Godwin Emefiele is a Nigerian economist, politician and banker who served as the governor of the Central Bank of Nigeria (CBN) from 2014 to 2023. He was suspended by President Bola Tinubu in June 2023 for allegedly violating the Central Bank Act and engaging in partisan politics. He was arrested by the DSS in July 2023 and charged with money laundering.
Emefiele was born in Lagos State, Nigeria on 4 August 1961. He is a native of Agbor, Delta State, Nigeria. He attended Ansarudin Primary School and Maryland Comprehensive Secondary both in Lagos, before proceeding to the prestigious University of Nigeria Nsukka (UNN) for his tertiary education. He obtained a Bachelor’s Degree in Banking and Finance, finishing as one of the top students in his class, in 1984. Soon after his National Youth Service, he returned to UNN for a Masters Degree in Finance, which he obtained in 1986. He is also an alumnus of Executive Education at Stanford University, Harvard University (2004) and Wharton School of Business (2005). He was conferred with an Honorary Doctorate Degree in Business Administration by the University of Nigeria Nsukka (UNN).
Emefiele started his career as a lecturer of finance and insurance at the University of Nigeria Nsukka, and University of Port Harcourt, respectively. He also worked for vodafone for a short period. He then joined Zenith Bank Plc, where he rose to become the chief executive officer and group managing director. He was also a director of Zenith Bank Plc and Zenith Bank (Gambia) Limited. He served as a director of ACCION Microfinance Bank Limited.
Emefiele was appointed as the governor of the CBN by former President Goodluck Jonathan in June 2014. He was the first CBN governor to be reappointed for a second term by President Muhammadu Buhari in 2019. During his tenure, he implemented various policies to stabilize the naira, boost foreign reserves, reduce inflation, promote financial inclusion, and support economic growth. He also introduced a multiple exchange rate regime to manage the demand and supply of foreign currency. He oversaw the redesign of the naira notes and coins in 2022, which was aimed at preventing vote-buying during the presidential election.
However, Emefiele faced criticism from some quarters for his interventionist currency policy, which was seen as wasteful and unsustainable. He was also accused of being loyal to the former ruling party, the People’s Democratic Party (PDP), and undermining the anti-corruption agenda of the current administration. He was suspended by President Bola Tinubu, who won the 2023 presidential election, on 9 June 2023, for allegedly violating the Central Bank Act and engaging in partisan politics. He was arrested by the DSS on 23 July 2023, and charged with illegally owning a shotgun and hundreds of cartridges. He denied the charges and was granted bail, but was re-arrested by the DSS outside the court. He is currently facing trial for money laundering and other offences.