As the Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, prepares to step down in June 2014, frontline contenders for the job have started to emerge, investigations by THISDAY have revealed.
The foremost contenders in consideration can be put into two groups comprising three outsiders, who will steer a new direction for CBN and its monetary policies.
They are the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Mustafa Chike-Obi; the Group Managing Director/Chief Executive Officer, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede; and Managing Director/Chief Executive Officer, First Bank of Nigeria Limited (FBN), Mr. Bisi Onasanya.
The second group are 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 and Dr. Sarah Alade.
Whoever succeeds Sanusi next year will be the 11th central bank governor in Nigeria, 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 macroeconomy.
In a country aspiring to attract investments, create jobs and plug the infrastructure deficit, a major consideration when appointing a central bank governor is understanding his economic philosophical underpinnings.
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 epitomised 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.
See the contenders HERE
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