Senate Approves Godwin Emefiele As New CBN Gov

The Senate on Wednesday confirmed the appointment of a new central bank governor to replace Lamido Sanusi, who was suspended on government charges of “financial recklessness and misconduct”.
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The upper house of parliament unanimously approved the appointment of Zenith Bank boss Godwin Emefiele, after his appearance before lawmakers that was broadcast live on television.
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Senate president David Mark said it was a key appointment, adding: “Emefiele will ensure the prerequisite responsibilities of the central bank governor without fear or favour.”
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President Goodluck Jonathan suspended Sanusi on February 20 just days after he had accused the state oil company of embezzling $20 billion (14.5 billion euros) of public funds.
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Sanusi had been well-regarded among. international economists and was credited with overhauling a crumbling and deeply corrupt banking sector and stabilising the currency.
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He had been due to step down at the end of his five-year term in June and some saw his suspension as politically motivated for blowing the whistle on top-level graft.
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One of his deputies, Sarah Alade, has been acting governor in the meantime. On Tuesday, she oversaw her first monthly monetary policy committee meeting.
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She kept the key interest rate unchanged at 12 percent, holding true to a pledge on February 21 that the change at the top would not alter Sanusi’s plan for tight monetary policy.
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Emefiele had almost no profile outside the banking sector until his name was put forward, surprising market watchers who said he was a low-profile, conservative figure who was unlikely to rock the boat.