Senate approves 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". 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. 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." 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. Sanusi had been
well-regarded among
international economists and was credited
with overhauling a crumbling and deeply
corrupt banking sector and stabilising the
currency. 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. One of his deputies, Sarah
Alade, has been
acting governor in the meantime. On
Tuesday, she oversaw her first monthly
monetary policy committee meeting. 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. 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.