Godwin Emefiele

Godwin Emefiele is a Nigerian banker who has been serving as the Governor of the Central Bank of Nigeria since 4 June 2014.[2] Born on 4 August 1961 in Lagos State, Nigeria, Emefiele is originally from Ika South, Agbor region of Delta State.[3]

Godwin Emefiele
Treasury's meeting with Nigerian President Muhammadu Buhari (19918041535).jpg
Godwin Emefiele (right) with U.S. Treasury Secretary Jacob J. Lew and Deputy Secretary Sarah Bloom Raskin
Governor of the Central Bank of Nigeria
In office
3 June 2014 – 3 June 2024
Preceded bySarah Alade (Acting)[1]
Personal details
Born (1961-08-04) 4 August 1961 (age 61)
Agbor, Delta State, Nigeria.
SpouseMargaret Emefiele
Children0
EducationMaster of Arts degree in Finance
Alma materUniversity of Nigeria, Nsukka

EducationEdit

Emefiele attended Ansar Udin Primary School and Maryland Comprehensive Secondary both in Lagos, before proceeding to the prestigious University of Nigeria Nsukka (UNN) for his tertiary education. He obtained a Bachelor’s Degree in Banking and Finance, finishing as one of the top students in his class, in 1984. Soon after his National Youth Service, Godwin Emefiele returned to UNN for a Masters Degree in Finance, which he obtained in 1986. He is also an alumnus of Executive Education at Stanford University, Harvard University (2004) and Wharton School of Business (2005). The Central Bank Governor, Mr Godwin Emefiele was conferred with an Honorary Doctorate Degree in Business Administration by the University of Nigeria Nsukka (UNN).[4]

Career in the private sectorEdit

Early in his career, Emefiele lectured finance and insurance at the University of Nigeria Nsukka, and University of Port Harcourt, respectively. He also had a short stint working for vodafone

Before moving to the Central Bank, Emefiele gained over eighteen years of banking experience. He served as chief executive officer and group managing director of Zenith Bank Plc. Emefiele served as deputy managing director of Zenith Bank Plc. from 2001. He served as executive director in charge of corporate banking, treasury, financial control and strategic planning of Zenith Bank Plc and served on the management team from its inception. Emefiele served as director at Zenith Bank Plc and Zenith Bank (Gambia) Limited. Emefiele serves as director of ACCION Microfinance Bank Limited.[5]

Governor of the Central BankEdit

Emefiele has been governor of the Central Bank of Nigeria since 2014. During his first term, he supervised an interventionist currency policy at the behest of the presidency, propping up the Nigerian Naira by pumping billions of dollars into the foreign exchange market. He also introduced a multiple exchange rate regime to try to mask pressure on the Naira and avoid a series of devaluations.[6]

In 2019, Nigeria's Senate approved a second five-year term for Emefiele.[7][8] This is the first time that anyone will serve for a second term since Nigeria's return to democracy in 1999.[9] Senator Bukola Saraki read President Buhari's letter on Thursday, May 9, 2019.[10] He was screened on Wednesday[11] and his confirmation came on Thursday, May 16, 2019.

ControversyEdit

In an unprecedented move by any chief of the Nigerian apex bank, Godwin Emefiele ventured into partisan politics against the dictates of the Central Bank Act which provides that the occupant of the governor's position must remain apolitical and independent at all times to preserve the nonpartisan posture of the bank. [12]

In May 2022, Emefiele drew public outrage when it emerged that he was seeking to replace President Muhammadu Buhari in the 2023 presidential election. What started as a rumor when campaign posters of the bank chief flooded the capital city of Abuja [13][14] soon gained breath when a group of alleged rice farmers purchased the presidential form of the All Progressive Congress for the CBN Governor.[15] In a series of tweets via his verified account, Emefiele rejected the presidential form and declared he has no intention to contest.[16][17] But in a quick twist, Emefiele filed a lawsuit at the Federal High Court in Abuja seeking an order from the court directing the electoral body and the office of the attorney general not to stop him from contesting the presidential position. The court stepped down the request but invited the duo to make a formal presentation on why Emefiele's request should not be granted.[18][19]

Nigerians and the Civil Society Organisations have filed multiple cases in court demanding the removal of the CBN Governor for violating the provisions of the apex bank Act.[20][21]

Other activitiesEdit

  • International Monetary Fund (IMF), Ex-Officio Member of the Board of Governors (since 2018)[22]
  • International Islamic Liquidity Management Corporation (IILM), Member of the Governing Board (since 2018)[23]

External linksEdit

Godwin Emefiele Official Website

See alsoEdit

ReferencesEdit

  1. ^ "Central Bank of Nigeria:: Board of Directors".
  2. ^ "Profile of Godwin Emefiele, new CBN GOV". Vanguard (Nigeria). 20 February 2014. Retrieved 20 February 2014.
  3. ^ "In praise of Godwin Emefiele at 60". Vanguard News. 2021-08-04. Retrieved 2022-03-15.
  4. ^ Reporter, Our (2019-05-17). "UNN Confers Honorary Degree On Emefiele". Leadership Newspaper. Retrieved 2019-09-07.
  5. ^ "Central Bank of Nigeria | Home". www.cbn.gov.ng. Retrieved 2020-05-28.
  6. ^ Camillus Eboh and Chijioke Ohuocha (May 9, 2019), Nigeria central bank head nominated for second term Reuters.
  7. ^ "BREAKING: Senate confirms Emefiele's re-appointment a day after screening". Oak TV Newstrack. 16 May 2019. Archived from the original on 17 May 2019. Retrieved 17 May 2019.
  8. ^ Camillus Eboh (May 16, 2019), Nigeria's Senate confirms second term for cbank governor Emefiele Reuters.
  9. ^ Camillus Eboh and Chijioke Ohuocha (May 9, 2019), Nigeria central bank head nominated for second term Reuters.
  10. ^ "BREAKING: Again, Buhari nominates Godwin Emefiele for second term". Oak TV Newstrack. 9 May 2019. Retrieved 17 May 2019.
  11. ^ "CBN Governor: Senate committee begins Emefiele's tenure extension screening". Oak TV Newstrack. 15 May 2019. Retrieved 17 May 2019.
  12. ^ "Presidential Bid: Governor Emefiele Acted Contrary To Central Bank Act, Remove Him Now — SERAP Tells Buhari". Sahara Reporters. 2022-05-07. Retrieved 2022-05-16.
  13. ^ Babalola, Ayoola (2022-03-25). "2023: Emefiele campaign posters flood APC convention ground". Peoples Gazette. Retrieved 2022-05-17.
  14. ^ Erunke, Joseph (2022-03-25). "2023: Emefiele's posters, banners flood Abuja ahead of APC convention". Vanguard Newspaper. Retrieved 2022-05-17.
  15. ^ Olokor, Fiday (2022-05-06). "2023: Farmers, others buy presidential forms for Emefiele". Punch Newspaper. Retrieved 2022-05-17.
  16. ^ "'Divine intervention': Emefiele speaks on rumoured presidential ambition". Guardian Newspaper. 2022-05-07. Retrieved 2022-05-17.
  17. ^ "Emefiele Declines Presidential Forms, Says God Would Direct Him In Few Days". Daily Trust Newspaper. 2022-05-07. Retrieved 2022-05-17.
  18. ^ "Emefiele files lawsuit, seeks to run for president without resigning as CBN governor". Peoples Gazette. 2022-05-09. Retrieved 2022-05-17.
  19. ^ "Nigeria court denies Emefiele request in presidential run". Aljazeera. 2022-05-09. Retrieved 2022-05-17.
  20. ^ Essien, Hillary (2022-05-12). "Presidential Ambition: Odinkalu, Ralph-Collins sue Emefiele for violating CBN Act". Peoples Gazette. Retrieved 2022-05-17.
  21. ^ Essien, Hillary (2022-05-06). "2023 presidency: Emefiele asked to resign as CBN gov for picking APC N100m forms". Daily Post. Retrieved 2022-05-17.
  22. ^ Members International Monetary Fund (IMF).
  23. ^ Governing Board International Islamic Liquidity Management Corporation (IILM)..