By Emmanuel Ogbeche
Indications have emerged that as the country’s apex bank, the Central Bank of Nigeria clocks 50 years of operations, the race for the governor of the financial institution has intensified.
Current governor of the CBN, Prof. Chukuma Soludo’s tenure is expected to end on May 29 after the mandatory five years on the saddle. He is however eligible for re-appointment.
Besides Soludo who is angling for a second term, other touted names for the plum position include Tanimu Kurfi, a member of the famed kitchen cabinet of President Umaru Musa Yar’Adua and Chief Economic Adviser; Sanusi Lamido Sanusi, current Managing Director of First Bank; Dr. Shamsudeen Usman, former Central Bank Deputy Governor and current Minister of Planning; Alhaji Falalu Bello, current Managing Director of Unity Bank; Dr. Obadiah Mailafia, a former Central Bank Deputy Governor and Governor Isa Yuguda of Bauchi State.
Although Soludo is credited to have performed well especially in the banking consolidation and in restoring public confidence in the financial sector according to his supporters, they are those who think his tenure should not be renewed owing to his alleged questionable role in the African Finance Corporation (AFC).
Soludo’s case is made difficult in view of the damning report of the Federal Government’s committee that investigated the AFC and concluded that the country should not have invested in the AFC as the structure was defective.
Other than this, there is an agreement that he has brought a measure of confidence and know-how to banking operations, while there is also the argument for continuity in the face of global recession.
For Soludo’s supporters, any drastic decision now concerning the governor of the CBN might just upset the present rhythm.
According to a Soludo sympathizer who pleaded for anonymity, "it is unfortunate that some persons are wiping up ethnic and religious sentiments into such a sensitive issue. At a time when we need our very best political and even religious and ethnic sentiments are being branded as alternatives to quality.
"Any way, I trust the president would do the proper thing and retain him (Soludo)."
However, the argument for Soludo, especially for those from the Northern part of the country is not tenable. For them, it is the turn of the region to produce the next governor.
Any for this, they argue that they are more than qualified individuals for the coveted position.
One major problem which Soludo’s critics have against him is the alleged arbitrary removal of ajami (Arabic) sign from the country’s currencies as well as that the banking consolidation of 2006 favoured the South East in terms of ownership.
Given the trenchant opposition of some elements in the North to Soludo’s retention, Tanimu Kurfi, Yar’Adua’s long time ally and former Finance Commissioner is widely speculated to be in a pole position to be named the next CBN helmsman.
Kurfi, who is seen as very influential in the present administration according to informed sources, might not be appointed into the position given that he is from the same state with the president.
However, his supporters and backers say there is nothing in the "statues book that bars the president from appointing somebody because he is from the same state as he when the person is capable for such office," a Kurfi backer stated.
Another candidate for the position is the president’s son-in-law, Governor Isa Yuguda of Bauchi. Yuguda a former banker has being tipped owing to what has been described as his deep knowledge of the financial sector and his family ties with Yar’Adua.
However, Yuguda’s chance is considered slim owing to the fact the North zone where he hails from has produced more CBN governors than all the other zones put together.
If the issue of zone were to be a major part of the consideration alongside experience and track record, then Sanusi Lamido Sanusi, Alhaji Falalu Bello and Dr. Obadiah Mailafia are sure to give the other presumptive candidates a tough fight.
For now, as the nation awaits President Yar’Adua to make known his choice of the next CBN governor, the lobbying continues.
Indications have emerged that as the country’s apex bank, the Central Bank of Nigeria clocks 50 years of operations, the race for the governor of the financial institution has intensified.
Current governor of the CBN, Prof. Chukuma Soludo’s tenure is expected to end on May 29 after the mandatory five years on the saddle. He is however eligible for re-appointment.
Besides Soludo who is angling for a second term, other touted names for the plum position include Tanimu Kurfi, a member of the famed kitchen cabinet of President Umaru Musa Yar’Adua and Chief Economic Adviser; Sanusi Lamido Sanusi, current Managing Director of First Bank; Dr. Shamsudeen Usman, former Central Bank Deputy Governor and current Minister of Planning; Alhaji Falalu Bello, current Managing Director of Unity Bank; Dr. Obadiah Mailafia, a former Central Bank Deputy Governor and Governor Isa Yuguda of Bauchi State.
Although Soludo is credited to have performed well especially in the banking consolidation and in restoring public confidence in the financial sector according to his supporters, they are those who think his tenure should not be renewed owing to his alleged questionable role in the African Finance Corporation (AFC).
Soludo’s case is made difficult in view of the damning report of the Federal Government’s committee that investigated the AFC and concluded that the country should not have invested in the AFC as the structure was defective.
Other than this, there is an agreement that he has brought a measure of confidence and know-how to banking operations, while there is also the argument for continuity in the face of global recession.
For Soludo’s supporters, any drastic decision now concerning the governor of the CBN might just upset the present rhythm.
According to a Soludo sympathizer who pleaded for anonymity, "it is unfortunate that some persons are wiping up ethnic and religious sentiments into such a sensitive issue. At a time when we need our very best political and even religious and ethnic sentiments are being branded as alternatives to quality.
"Any way, I trust the president would do the proper thing and retain him (Soludo)."
However, the argument for Soludo, especially for those from the Northern part of the country is not tenable. For them, it is the turn of the region to produce the next governor.
Any for this, they argue that they are more than qualified individuals for the coveted position.
One major problem which Soludo’s critics have against him is the alleged arbitrary removal of ajami (Arabic) sign from the country’s currencies as well as that the banking consolidation of 2006 favoured the South East in terms of ownership.
Given the trenchant opposition of some elements in the North to Soludo’s retention, Tanimu Kurfi, Yar’Adua’s long time ally and former Finance Commissioner is widely speculated to be in a pole position to be named the next CBN helmsman.
Kurfi, who is seen as very influential in the present administration according to informed sources, might not be appointed into the position given that he is from the same state with the president.
However, his supporters and backers say there is nothing in the "statues book that bars the president from appointing somebody because he is from the same state as he when the person is capable for such office," a Kurfi backer stated.
Another candidate for the position is the president’s son-in-law, Governor Isa Yuguda of Bauchi. Yuguda a former banker has being tipped owing to what has been described as his deep knowledge of the financial sector and his family ties with Yar’Adua.
However, Yuguda’s chance is considered slim owing to the fact the North zone where he hails from has produced more CBN governors than all the other zones put together.
If the issue of zone were to be a major part of the consideration alongside experience and track record, then Sanusi Lamido Sanusi, Alhaji Falalu Bello and Dr. Obadiah Mailafia are sure to give the other presumptive candidates a tough fight.
For now, as the nation awaits President Yar’Adua to make known his choice of the next CBN governor, the lobbying continues.
The Gladiators:
Finance Minister, Usman, was a Deputy Governor of the CBN
Incumbent Governor, Soludo, his tenure ends on May 29
Falalu Bello, MD, Unity Bank
Isa Yuguda of Bauchi State and the president's son-in-law
Posts
No comments:
Post a Comment