EDITORIAL: ‎#Dasukigate, Emefiele, and How to Appoint the Next CBN Governor

CBN Governor, Godwin Emefiele used to illustrate the story.

The Central Bank of Nigeria has come under intense scrutiny in the past six months. This is not just because of its controversial restrictions on foreign exchange transactions but also as a result of allegations that its leadership facilitated inappropriate massive cash withdrawals of foreign currencies from the Bank’s coffers by the erstwhile National Security Adviser, Sambo Dasuki, close to the 2015 presidential elections.

These transactions are believed to have had the blessing of President Goodluck Jonathan.

PREMIUM TIMES believes these unfortunate controversies pose a serious threat to the lived reality of the independence of the Central Bank, which we believe is of vital importance to the maintenance of a sound economy.

The Nigerian economy is today in crisis and the Central Bank has suffered major reputational erosion while a strong economic team capable of revamping the economy is yet to emerge. Sooner, rather than later, the question of a clean competent Governor for the Central Bank is bound to be on the table. At that point, we should be clear on the basis for the selection of the next Governor of the CBN whenever the incumbent, Godwin Emefiele, leaves office.

We believe it is time to end the practice in recent years of appointing current or former chief executives of commercial banks as Governor of the CBN. We agree with the view expressed recently by Joseph Sanusi, former Governor of the CBN (1999-2004) that it is wrong for government to foist commercial bankers previously regulated by CBN deputy governors on the latter as their bosses, when such bankers have not imbibed the institutional culture of central banking and the CBN.

Mr. Sanusi advised the government to, in future, appoint the governor of the CBN from amongst the deputy governors of the Bank, while commercial bankers could only be brought into the leadership levels at CBN as deputy governors so that they can assimilate the institutional culture before aspiring to the ultimate leadership role.

Mr. Sanusi should know. He spent a long professional career in the CBN, rising to the position of Deputy Governor. In an era – different from today – in which the government still had significant shareholdings in commercial banks, and the CBN did not have autonomy but was still under the Federal Ministry of Finance, he was subsequently appointed the managing director of UBA and later First Bank before retiring.

President Olusegun Obasanjo named Mr. Sanusi Governor of the CBN after being sworn in as president in May 1999. Several previous governors of the Bank had earlier served as deputy governors: Aliyu Mai Bornu, Clement Isong, Abdulkadir Ahmed (the longest serving governor for nine years), and Ola Vincent.

We believe that serving or retired deputy governors should be appointed to lead the CBN in order to enhance its progressive growth and strengthening it as a key national institution on the basis of professionalism.

In most developed or emerging market economies, the global best practice is that central bank governors have previously served as deputies. Janet Yellen, Chairwoman of the United States Federal Reserve Bank, was previously Vice-Chair of the institution. Mark Carney, the Governor of the Bank of England, was previously Governor and Deputy Governor of the Bank of Canada. The present governors of the reserve or central banks of Ghana, Malaysia, Russia, South Africa and Turkey were all previously deputy governors, to name a few examples.

Moreover, in today’s modern banking era in which banks are key private sector economic agents, potential conflicts of interest abound for any commercial banker appointed Governor of the CBN.

Central banking also is primarily a public policy responsibility. This is different from transaction-focused commercial or investment banking. Central banking as an occupation therefore calls for institutional knowledge, dispassionate stance and intellectual proclivity that few operators in our banking ecosystem possess.

With this in mind, PREMIUM TIMES believes the following five requirements ought to guide the President of the Federal Republic of Nigeria in appointing the next Governor of the CBN.

Integrity: In the Nigerian environment that has nurtured systemic corruption, and considering recent revelations and the Buhari administration’s anti-corruption stance, a person appointed to lead the CBN should be a person of proven integrity.

It is not a valid defence for a CBN Governor to justify questionable decisions and actions by asserting “superior orders” from the President, when (a) the laws of Nigeria should always be observed, and (b) such an individual has the option of resigning his appointment if he or she feels under pressure to act against his professional conscience – to the extent such a conscience exists.

Professionalism: The Governor of the CBN must exhibit the highest standards of professionalism in his or her conduct and leadership as an example for the staff of the institution. This includes the desired attribute of political neutrality, as opposed to deploying the institution’s processes to serve partisan agendas.

Relevant experience: A CBN Governor should have had prior experience in a central bank, an international monetary or financial institution, or an economic policy research institution.

Intellectual ability: The global best practice is that a central bank governor should have an advanced degree, preferably a Ph.D. degree or at least a Master’s. On close observation, we found that virtually all the governors of the reserve banks of developed and emerging market economies in the examples cited above, amongst others, have this profile. Normally, the intellectual track record of a potential central bank governor is evidenced in books or other writings on topics relevant to the several mandates of central banking – macroeconomic issues and monetary policy, banking regulation and financial stability, development economics and finance, and political economy.

Central banks in every economy are also major centres of authoritative research. A central bank governor that lacks intellectual training and weight will not be able to provide thought leadership.

International exposure: In a globalized world, and with Nigeria’s position as Africa’s most populous country and its largest economy, our central bank should be headed by a man or woman with global exposure in terms of work experience, education, and professional associations and activities.

We must pay closer attention to the selection of the leadership of important national institutions such as the CBN, making them more merit-based, in order to avoid situations that diminish these institutions and us as a country in the eyes of the world.

We hope that President Buhari, whose prerogative it is to appoint the Governor of the CBN under Nigeria’s laws, subject to the confirmation of the Senate, will bear this in mind in the appointment of the next head of the CBN should that event occur within the timeframe of his presidency.


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  • maigari B

    good write up

    • ANIMALS

      why would it be a good article because it concerns the Ibos–Yorubas ati Fulanis in CBN–ANIMALS

      • Buhari4Ever

        Deri Orbuka, madness on the go!!

  • Et al

    Buhari will soon appoint another Islamist (mediocre) economist in the mould of Lamido Sanusi. Of course Emefiele is a despicable crook who lacks the competence outlined here.

  • fake buhari war on corruption

    PRESIDENCY ARRANGED N100M FOR JAFARU ISA TO REFUND EFFC.

    How Jafaru Isa Was Given N300million Contract to Refund N100million to EFCC.

    Jafaru Isa, a retired brigadier-general, who was arrested in Abuja penultimate Wednesday by operatives of the Economic and Financial Crimes Commission (EFCC) was reported to have refunded N100 million.

    WazobiaReporters has gathered from a close presidency source that Jafaru Isa, a chieftain of the ruling All Progressives Congress (APC), was awarded a contract through the Ministry of Education.

    The contract said to be worth over N300 million was allegedly backdated to December, last year.

    The contract, from which he got N100 million as mobilization fee was to build facilities in some universities.

    “It was this mobilization fund that someone was instructed to go drop with EFCC,” the source said.

    It should be recalled that WazobiaReporters had reported on January 11, 2016 that it was the Presidency that packaged the arrest of Jafaru Isa and the N100 million refund to give the impression that the President’s anti-corruption fight was not selective.

    • Buhari4Ever

      Deri Orbuka, tell GEJ to go and do the same to his friends Dasuki, Metuh and others in jail

  • David Adeniran

    This is a very good write-up and I hope the Presidency will religiously consider the recommendations. Kudos Premium Times!

    • IZON Redeemer

      A former Governor of the Central Bank of Nigeria, Prof. Chukwuma Soludo, has accused former President Goodluck Jonathan of turning the CBN into the Presidency’s Automated Teller Machine to produce cash for the government.

      He also said the Jonathan administration ran the bank like a movie plot from Uganda under the late dictator, Idi Amin Dada.

      Idi Amin ruled Uganda with an iron fist between 1971 and 1979, and has been described as one of the most corrupt African rulers.

      In an interview in the current business edition of The Interview, Soludo described the CBN as “the ATM of the Presidency,” under Jonathan.

      He said it was regrettable that in spite of the bank’s statutory independence, it continued to be a victim of high wire politics, often “electrocuting” its leadership.

      Soludo said, “Recent revelations regarding the ‘arms-gate’ (short for the $2.1bn scandal involving the former National Security Adviser, Sambo Dasuki) and the apparent abuse of the CBN as an ATM by the Presidency should get reasonable people thinking.

      “Imagine a scenario where a President can order the CBN to create an intervention fund for national stability and the CBN literally ‘prints’ say, N3tn, and doles it out as cash to the President to prosecute an election campaign, or for just about anything he fancies. It is a scary thought.

  • agbobu

    GOODLUCK JONATHAN AND HIS GANG OF VERY SELLFISH, VERY SHAMELESS AND GOD FORSAKEN PLACEBO LEADERS BUT I CALL THEM DEALERS, NOW THEY ARE TALKING AND SINGING.WE THE PEOPLE THE MASSES ARE WAITING FOR THE ‘O MY GOD’ VERY EXPLOSIVE DEZIANIGATE. IT WILL BE VERY MIND BUBBLING AND NIGERIANS WILL CALL FOR THEIR HEADS.

  • IZON Redeemer

    Most of These sponsored Buharilike Editorials on Premium Times, are uncalled for at this trying times and in the history of 9ja–Only Jehovah God knows the type of Editors or fake features writers we have in Premium Times——-Editorials in the history of Journalism, are never penned on national issues-which are speculative in Nature—-On matters that have no concrete proof or evidence-never!-As seen in the alleged withdrawals of billions of dollars from the CBN by Jonathan to bribe the electorates——–Show us the evidence that Jonathan, withdrew such currencies to bribe Yoruba Obas or Fulani Emirs in the North——99.9 percent of Editorials in our National Dailies, are often manufactured from the stable of the Apes in APC, via the hate filled Yoruba heart of Liar Mohamed for the reading Public–How can Sanusi who was accused of stealing tonnes of Naira from CBN, part of which he gave Buhari via contracts and donations, be made the reference point of an editorial in a media House? If Nigerians in their right senses do not stop the satanic forces trying to destroy the country in APC—then they would have themselves to BLAME–when the final count down of the break up Nigeria under the demonic rule of FULANI Buhari begins——animals

  • IZON Redeemer

    A former Governor of the Central Bank of Nigeria, Prof. Chukwuma Soludo, has accused former President Goodluck Jonathan of turning the CBN into the Presidency’s Automated Teller Machine to produce cash for the government.

    He also said the Jonathan administration ran the bank like a movie plot from Uganda under the late dictator, Idi Amin Dada.

    Idi Amin ruled Uganda with an iron fist between 1971 and 1979, and has been described as one of the most corrupt African rulers.

    In an interview in the current business edition of The Interview, Soludo described the CBN as “the ATM of the Presidency,” under Jonathan.

    He said it was regrettable that in spite of the bank’s statutory independence, it continued to be a victim of high wire politics, often “electrocuting” its leadership.

    Soludo said, “Recent revelations regarding the ‘arms-gate’ (short for the $2.1bn scandal involving the former National Security Adviser, Sambo Dasuki) and the apparent abuse of the CBN as an ATM by the Presidency should get reasonable people thinking.

    “Imagine a scenario where a President can order the CBN to create an intervention fund for national stability and the CBN literally ‘prints’ say, N3tn, and doles it out as cash to the President to prosecute an election campaign, or for just about anything he fancies. It is a scary thought.

  • Chuks

    Emiefile sees his position as that of servant to the executive, and Jonathan with very poor understanding of presidential authority misused it on him. A vastly corrupt and compromised military and security forces were coopted to back up executive interference and intimidation of the Central Bank. One wonders what despicable thoughts a president had to supervise such massive abuse of procedure and discipline required of that office. I do not seem to understand what the likes of Jonathan went into politics for.

  • IZON Redeemer

    This Editorials is worst than gutter journalism—–it is madness of the highest order–Penning an Editorials on some silly gossips-from the Luciferic camp of the Apes in APC –is insane-and against the ethics of the JOURNALISM PROFESSION-See—If Buhari yearns to sack the current CBN governor–he should so with climbing on the back of Jonathan to enable them thieves have another unthinking certificate forging Fulani who went to arabic school in sudan to take control of the CBN—-We are not interested in who becomes the CBN——governor–in the Niger Delta——–If this unthinking Editorilas is anything to go by—–then–Premium Times should tell us why Buhari refused to appoint Dr. Atte, who was next in command in the Customs as the Comptroller General of Customs? Was it not because he is Ijaw? Instead, Buhari went to the Fulani North to hire a sadist the officer who helped in haging Ken Saro Wiwa–Rtd Col Ali as the head of Customs—–Now the satanic regime of Buhari wants to have CBN governors appointed from inside because there is no ijaw man in CBN–abi-?————–It is one Nigeria when it concerns the Ijaws–being sent to the gulag of Buhari—by his Gestapo in DSS ati Efcc———————But not so when it involves the Fulanis –Ibos—ati Yorubas—–abi—? Separation is the only answer to our troubles–not the rule of the Fulanis and Yorubas ati their Ibo surrogates——animals

    • joe

      “..why Buhari refused to appoint Dr. Atte..” – Maybe because he is a thief from the womb?????

    • Amir

      Buhari to appoint Dr Atte, another Ijaw doctor? God forbid. Obasanjo is still not happy about supporting the first accidental Ijaw deputy to assume national power which led us to this mess. Remember even from his sick bed, President Yar’Adua refused to hand over power to Jonathan fearing his obvious incompetence and lack of capacity. From what we now know I do not think Yar’Adua forgave Obasanjo sufficiently for imposing Jonathan on his presidential ticket! Late Alamiyesieha, Akpobokelemi, Orubebe etc are some Ijaws that exported their ethnic hatred to national level.

      • asuevie

        So where is Nigeria now?
        Where will Nigeria be in the nearest future?

  • joe

    Good stuff!

  • Bello Muhammad Sharada

    Let PMB look for Kingsley Moghalu and appoint him when ever Emeifele was removed

    • Fulanis dont tiv only Ijaws

      PRESIDENCY ARRANGED N100M FOR JAFARU ISA TO REFUND EFFC.

      How Jafaru Isa Was Given N300million Contract to Refund N100million to EFCC.

      Jafaru Isa, a retired brigadier-general, who was arrested in Abuja penultimate Wednesday by operatives of the Economic and Financial Crimes Commission (EFCC) was reported to have refunded N100 million.

      WazobiaReporters has gathered from a close presidency source that Jafaru Isa, a chieftain of the ruling All Progressives Congress (APC), was awarded a contract through the Ministry of Education.

      The contract said to be worth over N300 million was allegedly backdated to December, last year.

      The contract, from which he got N100 million as mobilization fee was to build facilities in some universities.

      “It was this mobilization fund that someone was instructed to go drop with EFCC,” the source said.

      It should be recalled that WazobiaReporters had reported on January 11, 2016 that it was the Presidency that packaged the arrest of Jafaru Isa and the N100 million refund to give the impression that the President’s anti-corruption fight was not selective.

      • Buhari4Ever

        Deri Orbuka, what you should be worrying about is the N43Bn that vanished from the Ministry of Education under Wike and not your concocted and convoluted Jafaru contract imaginations

      • Oguntuga Adefolabi

        Bullshit

  • IZON Redeemer

    This Editorials is worst than gutter journalism—–it is madness of the highest order–Penning an Editorials on some silly gossips-from the Luciferic camp of the Apes in APC –is insane-and against the ethics of the JOURNALISM PROFESSION-See—If Buhari yearns to sack the current CBN governor–he should do so without climbing on the back of Jonathan to enable them thieves have another unthinking certificate forging Fulani who went to arabic school in sudan to take control of the CBN—-We are not interested in who becomes the CBN——governor–in the Niger Delta——–If this unthinking Editorilas is anything to go by—–then–Premium Times should tell us why Buhari refused to appoint Dr. Atte, who was next in command in the Customs as the Comptroller General of Customs? Was it not because he is Ijaw? Instead, Buhari went to the Fulani North to hire a sadist the officer who helped in hanging Ken Saro Wiwa–Rtd Col Ali as the head of Customs—–Now the satanic regime of Buhari, wants to have CBN governors appointed from inside because there is no ijaw man in CBN–abi-?————–It is one Nigeria when it concerns the Ijaws–being sent to the gulag of Buhari—by his Gestapo in DSS ati Efcc———————But not so when it involves the Fulanis –Ibos—ati Yorubas—–abi—? Separation is the only answer to our troubles–not the rule of the Fulanis and Yorubas ati their Ibo surrogates——animals

    • asuevie

      Remain blessed…

  • Susie

    I would love Dr. Alade to become the next CBN governor. She is very sound. My two cents.

    • aisha ani

      Will be that be Olu Alade? Buhari will be doing the country a big favor by appointing him, I hope they listen.

  • Omooba Adekunle Orafidiya

    What is the justification for setting such rigorous criteria for a CBN Governor when a certificate forger and perjurer MohamMADu (alias Customs and Exercise, French Franc and Deutch Mark) Buhari; whose WASC/Cambridge is in doubt, is our President?

    • Wale

      if don’t like it, you’re free to pack your rags and your family and move to Cambodia or Haiti.

      • Omooba Adekunle Orafidiya

        And, what’s your totally senseless point?

        • Wale

          I’m absolutely correct with my assertion, that it would not make any sense to you. There you are, disparaging a country you are not contributing to her improvement in any kind of way, yet you don’t wanna get out of it, that makes you an imbecile.

          • REDEEM

            Did the Yoruba ever want to get out of Nigeria when they had their revernue from cocoa?-we have used our oil from d SS TO FEED UNGRATEFUL NIGERIANS FOR OVER 60 YEARS and we have been crying for the Fulanis and Yorubas to let us go—–

          • Wale

            You are so correct, “our oil”.
            Do i need to say more? before you get it.

          • Buhari4Ever

            When proceeds from Cocoa and Groundnuts were used to feed ingrates from the SS, did your grandfathers with their rotten teeth talk of secession?

          • Oguntuga Adefolabi

            See Thief, no be the Igbos get oil na south-south get am. If u really want biafra let Igbos alone go and leave the south South to decide for themselves.

    • Buhari4Ever

      A certificate forger who has proved to be more honorable than anybody in your lineage calls for a sober reflection in your coconut head. Frustration and misery will kill all of you one by one

      • Omooba Adekunle Orafidiya

        He is “more honorable” in the eyes of stoidi (read from back to front) like you. May God punish you.

  • Maria

    In Nigeria, it is a political appointment…everything is sacrificed on the alter of politics… Emefiele, like the man who appointed him, is the most incompetent man to manage any centa bank.

  • bigbang

    The current CBN governor tenure should be extended.

    • REDEEM

      because he is an Ibo man abi

      • bigbang

        No because he is looking at creative way to avoid devaluing the Naira. I really like anti money laundry policies. I like his decision to stop selling forex to the BDCS. I didn’t even know that he was igbo. BTW I am an Egba man from Ogun state.

    • Oguntuga Adefolabi

      Bro, what shit are u smoking

  • Wale

    Jonathan had an agenda when he appointed Emefi-ole over Dr. Alade who was a deputy governor to Sanusi and stepped up as the acting governor after Sanusi got kicked out of office for raising hell over NNPC not remitting proceeds of crude oil sales into the Federation account.
    We also now knows that CBN was far from being an independent organization during Jonathan’s maladministration, theft and gross abuse of office. CBN was his ATM machine, Only in Nigeria can a CBN governor release $37 million (US) Dollars in cash to an individual by presenting a “note” from the presidency or ONSA.
    What baffles me in all of these is that Dr. Ngozi Iweala kept quiet while all of these were going on; But, on the other hand, she also said in one of her speeches in the USA that she regretted being part of Jonathan’s Government (not Verbatim), my take on that is “how come she didn’t resign.

    • REDEEM

      Yoruba man has any of the allegations at the CBN been proven beyond any reasonable doubt? That Jonathan requested the Yorubas Obas to be given such an amount of money–from the CBN? Which Buhari may be got his 300,000 dolllars-from-if u are now saying Sanusi deputy should have been made the governor of CBN–when he was removed then why did Buhari not install Ijaw man Dr. Atte–who was the next in command to Dikko as the comptroller of customs–Aware the act establishing tthe customs says clearly that not outsider should ever be brought to head the customs—–Instead Buhari drafted an outsider–a retuired army officer who was instruimental to the haging of kensarowiwa to run the affairs of the customs—some of u Yorubas think u are wise abi–u cannot eat your cake and have -separation is the answer not the rule of the fulanis and Yoruba traitors–animals

      • Wale

        Ijaw child, Majority of the minority is not overall majority.
        When we got tired of Jonathan incompetence and ethnocentric bull-S**t. we kicked him and his Ijaw/Ibo cronies out.
        It’s called correcting the wrong.
        You ain’t seen nothing yet, we gonna make it so tough for you guys till you all move to Timbuktu.

  • asuevie

    The president should first possess such qualifications as highlighted above before any other civil servant.
    It should also extended to journalist too

    What a shameful editorial / write-up

  • REDEEM

    President Buhari and his APC cheerleaders have finally succeeded in their efforts to turn Nigeria into a Banana Republic in record time.
    1. Under Buhari’s rule, we have gone from being the largest economy in Africa to being an also poorly ran economy.
    2. Nigeria was once the fastest growing economy in Africa. Just 8 months ago. Nigeria is no longer in the top 10.
    3. The Naira has lost more than 40% of its value in the 8 months that Buhari has ruled Nigeria. 40%!!!
    4. President Buhari himself announced that he would not respect court judgements that goes against his beliefs. We are officially lawless.
    5. President Jonathan set up a public healthcare architecture that turned Ebola into the epidemic that never happened in Nigeria, of course with the heroic efforts of the late Dr. Ameyo Adadevoh and her colleagues, and we lost only 3 Nigerians to Ebola. Lassa Fever has killed over 40 Nigerians so far documented within the last 2 weeks, and Buhari’s government has not made any significant effort to tackle this deadly epidemic.
    6. For the first time in the history of Nigeria, and perhaps the world, the National Assembly has been presented with two ridiculous budgets, both emanating from the Presidency, and neither of which has been denied, this after the disgraceful drama of the missing budget.
    7. Buhari appointed his relations as Chairman of INEC, and the result has been their disgraceful conduct of elections in Kogi and Bayelsa states, and the entrance into common Nigerian lexicon of the word “inconclusive”.
    8. Buhari’s record on security, despite his pedigree as a retired General, has been abysmal, to be frank. The Chibok girls have not been found, and Buhari has absolved himself of responsibility by telling their parents that their abduction did not happen on his watch.
    One abduction that did happen on his watch, the kidnapping of 170 girls from the village of Bam, has enjoyed a conspiracy of silence by both the local and the international media and Buhari’s government
    9. Tie all these in with the unbelievable actions of some of Buhari’s ministers and appointees, and you get a sinking feeling in your stomach.
    Nigeria is officially a Banana Republic, run on rumour, innuendo and the whims and caprices of its aged Emperor and his powerful minions.
    May God save Nigerians.

    • Buhari4Ever

      Deri Orbuka, Buhari is not responsible for the demons in your life. An Ijaw man was in Aso Rock for almost 6yrs and left a disastrous legacy of waste, incompetence and monumental corruption. You saw nothing bad in GEJ’s administration because your lazy ass was getting free money. Allow God to do the needful in Nigeria through Buhari. Stop wasting your time, energy and life over something you cannot change.

  • bikky

    Emefuele has due for replacement since but this government did not deem it necessary but now they have no choice can to replace him if they want to succed, however these criteria set here by the writer may not be a true picture or path to success for any CBN governor especially PHD ,somebody may be a total failure with his/her PHDcertificate.

  • Excisionist

    Oh yes, this one is not yet a Hausa-Fulani Muslim. So, just give a dog a bad name in order to hang him. Do not be surprised. these people are highly insensitive and can do anything. The CBN is their next target.

    If they honestly want to probe the CBN, they should probe Sanusi, a man who, with impunity, was operating a parallel budget with the federal government.. The idea of another Hausa-Fulani CBN governor is put in place another one who will help them siphon and cover-up.

    This Fulanization of the Nigerian system is what gived the youth and the old from these terrorist enclaves the false sense that Nigeria belongs to them and that they can have it at all cost. Watch out, Nigeria is matching backwards !!!