- The Central Bank of Nigeria (CBN) has played a vital role in shaping the nation’s economy since its establishment in 1958
- Numerous governors led its operation, from Roy Pentelow Fenton to Chukwuma Soludo and Olayemi Cardoso
- TheRadar has compiled a list of the CBN governors since the bank formally began operations in 1959
As Nigeria celebrates 64 years of independence, it is essential to reflect on the key institutions that have played pivotal roles in shaping its economic stability. The Central Bank of Nigeria (CBN), the apex financial authority, is one such institution responsible for managing Nigeria's monetary policy and regulating its financial institutions.
The CBN was founded in 1958 by the Nigerian government and began operating formally on July 1, 1959.
Since its establishment in 1959, the CBN has seen several governors lead its operations, each contributing uniquely to the country’s economic development.
TheRadar has compiled a list of all CBN governors who have held office from 1959 to the present.
CBN governors from 1959 to present
1. Roy Pentelow Fenton (1958 - 1963): Roy Pentelow Fenton was the first-ever governor of the CBN, appointed when the institution was established in 1958.
A British national, he laid the foundation for Nigeria’s monetary policies, ensuring a smooth transition from colonial banking systems to those of an independent nation.
2. Alhaji Aliyu Mai-Bornu (1963 - 1967): Aliyu Mai-Bornu was the first indigenous governor of the Central Bank of Nigeria. His leadership was significant during political instability and economic challenges as Nigeria moved closer to the Civil War era. He ensured that the country's financial systems remained functional during those turbulent times.
3. Dr. Clement Nyong Isong (1967 - 1975): Clement Isong's tenure began at the height of the Nigerian Civil War and continued into the post-war reconstruction period. His experience as an economist helped stabilise the economy during immense national rebuilding. He also became a political figure, later serving as Governor of Cross River State.
4. Mallam Adamu Ciroma (1975 - 1977): Adamu Ciroma was a notable figure in Nigeria's political and economic history, becoming governor in the mid-1970s. His efforts at local banking reforms and financial stability were key highlights of his short but impactful tenure.
5. Ola Vincent (1977 - 1982): Ola Vincent was a highly respected economist who played a critical role in strengthening Nigeria's foreign exchange management during his tenure. He focused on increasing the capital base of banks and managing the country's external reserves during a period of global economic uncertainty.
6. Abdulkadir Ahmed (1982 - 1993): With one of the longest tenures as CBN governor, Abdulkadir Ahmed led the bank through a period of economic reforms under Nigeria's structural adjustment programs. He oversaw the introduction of several structural adjustment programs, exchange rate reforms, and the financial sector deregulation during a challenging economic period.
7. Dr. Paul Agbai Ogwuma (1993 - 1999): Dr. Ogwuma steered the CBN through the military rule of General Sani Abacha and into Nigeria’s return to civilian governance in 1999. His tenure saw continued reforms and efforts to stabilise Nigeria’s currency during a volatile political period.
8. Chief Joseph Sanusi (1999 - 2004): Joseph Sanusi came into office at the dawn of Nigeria's Fourth Republic, following the transition from military to civilian rule. His primary focus was stabilising the banking sector, which was crucial to fostering a conducive environment for private sector growth in the early years of Nigeria's democracy.
9. Prof. Charles Chukwuma Soludo (2004 - 2009): Charles Soludo is widely remembered for consolidating the major banking sector during his tenure. His reforms reduced the number of banks in Nigeria, strengthened their capital bases, and increased their capacity to support the broader economy. These policies were essential in positioning Nigerian banks on a competitive global footing.
10. Sanusi Lamido Sanusi (2009 - 2014): Sanusi Lamido Sanusi, an outspoken economist, is remembered for his strong stance on financial accountability and transparency. His tenure was marked by extensive reforms to curb systemic corruption in the banking sector following the global economic crisis in 2008. Sanusi’s bold moves won him international acclaim, although his tenure ended in controversy following his suspension by the federal government.
11. Godwin Emefiele (2014 - 2023): Godwin Emefiele’s leadership focused heavily on exchange rate management, diversification of Nigeria’s economy, and policies to boost agricultural growth. One of his most notable yet controversial actions was the redesign of the naira in 2022, aimed at combating inflation and promoting financial inclusion. Emefiele’s tenure ended in 2023 amid political and economic challenges, including inflation and currency instability.
12. Olayemi Cardoso (2023 - present):Olayemi Cardoso, whom President Bola Tinubu appointed as governor in September 2023, took over leadership during a period of significant economic pressure, with inflation and foreign exchange shortages being major issues. TheRadar has already reviewed his major policies since assuming office, and the jury is still out on how much progress the country’s economy will make under his stewardship.
CBN reinstates cybersecurity levy at reduced rate for 2024-2025 fiscal year
Meanwhile, in an earlier report, TheRadar reported that the Central Bank of Nigeria (CBN) has announced that it will continue enforcing the controversial cybercrime levy at 0.005% on all electronic transactions under its new 2024-2025 fiscal year guidelines. This percentage has reduced compared to the 0.5% set initially in May 2024 for the 2024-2025 fiscal year.
This levy is mandated by the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, aimed at bolstering the nation’s cybersecurity infrastructure.