• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Sunday, June 1, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Experts advises on competence in appointing new CBN Governor

CBN

The Matters Press by The Matters Press
June 10, 2023
Reading Time: 3 mins read
0
Consumer commission, CBN, EFCC investigate violations in money lending

An economist, Prof. Hassan Oaikhenan, has advised the Federal Government to consider a seasoned policy-oriented economist as the next Governor for the Central Bank of Nigeria (CBN), following the suspension of Godwin Emefiele.

RELATED POSTS

Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling

Tinubu explains mission as he marks second year in office

Increasing oil rigs, a big score for Nigeria’s petroleum sector reforms

Oaikhenan gave the advice on Saturday in Lagos.

The Professor of Economics, University of Benin, Edo, said such a professional must have a deep understanding of the macroeconomy.

President Bola Tinubu on Friday suspended Emefiele from office as the CBN Governor following the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

The president directed him to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the CBN Governor pending the conclusion of investigation and the reforms.

“In appointing another Governor of the CBN, I expect the government to play down the issue of politics and focus on professionalism.

“It makes sense to appoint a seasoned professional, not from the commercial banks, which has more or less become the tradition in the appointment of CBN governors in the country.

“I expect that in appointing another CBN Governor, there is need to look outside the commercial banks,” he said.

The professor said that the suspension was not unexpected, but would have been surprising if it was otherwise.

Oaikhenan said that Emefiele, unfortunately, performed below expectation as the CBN Governor, going by the way he literally turned the bank to a political institution.

He said, “the British, for example, appointed Mark Carney, a Canadian, as the Governor of the Bank of England, on account of his competence.

“Similarly, the Indian Government reached out to one of its citizens, Raghuram Rajan, a seasoned economist at the IMF, when it needed to appoint a Governor for the Reserve Bank of India.

“More recently, Madame Christian Lagarde was appointed as the Head of the European Central Bank (ECB) from her exalted position as the Managing Director of the International Monetary Fund (IMF).
“There is thus a compelling need for the government to follow best practises in appointing the next Governor for the CBN by placing competence over and above ethno-religious considerations.”

Oaikhenan also expressed disappointment in the way and manner Emefiele launched his agricultural produce pyramids, which according to him were merely for the cameras.

“I, for example, had issues with his launching of all kinds of agricultural produce pyramids, which were mostly for the cameras but having little or no practical contents and effects.

“His attempt at taking a shot at the number one office, using the CBN as a launch pad, was as embarrassing as it was nauseating.

“By so doing, he desecrated the exalted office of the CBN Governor, known traditionally, worldwide, to be conservative and apolitical.

“By that very action, he trampled on the prestige of that exalted office like never seen before, thereby bringing it to an unprecedented low.”

Also, Sheriffdeen Tella, Professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye, Ogun, spoke in the same vein.

“The suspension should not be surprising, even to himself.

“He has over the time thrown the economy into domestic shocks through policy inconsistency and summersaults without apology to anybody. Even to the government, he is embarrassing.

“The last ditch was the twin policy of cashless economy and currency redesign that resulted in the death of Nigerians, collapse of businesses and loss of faith in the banking services.

“So, I expect a central banker who knows the working of a central bank as regulator of the system, not competitor with banks or a neutral sound economist.

“Though, I have preference for the former in this critical period of monetary management,” Tella said.

Tags: CBN
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Senate probes $3.5b with NNPC
Economy/Technology

Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling

May 30, 2025
Nigerians to own brand new vehicles, goods through new credit scheme initiative
Economy/Technology

Tinubu explains mission as he marks second year in office

May 29, 2025
Chevron, NNPC secure $1.4bn for drilling project
Economy/Technology

Increasing oil rigs, a big score for Nigeria’s petroleum sector reforms

May 26, 2025
Group hails Presidential Council initiative, welcomes President Tinubu’s N2tn stabilisation package
Economy/Technology

Pope’s invitation to Tinubu reflects Nigeria’s relevance in global affairs -TMSG

May 24, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
Economy/Technology

Tinubu espouses Nigeria’s unity, diversity at Pope Leo’s inauguration

May 22, 2025
Eulogising Africa’s efforts in midwifing a Covid-19 vaccine
Economy/Technology

Nigeria’s ongoing health reform gets global endorsement with Pate’s honour by Time Magazine

May 21, 2025
Next Post
Transparency group commends NEPZA of its anti-corruption reforms

NEPZA responds to contempt proceedings against MD

Nigeria Air, co-owned with Ethiopia airlines moves in

Main issues, misconceptions on Nigeria Air – Sirika

Recommended Stories

Edo unveils plans for investment desks

Nigeria poises to increase foreign investments, partnerships

December 11, 2023
Electronic collection of data from states, Councils ready by March – RMAFC

RMAFC starts hearing on review of pay for public officers

February 2, 2023
How NNPC is solving lingering petrol scarcity

PENGASSAN calls for revocation of licences of oil marketers selling above price

January 31, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling
  • Tinubu explains mission as he marks second year in office
  • Increasing oil rigs, a big score for Nigeria’s petroleum sector reforms

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us