By Yakubu Sani

At no time in history has the global social and economic dynamics been so challenged like now. It is coming at a time of Nigeria's transition from one government to another. The good thing is that the president-elect, Bola Ahmed Tinubu, is a man of excellence, who has been roundly acknowledged as a recruiter-in-chief. He will go the breadth and length of every circumstance to get eggheads into his government. He is a man who doesn't take no for an answer.

A time of economic uncertainties such as this requires Nigeria's best brains to ensure quick wins. Despite the scepticism by cynics, those who believe in the in-coming government are beginning to set agenda and putting timelines to deliverables. If this optimism must see the light of the day, competent Nigerians must be drafted to manage the economy. It has been said that the height of any building depends on its foundation. Hence, for Tinubu to demystify or shame cynics and nay sayers he must go for the best.

For any government to succeed and even surpass the expectations of its citizens, keen interest must be given to who heads the Central Bank of Nigeria (CBN) because the success or failure of any government depends largely on diligent and meticulous implementation of sound macro and micro economic policies. And it takes those who have learnt through the ropes.

Such technocrats are not in short supply in Nigeria. The country boasts of financial technocrats who have risen to the top in their banking career through dint of hard work, diligence and character.

Experience has shown that talent is not just enough. There is no doubt that the incoming president who is a recruiter of the best hands would also go for someone of impeccable character to head the apex bank. Nigeria has financial czars and unparalleled boardroom gurus who match the man Tinubu needs to handle the CBN, especially at such auspicious time as this – a financial expert who has remained unblemished all through his career in the banking sector.

A time-tested saying goes that "the reward for great work is often more work." Similarly, the 26th president of the United States, Theodore Roosevelt, was famously quoted to have said, "The best prize that life has to offer is the chance to work hard at work worth doing."

Throughout history, it has been proven true that the best way to get things done is to put square pegs in square holes. That is why governments around the world spare no efforts in identifying and paying anything to recruit men/women steeped in hard work, diligence, character and charisma to bestow on them more responsibilities because they have earned the accolades and credibility of a square hole.

The foregoing epitomises specific persons who are everything rolled into one. The CBN needs a governor who rose through dint of hard work, character and expertise. In view of the series of financial policy summersaults Nigeria has suffered in the last few years that has culminated in grave economic hardship for Nigerians, a technocrat with magical hands must be drafted to the CBN immediately Tinubu is sworn in to kick start the process of economic recovery and growth.

In retrospect, there must be one among the army of seasoned bankers who must have understood in clearer terms the Mahatma Ghandi's assertion: "Live as if you were to die tomorrow. Learn as if you were to live forever."

We have Alumi of some Ivy League institutions ranked among top echelons of training schools globally where they were trained in Advanced Management Programme (AMP). They attended the highest citadels of learning in the world like Havard University and University of Liverpool, among others. They are a perfect example of those that should constitute the economic engine room of any government.

Nigeria has financial magnates who have garnered immeasurable experiences and expertise to serve this nation. If we are serious about strengthening our currency and recalibrating our economy back on the path of recovery, we must go for such best hands. From antecedents, this is not an onerous decision for Tinubu because he has proven for the umpteenth time that he is a hunter of excellence and competent hands.

All Tinubu needs to do is to beam his searchlight on banks and sniff out serving Managing Directors/CEOs who have been at the leadership of dynamic teams that have turned financial institutions around from insolvent and loss-making banks plagued by high levels of non-performing loans, unprofessionalism to their current position as a growing export credit agency or development banks with core mandates in non-oil export development in line with government’s policy on diversification. There are banks that have now become strong players in financing and promoting export trade in Nigeria with very profitable operations.

I know of one who has in his Kitty 31 years of cognate experience in Banking, with numerous Nigerian banks, rising up to be the pioneer MD/CEO of United Bank for Africa in Chad and Zambia.

He specialises in the management of complex multi-cultural environments and employees at international levels. His experience in strategic forward-planning; operating within the tight financial disciplines imposed by ambitious targets which he helped to plan; methodical administration to deadlines and the application of modern leadership methods, through staff motivation and involvement in both decision-making and target-setting, clarity in communication, and easy personal inter-relations.

Over the course of his career, he had extensive experience in Development Finance (Export Development and Finance), Corporate Banking, Regional and Commercial Banking and Public Sector. He singlehandedly set up two International Bank subsidiaries with different cultural backgrounds that have left him confident in effective leadership, handling negotiations and the winning attitude.

As the MD/CEO of United Bank for Africa Zambia Limited between July 15, 2009 and December 2012 he was charged with the responsibility of setting up the operations of the bank in Zambia. This involves among others setting up the operational guidelines of the bank in line with the Group’s operational framework. He was also responsible for setting up Strategic Initiatives for entry into the Zambian banking space, employment of key staff, managing the setting up of the infrastructure of the bank.

He also obtained the first banking license for a Nigerian bank in Chad and became the pioneer MD/CEO.

Between August 2005 and June 2006, he was the Group Head, Telecoms & Tech Corporate Banking, UBA Plc. He successfully arranged the largest syndicated loan facility for Celtel/Zain Nigeria Limited; UBA’s participation was to the tune of $60 million and N75 billion. He also arranged vendor financing schemes for MTEL/Motorola $300m, as well as Vendor Finance Facility Celtel/Harris Communications with a total of over $120m. UBA became the 5th largest collector of telecom revenues during this period. He also set up the Risk Management framework of the subsidiary in line with the group standard and international best practice.

Between June 2004 and August 2005, he served as the Zonal Head, Standard Trust Bank Plc, Apapa, Lagos. Under him, the zone with a total number of seven branches became the most profitable zone of the bank nationwide.

The bumper resume extends to his time as the Group Head of Conglomerates and Manufacturing, Corporate Banking, Standard Trust Bank Plc between November 2003 and June 2004. In this capacity, he managed the bank’s portfolio for conglomerates and manufacturing. Among the companies managed are Dangote Group, Unilever Nigeria Plc; SCOA; Michelin Group; UAC Nigeria Plc; UTC Nigeria Plc; Mayor Group; Lee Group etc.

He was the Chief Marketing Officer, North, Standard Trust Bank Plc between April 2002 and October 2003. He was in charge of all the 11 branches and Public Sector Business of the Bank in the North Region of the Nigeria, responsible for the signing up of Zamfara State Statutory and IGR accounts.

Between April 2000 and October 200, he was the Regional Head, North Continental Trust Bank Ltd, Kano Pioneer Regional Director, after the bank’s conversion from merchant banking to commercial banking. He opened the branches of the bank in Kaduna, Kano, Damaturu, Maiduguri.

Within the backdrop of such a résumé and the dire economic diversification need facing our nation, the incoming government of Bola Ahmed must look urgently in the direction of such consummate technocrats. After all, the reward for good work is more work.

- Sani, an economic expert, sent this piece from Lagos

You must have at least 25% votes in 24 states and Abuja. Mandate thief

Wodu89:
You must have at least 25% votes in 24 states and Abuja. Mandate thief

If you have nothing to say in a productive and positive thread, try shutting up to remain silent.

OneTemplate:


If you have nothing to say in a productive and positive thread, try shutting up to remain silent.

😂

OneTemplate:


If you have nothing to say in a productive and positive thread, try shutting up to remain silent.

Cry me a river !

@OP.

No doubt the choice of CBN governor is crucial to Tinubu's success as President. I am sure the search has begun already if not concluded even before the elections knowing Tinubu.

Many excellent names out there. Personally, for what Tinubu wants to achieve and the 360 degree change he wishes to introduce into the economic and monetary management of Nigeria's potentials, with special focus on lower interest rates and availability of credit, I would go with SLS.

He is very disciplined, resolute and brave. He can be trusted to be professional and loyal to the brief of his president and not hijack/abuse the very powerful CBN governor position to use as a tool for self and crony aggrandizement as the filthy Emefiele symbolises.

Sanusi Lamido is pro-people and already buys into what Tinubu is proposing that is radical but needed to transform how Nigeria manages her economic potential, monetary policy and the advantageous use of the Naira by her citizens.

My personal opinion though that assumes SLS is available and interested.

Tellamnews:

By Yakubu Sani

At no time in history has the global social and economic dynamics been so challenged like now. It is coming at a time of Nigeria's transition from one government to another. The good thing is that the president-elect, Bola Ahmed Tinubu, is a man of excellence, who has been roundly acknowledged as a recruiter-in-chief. He will go the breadth and length of every circumstance to get eggheads into his government. He is a man who doesn't take no for an answer.

A time of economic uncertainties such as this requires Nigeria's best brains to ensure quick wins. Despite the scepticism by cynics, those who believe in the in-coming government are beginning to set agenda and putting timelines to deliverables. If this optimism must see the light of the day, competent Nigerians must be drafted to manage the economy. It has been said that the height of any building depends on its foundation. Hence, for Tinubu to demystify or shame cynics and nay sayers he must go for the best.

For any government to succeed and even surpass the expectations of its citizens, keen interest must be given to who heads the Central Bank of Nigeria (CBN) because the success or failure of any government depends largely on diligent and meticulous implementation of sound macro and micro economic policies. And it takes those who have learnt through the ropes.

Such technocrats are not in short supply in Nigeria. The country boasts of financial technocrats who have risen to the top in their banking career through dint of hard work, diligence and character.

Experience has shown that talent is not just enough. There is no doubt that the incoming president who is a recruiter of the best hands would also go for someone of impeccable character to head the apex bank. Nigeria has financial czars and unparalleled boardroom gurus who match the man Tinubu needs to handle the CBN, especially at such auspicious time as this – a financial expert who has remained unblemished all through his career in the banking sector.

A time-tested saying goes that "the reward for great work is often more work." Similarly, the 26th president of the United States, Theodore Roosevelt, was famously quoted to have said, "The best prize that life has to offer is the chance to work hard at work worth doing."

Throughout history, it has been proven true that the best way to get things done is to put square pegs in square holes. That is why governments around the world spare no efforts in identifying and paying anything to recruit men/women steeped in hard work, diligence, character and charisma to bestow on them more responsibilities because they have earned the accolades and credibility of a square hole.

The foregoing epitomises specific persons who are everything rolled into one. The CBN needs a governor who rose through dint of hard work, character and expertise. In view of the series of financial policy summersaults Nigeria has suffered in the last few years that has culminated in grave economic hardship for Nigerians, a technocrat with magical hands must be drafted to the CBN immediately Tinubu is sworn in to kick start the process of economic recovery and growth.

In retrospect, there must be one among the army of seasoned bankers who must have understood in clearer terms the Mahatma Ghandi's assertion: "Live as if you were to die tomorrow. Learn as if you were to live forever."

We have Alumi of some Ivy League institutions ranked among top echelons of training schools globally where they were trained in Advanced Management Programme (AMP). They attended the highest citadels of learning in the world like Havard University and University of Liverpool, among others. They are a perfect example of those that should constitute the economic engine room of any government.

Nigeria has financial magnates who have garnered immeasurable experiences and expertise to serve this nation. If we are serious about strengthening our currency and recalibrating our economy back on the path of recovery, we must go for such best hands. From antecedents, this is not an onerous decision for Tinubu because he has proven for the umpteenth time that he is a hunter of excellence and competent hands.

All Tinubu needs to do is to beam his searchlight on banks and sniff out serving Managing Directors/CEOs who have been at the leadership of dynamic teams that have turned financial institutions around from insolvent and loss-making banks plagued by high levels of non-performing loans, unprofessionalism to their current position as a growing export credit agency or development banks with core mandates in non-oil export development in line with government’s policy on diversification. There are banks that have now become strong players in financing and promoting export trade in Nigeria with very profitable operations.

I know of one who has in his Kitty 31 years of cognate experience in Banking, with numerous Nigerian banks, rising up to be the pioneer MD/CEO of United Bank for Africa in Chad and Zambia.

He specialises in the management of complex multi-cultural environments and employees at international levels. His experience in strategic forward-planning; operating within the tight financial disciplines imposed by ambitious targets which he helped to plan; methodical administration to deadlines and the application of modern leadership methods, through staff motivation and involvement in both decision-making and target-setting, clarity in communication, and easy personal inter-relations.

Over the course of his career, he had extensive experience in Development Finance (Export Development and Finance), Corporate Banking, Regional and Commercial Banking and Public Sector. He singlehandedly set up two International Bank subsidiaries with different cultural backgrounds that have left him confident in effective leadership, handling negotiations and the winning attitude.

As the MD/CEO of United Bank for Africa Zambia Limited between July 15, 2009 and December 2012 he was charged with the responsibility of setting up the operations of the bank in Zambia. This involves among others setting up the operational guidelines of the bank in line with the Group’s operational framework. He was also responsible for setting up Strategic Initiatives for entry into the Zambian banking space, employment of key staff, managing the setting up of the infrastructure of the bank.

He also obtained the first banking license for a Nigerian bank in Chad and became the pioneer MD/CEO.

Between August 2005 and June 2006, he was the Group Head, Telecoms & Tech Corporate Banking, UBA Plc. He successfully arranged the largest syndicated loan facility for Celtel/Zain Nigeria Limited; UBA’s participation was to the tune of $60 million and N75 billion. He also arranged vendor financing schemes for MTEL/Motorola $300m, as well as Vendor Finance Facility Celtel/Harris Communications with a total of over $120m. UBA became the 5th largest collector of telecom revenues during this period. He also set up the Risk Management framework of the subsidiary in line with the group standard and international best practice.

Between June 2004 and August 2005, he served as the Zonal Head, Standard Trust Bank Plc, Apapa, Lagos. Under him, the zone with a total number of seven branches became the most profitable zone of the bank nationwide.

The bumper resume extends to his time as the Group Head of Conglomerates and Manufacturing, Corporate Banking, Standard Trust Bank Plc between November 2003 and June 2004. In this capacity, he managed the bank’s portfolio for conglomerates and manufacturing. Among the companies managed are Dangote Group, Unilever Nigeria Plc; SCOA; Michelin Group; UAC Nigeria Plc; UTC Nigeria Plc; Mayor Group; Lee Group etc.

He was the Chief Marketing Officer, North, Standard Trust Bank Plc between April 2002 and October 2003. He was in charge of all the 11 branches and Public Sector Business of the Bank in the North Region of the Nigeria, responsible for the signing up of Zamfara State Statutory and IGR accounts.

Between April 2000 and October 200, he was the Regional Head, North Continental Trust Bank Ltd, Kano Pioneer Regional Director, after the bank’s conversion from merchant banking to commercial banking. He opened the branches of the bank in Kaduna, Kano, Damaturu, Maiduguri.

Within the backdrop of such a résumé and the dire economic diversification need facing our nation, the incoming government of Bola Ahmed must look urgently in the direction of such consummate technocrats. After all, the reward for good work is more work.

- Sani, an economic expert, sent this piece from Lagos

The fundamental issue with Nigerians ( majority ) leaders n citizens is this ...we mostly font know the difference between symptoms of a problem and a problem ....this right up is evident of that

The CBN governor couldn't have done much really ...the finance minister and the president economic teams are to be blamed

Using scarce foreign exchange to do political jamboree n construction of projects that are 1) super super inflated 2) that is not financially sustainable 3) poorly sited based on sentiments landed us here

You borrowed 40 billion dollars or so ...80% was used to enrich politicians the 20% used for projects

None of those projects can even financially support themselves

You are broke ,u had the chance to borrow money instead of using the money to create something that can generate revenue for u ....you are 80% ...used the remaining 20% to buy liabilities

Then you turn around to blame your wife for not being frugal for your kitchen expenses

The Op like osibanjo in 2019 in his debate against Peter obi don't even understand the problem


Sad thing is Tinubu would do exactly the same thing just with more corruption more grammar

Wodu89:



Cry me a river !

Lol. I am sure your mother has already cried an Ocean for how useless you turned out to be. A total waste of space.

mrvitalis:

The fundamental issue with Nigerians ( majority ) leaders n citizens is this ...we mostly font know the difference between symptoms of a problem and a problem ....this right up is evident of that

The CBN governor couldn't have done much really ...the finance minister and the president economic teams are to be blamed

Using scarce foreign exchange to do political jamboree n construction of projects that are 1) super super inflated 2) that is not financially sustainable 3) poorly sited based on sentiments landed us here

You borrowed 40 billion dollars or so ...80% was used to enrich politicians the 20% used for projects

None of those projects can even financially support themselves

You are broke ,u had the chance to borrow money instead of using the money to create something that can generate revenue for u ....you are 80% ...used the remaining 20% to buy liabilities

Then you turn around to blame your wife for not being frugal for your kitchen expenses

The Op like osibanjo in 2019 in his debate against Peter obi don't even understand the problem


Sad thing is Tinubu would do exactly the same thing just with more corruption more grammar

Garbage from a prejudiced and irredeemably bigoted individual. I am sure you would have clapped tirelessly if this was written as prelude to Obi's swearing in.

The article was on point until you started selling a candidate (I saw what you did there)

Leave Tinubu to choose his preferred choice, I'm sure he already knows the kind of CBN governor he wants, looking at what the current one has put Nigerians through

I don't know how he will do it, but abeg, let the new administration compel banks to bring back international transactions on our cards once they come in ($500 per month will be just right)

Sectors I really believe the Tinubu administration will get right is electricity, education and construction... Yes, taxes will most likely increase, but I believe we'll see considerable improvements in the aforementioned sectors... As for security, I feel it might just get worse, maybe not in terms of bokoharam or bandits, but in terms of localised crimes

On a side note, if by mistake he sees my post, let him employ me when he comes in, mbok

OneTemplate:
@OP.

No doubt the choice of CBN governor is crucial to Tinubu's success as President. I am sure the search has begun already if not concluded even before the elections knowing Tinubu.

Many excellent names out there. Personally, for what Tinubu wants to achieve and the 360 degree change he wishes to introduce into the economic and monetary management of Nigeria's potentials, with special focus on lower interest rates and availability of credit, I would go with SLS.

He is very disciplined, resolute and brave. He can be trusted to be professional and loyal to the brief of his president and not hijack/abuse the very powerful CBN governor position to use as a tool for self and crony aggrandizement as the filthy Emefiele symbolises.

Sanusi Lamido is pro-people and already buys into what Tinubu is proposing that is radical but needed to transform how Nigeria manages her economic potential, monetary policy and the advantageous use of the Naira by her citizens.

My personal opinion though that assumes SLS is available and interested.

Do you care to enlighten me, who was the OP referring to, abeg?

Yampotatocarrot:


Do you care to enlighten me, who was the OP referring to, abeg?

The evasiveness of the writer of the article is not my duty to correct.

Educated and progressive individuals, as I did, name their leadership choice and make valid argument for them.

I can't give the suggested choice of the author , for CBN Governor, any thought if he cannot name that person. No time for that.

mrvitalis:

The fundamental issue with Nigerians ( majority ) leaders n citizens is this ...we mostly font know the difference between symptoms of a problem and a problem ....this right up is evident of that

The CBN governor couldn't have done much really ...the finance minister and the president economic teams are to be blamed

Using scarce foreign exchange to do political jamboree n construction of projects that are 1) super super inflated 2) that is not financially sustainable 3) poorly sited based on sentiments landed us here

You borrowed 40 billion dollars or so ...80% was used to enrich politicians the 20% used for projects

None of those projects can even financially support themselves

You are broke ,u had the chance to borrow money instead of using the money to create something that can generate revenue for u ....you are 80% ...used the remaining 20% to buy liabilities

Then you turn around to blame your wife for not being frugal for your kitchen expenses

The Op like osibanjo in 2019 in his debate against Peter obi don't even understand the problem


Sad thing is Tinubu would do exactly the same thing just with more corruption more grammar

The CBN governor was complicit as he pursued policies that are inimical to economic growth: fixed exchange regime, import restrictions, chaotic naira currency note replacement.

Now, you can claim these policies would have been implemented anyway even if Emefiele resigned. That, I would agree with but the fact is that he never acted honorably and sullied his reputation by being the public face of central bank incompetence.

4Play:


The CBN governor was complicit as he pursued policies that are inimical to economic growth: fixed exchange regime, import restrictions, chaotic naira currency note replacement.

Now, you can claim these policies would have been implemented anyway even if Emefiele resigned. That, I would agree with but the fact is that he never acted honorably and sullied his reputation by being the public face of central bank incompetence.

100% correct and it is because Emefiele is personally a sleazy and dishonorable man certain Presidents would deploy as CBN governor because their leadership agenda for Nigeria is insincere and parochial to begin with.

A President 100% committed to a better Nigeria would not even employ Emefiele as gateman of CBN headquarters let alone her governor.

4Play:


The CBN governor was complicit as he pursued policies that are inimical to economic growth: fixed exchange regime, import restrictions, chaotic naira currency note replacement.

Now, you can claim these policies would have been implemented anyway even if Emefiele resigned. That, I would agree with but the fact is that he never acted honorably and sullied his reputation by being the public face of central bank incompetence.

CBN recommended Naira flotation severally but buhari refused ....Les assume this is emefieles idea not to float the naira ...what different did it make ?


Import restrictions is what you are blaming on CBN ? You obviously don't know the CBN governor is not independent of the president

Naira redesign police helped stabilize naira you can't even deny that

This issues you raise have absolutely nothing on the points I raised

OneTemplate:


If you have nothing to say in a productive and positive thread, try shutting up to remain silent.

This is exactly the tyrannic leadership that we're expecting from you and your cocaine sniffing baffon of a leader.

It's very simple, clear him with facts rather than shit him up.

Who are you trying to intimidate?

Just so you know, it's a stolen mandate and will be reclaimed!

We're in the court!

OneTemplate:


Garbage from a prejudiced and irredeemably bigoted individual. I am sure you would have clapped tirelessly if this was written as prelude to Obi's swearing in.

Lamo this is the same human asking someone to shut up if they have nothing to say up there


Bros this topic is for people who understands macro , developmental and structural economics ....not for you type move along abegb

OneTemplate:
@OP.

No doubt the choice of CBN governor is crucial to Tinubu's success as President. I am sure the search has begun already if not concluded even before the elections knowing Tinubu.

Many excellent names out there. Personally, for what Tinubu wants to achieve and the 360 degree change he wishes to introduce into the economic and monetary management of Nigeria's potentials, with special focus on lower interest rates and availability of credit, I would go with SLS.

He is very disciplined, resolute and brave. He can be trusted to be professional and loyal to the brief of his president and not hijack/abuse the very powerful CBN governor position to use as a tool for self and crony aggrandizement as the filthy Emefiele symbolises.

Sanusi Lamido is pro-people and already buys into what Tinubu is proposing that is radical but needed to transform how Nigeria manages her economic potential, monetary policy and the advantageous use of the Naira by her citizens.

My personal opinion though that assumes SLS is available and interested.

Sanusi committed some basic errors in how he managed the exchange rate and this was in many respects a major source of the currency instability we experienced after his tenure.

We had multiple exchange rates during Sanusi's tenure but with high oil prices, the spread between the official and the black market rates was narrow.

The biggest error he committed, in my view, was using forex reserves to stabilise the Naira (the exchange rate was stable during his tenure). This is defensible if you are certain that oil prices (the most important source of forex inflows) will remain high. This of course turned out not be the case and ended up making the adjustment to lower oil prices more painful.

In my view, you need a monetary economist as the CBN governor. This would be an expert in monetary policy but Nigeria has few of these.

The only Nigerian monetary economist I know is Ayo Teriba but I don't know if he is suitable for the job.

Crazy people. They'll die for an failing president but ask for a sound CNN governor. Everything to these sycophants is a joke.

OneTemplate:


The evasiveness of the writer of the article is not my duty to correct.

Educated and progressive individuals, as I did, name their leadership choice and make valid argument for them.

I can't give the suggested choice of the author , for CBN Governor, any thought if he cannot name that person. No time for that.

K

If there's anything to learn from Peter Obi, it is that we will not hinge everything on CBN.

In his opinion, one of the reason CBN is non-functional is because they're taking on too many things, even those which do not remotely concern them, while the Ministries concerned lie dormant.

It shouldn't be a surprise why Ministries lie dormant though. Festus Keyamo (SAN - N for Nonsense) is currently a Minister. Check his last 2000 tweets with the past 12 months. Only 2, maybe 3 concerns his portfolio (they were all tweeted within the past 7 days), every other thing is online banter and haggling

mrvitalis:

Lamo this is the same human asking someone to shut up if they have nothing to say up there


Bros this topic is for people who understands macro , developmental and structural economics ....not for you type move along abegb

Olodo. You know nothing beyond the limitations bigotry and hatred places on your ability to look at any issue dispassionately.

This is why all your arguments are predictable, monotonous and obviously skewed.

Emefiele is a crook. The worst CBN governor in history deployed by GEJ and Buhari for the very fact that he is has no morals at all and is hence the perfect conduit for any President who wants to use the CBN for even the greatest detrimental hijack and sabotage of Nigeria's monetary policy.

CBN governors are not powerless bystanders as you wish to make Emefiele appear. They are very powerful gaurdians of the integrity of the monetary policy of nations not even Presidents or heads of state can/should hijack parochially.

Elsewhere worldwide, CBN Governors will easily bring down Presidents trying to delibrately undermine and devalue the currency of their own nation so a section of society is favoured inordinately.

SLS, for example, would have resigned. Emefiele never will and won't speak up either because he is the sort who is okay to look away at the destruction of the Nigerian economy by a Presidency so far as they also look away for him to do as he pleases amassing billions for himself and his cronies.

Even his attempt to contest to be President, while CBN Governor, is complete lunacy that would surely have made Nigeria the laughing stock of the world but I am sure an Igbo bigot like you has a ready made defense for that also.

Yours is to defend the Igbo man blindly and clannishly as virtually all your folks are cursed to do.

OneTemplate:


Olodo. You know nothing beyond the limitations bigotry and hatred places on your ability to look at any issue dispassionately.

This is why all your arguments are predictable, monotonous and obviously skewed.

Emefiele is a crook. The worst CBN governor in history deployed by GEJ and Buhari for the very fact that he is has no morals at all and is hence the perfect conduit for any President who wants to use the CBN for even the greatest detrimental hijack and sabotage of Nigeria's monetary policy.

CBN governors are not powerless bystanders as you wish to make Emefiele appear. They are very powerful gaurdians of the integrity of the monetary policy of nations not even Presidents or heads of state can/should hijack parochially.

Elsewhere worldwide, CBN Governors will easily bring down Presidents trying to delibrately undermine and devalue the currency of their own nation so a section of society is favoured inordinately.

SLS, for example, would have resigned. Emefiele never will and won't speak up either because he is the sort who is okay to look away at the destruction of the Nigerian economy by a Presidency so far as they also look away for him to do as he pleases amassing billions for himself and his cronies.

Even his attempt to contest to be President, while CBN Governor, is complete lunacy that would surely have made Nigeria the laughing stock of the world but I am sure an Igbo bigot like you has a ready made defense for that also.

Yours is to defend the Igbo man blindly and clannishly as virtually all your folks are cursed to do.

Was emefiele responsible for misusing t loans nigeria got ?

mrvitalis:

CBN recommended Naira flotation severally but buhari refused ....Les assume this is emefieles idea not to float the naira ...what different did it make ?


Import restrictions is what you are blaming on CBN ? You obviously don't know the CBN governor is not independent of the president

Naira redesign police helped stabilize naira you can't even deny that

This issues you raise have absolutely nothing on the points I raised

Not floating the Naira provided a disincentive to export from Nigeria and for foreign investors, and everyone else, to bring in forex into Nigeria. Why would you bring FDI into Nigeria knowing full well taking money out of Nigeria will be a challenge?

The multiple exchange rates provided arbitrage opportunities for the corrupt.

I agree that Emefiele acts to please the presidency or whoever he owes his position to. But that singularly makes him unqualified for the role as the CBN governor should act independently from politicians. Do I expect that to change under Tinubu? If Tinubu has any sense, he will appoint competent central bankers and allow them to do their jobs without hindrance/interference. Central Bank independence is crucial to economic credibility. Emefiele was emblematic of the pitfalls of being a willing agent of political interference in central banking. He even tried to run for office whilst keeping his post!

Naira redesign was chaotic and once again, the buck stops at his desk. The economic/social costs of Naira stability exceeded the benefits of stability.

mrvitalis:

Was emefiele responsible for misusing t loans nigeria got ?

No but he does as they demand always even when he knows the detrimental damage their request will cause.

The beneficial trade off for Emefiele is that giving the Presidency what it wants, however damaging to Nigeria such is, gives him the free hand to also pursue what he wants.

Fact is that it is difficult for anyone to claim they are unaware of of the monumental sleaze and condemnable abuse of power Emefiele has been linked with.

Such was his arrogance and power-drunkeness he wanted to use wealth amassed from spreading his azz for different Presidents to contest for the top job in Nigeria.

4Play:


Sanusi committed some basic errors in how he managed the exchange rate and this was in many respects a major source of the currency instability we experienced after his tenure.

We had multiple exchange rates during Sanusi's tenure but with high oil prices, the spread between the official and the black market rates was narrow.

The biggest error he committed, in my view, was using forex reserves to stabilise the Naira (the exchange rate was stable during his tenure). This is defensible if you are certain that oil prices (the most important source of forex inflows) will remain high. This of course turned out not be the case and ended up making the adjustment to lower oil prices more painful.

In my view, you need a monetary economist as the CBN governor. This would be an expert in monetary policy but Nigeria has few of these.

The only Nigerian monetary economist I know is Ayo Teriba but I don't know if he is suitable for the job.

I am aware of Sanusi's limitations and mistakes his tenure as CBN governor revealed.

Tinubu, for plans he has openly revealed, will need a back-to-basics, brave, reformational and conservative CBN boss in my opinion.

Sanusi has those qualities and Tinubu, running a tight ship, can provide strict mission statement guidelines for Sanusi to operate within while reaping the benefit of having a CBN governor who can be disciplined and perfect for a state of affairs that is akin to Nigeria going back to rudimentary level of developing policy framework for the operation of the CBN.

Nigeria is in a period of basic reform per monetary policy and we all have to accept that. Sanusi would be good for such a period after the worst bastardization and hijack of our CBN, likely worst in world history, under GEJ and Buhari.

We are basically tearing up the soiled and totally bastardized rule book to create a CBN of integrity that can match best global standards now and moving forward.

OneTemplate:


No but he does as they demand always even when he knows the detrimental damage their request will cause.

The beneficial trade off for Emefiele is that giving the Presidency what it wants, however damaging to Nigeria such is, gives him the free hand to also pursue what he wants.

Fact is that it is difficult for anyone to claim they are unaware of of the monumental sleaze and condemnable abuse of power Emefiele has been linked with.

Such was his arrogance and power-drunkeness he wanted to use wealth amassed from spreading his azz for different Presidents to contest for the top job in Nigeria.

All this is just like u are afraid of attacking the minister of finance and president economic team just looking for soft target to attack

mrvitalis:

All this is just like u are afraid of attacking the minister of finance and president economic team just looking for soft target to attack

I have criticised the Minister of finance heavily. What could be greater criticism than indicting Buhari of using the wealth of Nigeria to create a CAR (central African Republic) for Fulanis with Nigeria's money?

Check my posts to see I am the one, when others were too scared to go there, who stated unequivocally that Buhari has a hidden Fulani caliphate agenda when he is ordering Amaechi to construct rail line and Station, Maradi, into Niger Republic when such has not been done for the SE and other regions of Nigeria that could do with critical rail linkage..

Some of us are not cowards and we can speak against anyone doing wrong because our leaning is always and forever progressive.

4Play:


Sanusi committed some basic errors in how he managed the exchange rate and this was in many respects a major source of the currency instability we experienced after his tenure.

We had multiple exchange rates during Sanusi's tenure but with high oil prices, the spread between the official and the black market rates was narrow.

The biggest error he committed, in my view, was using forex reserves to stabilise the Naira (the exchange rate was stable during his tenure). This is defensible if you are certain that oil prices (the most important source of forex inflows) will remain high. This of course turned out not be the case and ended up making the adjustment to lower oil prices more painful.

In my view, you need a monetary economist as the CBN governor. This would be an expert in monetary policy but Nigeria has few of these.

The only Nigerian monetary economist I know is Ayo Teriba but I don't know if he is suitable for the job.

Sanusi probably spent $20b defending the Naira. Many blame Jonathan for the paltry $43 bn in the foreign reserves while that should have gone to SLS. He even admitted as much that he exploited high oil crude prices. He should have listened to the IMF when they advised him but with oil prices high, he jettisoned that advice.

grandstar:


Sanusi probably spent $20b defending the Naira. Many blame Jonathan for the paltry $43 bn in the foreign reserves while that should have gone to SLS. He even admitted as much that he exploited high oil crude prices. He should have listened to the IMF when they advised him but with oil prices high, he jettisoned that advice.

I would guess the figure may be at least $60bn. For instance in 2013 alone, the CBN allegedly used $26.6bn in forex interventions:http://businessnews.com.ng/2014/01/08/cbn-defended-naira-26-6bn-2013-report/

As governor for almost 5 years, 2009 to 2014, these forex interventions to stabilise the exchange rate were a regular feature of Sanusi's tenure. An 2011 article notes this:

Saying that the apex bank had failed to rise to the occasion at the height of the strident calls by the International Monetary Fund to devalue the local currency, Agbaje said, “I think CBN missed the opportunity two years back to adopt greater exchange rate flexibility to prevent (as the IMF famously cautioned) ‘one-way bets’ against the naira.

https://www.ghanamma.com/2011/11/28/nigeria-cbn-finally-surrenders-to-market-forces-on-the-naira/

This carried on through Emefiele's tenure but the downsides have become more glaring given the backdrop of lower oil prices.

It's very obvious to me why these forex interventions to stabilise the Naira are unsustainable and quite destructive. If you have high inflation, like Nigeria has had for decades, you simply can't have a stable exchange rate. Stable rates would result in subsidizing imports and undermining your own export competitiveness.

What we need is a sound president

mrvitalis:

The fundamental issue with Nigerians ( majority ) leaders n citizens is this ...we mostly font know the difference between symptoms of a problem and a problem

It's ironic that you yourself fall victim to the very failing you condemn the majority of Nigerians for: you have no idea what a central bank governor actually does, otherwise you'd understand that Emefiele's backwards policies have played a gigantic role in damaging the economy for the last 8 years.

A central bank governor's job is to control inflation, and to ensure that s/he is able to do the job properly, the role was made statutorily independent from political interference - in other words, once Buhari had appointed Emefiele to a second term, the President had no legal or political means by which to pressure Emefiele to deviate from his mandated goal of controlling inflation. But is that what Emefiele actually did?

No, he preferred to act as Buhari's houseboy, implementing a ridiculous "strong" Naira policy that threw away billions of USD in foreign reserves subsidizing a few connected individuals while discouraging foreign investment. He aided and abetted Buhari's inflationary budgeting by refusing to enforce the statutory borrowing limits

https://punchng.com/court-should-sanction-emefiele-for-allowing-buhari-to-exceed-cbns-borrowing-limit-financial-analyst-adeoti/

and in Emefiele's latest bout of inanity, he hastily introduced a Naira "redesign" that CBN insiders knew full well they hadn't sufficiently prepared for.

https://www.bbc.com/news/world-africa-64626127

To excuse Emefiele from blame in the face of all this is either a sign of utter ignorance of finance, or an illustration of how tribalism can blind one to faults of even the least able of one's own "kinsmen". Knowing your particular track record on this forum, in your case it's most likely a combination of both of these factors.