The
Senate, on Wednesday, confirmed Mr Godwin Emefiele as Governor of the
Central Bank of Nigeria (CBN), following a televised screening which saw
the nominee answering a number of questions from senators.Emefiele, however, survived a scare from the opposition senators, as Senator Kabiru Gaya (APC Kano), raised a point of order in a bid to stall the screening.
Gaya had told the Senate that in line with Order 53(5) of the Senate Standing Rules 2011, as amended, the screening should be suspended since the matter was in court.
In his motion, Gaya told the Senate that “the matter is in court. When the CBN Governor was suspended, he went to court and Order 53 (5) bars us from moving ahead on this matter.
“Why not wait for the court case to be over? That’s my submission sir.”
Senate President David Mark, however, ruled him out of order, stating that the issue before the court was a different matter.
Mark said: “Distinguished senator, you’ve done your best and you’ve also been seen to have done your best by your constituency. Unfortunately, your best isn’t going to carry the day here.
“So, let me, and all of us, including you, take responsibility for the screening. Unfortunately, what’s before the court has nothing to do with what we are going to do now. So, I rule you out of order.”
The Senate President hit the gavel, confirming Emefiele as CBN Governor at exactly 1:36 p.m.
President Goodluck Jonathan had, on February 20, nominated Emefiele as CBN Governor after Mrs Sarah Alade had been appointed as acting Governor in place of Sanusi Lamido Sanusi, who was placed on suspension.
The Senate gave a unanimous ‘aye’ to back the nomination.
While answering questions from senators, Emefiele said he would look into the books of the CBN and avert illegal spendings, especially such that led to the bank running a deficvit budget of N266 billion in 2013.
He said he would look into the expenditure profile of the CBN so as to unravel circumstances leading to the deficit budget.
The CBN Governor-designate read out his plans for the economy and declared that illegal spendings of the nation’s resources would not be part of his agenda.
Senate Spokesman, Senator Enyinnaya Abaribe, had asked him how he intended to address the N266 billion 2013 budget deficit of the CBN. But Emefiele said: “I will look into the budget expenditure components in the CBN, but I am aware that we have what is called the operational expenditure profile, as well as administrative expenditure profile.
“I think and I imagine, I suspect that more of the deficit would have come from areas that are pertaining to operational expenditure and if it is about operational expenditure, it means that, unfortunately, we cannot do anything about it, because those were the expenditures that were incurred in the course of open market operating, which is needed to ensure that we maintain a strong currency and ensure that we continue to have a good country.
“The core mandate of the CBN is to achieve monetary and price stability, ensure strong exchange rate and build foreign reserve. We will ensure that we have a sound financial system in Nigeria. We will work hard to achieve macro-economic stability in the country, where inflation rate will continue to come down. We will ensure that the interest rate continue to come down.
“During my tenure, whatever monetary policy decisions we take will be those that will lead to the improvement in the level of employment in Nigeria, because employment is very crucial to national development.”
When asked to justify how CBN spends 25 per cent of the national budget without recourse to appropriation by the National Assembly and how he intends to manage such expenditure, Emefiele said that he would not spend any money in contravention of the law.
When asked by Senator Ita Enang on how he intends to check the dollarisation of the Nigerian economy, the CBN Governor-designate said that “one of the core mandates of CBN is to ensure that the country maintains a legal tender and respect it and ensure that whatever is done, that our Naira has to be used as a legal tender.
“I will take it as a primary responsibility to ensure that the attempt to dollarise the Nigerian economy is discouraged. We should not allow it because it will create problem for the economy....”
He assured the lawmakers that he has the requisite experience to run the CBN, adding that with 27 years in the banking industry, he had what it would take to run the apex bank.
While speaking on the consolidation of the banking industry, he stated that the plan embarked upon in 2005 has helped to stabilize the economy especially in the era of global economic meltdown.
Emefiele: The new CBN gov
Godwin Emefiele is a University of Nigeria, Nsukka trained astute banker and also a Harvard University trained Financial Strategist. He graduated as the best MBA student (Finance) from UNN after obtaining a Second Class Upper degree in Banking and Finance in 1984.
He went on to deepen his knowledge of Macroeconomics at Oxford University having obtained various qualifications and Executive Education studies in Negotiation, Strategy, Leadership, Critical Thinking, Delivering Value/Profit from Harvard University, Stanford University and University of Pennsylvania (Wharton Business School).
Emefiele who joined the bank since inception was appointed Deputy Managing Director in 2001. Prior to this appointment, he was the bank’s Executive Director in charge of Corporate Banking, Treasury, Financial Control and Strategic Planning. He has over twenty-three (23) years banking experience. He became the Group Managing Director/CEO 1st August, 2010
He took Zenith Bank to another high last year when he became the first GMD/CEO in the banking industry to achieve N100 billion after tax profit in a financial year: 2012. He is an astute manager of people and resources and a corporate governance savvy professional banker who has earned several personal and corporate endorsements and achievements.
Godwin Emefiele is a man who is an expert in forecasting and takes steps, leveraging on his excellent acuity and calculated-risk-taking skills to
crystallize any benefits from existing and future opportunities. Zenith which by balance sheet size and other positive financials has shaped and is shaping certain critical aspects of developments in the sub-sector is in sheer entrepreneurial energy and verve a bank without equal and one which has taken after its lead-manager.
The several achievements of Zenith Bank Plc since he took over stand him out as an accomplished banker and erudite manager of human and material resources. His capacity for leadership and eye for growth opportunities is evident in Zenith’s performance and geometric progression on a number of parameters.
A system’s-person and unassuming achiever, Emefiele knows and understands banking and the unique Nigerian economy like the palms of his hands. He had been part of the core people who built the Zenith culture, and understands the direction of the board and shareholders of the bank viz-a-viz the realities and focus of the larger economy. He knows and understands that the responsibility to deliver is non-negotiable.
Before he came into banking he was a University don at the University of Nigeria Nsukka and the University of Port Harcourt, where he lectured in finance, bank management and insurance. He is a banker whose years of experience are backed by sound academic knowledge of the job he is engaged in. He is a dyed-in-the-wool banker, very steadfast at what he does and has remained strong in the Zenith tradition of producing results. And those results have been manifested in the laurels and recognition that the bank has received both locally and internationally
Currently, Zenith bank is the largest bank in Nigeria and the seventh largest in Africa by tier-1 capital. Forbes & CNBC Africa ranks Zenith bank as the 3rd biggest company in West Africa. Capital Finance International (CFI) adjudged the bank the ‘Best Commercial Bank in Africa. World Finance voted the bank as the best Nigerian Bank in Corporate Governance in 2013. The Corporate Governance award is in recognition of the bank’s ability to set an industry-wide example of best practices in Corporate Governance. The bank was evaluated on a wide range of criteria that included quality of policies and procedures, quality of disclosures, elements of innovation in Corporate Governance practices and excellence in stakeholder relationship management. In 2013, Zenith bank was recognized as one the 20 Global super brands and KPMG rated the bank as the ‘Best Customer-Focused Bank.
In January 2009, the bank was adjudged to be the ‘Most Customer-focused Bank in Nigeria” according to a survey conducted by KPMG. The survey which focused predominantly on corporate customers of banks, including companies in a variety of sectors found that customers were most satisfied with the services offered by Zenith Bank.
The Bank was rated as the “Best Bank in Nigeria in 2012” by BusinessDay Newspapers following a survey of all the banks in Nigeria. Zenith Bank also won ‘Bank of the Year Nigeria 2013 by The Banker Magazine, a publication of Financial Times of London. Nominees for The Banker award were judged by their ability to deliver shareholder returns and gain strategic advantage in terms of market visibility and positioning. According to The Banker Magazine, Zenith Bank was selected based on the overall performance of the institution and the opinion of leading financial analysts from the world’s financial markets. The award also indicates the level of trust and confidence on the brand and is a testament to the strong management, sound business model and prudent risk approach of Zenith Bank Plc.
Zenith Bank has greatly impacted banking in Nigeria, literally lifting the sector from the era of over-conservatism to one of healthy conflict and dynamism, characterized by a culture of excellence and global best practices. This has been achieved through a combination of the power of vision and a skilful union of banking expertise and cutting-edge technology to create products and services that meet and anticipate customers’ expectations.
Under his leadership, Zenith Bank has grown its Agric loan portfolio ranking amongst the highest contributors in growing the industry agric portfolio from 1% in 2010 to over 4% in 2012. The bank also took active part in financing some of the power projects that changed hands from government to the private sector investors. With this in mind, Zenith Bank’s contributions to Nigeria’s macroeconomic growth are seen to be very commendable.
The bank is adjudged to be of incredibly high standard not just on a national level but an international one. Testimony to Emefiele’s leadership qualities is a succession of excellent ratings from local and international agencies. Zenith bank ranks amongst the world’s 500 valuable brands. Brand Finance Plc ranked Zenith Bank as the 11th most valuable brand in Africa.
Under Emefiele’s watch, Zenith Bank shares currently trade on the London Stock Exchange (LSE) following a listing of the $850 million worth of its shares at $6.80 each in a major step aimed at improving liquidity in the stock through Global Depository Receipts.
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