Hard work and destiny are in holy matrimony in the elevation of Godwin Emefiele, former managing director of Zenith Bank plc to governorship position of the Central Bank of Nigeria (CBN).
President Goodluck Jonathan had in February forwarded Emeifele’s name to the Senate for confirmation. Emefiele replaces Sanusi Lamido Sanusi, whose tenure was to expire this month but was suspended in February by the president.
Confirming Emefiele’s appointment after he was thoroughly drilled by way of interview, on the floor of the Senate, David Mark, Senate president, said: “Emefiele will ensure the prerequisite responsibilities of the Central Bank governor without fear or favour.”
Until his name was mentioned as Sanusi’s successor, reports had it that the former Zenith Bank’s boss was not very well known outside the banking industry. He was reportedly regarded as “a low-profile, conservative figure who was unlikely to rock the boat.”
Emefiele, who has been a banker with 26 years of experience, became the managing director of Zenith Bank, in August 2010 after serving as deputy managing director from 2001.
He has an MBA degree from the University of Nigeria in Nsukka and lectured at the University of Port Harcourt. Godwin Emefiele is a man who is an expert in forecasting and takes steps, leveraging on his excellent acuity and calculated-risk-taking skills to crystallize any benefits from existing and future opportunities. Zenith which by balance sheet size and other positive financials has shaped and is shaping certain critical aspects of developments in the sub-sector is in sheer entrepreneurial energy and verve a bank without equal and one which has taken after its lead-manager.
The several achievements of Zenith Bank Plc since he took over stand him out as an accomplished banker and erudite manager of human and material resources. His capacity for leadership and eye for growth opportunities is evident in Zenith’s performance and geometric progression on a number of parameters.
Emefiele, had after his confirmation, pledged: “We would work very hard to ensure that we achieve macro-economic stability where inflation would continue to come down, where interest rate shall be seen to continue to come down. And where we would as much as possible continue to maintain strong exchange rate for the country and a strong foreign reserve.”
An analyst at Rennaissance Capital (Rencap) Nothando Ndebele, who described him as very conservative, believed he is likely to maintain a firm policy environment and would be inclined to tighten policy in the current environment of naira weakness.
Emefiele promised to take measures to support the naira which has remained under pressure for quite some time now, while also indicating that CBN’s exchange rate policy was correct.
He told the Senators: “I am aware that the core mandate of the Central Bank of Nigeria is to achieve the monetary and price stability. Another core mandate of the CBN is to ensure that we have a strong and build strong foreign reserve. We are also expected to ensure that we have a strong financial system in Nigeria.”
He further indicated that the CBN’s exchange rate policy was correct and that a devaluation of the Naira would be devastating for the import-dependent economy.
Samir Gadio, emerging markets analyst with standard bank, London, said his view above was positive and important statement suggesting that the new CBN helmsman will not depart from the CBN’s USD/NGN stability stance implemented over the past few years. Besides, Emefiele also added that he would take the necessary measures to support the NGN which has remained under pressure in recent months.
Emefiele, who is from Agbor, Delta State, brings hope to the banking industry.
Zebulon Agomuo
