Emefiele, a ‘Dark Horse’ Resumes Tomorrow, Faces Dwindling Reserves, Anticipated Increased Government Spendings

The new central bank helmsman, Godwin Emefiele will learn to give up his quite mien after tomorrow to face the daunting task of being a central bank governor of a country where the politicians love to spend more money than the country could possibly make. 
He will also be required to take very serious position on whether the economy needs a strong naira against a dwindling external reserves. He probably will also need to learn to begin to see his former colleagues, other Nigerian banks’ chief executive officers as possible rouges who may from time to time engage in money laundering for very powerful politicians and have perfected ways of foreign exchange round tripping to the detriment of succeeding in his new job.
How much the man will be able to do in the coming years is difficult to say, giving the quite life he led as deputy managing director of Zenith Bank when his then boss, Jim Ovia held sway, and even after he became group managing director of the bank.
He gave very few interviews as chief executive of Zenith Bank, even when the bank has been able to shake off the dwindling fortune that threatened the banking industry after a global virus dealt fatal blows on the financial sector of other countries and non-performing loans reduced profitability of most banks in Nigeria.
Coming in at a time when elections are very close will require all the Harvard qualification he has. He will require all the tact in the books to ensure that there is no too much liquidity in the system that will re-awaken the sleeping monster called inflation.
To succeed in that direction, Emefiele will no doubt need to operate under the umbrella of a central bank autonomy, which will shield him against the presidency, particularly the lawmakers who are in the habit of harassing government officials.
Whether he has a streak of stubbornness in him will be known in days to come, as his seemingly simple and almost opaque nature makes difficult for any to read a possible direction he will take.
As for his predecessor, Sanusi Lamido Sanusi, he wore a new face the moment he assumed position. He became like a terror to his colleagues when the tsunami shook the whole of the financial industry.
He may still need to borrow that face, because, some of his former colleagues in the face of competition still resort to ‘black market’ to make ends meet.
He will need to be decisive to narrow the gap that still exist between the official rate of the naira and the black or parallel market rates to discourage banks from being tempted.
Godwin I. Emefiele from Agbor, Delta State, served as Chief Executive officer and Group Managing Director of Zenith Bank Plc. Mr. Emefiele served as Deputy Managing Director of Zenith Bank Plc. since 2001. He served as Executive Director in charge of Corporate Banking, Treasury, Financial Control and Strategic Planning of Zenith Bank Plc. and had been Management team since inception. Emefiele has over eighteen years of banking experience. Emefiele serves as Director at Zenith Bank Plc and Zenith Bank (Gambia) Limited. Before commencing his banking career, he has lectured Finance and Insurance at the University of Nigeria Nsukka, and University of Port Harcourt, respectively. Emefiele serves as Director of ACCION Microfinance Bank Limited. He is also an alumnus of Executive Education at Stanford University, Harvard University (2004) and Wharton Graduate Schools of Business (2005). Mr. Emefiele holds a B.Sc Degree in 1984 and an MBA Degree in Finance in 1986, both from the University of Nigeria, Nsukka.
Some believe that, at time he was also tipped to replace Soludo but he actually turned down the offer for reasons best known to him. 

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