As Mallam Sanusi Lamido gets set to retire in June 2014 after an eventful single- term in office as the CBN Governor, various names are being bandied around as possible replacement for the outspoken Kano-born economist whose sweeping changes in the banking sector was tagged ‘Sanusitation’.
The foremost contenders in consideration can be put into two groups comprising three outsiders, who are expected to chart a new course for CBN as well as the thrust of the nation’s monetary policies.
- MD/CEO, Asset Management Corporation of Nigeria (AMCON), Mr. Mustapha Chike-Obi;
- GMD/CEO, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede
- MD/CEO, First Bank of Nigeria Ltd (FBN), Mr. Bisi Onasanya.
The second group comprises insiders who share similar views with Sanusi on monetary policies and are expected to ensure continuity.
They are the three Deputy Governors of the CBN:
- Dr. Kingsley Moghalu,
- Mr. Tunde Lemo
- Dr. Sarah Alade.
The respective contenders have very impressive resumes and whichever one of them who succeeds Sanusi next year will be the 11th Central Bank Governor, following in the footsteps of Roy Pentelow Fenton (1958 – 1963); Alhaji Aliyu Mai-Bornu (1963 – 1967); Dr. Clement Nyong Isong (1972 – 1975); Mallam Adamu Ciroma (1975 – 1977); Mr. Ola O. Vincent (1977 – 1982); Alhaji Abdulkadir Ahmed (1982 – 1993); Dr. Paul A. Ogwuma (1993 – 1999); Chief (Dr.) Joseph O. Sanusi (1999- 2004); Prof. Chukwuma C. Soludo (2004 – 2009); and Mallam Sanusi Lamido Sanusi (2009 to date).
As specified in the CBN Act 2007, the Central Bank Governor is in charge of the official bank of the Federal Government of Nigeria and provides economic advice to the Federal Government.
Apart from appending his signature to every denomination of Nigeria’s currency, the governor among other duties, oversees the country’s banking sector.
Alongside the Monetary Policy Committee of the CBN, the governor also determines the monetary policies of the country, which have an impact on the financial system and the macro economy.
Will the central bank governor’s monetary policies be targeted at attaining price stability and bolstering the local currency that will be driven by a tight monetary policy stance as epitomized by Sanusi or will he adopt an expansionary approach that will lower interest rates, drive investments and create jobs?
With the North holding the CBN governorship for four times, it is expected that the post will go to the South.
Poser; who among these candidates would you prefer to be the next CBN Governor?