Governor Of Central Bank Of Nigeria 2020 {Incumbent & Past}

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The thrust of this article is to help you identify and know more about the Governor of central bank of Nigeria. Both the current ones and the past. Therefore, kindly read through.

governor of central bank of nigeria

The Central Bank of Nigeria (CBN) began operations on July 1, 1959 in partial fulfillment of the CBN Act of 1958.

It is the apex bank in Nigeria and was created with the following regulatory objectives: to maintain Nigeria’s external reserves, promote monetary stability as well as a sound financial environment in the nation, and lastly to function as a banker of last resort & financial adviser to the government of the federation.

With the inception of CBN, the federal government has been able to build the money and equity centers in the nation while also using it as a tool for regulating the Nigerian banking sector to ensure adequate operations.

It is equally worthy to note that all the banks [commercial, merchant, and non-interest] in Nigeria are answerable to the CBN, being the apex bank in the nation.

Not just them though, the likes of OPay services are also regulated and had to be approved by the CBN.

Who Is The Current Governor Of Central Bank Of Nigeria?

  • Full Name: Godwin Emefiele
  • Date of birth: 4th August, 1961 (58 years)
  • Nationality: Nigerian
  • State of origin: Delta
  • Occupation: Banking
  • Date Appointed: June 2014 and May 2019 (2 tenures)
  • Predecessor: Mallam Sanusi Lamido Aminu Sanusi (Current Emir of Kano)
  • Wife: Margaret Emefiele

Early Years & Education

Godwin Emefiele was born on the 4th August, 1961 and he originates from Ika South Local Government Area of Delta State. He started his education at Ansar-U-Deen Primary School, Igbosere, Lagos (now known as Government Primary School, Victoria Island).

After completing his primary education in June 1973, Emefiele proceeded to Maryland Comprehensive Secondary School, Mayland, Lagos for his secondary education and also obtained his West African School Certificate (WASC) in June 1978 in the same school.

Godwin Emefiele further gained admission into the University of Nigeria Nsukka, where he obtained a Bachelor’s Degree (B.Sc)(2nd Class Upper Division) in Banking and Finance dated June 1984.

Emefiele also obtained his Masters Degree (MBA) in Finance in the aforementioned varsity in October 1986, where he was crowned the Best Graduating Student for the year.

In a bid to acquire more knowledge, Emefiele enrolled in Executive studies at Stanford University, Harvard University in 2004 before proceeding to Wharton School of Business a year later (2005).

As a result of his undying passion for leadership and administerial, University of Nigeria, Nsukka (UNN) deemed it fit and conferred Mr. Godwin Emefiele with an Honorary Doctorate Degree in Business Administration a couple of years ago.

Places He Worked Before CBN

Godwin Emefiele has worked in myriads of establishments and has held numerous leadership positions before his appointment as the CBN governor.

To start with, Emefiele once worked as lecturer in both and University of Nigeria, Nsukka and University of Port Harcourt, where he taught Finance, Bank Management as well as Insurance. He also worked with ACCION Microfinance Bank Limited, where he held the position of Director.

Upon serving in the aforementioned organizations, Emefiele got employed in Zenith Bank Plc, one of the largest Nigerian banks – where he held different positions for close to two decades.

Some of the offices he was saddled with at Zenith Bank include Group Managing Director, Deputy Managing Director, as well as Chief Executive Officer.

He was also once the Director in purview of Corporate Banking, Treasury, Financial Control and Strategic Planning and was a fractional part of the management team. Again, Emefiele was saddled with the supervision of Zenith bank’s key branches in Lagos and Northern part of Nigeria.

One thing about Emefiele is that his contributions to the growth of Zenith bank can never be overemphasized as the bank recorded significant transformation under his leadership.

For instance, Zenith bank received massive endorsement from both home and abroad such that it was tipped as one of the best and promising brands by giant international firms like World Finance, CFI, FTSE Global Markets, among others.

The bank during Emefiele’s stay was also respected for its corporate governance, service delivery, and ICT, all of which were handled excellently.

Inauguration & Performance at CBN

Godwin Emefiele is not new to the administrative system at the Central Bank of Nigeria [CBN] as he has served the apex bank for a record-breaking two tenures as the Governor. He was appointed by the Goodluck Jonathan-led administration on June 3, 2014 in replacement of Mallam Sanusi Lamido Sanusi, CON.

Emefiele was the 11th CBN Chief and the 10th indigenous governor of CBN. His first tenure lasted between June 3, 2014 and May 2019.

Part of his achievements in the first term was the pumping of billions of dollars into the foreign exchange market, which was targeted at propping up the Nigerian naira.

Before the re-appointment of Emefiele, no CBN governor has ever served for a second term, but the jinx was broken when Mr. Godwin was announced to proceed on a second-tenure spell on the 16th May, 2019.

In his recent interview with the media, Emefiele vowed to do everything in his capacity to lead the apex bank into a better level during his second term.

Awards & Recognition

Some of the awards and recognition amassed by Mr. Godwin Emefiele are highlighted below.

  • Best Graduating MBA Student Award, University of Nigeria (1986)
  • Honorary Fellowship of the Chartered Institute of Bankers of Nigeria (CIBN) – (2014)
  • National Honours Award of the Commander of the Order of the Niger (CON) – (2014)
  • The Sun’s Public Service Award (2017)
  • Forbes Magazine’s Best of Africa Innovative Banking Award (2017)
  • Silverbird Communication’s Man of the Year Special Achievement Award (2017)
  • COCMEGG’s Most Distinguished CBN Governor of the decade (2017)
  • Blueprint Impact Series’ Financial Policy Strategist of the Year (2018)

Family & Personal Life

Godwin Emefiele was born into the family of Mr. and Mrs. Emefiele 4th August, 1961. His mother died in April 2016, and the funeral ceremony was attended by high-profile people, including governors, ministers, professors, bankers, lecturers, and other affluent men and women.

Emefiele is married to Margaret Emefiele and has two beautiful children.

Past Governors Of CBN

Below are the past governors of the Central Bank of Nigeria (CBN) and the years they served.

S|N Name Appointed Date Retired
1 Roy Pentelow Fenton 24/7/1958 24/7/1963
2. Alhaji Aliyu Mai-Bornu 25/7/1963 22/6/1967
3. Dr. Clement Nyong Isong 15/8/1972 24/9/1975
4. Mallam Adamu Ciroma 24/9/1975 28/6/1977
5. Mr. O. Ola. Vincent 28/6/1977 28/6/1982
6. Alahji Abdulkadir Ahmed 28/6/1982 30/9/1993
7. Dr. Paul Agbai Ogwuma 1/10/1993 29/5/1999
8. Chief (Dr.) Joseph Oladele Sanusi, CON 29/5/1999 29/5/2004
9. Prof. Chukwuma C. Soludo, CFR 29/5/2004 28/5/2009
10. Mallam Sanusi Lamido Sanusi, CON 4/6/2009 2/6/2014
11. Mr. Godwin Emefiele, CON 3/6/2014 Currently serving

Intriguing Facts About Governor Of CBN

There are certain facts that will surprise you regarding the governorship of Central Bank of Nigeria, and they are as follows:

1.) Roy Pentelow Fenton, a Briton was the first and the only expatriate governor of CBN. He assumed office on the 24th July, 1958 and elapsed on the 24th July, 1963 [exactly five years]. His successor was Alhaji Aliyu Mai-Bornu, whose tenure lasted between 25th July, 1963 and 22nd June, 1967.

2.) The position of Central Bank governor has never been occupied by a female before. The only woman who was close to achieving this incredible feat was Dr. Sarah Alade, who was only made the acting CBN governor between February 20, 2014 and June 3, 2014. This occurred immediately after Lamido Sanusi Lamido was suspended as governor of CBN.

3.) Mr. Godwin Emefiele, CON is the first CBN governor to be re-appointed for a 2nd term. His first appointment was during Goodluck Ebele Jonathan’s regime in June 2014 and lasted till May 2019 while he was re-appointed in May.

4.) Mallam Adamu Ciroma is the shortest-serving CBN Governor. He was appointed on the 24th September, 1975 and retired on the 28th June, 1977, which means his entire years in office, was less than two years.

5.) Alhaji Abdulkadir Ahmed is the longest-serving CBN governor. He was appointed on the 28th June, 1982 and retired on 30th of September, 1993, meaning he spent more than 11 years in office.

Wrapping it Up

The central bank of Nigeria oversee the operations of all the financial institutions in Nigeria. Inside this write up is the profile of the governor of Nigeria Central Bank right now and predecessors. Use the comment box to let us know what you see.

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