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Governor of Central Bank of Nigeria, Godwin Emefiele Breaking New Grounds
By Rev Solomon Semaka
In 2015, when Muhammadu Buhari assumed office as the president of the Federal Republic of Nigeria, he came with a lot of enthusiasm and that messianic wand to change the story of Nigeria that was on the verge of collapsing especially economically.
As a new sheriff in town, President Buhari made a lot of administrative changes, dissolved many boards and many heads of agencies and public service institutions that were not worth their unions were sacked or relieved of their appointments. This was done to take the country back on track towards economic recovery and prosperity.
However, one of the few places that the head was not changed was the apex monetary authority; the Central Bank of Nigeria otherwise known as CBN where a thoroughly bred economist, a financial expert and reputable banker, Godwin Emefiele was holding fort as the Governor having been appointed by the previous administration of Jonathan Goodluck on June 4, 2014.
For the Governor of the Central Bank, Godwin Emefiele to have gained the confidence of President Buhari, it is therefore, unambiguously an indication that he was doing something spectacularly different that worthily fitted into the change mantra of the current led administration. For instance, during his first term, he supervised an interventionist currency policy at the behest of the presidency, propping up the Nigerian naira by pumping billions of dollars into the foreign exchange market. He also introduced a multiple exchange rate regime to try to make pressure on the naira and avoid series of devaluations.
It is also pertinent to highlight unequivocally that the Central Bank under the watchful financial conscious eyes of the Governor; Godwin Emefiele has also taken the cashless policy in Nigeria to an unprecedented level.
For the avoidance of doubt, the Central Bank developed the cashless policy in 2012, which required a daily total limit of N500, 000 and N3,000,000 on free cash withdrawals across all accounts owned by individual and corporate customers respectively. The pilot was run in Lagos state from January 2012 while the policy took effect in Rivers, Anambra, Abia, Kano, Ogun and Federal Capital Territory (FCT) on July 1, 2013. The policy was implemented nationwide on July 1, 2014 a few days Godwin Emefiele assumed responsibility as the Governor of Bank.
Before the introduction and implementation of the cashless policy in Nigeria, Bussiness Day had noted that “the ease of cash flow occasioned by the cash-based economy made Nigeria vulnerable to fraud, terrorism, and crime. Armed robbers attacked bullion vans and customers who carried large sum of cash. Apart from that, the central bank spends billions of naira to remove and replace dirty notes in circulation”.
In other to effectively entrench the new cashless regime in the 6 states and the FCT, the Central Bank under Emefiele licensed 26 Mobile Money Operators, 10 Super Agents, 21 Payment Terminal Service Providers, 21 Payment Solution Service Providers, 4 Third Party Processors, 9 Switches and 5 non-Bank Acquirers. It is expected that these licensed entities will smoothen the implementation of the Cashless Policy across the Payments System.
Taking a careful look at the achievements of the cashless policy, Bussiness Day reports that “as evidenced by the NIBSS second-quarter fraud report of 2019, attempted fraud volume decreased by 47.28 percent from Q1 figures, while Web, ATM and Mobile remain the usual suspects to be used by fraudsters”.
“Okojere noted the growth in the volume of transactions that occurred in 2012 against 2018, following the Cashless Policy re-introduction and increase in usage of electronic transactions”.
Consequently, transactions on instant payments grew from 4 million in 2012 to 729m in 2018, transactions on PoS from 2.5 million in 2012 to 285 million in 2018, and transactions on Mobile Inter-Scheme grew from 2,200 in 2012 to 15 million in 2018”.
One of the areas that the administration of President Buhari will be fondly remembered even by generations yet unborn is the agricultural revolution. The peak of its commitment was the directive by the president to the Central Bank on August 13, 2019 not to make foreign currency available to fund food imports.
Otherwise, according to Emefiele in an interview with TBY in 2018 stated categorically that “four commodities—rice, fish, sugar, and wheat—make up nearly NGN1.3 trillion (USD3.6 billion) annually in import bills. These and other commodities on the 41 items list are a drain on our FX reserves. Our proclivity for imports has enriched other countries and impoverished ours. We cannot depend on other countries for food; that exposes us to unquantifiable social and economic vulnerabilities. If we increase domestic food production, we will create jobs, reduce poverty, and shield our economy from foreign impulses”.
“Thus, the CBN is channeling a great deal of development finance and interventions towards agriculture to ensure sufficiency in the production of food and raw materials through our various development finance mechanisms and schemes. Our intention is to ensure that Nigeria does not depend on other countries for most of the things we consume. We must ensure that our non-oil current account balances stand hugely positive”.
“On this note, the Anchor Borrowers’ Program (ABP) has recorded spectacular success, especially with regard to rice production. As we speak, rice production has increased several-fold. Kebbi State alone is expected to produce over 2 million metric tons of rice annually, while employees at Labana Rice Mills seek to keep pace with demand, processing 320 tons of rice a day, a 250% increase from the previous year. Therefore, we have seen sharp drop in rice imports that translates to a significant reduction in rice import bills, saving us over USD600 million in 2016 alone”.
An interesting thing about Godwin Emefiele is that since the return of democracy in Nigeria in 1999, he is the first governor of the Central Bank of Nigeria to serve a second term in office. The senate of the Federal Republic of Nigeria while screening him for a second term in office in May 2019 through its chairman on Banking, Finance, and other Financial Institutions, Rafiu Ibarahim said the committee was impressed with Mr Emefiele’s more than 32 years’ experience with outstanding performance.
The committee recommended confirmation of Mr Emefiele based on performance in his first tenure. “That the nominee understands the diverse economy of the country and has displayed profound knowledge of the continuous existence of our economy stability. That the nominee has performed credibly in his first tenure which resulted to the exit of the nation out of economic recession”, Mr Ibrahim said. His confirmation was put to voice vote and received a unanimous ‘ayes’ from the senators, reports Premium Times on May 16, 2019.
Consequent upon his confirmation and reappointment for a second term in office, Emefiele the CBN governor unveiled his policy thrust for the next five years. Although the policy document outlines a number of objectives, the most important ones include
a) the aim to achieve double-digit GDP growth in the next five years,
b) bringing down inflation to single-digits
c) improving the payment systems infrastructure and driving financial inclusion to 95% by 2024,
d) maintaining the existing exchange-rate policy regime of a managed float and
e) recapitalisation of the banking industry.
In order to cushion the effect on the Covid-19 pandemic on the Nigerian economy and to ameliorate the sufferings of the poor masses, the Buhari led administration through the Central Bank introduced a N50 billion Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises that are affected by the coronavirus pandemic.
This was part of measures and policies aimed at making sure that Nigeria’s economy does not slip back into recession due to the coronavirus pandemic and low oil prices.
The Central Bank of Nigeria (CBN) has so far announced the disbursement of over N49 billion out of N50 billion targeted facility for households and small businesses to over 80,000 families and households.
In addition, healthcare facility operators also benefitted from a N100 billion intervention fund and another N1 trillion fund for the manufacturing sector and is aimed at ensuring that productivity is enhanced, thereby working a way out of the impact of this pandemic.
It is very important to point out that there are many other areas that the Central Bank of Nigeria under the leadership of Godwin Emefiele as the governor has done creditably well to save the Nigerian economy from slipping into recession, the above mentioned are just but the tip of an iceberg.
Therefore, it is imperative to call the President Muhammadu Buhari led administration not to relent in its efforts in supporting Emefiele in the discharge of his onerous duties so as to make the Nigerian economy viable, dependable, sustainable, reliable and strong.
Semaka is a public affairs commentator and Convener of Save Nigeria Movement.
News
Court fixes August 27 for hearing in Benue APC candidates’ suit
A Federal High Court in Abuja has fixed August 27 for definite hearing in a suit filed by aggrieved members of the Benue State chapter of the All Progressives Congress (APC), who are challenging their alleged substitution as validly nominated candidates for the 2027 general election.
Justice Inyang Ekwo adjourned the matter at the instance of counsel to the plaintiffs, Mohammed Ndarani (SAN), who sought time to respond to a preliminary objection filed by the APC, the first defendant, challenging the court’s jurisdiction to hear the suit.
Justice Ekwo directed counsel for the parties to file and exchange their processes before the next adjourned date, warning that any counsel who failed to do so would be personalized.
Matthew Burka appeared for the APC, while the Independent National Electoral Commission (INEC), the second defendant, was represented by Oluwole Olukunle.
The adjournment followed an earlier order by the court directing the APC and INEC to maintain the status quo in the dispute over candidates who emerged from the party’s Benue State primaries.
The order was made last Thursday during proceedings in Suit No. FHC/ABJ/CS/1429/2026, filed by Engr. Sesugh kaaba and other aggrieved APC candidates from Benue State against the party and the electoral commission.
The plaintiffs, through an ex parte motion filed on July 5, sought six interim reliefs, including an order restraining the APC from substituting its validly nominated candidates through a June 29 correspondence to INEC, or any subsequent communication, pending determination of the substantive suit. They also asked the court to compel the APC to transmit to INEC the names of candidates validly nominated during primaries monitored by the commission.
When the matter first came up on July 8, the court declined to grant the interim application immediately, directing the APC and INEC to appear and respond before any ruling. The matter was adjourned to July 16.
At Thursday’s proceedings, counsel for the APC and INEC were in court, while the plaintiffs were represented by Ndarani and his legal team.
Ruling on the application, Justice Ekwo held that since issues had been joined by the parties — particularly with INEC now before the court the defendants were bound by law to preserve the subject matter of the litigation pending determination of the suit. When plaintiffs’ counsel urged the court to caution the APC and INEC against any action affecting the disputed list of candidates, the judge said it was “not a matter of advice but of law,” stressing that the defendants were bound to maintain the status quo.
The court accordingly restrained the APC and INEC from taking any action capable of altering the disputed list of candidates pending the hearing and determination of the substantive suit. The defendants did not object to the restraining order.
At the commencement of proceedings, the court noted that all parties had voluntarily submitted to its jurisdiction by filing and exchanging their respective processes, and held that there was no procedural or jurisdictional impediment to an expeditious determination of the case. It directed that the matter be heard without further delay.
In furtherance of preserving the res and safeguarding the judicial process, the court ordered all parties to maintain the status quo pending final determination of the suit, restraining any act capable of prejudicing the rights of the parties or rendering the proceedings nugatory. It further directed that INEC be served forthwith with the originating and all consequential processes.
The effect of the subsisting order is that INEC is restrained from tampering with the existing list of candidates and from receiving, recognising, or acting on any purported substituted list of National Assembly candidates from Benue State submitted by the APC.
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CONGRATULATION TO HON. GINIKA FLORENCE TOR ON HER APPOINTMENT AS FEDERAL COMMISSIONER, NATIONAL SALARIES, INCOMES AND WAGES COMMISSION
I, Amb. Tonye Sylvester Iyade, extend my warmest congratulations to Hon. Ginika Florence Tor on her well-deserved appointment as a Federal Commissioner of the National Salaries, Incomes and Wages Commission by His Excellency, President Bola Ahmed Tinubu, GCFR.
This prestigious appointment is a clear recognition of Hon. Ginika Florence Tor’s years of dedicated service, unwavering loyalty, competence, and commitment to nation-building. Her appointment reflects the confidence reposed in her ability to contribute meaningfully to the advancement of the Commission’s mandate and the continued progress of our dear nation.
I also wish to express my profound appreciation to President Bola Ahmed Tinubu, GCFR.for this thoughtful appointment. It is yet another demonstration that the President values commitment, hard work, capacity, and those who have remained steadfast in supporting and advancing the ideals of the Renewed Hope Agenda. By appointing capable and experienced individuals into strategic positions, the President continues to reinforce his administration’s commitment to good governance, merit, and effective service delivery.
There is no doubt that Hon. Ginika Florence Tor possesses the experience, character, and leadership qualities required to excel in this important national assignment. I am confident that she will discharge her responsibilities with integrity, professionalism, and dedication, while contributing significantly to the realization of the Renewed Hope vision of the Tinubu administration.
As she assumes this important office, I pray that Almighty God grants her wisdom, strength, sound health, and divine guidance to serve Nigeria with excellence and leave behind a legacy of impactful service.
Congratulations once again, Hon. Ginika Florence Tor, on this remarkable and well-deserved appointment. I wish you a successful and rewarding tenure in service to our great nation.
Signed:
Amb. Tonye Sylvester Iyade
News
Borno Deputy Governorship: Shealting The Swords , Healing The Wounds.
BY: Inuwa Bwala.
Given the role of a Deputy Governor, it is rather an anathrma to campaign, seeking to be chosen, as a deputy governorship candidate.
Changing dynamics have however seen to the emergence of individuals, openly campaigningy , to be so chosen.
It is a truism that, the choice is the prerogative of the governorship candidate, to nominate someone, he or she feels he or she can blend well.
The case in Borno for the oncoming elections, presents a case study, of people doing things wrongly and expect to alter a long standing narrative.
In the last few days, since Ali Abdullahi, was chosen as the runningmate to Engineer Mustapha Gubio, the polity seems to be getting charged.
I have tried to jaxtapose argumentson the appropriateness or lack of it, in the choice of Ali Abdullahi, as the deputy Governorship candidate of the All Progresdives Congress, APC, in Borno state.
While some justify the choice, others were not too comfortable with it.
To many, there was no sufficient consultations, with critical stakeholders, before the choice was made public.
To others, the candidate was picked from outside the traditional political circle, and yet to others, he is not conversant with the ways of the people, having been born and bred outside the enviroment.
I understand others even feel that the choice negates the expectations of frontrunners in the campaigns, with some people even developing a sense of entitlement, in way.
In as much as everybody os granted the right to aspire, it has never been the norm to consult everybody before a deputy governorship candidate is chosen.
It is normal to try selling the idea, but it is not a must, that the evrntual choice must be someone others feel must be the one.
No matter how anyone feels, there are rooms for a rhendezvous of interests, in a party that controls the government.
And given our peculiar circumstances in Borno, we have to give it to the candidate, to nominate somebody he feels he could blend with, effectively.
That most of the arguments did not center on competence, capacity or value addition of the deputy governorship candidate, leave room for one to surmise that, the conventional practice, rrlies more on atributes, above interest.
I would rather, those who feel slighted to reminiscence, on Ali Abdullahi’s past performances, and not the lack of patronage, or political convenience, on their sides.
The Task Ahead, presupposes that, while Borno is still smarting from years of insecurity, we do not enjoy the luxury of internal political bickerings, which could cause dislocations and possible going into the elections as a divided house.
It is a truism that we need a deputy governor, with requisite administrative experience and technical capacity, to fully compliment the efforts of Engineer Mustapha Gubio, so that together they can hit the ground running reminisceint of the Governor Zulum era. A curious look into Ali Abdullahi’s pedigree, shows that, he brings that capacity, in the same fashion that he demonstrated at SEMA. I have no doubt at the back of my mind, that both governor Zulum and our governorship candidate, Mustapha Gubio, are passionate about the continuity of the Zulum Agenda, hence the choice of Ali SEMA, as he is popularly known.
Taking into consideration the need to live up to the expectations of the people, especially on the need to rebuild Borno, they may have considered changing the course midstream may tend to slow us down.
I know as a matter of fact, that, Ali Abdullahi has been aligned to Zulum’s vision of service, integrity, and results, for a long time.
That the governor has gone out of his way in trying to placate those who may have nursed the ambition of being the ones to be considwred, points to the fact that, the Gubio/Abdullahi ticket was chosen to unite us, not divide us.
I am sure the Governor values every zone, every elder, and every stakeholder, and never intended to shut out anybody. We may recall, that, similar skepticism greeted the emergence of Zulum and Kadafur in 2023, but having seen their best sides, makes Borno the better off for it today.
Shealthing our swords and healing the wounds of this innitial perceibed snub, is a sinquanon to making the choice the best team, we could put forward for Borno.
I am compelled to appeal to all of us to look beyond personal interests and prioritize Borno, even as we strive to deliver. The Governor’s door remains open for dialogue, as always.
Let us rally behind this ticket, and mot risk a divided house that cannot deliver to our people. A united APC in Borno is what our people expect of us.
Let the narrative turn to the choice of Ali Abdullahi as Deputy Governorship candidate is about *competence, continuity, and service to Borno people, and not about how he emerged.
Governor Babagana Umara Zulum with his deputy have showed focus on finishing the work of rebuilding Borno’s destroyed schools, hospitals and roads, and resettling our people. His successor needs a deputy who understands this vission and shares that same commitment.
Ali Abdullahi has the experience, he has demonstrated loyalty, and has showed dedication. Let us not crucify him on the cross of our personal ambitions.
I respect all opinions expressed so far, but this is not the time for divisions, this is the time to unite behind the ticket no matter its perceived inadequacies, so that we can continue to deliver for Borno.
Our collective focus should be Borno first, and not who should be in a particular position.
We have no cause to doubt the man who delivered for us, in the face of innitial skepticism, so, let Ali SEMA, be.
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