The New Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, is expected to take charge of the apex regulatory institution today, Monday June 2, 2014. He replaces Mallam Sanusi Lamido Sanusi, who was on February 20 suspended by President Goodluck Jonathan.
Emefiele’s name was immediately forwarded by the president as replacement, putting to rest the battle for the coveted seat over the past several months among the President’s men.
The New Governor’s primary objective will be to ensure the gains in price and exchange rate stability are preserved and, therefore, maintain the previous regime’s tightening stance.
Financial and economic experts agreed that in view of the 2015 campaign spending, there might be further liquidity tightening by an additional increase in the Cash Reserve Ratio (CRR) on public sector deposit to 100 per cent before the end of 2014 and a subsequent reduction post the 2015 election.
Also, in view of further stimulus tapering in the US and the expected end to Quantitative Easing (QE) in November 2014, the experts foresee further capital reversals, hence mounting more pressure on the Naira in the mid-term.
“This presents the CBN with the daunting task of either increasing the Monetary Policy Rate (MPR) by 50bps to moderate capital flow reversals or permit the devaluation of the Naira to prevent further depletion of the reserves.
“The former may be the preferred so as to prevent inflationary pressure due to the import dependent nature of the Nigerian economy.
“Moreover, we expect the present cashless policy may be extended to accommodate dollar and foreign currencies transactions such that foreign currency payment can only be made for smaller amounts with all informal payments in foreign currencies reduced,” Afrinvest analysts stated.
A system’s-person and unassuming achiever, Emefiele, knows and understands banking and the unique Nigerian economy like the palms of his hands. He had been part of the core people who built the Zenith culture, and understands the direction of the board and shareholders of the bank viz-a-viz the realities and focus of the larger economy. He knows and understands that the responsibility to deliver is non-negotiable.
Before he came into banking, he was a don at the University of Nigeria Nsukka and the University of Port Harcourt, where he lectured in finance, bank management and insurance. He is a banker whose years of experience are backed by sound academic knowledge of the job he is engaged in. He is a dyed-in-the-wool banker, very steadfast at what he does and has remained strong in the Zenith tradition of producing results. And those results have been manifested in the laurels and recognition that the bank has received both locally and internationally.
He took Zenith Bank to another height last year when he became the first GMD/CEO in the banking industry to achieve N100 billion after tax profit in 2012 financial year. He is an astute manager of people and resources and corporate governance, savvy, professional banker who has earned several personal and corporate endorsements and achievements.
Godwin Emefiele is an expert in forecasting and step-taking, leveraging on his excellent acuity and calculated-risk-taking skills to crystalise any benefit 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.
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