Update: Zenith Bank's MD Mr Godwin Emefiele to replace Sanusi

 Following the suspension of Sanusi Lamido Sanusi as the CBN Governor, President Goodluck Jonathan has nominated Mr Godwin Emefiele for the position of Governor of the Central Bank of Nigeria (CBN).

Emefiele, the current Managing Director of Zenith Bank Plc, is to replace Sanusi Lamido Sanusi, who was suspended on earlier today by the president for alleged “financial recklessness and misconduct’’. In a letter to the Senate President, Sen. David Mark, for approval of the nomination, the president said the request was in view of the fact that the tenure of the incumbent would end on June 1.

The letter read in part: “Pursuant to the provisions of section 8(1) and (2) of the CBN Act of 2007, I hereby forward the name of Mr Godwin Emefiele for your kind consideration and confirmation.’’

The president had earlier appointed Dr Sarah Alade, the most senior Deputy Governor in the bank, Acting Governor, pending the confirmation of Emefiele’s nomination. In a separate letter, the president asked the Senate to confirm Mr Adelabu Adekola as a Deputy Governor with  CBN.

The president expressed the hope that the letters would be handled in the usual expeditious tradition of the Senate.

Meanwhile, the Senate has commenced a two-week recess after which it resumes on March 11.

Emefiele was until now the Group Managing Director, Zenith Bank Plc, a position he has held since August 2010. Until then he was the Deputy Managing Director of the bank, having been appointed into that position in 2001. Emefiele has been on the bank’s management team since inception and has held various management positions in the bank, including serving as the Bank’s Executive Director in charge of Corporate Banking, Treasury, Financial Control and Strategic Planning.

Until he took over as Group Managing Director, Emefiele was directly responsible for all the Group’s local subsidiaries, Treasury and Correspondent Banking, and Multilateral, Conglomerates, & Private Banking. He also had responsibilities for direct supervision of majority of the bank’s branches in Lagos and Northern Nigeria.

Emefiele has over twenty-six (26) years banking experience and holds a B.Sc and an MBA in Finance both from the University of Nigeria Nsukka. Before commencing his banking career, he lectured Finance, Bank Management, and Insurance at the University of Nigeria and University of Port Harcourt respectively.