Six Lined Up As Replacement For CBN Governor Sanusi Lamido Sanusi

Contenders for the top seat of the Central Bank of Nigeria (CBN) have started emerging, reports have said.

CBN Governor, Mallam Sanusi Lamido Sanusi will step down in June 2014, and the foremost contenders in consideration for his position can be put into two groups comprising three outsiders, according to Thisday.

The first group of contenders are the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Mustafa Chike-Obi; the Group Managing Director/Chief Executive Officer, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede; and Managing Director/Chief Executive Officer, First Bank of Nigeria Limited (FBN), Mr. Bisi Onasanya.

The second group are insiders who share similar views with Sanusi on monetary policies and are expected to ensure continuity. They are the three Deputy Governors of the CBN: Dr. Kingsley Moghalu, Mr. Tunde Lemo and Dr. Sarah Alade.

As specified in the CBN Act 2007, the central bank governor is in charge of the official bank of the Federal Government of Nigeria and provides economic advice to the federal government.

Apart from appending his signature to every denomination of Nigeria’s currency, the governor among other duties, oversees the country’s banking sector.

Alongside the Monetary Policy Committee of the CBN, the governor also determines the monetary policies of the country, which have an impact on the financial system and the macroeconomy.

In a country aspiring to attract investments, create jobs and plug the infrastructure deficit, a major consideration when appointing a central bank governor is understanding his economic philosophical underpinnings.

With the North holding the CBN governorship for four times, it is expected that the post will go to the South.

Who will emerge as the governor remains to be seen, but analysts believe an insider may be favoured in order to continue the good works the incumbent governor has done in Nigeria’s banking sector.