Godwin Emefiele CFR is a Nigerian politician, economist, and banker.
He held the position of governor of the Central Bank of Nigeria from June 4, 2014, until his suspension by President Bola Tinubu on June 9, 2023.
Early life and Education
Godwin Emefiele, born on August 4, 1961, in what is now Lagos State, Nigeria, hails from Agbor, Delta State. He attended Ansarudin Primary School and Maryland Comprehensive Secondary School in Lagos before pursuing his tertiary education at the University of Nigeria Nsukka (UNN). Graduating with a Bachelor’s Degree in Banking and Finance in 1984, he distinguished himself as one of the top students in his class. Following his National Youth Service, he pursued a Master’s Degree in Finance at UNN, completing it in 1986. Emefiele furthered his education through executive programs at Stanford University, Harvard University (2004), and the Wharton School of Business (2005). In recognition of his accomplishments, the University of Nigeria Nsukka (UNN) conferred upon him an Honorary Doctorate Degree in Business Administration.
Career
In the early stages of his career, Emefiele lectured on finance and insurance at the University of Nigeria Nsukka and the University of Port Harcourt. He also had a brief tenure at Vodafone. Prior to joining the Central Bank, he accumulated over eighteen years of banking expertise. Emefiele held various positions at Zenith Bank Plc, including chief executive officer and group managing director, starting from his role as deputy managing director in 2001. He contributed significantly as an executive director overseeing corporate banking, treasury, financial control, and strategic planning at Zenith Bank Plc, playing a vital role in its management team since its inception. Additionally, he served as a director at Zenith Bank Plc and Zenith Bank (Gambia) Limited, and currently serves as a director of ACCION Microfinance Bank Limited.
Emefiele served as the governor of the Central Bank of Nigeria from June 4, 2014, to June 9, 2023, when he was suspended by President Bola Tinubu. During his first term, he implemented an interventionist currency policy, following the directives of the presidency, by injecting billions of dollars into the foreign exchange market to support the Nigerian Naira. Emefiele also introduced a multiple exchange rate regime aimed at mitigating pressure on the Naira and avoiding successive devaluations.
Controversies
In a departure from the nonpartisan stance mandated by the Central Bank Act, Godwin Emefiele engaged in partisan politics, sparking public outcry in May 2022. Reports surfaced suggesting Emefiele’s interest in running for president in the 2023 election, evidenced by campaign posters in Abuja and the purchase of a presidential form by a group claiming to be rice farmers. Initially denying intentions to run via social media, Emefiele later filed a lawsuit at the Federal High Court in Abuja seeking permission to contest. The court deferred judgment pending further submissions.
Amidst mounting legal challenges and accusations of violating the Central Bank Act, Emefiele was suspended as Central Bank Governor by President Bola Tinubu on June 9, 2023. The suspension cited ongoing investigations and planned financial sector reforms. He was directed to hand over to Deputy Governor Folashodun Adebisi Shonubi pending the conclusion of investigations and reforms.
On June 10, 2023, the Department of State Services (DSS) confirmed the arrest of Emefiele, stating it occurred at 14:28 WAT via their official Twitter page. He was brought in for questioning in connection to the ongoing investigation of his office. Media frenzy ensued when a short video clip circulated, showing Emefiele escorted by DSS officers from an executive Hilux car to a waiting private jet. He faced charges in July 2023. Subsequently, on July 25, 2023, he was re-arrested by the DSS at the Federal High Court in Lagos.
On April 5, 2024, the Economic and Financial Crimes Commission (EFCC) filed new charges against Godwin Emefiele. He is accused of fraudulent allocation of foreign exchange amounting to $2 billion without supporting offers. The alleged offenses took place between 2022 and 2023, according to the commission’s claims.
Personal life
In 2019, Nigeria’s Senate approved Emefiele for a second five-year term, marking the first instance of someone serving a second term since Nigeria’s return to democracy in 1999. President Buhari’s letter nominating Emefiele was read by Senator Bukola Saraki on May 9, 2019. Emefiele underwent screening on Wednesday, and his confirmation was granted on Thursday, May 16, 2019.
Net Worth
Estimated to be over 20 million dollars