I’m Still CBN Gov Till… – Emefiele

BY EDMOND ODOK, ABUJA – With less than three months to the expiration of his five-year tenure as Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Tuesday laughed off claims that President Muhammadu Buhari has approved his terminal leave preparatory to the June 3, 2019 formal disengagement date.

Competent sources told Forefront that Emefiele is not disturbed by the speculations which are clearly indicative of expected scheming and manipulations from interested groups and individuals already eyeing the coveted seat in the event that President Buhari does not renew his appointment for another five-year term.

At the expiration of an occupant’s first five-year tenure, the President is at liberty to renew the appointment or bring on board fresh hands to manage the apex bank

Speaking at a textile industry stakeholders meeting in Abuja on Tuesday, Mr Emefiele said; “I am confused and concerned about some stories going around. At least you can see me and you have seen my work. My tenure expires in June and at least let’s continue” till then 

Against the backdrop of reports flooding the social media and online platforms claiming that the Presidency has directed him to proceed on three months terminal leave before his tenure expires in June, Emefiele is upbeat that even after his exit, all well-intentioned policies and intervention programmes of the apex bank will continue in the overall good of Nigeria’s socio-economic growth and development.

“The intervention programmes of the Central Bank of Nigeria has been on since 1978 and it has moved from governor to another governor and I am very optimistic that even if another governor comes, no right-thinking person will abandon an initiative that is laudable and meant to create jobs for the good of our country,” Emefiele said.

CBN insiders and watchers of the financial sector see the rumours currently flying around the CBN Governor’s tenure as the usual intrigues that surround new appointments or renewal of tenure in the apex bank.

Interestingly, since the advent of Nigeria’s current democratic dispensation in May 1999, no CBN Governor has enjoyed the privilege of second five-year tenure. On the list are Joseph Oladele Sanusi (May 29, 1999 – May 29, 2004); Charles Chukuma Soludo (May 29, 2004 – May 29, 2009); and Sanusi Lamido Sanusi (June 3, 2009 – February 19, 2014)

However, Presidency insiders informed Forefront that despite mounting pressure and intense lobbying by hawks within and outside the corridors of power, the argument supporting continuity is strongly on the table given the laudable and pro-poor policy interventions of the current CBN management.

The source confirmed that those canvassing this line of discourse readily cite the FOREX restriction on importation of about 45 items as part of measures to boost domestic production as well as the popular Anchor Borrowers Programme (ABP) in the agriculture sector, especially in rice production and other related agric products.

Our usual reliable source said; “Given that all these interventions by CBN have been in line with President Buhari-led administration’s agenda of growing local industry and self-sufficiency in food production, one should not be surprised if Emefiele breaks the jinx of one-tenured CBN governorship come June 3, 2019.”

Emefiele resumed duties as the CBN governor on June 3, 2014 following the unceremonious exit of Mallam Lamido Sanusi from the apex bank.

Ex-President Goodluck Jonathan Jonathan had on February 19, 2014 suspended Mallam Sanusi as CBN Governor citing “Various acts of financial recklessness and misconduct which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline”

With the development, Dr Sarah Alade, who was then the most Senior Deputy Governor, got the nod to serve as “Acting Governor until the conclusion of on-going investigations into breaches of enabling laws, due process and mandate of the CBN”, the Presidency said at that time.