Two months after his March 26 confirmation by the Senate, Godwin Emefiele will tomorrow resume officially as 11th Governor of the Central Bank of Nigeria (CBN).
Godwin Emefiele is the current MD of Zenith Bank.
Emefiele, 53, replaces Lamido Sanusi, who was suspended by President Goodluck Jonathan on February 20, while on official assignment in Niger Republic.
According to a CBN source, Emefiele will be received by the management and staff of the bank at the Abuja office of the apex bank, led by Sarah Alade, who acted as Governor since February 20.
It would be the job of Alade, who returns to her portfolio as Deputy Governor, Economic Policy, to officially hand-over to the new helmsman.
Unlike his two immediate predecessors, Emefiele is known to be reserved, preferring that his works speak, while the institution he manages remains the subject, instead of him, as can be seen from his almost four-year stint at Zenith Bank.
Stakeholders say he is not known to court the limelight.
In his last public appearance as Group Managing Director of Zenith Bank (the bank’s annual general meeting in Lagos), Emefiele, while fielding questions from shareholders, promised to ensure fairness and justice, while being firm in taking decisions.
“We will be fair…we will be just, and I say we would be firm in taking those decisions that need to be taken,” he had said.
According to him, the governorship of the CBN “is a national assignment. It is about our economy and we would work very hard to ensure that we take Nigeria to greater heights”.
One issue Emefiele must have to deal with at the CBN, according to Brigadier General Emmanuel Ikwe, Chairman, Port Harcourt Zonal Shareholders Association, is the nationalisation of some banks in 2011.
He lamented that shareholders who are ordinarily owners of the banks were not consulted, and even now that the banks are being sold to new core investors.
Ikwe, therefore, urged the in-coming governor to take another look at the entire process, to see if justice had been done to all.
Afterwards, he said, “anything wrong should be redressed. It is not right for the CBN to appoint people, and then negotiate with the appointees to sell the bank”.
For Nona Awoh, a shareholder rights activist, Emefiele must determine what Nigerian banks should do with their reserves which are idling away, and which they only keep reporting.
The CBN Governor comes onboard with 27 years of banking experience, 24 of which he spent at Zenith Bank, where he rose through the ranks from Manager, Corporate Banking (loan origination and analysis) in 1991.
A 1984 graduate of Finance & Banking, University of Nigeria, Nzuka (UNN), where he also obtained a Masters of Business Administration (Finance & Banking) two years later, Emefiele started his banking career as a credit analyst at the Nigerian-American Merchant Bank Limited in 1987, before joining Industrial Bank Limited (Merchant Bankers).
Between 1984 and 1985 he undertook his National Youth Service Corps (NYSC) scheme as assistant lecturer (1984-1985) in Mathematics of Finance and Bank Management; and University of Port Harcourt, River State, as Assistant lecturer in Principles of Insurance between 1986 and 1987.
He became Assistant General Manager in 1995, General Manager in 1997, Executive Director (1999), and Deputy Managing Director in 2001, from where he assumed the position of chief executive nine years later in 2010.
He was credited with growing Zenith Bank’s Shareholders’ Funds from N372 billion in 2010 to over N462 billion in 2012; driving profitability from N37 billion in 2010 to over N100 billion in 2012, and getting its $850 million Global Depository Receipts (DGR) listed on the London Stock Exchange – the largest of any Nigerian bank on the LSE.
Meanwhile, Emefiele’s replacement at Zenith Bak, Peter Olisamedua Amangbo, resumes today.
Before now, he has been Executive Director of the bank for the last nine years, with responsibility for supervising corporate and commercial banking, corporate finance, trade services and all the subsidiaries of the bank.
A 1988 Bachelor’s Degree holder in Electrical/Electronic Engineering from the University of Benin, Amangbo trained with PricewaterhouseCoopers and qualified as a chartered accountant before joining Zenith Bank in 1993.
He also holds a post-graduate diploma in computer science and a Master’s Degree in Business Administration.
With over 16 years post-graduate experience, 12 of which were in the banking industry, he was the head of Financial Control and Strategic Planning before his reassignment as head of the Corporate & Retail Banking Group and Zenith Bank’s group zonal head, Lagos.
As part of his job as Executive Director, he supervised the Power & Infrastructure Group as well as the group’s foreign subsidiaries.
He has also gained experiences in Corporate Finance and Investment Banking, Business Development, Credit and Marketing, Treasury, Financial Control and Strategic Planning and Operations. He was appointed to the board of the Bank and its subsidiary companies in 2005.
He was a pioneer Non-Executive Director of Zenith Bank UK.
Before joining the banking industry, he was a senior consultant with PriceWaterhouse where he covered assignments in financial services, manufacturing and general commerce.
According to a statement by the bank, “Amangbo brings the experience and expertise to meet the current competitive banking challenges that require constant innovation through proven leadership and team-building skills, an exceptional ability to drive product, process and customer service improvements and a talent for building partnerships with key business decision-makers.
“He also has demonstrable ability to motivate, mentor and lead talented senior professionals and to direct cross-functional teams.”
Source- Daily Independent