Central Bank of Nigeria Changes Umpire: Sanusi Out, Alade In

The Central Bank of Nigeria has had a leadership change. Mallam Sanusi Lamido Sanusi was governor of the apex bank until his replacement with Dr. Sarah Alade, a deputy governor of the bank, who will steer the affairs of the institution in an acting capacity in the interim. All Good Things End Mallam Sanusi Lamido Sanusi’s career at the CBN can be described as a remarkable one and the zenith of his professional career as a banker. Born 31st July 1961 in Kano State, Nigeria, Sanusi was appointed Governor of the CBN on 3rd June 2009 by Late President Umar Musa Yar’Adua in the midst of a global economic crisis and served until 20th February 2014 before he was suspended. Prior to his appointment at the CBN, he had served in various capacities in different institutions in the banking industry. He obtained degrees in Economics and Islamic Law from the Ahmadu Bello University, Zaria and the International University of Africa, Khartoum. After two years as an economics lecturer at the Ahmadu Bello University, he started a banking career in 1985 with Icon Limited (Merchant Bankers) and later worked with the United Bank for Africa Plc and First Bank of Nigeria Plc. He rose to the position of Group Managing Director/Chief Executive officer of First Bank Plc, the largest bank in the country in January, 2009 and was appointed the 10th Governor of the Central Bank of Nigeria (CBN) in June, 2009. In 2011, Sanusi was selected as one of the 100 Most Influential People in the World by TIME Magazine. Under Sanusi’s watch at the CBN, a wide-range of policies were implemented with far-reaching reforms that had effects on economic activity. His focus in the Banking Industry was aimed at addressing the root causes of the crises in poor corporate governance and risk management practices, management fraud, insider abuses and weak regulation supervision and enforcement. Sarah Alade – The New Guard Dr. Sarah Omotunde Alade (OON), who was appointed acting governor immediately after Sanusi’s suspension, has been the Deputy Governor of Economic Policy at the bank since 2007. She attended the University of Ife, Ile-Ife (now Obafemi Awolowo University) where she bagged a B.Sc (Hons) degree in Economics in 1976. She also obtained a master’s degree at the University of Melbourne, Melbourne, Australia in 1983 and a Ph.D in Management Science (Operations Research), from the University of Ilorin in 1991. She began working in 1977 with the Ministry of Finance and Economic Development, Ilorin, Kwara State and In 1991 joined the University of Ilorin as a Lecturer in the Department of Accounting and Finance. In 1993, she joined the CBN as an Assistant Director in the Research Department where she served as Head, State Government Finance Office (1993-1996); Head, Federal Government Finance Office (1996-2000) and Head, Fiscal Analysis Division (2000-2004). Dr. Alade has served on the teams on major economic policy studies, and has been involved in the preparation of Central Bank of Nigeria’s Monetary and Credit Policy Proposals over the years. She was actively involved in the drafting of the Medium Term Economic Programme (MTP) for Nigeria and the IMF staff Monitored Programme/Standby Arrangement. She was appointed Director, Banking Operations Department in May 2004. In that capacity, she served as Chairman Board of Directors, Nigeria Interbank Settlement System (NIBSS) as well as Secretary, National Payments System Committee (NPSC). Dr. Alade was a member of the Technical committee of the Vision 2010 and currently a member of the Technical Committee of Vision 2020 and member of the National Economic Management Team (EMT).