Senate Approves Godwin Emefiele as New CBN Governor

The Senate today confirmed my Godwin Emefiele's appointment as Nigeria's new central bank governor. The Zenith Bank boss appeared before the lawmakers today in a live broadcast, and at the end of the day, his appointment was unanimously approved.

Godwin is to replace Lamido Sanusi, who was suspended on government charges of “financial recklessness and misconduct”. President Goodluck Jonathan had suspended Sanusi on February 20, just days after he had accused the state oil company of embezzling $20 billion (14.5 billion euros) of public funds. Sanusi had been well-regarded among international economists and was credited with overhauling a crumbling and deeply corrupt banking sector and stabilising the currency. He was due to step down in June before his suspension.