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Zenith man, Emefiele gets CBN job



Shortly after taking out the long-embattled Governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, President Goodluck Jonathan has nominated the Group Managing Director of Zenith Bank Plc, Mr. Godwin Emefiele, as his substantive successor.

In a letter to the Senate President, Senator David Mark, Thursday, which was read on the floor of the Senate, President Jonathan prayed the upper chamber to approve Emefiele’s nomination with dispatch saying he would replace Sanusi, whose tenure ends in June 2014.

The President also nominated Mr. Adelabu Adebayo, an Executive Director at First Bank Plc, as Deputy Governor of
the apex bank. He will succeed Mr. Tunde Lemo, whose tenure also expires later in the year.

Early on Thursday, a statement by Reuben Abati, the President’s spokesman had announced Sanusi’s suspension with immediate effect and directed the most senior Deputy Governor of the CBN, Dr Sarah Alade too will serve as Acting Governor.

The text of the statement reads, “Having taken special notice of reports of the Financial Reporting Council of Nigeria and
other investigating bodies, which indicate clearly that Mallam Sanusi Lamido Sanusi’s tenure has been characterized by 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;

Being also deeply concerned about far-reaching irregularities  under Mallam Sanusi’s watch which have distracted the
Central Bank away from the pursuit and achievement of its statutory mandate; and

Being determined to urgently re-position the Central Bank of Nigeria for greater efficiency, respect for due process and accountability, President Goodluck Ebele Jonathan has ordered the immediate suspension of Mallam Sanusi Lamido Sanusi from
the Office of Governor of the Central Bank of Nigeria.President Jonathan has further ordered that Mallam Sanusi
should hand over to the most senior Deputy Governor of the CBN, Dr Sarah Alade who will serve as Acting Governor until the conclusion of on-going investigations into breaches of enabling laws, due process and mandate of the CBN.

The President expects that as Acting Governor of the Central Bank, Dr. Alade will focus on the core mandate of the Bank
and conduct its affairs with greater professionalism, prudence and propriety to restore domestic and international confidence in the country’s apex bank.

The Federal Government of Nigeria reassures all stakeholders in Nigeria’s financial and monetary system that this decision has been taken in absolute good faith, in the overall interest of the Nigerian economy and in accordance with our laws and due process.’

Double Jeopardy

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