establish a coordinating body for fiscal and monetary policy and reform the operating model of the Central Bank of Nigeria. It recommended an exchange rate of N550-600 as the target band for the naira-dollar exchange rate, achieving an interest rate of nine percent, and having a 13 percent inflation rate all within 8 years.
Sources say the president might want to have him in the saddle to implement the above recommendations and more.
Mr. Samaila Zubairu
Mr. Samaila Zubairu is the President & CEO, Africa Finance Corporation (AFC). He is also a member of the Policy Advisory Council set up by President Bola Tinubu. He was appointed as AFC’s 3rd President and Chief Executive Officer in July 2018. He led the development and implementation of a five-year corporate strategy which at its core, addresses increased energy access for Africans, driving sustainable development of natural resources, transport and logistics infrastructure, heavy industries, and improving telecommunications/ technology access. According to investafrica.com, as a result of the implementation of the strategic plan under Mr. Zubairu, AFC’s total assets have grown exponentially from US$4.1 billion when he joined to $10.6 billion (2022), and Total Comprehensive Income has nearly doubled from US$118 million (2018) to US$214 million (2022).
Before joining AFC, Mr. Zubairu was the CEO of Africapital Management Limited and Chief Financial Officer for Dangote Cement Plc.
He is also being considered because of his huge knowledge of multilateral lending and investments in critical economic areas. His impact and successes at the AFC are a unique selling proposition for him. With Nigeria’s huge debt burden, he might be considered to help structure Nigeria’s debt in a manner that can be managed better.
Dr Yemi Cardoso
Dr. Cardoso is the former chairman of Citibank Nigeria. He is a financial and development expert with over thirty years of experience in the private, public and not-for-profit sectors. He is also a member of the Policy Advisory Council set up by President Bola Tinubu.
He is a member of the Lagos Business School Advisory Board. His private sector experience includes a career with Citibank, Chase and Citizens International Bank. He was appointed a commissioner of Economic Planning and Budget in 1999 by the then Lagos State Governor Bola Tinubu now President. In this capacity, he wrote and monitored the implementation of the blueprint which catalysed economic development in the world’s sixth-largest megacity. A record that has sold him favourbaly to Tinubu to be considered for the plum job.
As one of the writers of the Policy Advisory document for President Tinubu, he is considered to be one of the implementers of the policy.
He is a key associate to President Tinubu and reposes so much confidence in him as well.
Economyfootprint,com learnt that barring any last-minute changes, chances are that one of the above will be the next CBN Governor.
