Emefiele’s second term still in doubt

There are indications that the President Muhammadu Buhari administration may have ruled out a second term opportunity for the governor of the Central Bank of Nigeria, Godwin Emefiele.

Recall that Emefiele’s tenure at CBN is expected to end in June, but experts are divided on his possible reappointment considering the trending controversy on whether the naira was rightly devalued plus his nearly three years of momentary injection of dollars to the market which had not been done by previous governors of the bank.

The denied rumour a fortnight ago that the presidency had issued a directive to Emefiele to proceed on terminal leave may have been a clear suggestion that chances of his reappointment may not fly again.

According to findings by National Daily, the presidency is just bidding for the right moment to come out with a clear and official position of government on who becomes the next CBN Governor will be made public.

Analysts are further in tight corner as to from which region the incoming CBN chief will emerge considering the leading accusation of the current government in terms of moving every sensitive appointment away from other regions to the North and mainly from Fulani extraction.

Observers say this is the right time to clearly maintain that stand and either reappoint Emefiele or appoint new CBN Governor from the South East having mentioned Igbo during the Emefiele controversy.

Meanwhile, a recent poll conducted by financial analysts in partnership with a Lagos private Radio Station has rated former CBN governors, Charles Soludo, Sanusi Lamido ahead Emefiele in terms of performance.

According the poll announced Tuesday during the Station’s Newspaper Review, while the Anambra State-born University don, Prof Soludo polled 50 per cent, Sanusi Lamido polled 30 per cent while Emefiele settled for 28 per cent as the last.

Explaining more on why Soludo’s reign at CBN remained the best in the minds of industry pundits, the poll announcer said “The ability of Prof Chukwuma Soludo to effectively drive the banking sector reforms and dragged the proliferation of banks from over 89 to 24 and maintained financial stability will remain indelible in the minds of industry stakeholders”.

“Soludo further returned slipping international respect for the local financial sector and come up with a stability code that assisted the emergence of Dr Sanusi, who further deepened banking consolidation by firing up some banks’ top officials who masterminded insider abuses.

On why Emefiele, the former GMD of Zenith Bank came last in the rating, the announcer said “His administration though worked tirelessly for the return of Nigerian economy from recession to the current ailing but still fragile condition, access to credit for the private sector was out-crowded by yearly government borrowing which he has not been able to fix otherwise.