Business Hilights
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PMB’s renewal of Emefiele’s job at CBN linked to ending Igbo marginalization

President Muhammadu Buhari, Thursday asked Senate to confirm the appointment of Mr Godwin Emefiele as Central Bank of Nigeria (CBN) Governor for the second and final term of five years.
However, whereas sources close to the Presidency apparently linked the renewal to what they described as Emefiele’s dexterity in navigating the monetary policy of the nation out of recession with timely taking of critical economic policy decisions till date, political analysts tied the reappointment to a presidential style of dousing the tension of nepotism which the administration had been painted with since 2015.
Recall that at the heat of the fear of Igbo marginalization in the present government, President Buhari had by himself, queried the critics if Emefiele is not an Igboman heading one of the critical aspects of the government.
The fears of marginalisation rose to the climax when it was alleged that almost all agencies where Igbos were heading in the beginning part of the government were replaced by northerners including the NCC and the NBC.
Besides, banking analysts had thought that with the speed and executive fiat deployed by the Presidency in handpicking and appointing Ms Aishah Ahmad, who was promoted the same day of appointment, to the post of Executive Director, Retail Banking at defunct Diamond Bank Plc, was a clear signal that Emefiele will go the same way of his predecessor and Emir of Kano, Lamido Sanusi Lamido who did not go second term.
However, industry followers, who spoke to our correspondents on phone, said the latest move by the Presidency is a sign that a lot of wrongs associated with the current tenure in terms of appointments are likely going to be corrected so as to give the new government a truly federal character.
On the other hand, the experts were divided if the presidency will extend balancing in appointments in the areas of Service Chiefs as the current security architecture has no representative from the South East even though only one (naval chief) out of the over 10 security agencies was appointed from the South-South zone.
Business Hilights recalls that earlier last month, a rumour trended that the Presidency had directed the CBN Governor to proceed on three months terminal leave which was instantly denied by the government.
Though before now, there had been intense lobby for the job of CBN Governor as Emefiele’s tenure officially ends June, observers say the impacts so created by the failed rumours may have contributed in changing if ever, presidential aim of ousting Emefiele after all.
Above all, the good news was broken by the President of the Senate, Dr Bukola Saraki, who disclosed at Plenary, the intent of President Buhari to renew Emefiele’s appointment.
The letter read in parts: ‘‘In view of the expiration of his first tenure as Governor of the Central Bank of Nigeria (CBN) in June, 2019, and in pursuant to the provision of section 81 (2) of the Central Bank of Nigeria 2007, I hereby present for confirmation of the senate, Mr Godwin I. Emefiele, for re-appointment as the governor of the Central Bank of Nigeria (CBN) for the final term of five years.
‘‘It is my hope that this Distinguished Senate will consider and confirm this nominee in the usual expeditious manner.
‘‘Please accept, Senate President, the assurances of my highest regard,’’ the letter stated.
Godwin Emefiele, who was confirmed governor in June 3, 2014 to serve his current term, is the 11th CBN Governor and may become the 2nd to serve a second term in office in the history of the apex bank.