From Emefiele to Cardoso: Here Are Nigeria’s CBN Governors Since 1958 and Their Major Reforms

The Nigerian Senate, On Tuesday, September 26, 2023, confirmed the nomination of Olayemi Cardoso for the position of Central Bank Governor (CBN) along with four Deputies of the apex bank.

Olayemi Cardoso was nominated for the position by President Bola Tinubu on September 15, 2023, but assumed office on Friday, 22, 2023, while awaiting confirmation by the Senate.

With this confirmation, Cardoso becomes Nigeria’s 12th CBN Governor, tasked with the responsibility of revitalizing the country’s economy. This includes managing the nation’s foreign reserves, formulating and implementing monetary policies to maintain price stability, and ensuring external balance.

While Cardoso’s term is slated for a duration of five years, we explore the backgrounds of previous Governors, the lengths of their tenures, and the economic and banking sector reforms they championed.

Roy Pentelow Fenton: He was appointed on July 24, 1958, as the first and only expatriate Governor of the Central Bank of Nigeria and served until July 24, 1963.

Aliyu Mai-Bornu: Appointed on July 25, 1963, Mai-Bornu became Nigeria’s first indigenous CBN governor, marking full control of the apex bank by Nigerians.

Clement Isong: After Mai-Bornu’s tenure, General Yakubu Gowon appointed Clement Isong as the CBN Governor. Isong served for a total of eight years, managing the apex bank during the Nigerian Civil War. He navigated the economic effects of the war without accumulating unsupported debts. It was during his tenure that the naira was introduced in January 1973, replacing the Nigerian pound.

Adamu Ciroma: Appointed on September 24, 1975, by Head of State Murtala Mohammad, Ciroma’s appointment was marked by controversy. There were claims of a mix-up in appointments, with Ciroma mistakenly given the position of CBN Governor.

Ola Vincent: Born on May 16, 1925, in Lagos, Ola Vincent served as CBN Governor from June 1977 to June 1982. He introduced the N20 banknote with the portrait of former Head of State, Late General Murtala Ramat Mohammad in 1977 and featured other prominent Nigerians on the N10, N5, and N1 banknotes in 1979. Vincent aimed to diversify the Nigerian economy through the Agricultural Credit Guarantee Scheme (ACGS) and expanded CBN branches from 8 to 18 between 1978 and 1981.

Abdulkadir Ahmed: Serving from June 28, 1982, to September 30, 1993, Abdulkadir Ahmed was Nigeria’s longest-serving CBN governor. He achieved the first debt reduction transaction in international markets by restructuring Nigeria’s trade arrears into CBN Promissory Notes and initiated the first comprehensive sovereign debt buyback in international markets, reducing Nigeria’s foreign exchange burden through an overseas subsidiary named Greenland Holdings.

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Paul Ogwuma: When Paul Ogwuma assumed the role of Governor of the Apex Bank on October 1, 1993, he faced challenges managing foreign exchange resources. Within three years, Ogwuma liquidated 20 distressed banks to clean up the financial system and restore confidence.

Joseph Sanusi: Sanusi became the first CBN governor in the Fourth Republic when Nigeria returned to democracy in 1999. He took office on May 29, 1999, tasked with reducing the depletion of foreign reserves, which had fallen from over $7 billion to under $4 billion in the preceding two years. He left the CBN on May 29, 2004.

Charles Soludo: Appointed by Olusegun Obasanjo on May 29, 2004, Charles Soludo, Governor of Anambra State, initiated reforms, including consolidating the Nigerian banking sector, stabilizing the foreign exchange market, and restructuring interest rates, positioning Nigeria as a leader in African financial sectors. He left the CBN on May 29, 2009.

Sanusi Lamido Sanusi: Succeeding Soludo, Sanusi served from June 2009 to February 2014 and is regarded as one of Nigeria’s foremost CBN governors. His reforms repositioned the banking sector, including consolidations, introducing a cashless policy, and advocating for prudent fiscal management.

Godwin Emefiele: During Emefiele’s tenure, marked by controversies and allegations of mismanagement, the naira depreciated significantly, falling from 190 per dollar in 2014 to 461 per dollar by 2022 at the official rate. Emefiele has been in DSS detention since his removal by President Bola Tinubu in June 2023.