Best CBN Governor In Nigeria

The Central Bank of Nigeria (CBN) has seen a succession of governors who have shaped the country’s monetary policy and financial landscape since its establishment. However, one question often arises among economists, financial experts, and the general public: Who is the best CBN governor in Nigeria? This inquiry goes beyond mere tenure or popularity; it delves into the impactful reforms, monetary policies, and economic stability each governor has brought to the nation.

From pioneering banking reforms to implementing strategies that stabilize the naira, the best CBN governor is often defined by their contributions to Nigeria’s economic resilience. This article explores the legacy of notable CBN governors, examining their achievements and challenges while ultimately seeking to determine who stands out as the best in the bank’s history.

Who Is The Best CBN Governor In Nigeria

Based on reputable recognition outside of Nigeria, Sanusi Lamido Sanusi seems to be the best CBN Governor in Nigeria. He won the Africa Central Bank Governor of the Year Award in 2011, 2012, and 2013, thanks to his remarkable leadership role and his significant contribution to the reformation of the banking industry in Nigeria.

Other than that, Sanusi Lamido Sanusi also exposed the $20 billion oil scandal which led to his eventual suspension in 2014. But what more is there to know about Sanusi Lamido Sanusi, the best CBN Governor in Nigeria?

Sanusi Lamido Sanusi’s Biography

Sanusi Lamido Sanusi is a Nigerian spiritual leader, Dabo dynasty member, former Emir of Kano, and former Governor of the Central Bank of Nigeria.

Early Life

Mallam Sanusi Lamido Sanusi, CON, religiously known as Khalifa Sanusi II, was born on July 31, 1961, in Kano State, Nigeria. He was born into a Fulani ruling class family which belongs to the Sullubawa clan. Growing up, Sanusi lived in the palace of Ado Bayero, his great-uncle who ruled for over 50 years.

Sanusi Lamido Sanusi’s family is seen as a royal one. His grandfather, Muhammadu Sanusi I, was an Emir of Kano from 1953 to 1963 while his father, Aminu Sanusi, was a prince who later became the Chiroma of Kano.

Education

Sanusi Lamido Sanusi acquired Islamic education at a very early age, learning the traditions of Prophet Muhammad, as well the Hadith and the Qur’an. He then acquired primary education from St. Annes Primary School in Kaduna, before moving to Lagos where he attended King’s College from 1973 to 1977.

In 1981, Sanusi Lamido Sanusi graduated from Ahmadu Bello University with a Bachelor’s degree in Economics and two years later, he acquired a Master’s degree from the same university. He also attended the International University of Africa where he read Islamic Studies.

Sanusi Lamido Sanusi’s Career

Sanusi Lamido Sanusi had a career in banking before his appointments as Governor of the Central Bank of Nigeria and Emir of Kano.

Banking

Sanusi Lamido Sanusi started his banking career by working as a merchant banker for Icon Limited, which was a subsidiary of Morgan Guaranty Trust and Barings Bank. With time, he rose through the ranks in the company, first becoming the head of financial services and later Manger of its branch in Kano.

In 1991, Sanusi Lamido Sanusi attended the International University of Africa in Khartoum, Sudan, where he studied Arabic and Islamic Studies. During his time in Sudan, he studied the Qur’an, philosophy (falsafa), and law (fiqh).

He also became fluent in Arabic and read the works of Islamic authorities and prominent Western thinkers. Upon his return to Nigeria in 1997 Sanusi Lamido Sanusi started working at the United Bank for Africa, first at the credit and risk management department and later as the General Manager.

In 2005, Sanusi joined First Bank of Nigeria as an Executive Director in charge of risk management and as a member of the company’s board. Four years later, he was made the company’s Chief Executive Officer (CEO), becoming the first person from the northern part of Nigeria to occupy that position.

Governor, Central Bank of Nigeria

In June 2009, following the global financial crises and the effect it had on Nigeria in the form of a hit to the banking system and economy in general, Sanusi Lamido Sanusi was appointed as Governor of the Central Bank of Nigeria.

He was first nominated by then President Umaru Musa Yar’Adua on June 1, 2009, before being confirmed by the Nigerian Senate two days later.

During the global financial crises, the Nigerian stock market went down by almost 70%. Despite that, Sanusi Lamido Sanusi, through the Central Bank of Nigeria, used over ₦600 billion of public money to rescue top tier banks in the country.

He also dealt with banks involved in financial crimes and dismissed Chief Executives of some of these banks who mismanaged their customers’ deposits.

Some of the achievements of Sanusi Lamido Sanusi during his tenure as Governor of the Central Bank of Nigeria include:

Initiation of banking reforms to enable healthy financial sector evolution, to establish financial stability, to enhance the quality of banks, and to ensure the contribution of the financial sector to Nigeria’s economy.

Development of cashless policy which allowed financial transactions to be made through the transfer of digital information rather than with money in the form of physical banknotes.

Criticism of the National Assembly over its decision to spend 25% of the Nigerian government’s revenue on budgets

Rejection of the devaluation of the naira which was insisted upon by the International Monetary Fund.

In a bid to provide solution to some of the economic problems faced by Nigeria, Sanusi Lamido Sanusi advised the Federal Government of Nigeria on removing fuel subsidy, arguing that not doing so would lead to economic inefficiency and encourage corruption. This advice didn’t sit well with most people and it led to a movement known as Occupy Nigeria, which called for him to resign.

Emir of Kano

Following the death of Emir Ado Bayero, the Emir of Kano, in June 2014, there was crisis as to who would succeed him from members of the royal family. After much deliberations, Sanusi Lamido Sanusi emerged as the new Emir of Kano two days later.

Sanusi Lamido Sanusi’s emergency as the Emir of Kano was controversial. While some believed that he deserved to succeed the previous Emir, others argued that the successor should have been Sanusi Ado Bayer, the son of the late Emir Ado Bayero.

They also argued that it was a political move, one that was orchestrated by Governor Rabiu Kwankwaso and was meant to protect him from corruption charges that may arise as a result of his activities as Governor of the Central Bank of Nigeria.

During his tenure as Emir of Kano, Sanusi Lamido Sanusi promoted the Durbar festival internationally, constructed a Library that could contain 40,000 books, and drafted a new Muslim family law. He was removed from his position as Emir of Kano by Governor Abdullahi Ganduje in March 2020.

Related:

Who Is The First Governor Of Central Bank Of Nigeria

Who Is the Best Central Bank Governor in the World?

Determining the “best” central bank governor in the world is subjective and often depends on various factors, including economic stability, innovative policies, and crisis management. However, several governors have received international recognition for their exceptional leadership. For example, Ben S. Bernanke, former Chair of the Federal Reserve (2006-2014), is often praised for his role in navigating the U.S. economy through the 2008 financial crisis. Similarly, Mark Carney, former Governor of the Bank of England, is recognized for his proactive policies during economic downturns. Ultimately, the title of the best central bank governor varies based on the specific criteria and outcomes considered.

Who Was the First CBN Governor in Nigeria?

The first Governor of the Central Bank of Nigeria (CBN) was Roy Pentelow Fenton, who served from 1958 to 1963. Appointed before Nigeria’s independence, he played a crucial role in establishing the bank’s framework and policies during a pivotal time in the country’s financial history.

What Are the Achievements of Sanusi Lamido Sanusi as CBN Governor?

Sanusi Lamido Sanusi served as the CBN Governor from 2009 to 2014 and is known for several significant achievements:

Banking Sector Reforms: He implemented major reforms that strengthened the banking sector, including improved regulations and increased transparency.
Financial Inclusion Initiatives: Sanusi championed policies aimed at increasing access to financial services for Nigerians, particularly those in rural areas.
Currency Stability: He worked to stabilize the naira during periods of volatility, helping to manage inflation and maintain confidence in the currency.

Crisis Management: Sanusi effectively managed the fallout from the global financial crisis, ensuring the resilience of the Nigerian banking system.

Who Appointed Emefiele as CBN Governor?

Godwin Emefiele was appointed as the Governor of the Central Bank of Nigeria by President Goodluck Jonathan on June 3, 2014. His tenure has seen a focus on economic growth and stability amid various challenges.

Who Is the Owner of the Central Bank of Nigeria?

The Central Bank of Nigeria is owned by the Federal Government of Nigeria, which means it is a public institution. It operates independently to implement monetary policy and regulate the financial sector in the country, ensuring stability in the economy.

Who Is the Special Adviser to the CBN Governor?

The special adviser to the CBN governor can vary over time. As of the latest available information, the position may be held by a specific individual appointed by the governor to provide expert advice on monetary policy and economic issues. It’s advisable to check recent announcements for the current appointee.

Who Is the Deputy Governor of CBN in Nigeria?

The Central Bank of Nigeria has several deputy governors overseeing different functions. As of the latest updates, the deputy governors include:

Adebayo Adelabu (Financial System Stability)

Mrs. Aisha Ahmad (Financial Policy and Regulation)
Edward Adamu (Corporate Services)
Bola Adeshina (Economic Policy)

Please verify with current sources for the most up-to-date information on deputy governors.

Who Runs the CBN?

The Central Bank of Nigeria is run by a governing board led by the Governor. The board includes deputy governors and other members responsible for making decisions regarding monetary policy, financial regulations, and overall management of the bank’s functions. The Governor, supported by the deputy governors, plays a crucial role in steering the bank’s operations and strategic direction.

Who Is the New Governor of CBN?

The new Governor of the Central Bank of Nigeria is Olayemi Cardoso, who took office in 2023. His appointment marked a new chapter for the CBN as he brings a wealth of experience in finance and banking to the role, focusing on economic recovery and development strategies for Nigeria.

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Best CBN Governor In Nigeria

Who Is The Best CBN Governor In Nigeria