The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been nominated for a second term by President Muhammadu Buhari. Emefiele will become the first CBN governor since 1999 to serve two terms.
Senate President Bukola Saraki read a letter from the president reappointing Emefiele for a second term during plenary on Thursday, May 9, 2019.
While speaking at the Association of Assets Custodians of Nigeria (AACN) conference in London on Thursday, Emefiele confirmed that he’ll be making a return as the head of the apex bank.
The 57-year-old was first appointed by former president, Goodluck Jonathan, in 2014 and will become the first governor to be reappointed for a second term since Nigeria returned to a democratic system in 1999.
Before his 2014 appointment, Emefiele spent most of his over two decades of banking years with Zenith Bank Plc where he served in different roles. He was Group Managing Director when he was appointed.
He holds a B.Sc. degree and an MBA Degree in Finance, both from the University of Nigeria, Nsukka.
Emefiele’s initiatives to retain high interest rates in a bid to protect the nation’s currency, ban importation of certain items that can be produced locally, boost output from farmers by imposing import restrictions on agricultural products and imposing capital controls to shore up the naira found favour with Buhari.
Nigeria slipped into its worst recession in 29 years in 2016 and gross domestic product (GDP) didn’t return to positive growth until Q2 2017.
If Emefiele is confirmed by the Senate, his second five-year term will end in 2024.