Economy
Economists Task FG on Competence, Professionalism in Appointing CBN Governor
An economist, Prof. Hassan Oaikhenan, has advised the Federal Government to consider a seasoned policy-oriented economist as the next Governor for the Central Bank of Nigeria (CBN), following the suspension of Godwin Emefiele.
Oaikhenan gave the advice in a telephone interview with the News Agency of Nigeria (NAN) on Saturday in Lagos.
The Professor of Economics, University of Benin, Edo, said such a professional must have a deep understanding of the macroeconomy.
NAN reports that President Bola Tinubu on Friday suspended Emefiele from office as the CBN Governor following the ongoing investigation of his office and the planned reforms in the financial sector of the economy.
The president directed him to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the CBN Governor pending the conclusion of investigation and the reforms.
“In appointing another Governor of the CBN, I expect the government to play down the issue of politics and focus on professionalism.
“It makes sense to appoint a seasoned professional, not from the commercial banks, which has more or less become the tradition in the appointment of CBN governors in the country.
“I expect that in appointing another CBN Governor, there is need to look outside the commercial banks,” he said.
The professor said that the suspension was not unexpected, but would have been surprising if it was otherwise.
Oaikhenan said that Emefiele, unfortunately, performed below expectation as the CBN Governor, going by the way he literally turned the bank to a political institution.
He said, “the British, for example, appointed Mark Carney, a Canadian, as the Governor of the Bank of England, on account of his competence.
“Similarly, the Indian Government reached out to one of its citizens, Raghuram Rajan, a seasoned economist at the IMF, when it needed to appoint a Governor for the Reserve Bank of India.
“More recently, Madame Christian Lagarde was appointed as the Head of the European Central Bank (ECB) from her exalted position as the Managing Director of the International Monetary Fund (IMF).
“There is thus a compelling need for the government to follow best practises in appointing the next Governor for the CBN by placing competence over and above ethno-religious considerations.”
Oaikhenan also expressed disappointment in the way and manner Emefiele launched his agricultural produce pyramids, which according to him were merely for the cameras.
“I, for example, had issues with his launching of all kinds of agricultural produce pyramids, which were mostly for the cameras but having little or no practical contents and effects.
“His attempt at taking a shot at the number one office, using the CBN as a launch pad, was as embarrassing as it was nauseating.
“By so doing, he desecrated the exalted office of the CBN Governor, known traditionally, worldwide, to be conservative and apolitical.
“By that very action, he trampled on the prestige of that exalted office like never seen before, thereby bringing it to an unprecedented low.”
Also, Sheriffdeen Tella, Professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye, Ogun, spoke in the same vein.
“The suspension should not be surprising even to himself.
“He has over the time thrown the economy into domestic shocks through policy inconsistency and summersaults without apology to anybody. Even to the government, he is embarrassing.
“The last ditch was the twin policy of cashless economy and currency redesign that resulted in the death of Nigerians, collapse of businesses and loss of faith in the banking services.
“So, I expect a central banker who knows the working of a central bank as regulator of the system, not competitor with banks or a neutral sound economist.
“Though, I have preference for the former in this critical period of monetary management,” Tella said.(NAN)
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
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