CBN GOV: Why PMB Re-Appoint Emefiele

President’s letter ends speculation as experts react

The Central Bank of Nigeria (CBN) governor Godwin Emefiele is set to become the first governor of the apex bank to serve a second term since Nigeria’s return to democratic rule in 1999. Already, President Muhammadu Buhari has requested the Senate to confirm the CBN governor for another term of five years. Buhari’s letter to the upper chamber, dated May 8, 2019, was read by Senate President Bukola Saraki at the end of plenary yesterday. “In view of the expiration of the first tenure of the current Governor of the Central Bank of Nigeria on June 2, 2019, and pursuant to the provisions of Section 8 (1) and (2) of the Central Bank of Nigeria Act, 2007, I hereby present for confirmation by the Senate Mr Godwin I. Emefiele for reappointment as the Governor of the Central Bank of Nigeria for a final term of five (5) years. “It is my hope that the Distinguished Senate will consider and confirm the nominee in the usual expeditious manner,” the president said in the letter. Our correspondent reports that communications from the president are usually read at the beginning of plenary, but because this one came after the commencement of sitting, Saraki had to read it at the end of the session. Section 8 (1&2) of the CBN Act 2007 states that “The  Governor  and  Deputy-Governors  shall  be  persons  of recognized financial  experience  and  shall  be  appointed  by  the  President subject  to  confirmation  by  the  Senate  on  such  terms  and  conditions  as may be set out in their respective letters of appointment. “The Governor and Deputy Governors shall be appointed in the first  instance  for  a  term  of  five  years  and  shall  each  be  eligible  for  re-appointment for another term not exceeding five years.” The Lagos born Delta State indigene, a former Group Managing Director of Zenith Bank, was first appointed on June 2, 2014 by then President Goodluck Jonathan to replace Sanusi Lamido Sanusi who ended his tenure under suspension. Many attributed his emergence at the time to the influence of the founder of Zenith Bank Jim Ovia. Emefiele, had before his banking career, worked as a lecturer in Finance and Insurance in two Nigerian Universities. He holds degrees in Banking and Finance from the University of Nigeria, Nsukka, and is also an alumnus of Stanford University, Harvard and Wharton Graduate Schools of Business.