Update: Emefiele re-appointed to govern CBN for another five years


Mr. Godwin Emefiele

President Muhammadu Buhari has re-appointed Mr. Godwin Emefiele as Central Bank of Nigeria(CBN) governor for another five years.

Senate President Bukola Saraki read the presidential communication seeking the confirmation of Emefiele for another term of five years.


“In view of the expiration of the first tenure of the current Governor of the Central Bank of Nigeria on June 2, 2019, and pursuant to the provisions of Section 8 (1) and (2) of the Central Bank of Nigeria Act, 2007, I hereby present for confirmation by the Senate Mr Godwin I. Emefiele for reappointment as the Governor of the Central Bank of Nigeria for a final term of five (5) years.

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“It is my hope that the Distinguished Senate will consider and confirm the nominee in the usual expeditious manner,” the president said in the letter.

Section 8 (1&2) of the CBN Act 2007 states that “The Governor and Deputy-Governors shall be persons of recognized financial experience and shall be appointed by the President subject to confirmation by the Senate on such terms and conditions as may be set out in their respective letters of appointment.

“The Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for re-appointment for another term not exceeding five years.”

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The Lagos born Delta State indigene, a former Group Managing Director of Zenith Bank, was first appointed on June 2, 2014 by then President Goodluck Jonathan to replace Sanusi Lamido Sanusi who ended his tenure under suspension. Many attributed his emergence at the time to the influence of the founder of Zenith Bank Jim Ovia.