The appointment of a qualified and competent individual as the Governor of a Central Bank is very crucial for the stability and growth of a country’s economy. This has become imperative in the particular case of Nigeria, where the Central Bank of Nigeria (CBN) had been run aground in the last decade, with the consequence of the adverse economic situation that the country now finds itself.

Further, in the case of the Central Bank of Nigeria, the recent appointment of Dr Yemi Cardoso, who from his reputation and experience, is seen in the banking and finance sector as a perfect fit for the job at this critical time in the history of Nigeria, has however been met with a few criticisms from some analysts, who argue that Dr Cardoso is not a central banker. However, it is important to recognize that being a commercial banker with executive management experience in a reputable bank, such as Citibank, and having served as Chairman of the bank, are strong enough professional prerequisites for the role of Governor. Reading a few comments of the critics of his appointment, it should assuage such concerns, if I try and elucidate the professional qualifications necessary for a commercial banker, such as Dr Cardoso with his SEK/ effacing demeanor to be a qualified Governor of the Central Bank of Nigeria, and argue that his appointment is justified based on his experience and temperament.

The role of a Governor of a Central Bank requires a deep understanding of the banking system, monetary policy, and economic stability. While there have been instances where individuals from commercial banks or even outside the banking system have been appointed as Governors, it is essential to assess their professional qualifications and experience. Cardoso's background as an executive in a first-class bank and his previous role as Chairman demonstrate his expertise in the banking sector, making him a suitable candidate for the position of Governor.

First, from his Cardoso’s over 30 years experience as a banker, he possesses an In-depth knowledge of the banking system
So for him as a commercial banker he possess a comprehensive understanding of the banking system. Which includes his knowledge and experience of banking operations, risk management, financial regulations, and the ability to analyze market trends. Cardoso's experience as an executive in Citibank and his role in Executive Management and Chairman of Citibank, indicate his familiarity with these aspects of the banking system.

Secondly, going by Cardoso’s academic credentials and the rigorous in house trainings and programs that he undertook in the banking sector, he must have acquired clear understanding of treasury management, credit and monetary policy, which are some of the prerequisites of being the CBN governor.
Monetary policy plays a crucial role in maintaining economic stability and controlling inflation. A qualified Governor should have a strong understanding of monetary policy tools and their implications. Commercial bankers often deal with monetary policy decisions and their impact on the banking sector. Cardoso's experience in executive management positions would have exposed him to these policy decisions, making him well-versed in this area.

Thirdly, Dr Cardoso’s leadership qualities and experience as the Lagos State Ministry of Budget and Planning, during the Bola Tinubu’s administration in Lagos State, are clear indications of his management skills.
As the head of the Central Bank, he undoubtedly possesses strong leadership and management skills. Commercial bankers, especially those who have held executive positions, are accustomed to managing teams, making strategic decisions, and handling complex financial matters. Cardoso's experience as Chairman of Citibank also demonstrates his ability to lead and manage effectively. His combined experience in private sector banking and public sector budget and planning, makes him an excellent choice for the governor of the CBN.

Those criticizing the appointment of a commercial banker as the Governor of CBN, may be reminded of precedents of outstanding commercial bankers who have held such positions in the past:
Paul Oguma and Joseph Sanusi:
In Nigeria, previous Governors of the Central Bank, such as Paul Oguma, Joseph Sanusi, and Emir Sanusi Lamido Sanusi were appointed from commercial banks. Their experience in the banking sector equipped them with the necessary skills to effectively manage the Central Bank. This precedent supports the appointment of commercial bankers as qualified Governors.

Other examples of Central/Reserve Banks Governors being appointed from outside the system in other countries abound.

Italy: In 2019, Ignazio Visco was reappointed as the Governor of the Bank of Italy. Visco, an economist, had previously served as the Director-General of the Treasury in Italy's Ministry of Economy and Finance. His appointment as the Governor of the Bank of Italy was seen as a departure from the tradition of promoting from within the central bank.

2. Canada: In 2008, Mark Carney was appointed as the Governor of the Bank of Canada. Carney, an economist, had previously worked in various roles in the Canadian Department of Finance and the Bank of Canada. His appointment from outside the central bank was seen as a fresh perspective to lead the institution.

3. South Africa: In 2014, Lesetja Kganyago was appointed as the Governor of the South African Reserve Bank. Kganyago, an economist, had previously served as the Director-General of the National Treasury in South Africa. His appointment as the Governor of the central bank was seen as a recognition of his expertise in economic policy and financial management.

4. Brazil: In 2016, Ilan Goldfajn was appointed as the Governor of the Central Bank of Brazil. Goldfajn, an economist, had previously worked in various roles in academia and the private sector. His appointment from outside the central bank was seen as a move to bring fresh ideas and perspectives to the institution.

These examples highlight instances where individuals with backgrounds in economics, finance, or public policy were appointed as governors of central banks, despite not having prior experience as central bankers. These appointments often reflect the government's desire to bring in individuals with diverse expertise and perspectives to effectively manage monetary policy and address the specific needs of the economy of the country.

Therefore, not being a central banker is not necessarily one of the criteria for being appointed as a central bank governor. While having experience in central banking can be advantageous, it is not the sole determining factor for the appointment of a central bank governor. There are entrenched establishment Directors and Deputy Directors already in the system who would form a strong team that should work harmoniously with the governor to make a successful tenure and turn around the ailing Nigerian economy.

The selection process for a central bank governor varies from country to country. In some cases, individuals with a background in economics, finance, or public policy may be considered for the position. These individuals may have worked in various sectors, including academia, government, or the private sector, and may bring a diverse range of skills and expertise to the role.

The appointment of a central bank governor often takes into account a combination of factors, including the individual's qualifications, experience, demeanor, temperament, leadership abilities, and understanding of monetary policy. Additionally, the appointment may also be influenced by political considerations and the specific needs and priorities of the country's economy.

While having experience as a central banker can provide valuable insights and understanding of the intricacies of monetary policy, it is not a prerequisite for the position. Many central bank governors have come from diverse backgrounds, bringing different perspectives and expertise to the role.

Ultimately, the appointment of a central bank governor is a decision made by the government or the relevant authorities, and they consider a range of factors to ensure that the individual appointed is well-suited to lead the central bank and effectively manage the country's monetary policy.

The speech was neither an accusation nor a plea. It was, simply, a clarion call – a frank assessment of our nation, our Continent and our world as they are right now, but also a proposal for urgent action towards remaking them as they should be.

Not many people can remember the last time an African leader had adopted this sort of tone in addressing the community of nations. Nigerian President Bola Ahmed Tinubu’s maiden address to the 78th session of the United Nations in New York, USA was a balancing act between two rhetorical extremes characteristic of speeches delivered at this august forum by most of his Nigerian predecessors and African counterparts (and indeed by many leaders from the so-called Global South). It was devoid of the usual denunciations of neo-colonialism, imperialism and other machinations of the West as they affect the continent and its individual nations. But it was equally devoid of the tone of abject begging – for debt relief, for aid, for fairer trade practices, for preferential export policies, for reparations for past (and not so past) wrongs, etc.

Where others go to such fora to ask ‘Why? ‘ Bola Tinubu went there to say, ‘Why NOT?’

“No leader,” gushed the prominent human rights lawyer and former President of the Nigerian Bar Association, Dr. Olisa Agbakoba, SAN, “has spoken for the African continent like Tinubu did at the UN General Assembly.” Agbakoba praised the Nigerian leader for making the point that  Africans did not relish the status of beggars at the mercy of the rest of the world. “Not since (Ghana’s first post-independence President) Kwame Nkrumah and his vision for a pan-African agenda for development,” said the lawyer, “has any African leader delivered a speech on behalf of all 54 nations of Africa.”

Time there was, not so long ago, when Nigeria’s voice carried greater weight than it currently does on the global stage, when our diplomats were courted in the major capitals and power centres of the globe and sought-after for their insights on contemporary global issues and even on disputes far removed from our sphere of influence, when our investments in the peace and stability of the global village (in terms both of personnel and financial contributions to international, especially UN, initiatives) were duly recognized. In line with her foreign policy, which placed Africa at its centrepiece, Nigeria spearheaded the push for the total decolonization of the continent, and the demise of white minority rule in Southern Africa – to such an extent that she was accorded the status of a ‘frontline state‘ by the anti-colonial and anti-apartheid forces of the time, and her successive UN ambassadors held the permanent chair of the Organization’s Special Committee against Apartheid until the fall of that racist policy. Closer to home, so invested was Nigeria in the restoration of peace in war-torn Liberia and Sierra Leone – committing men and materials via ECOMOG, the Monitoring Group set up by the regional group, ECOWAS to see to the resolution of the two conflicts – that a visiting US President remarked in a speech in Abuja that Nigeria (by its actions in Liberia, S/Leone and elsewhere) had “the makings of a world power.” Till date, Nigeria is one of only 5 UN member-states to hold the Presidency of the UN General Assembly on more than one occasion. Those 2 tenures – under Dr. Joseph Garba and Dr. Mohammed Bande – were remarkable for the initiatives the world body undertook in pursuit of objectives such as the Millennium Development Goals 2000, and the Sustainable Development Goals 2030.

No thanks to Nigeria’s present predicament, however, her voice on the international stage has been muted somewhat over the years, and there are those who say that Nigeria’s diplomatic vigour had been sapped by her internal tribulations, leaving a yawning gap other African nations – notably South Africa and even Rwanda – are scrambling to fill (with mixed results so far).

Tinubu’s address in New York, devoid of shrillness and oozing quiet authority, however underscored Nigeria’s natural (one might even say, divinely-appointed) role as the continent’s leader and standard-bearer. No doubt, she has fallen short on most, if not all, of the indices that such a role demands. But the President’s speech was a reminder that despite having lost its way over the years, and having been afflicted by the scourge of bad governance which, he admitted, ‘has hindered Africa’ – Nigeria  hasn’t forgotten her proper role, nor has she willingly abdicated it to others. As our people would say, “Na condition wey make crayfish bend back.”

That reminder brings to mind the spirit embodied in the immortal lines from the famous poem  Ullyses by the English poet Alfred, Lord Tennyson:

‘Though much is taken, much abides; and though we are not now that strength which in old days moved earth and heaven, that which we are, WE ARE. ‘

On a wide range of critical issues – from defending the supremacy of democratic governance (in the face of recent coups d’etat in the West African Sahel and in Gabon); to the battle against violent extremists; to resource justice; and to climate change, among others – Tinubu insisted that the theme of the 2023 gathering in particular (namely, Rebuilding Trust and Re-igniting Global Solidarity: Accelerating Action on the 2030 Agenda and its Sustainable Development Goals Towards Peace, Prosperity, Progress and Sustainability for All) and the overarching objectives of the United Nations in general, would have no meaningful impact unless and until Africa’s developmental priorities are at their very centre – not just for the sake of Africa and the welfare of her people, but also because it serves the long-term interest of governments, institutions and corporate organizations wherever they may be.

While admitting that Africa has suffered from a serious deficit in the quality of its political leadership and the resilience of its institutions, Tinubu nevertheless identified foreign factors such as broken promises, unfair treatment and outright exploitation as having also played a role in hampering the development of the continent. A former pro-democracy activist himself, the Nigerian President reiterated the faith of his compatriots in the democratic process and the sanctity of popular will as the best guarantor of any government’s legitimacy and the well-being of its people. To that end, he tried to put into perspective the recent wave of military takeovers in parts of West and Central Africa, saying that, far from demonstrating a widespread appetite for coups, this phenomenon is simply ‘a demand for solutions to perennial problems, including unconstitutional actions by the political elite, especially those designed to perpetuate a government or a clique in power long after they have overstayed their welcome. “Military coups are wrong,” Tinubu affirmed, “as is ANY TILTED CIVILIAN political arrangement that perpetuates injustice.”

Regarding Niger Republic in particular, the President, in his capacity as Chairman of ECOWAS, pledged to advance the negotiations aimed at re-establishing democratic governance in a manner that addresses the political and economic challenges confronting that nation, as well as counters the activities of extremists profiting from the fluidity of the situation, and welcomed the support of all who seek a peaceful and just outcome to the impasse in Niger.

President Tinubu also sought international support for West Africa’s protracted battle against violent extremists, a struggle which, he noted, has now exercebated other longstanding problems, including the opening of what he called “a dark channel of inhumane commerce’ where even men, women and children, are for sale. But he was not unmindful of the root cause of this evil phenomenon, which he identified as Africa’s dire economic situation and the bleak prospects it offers millions of its people, as a result of which, he said, thousands risk their lives braving ‘the Sahara’s hot sand and the Mediterranean’s cold depths‘ in search of a better life – even when that life means no more than wasting their talents and energies in demeaning jobs such as  sweeping the floors and streets of cities in wealthier nations.

Tinubu therefore called for greater committment on the part of his African colleagues and prospective foreign partners to the dual challenge of enhancing the economies of their respective countries as well as disbanding extremist groups and arresting the flow of arms and violent people into the sub-region. 

On the sometimes-subtle, sometimes-brazen exploitation of Africa’s natural resources, the President made a stark pronouncement: “The world economy owes the Democratic Republic of Congo much, but gives her very little.” This lopsided economic relationship, he said, has turned many areas of that vast and richly endowed country into “catacombs of misery”. The DRC’s bitter experience, he lamented, is replicated in resource-rich areas elsewhere in Africa, such as in Sudan, Mali, Burkina Faso, the Central African Republic, etc – where a deadly cocktail of poverty in the midst of riches, slavery (including that of children forced to work illegally in mines) and bloodshed keeps spreading and threatening the peace and security of nations – including Nigeria. But rather than being used to develop the economies of host communities and nations, Tinubu said, the proceeds of these activities are instead used to fuel even more violent enterprises. He called on UN member nations to respond to this challenge by, among others, deterring their companies and citizens from participating in this 21st replication of historical wrongs against Africa. 

Turning his attention to the current conversation on climate change and its adverse (and in some places, apocalyptic) effects on lives, livelihoods and security, President Tinubu added his voice to the clamour for urgent climate action. On her part, Africa, he said, would seek, in ways both innovative and unique, to mitigate the impact of a phenomenon to which she has contributed very little, but is bearing a disproportionate brunt. Lamenting the massive loss of life in the recent disasters in Morocco and Libya, as well as the instances of climate-related tragedies in his home country, Tinubu asserted Africa’s determination to confront climate change with the required vigour, but WITHOUT jeopardizing her most fundamental socio-economic aspirations. Our continent, he said, has its own priorities, in respect of which she would welcome a wide consensus on climate action – one that also requires advanced economies to be more forthcoming with public and private sector investment for Africa’s preferred initiatives. This, he said, would go far in demonstrating that global solidarity, as far as climate action vis-a-viz sustainable development, is concerned, is real and working.

Africa’s long-standing call for a Marshall Plan-style programme of cooperation and assistance from more established economies, Tinubu maintained, was not a plea for charity. The original Marshall Plan, he recalled, was not an act of charity, either; it was borne, instead, out of an understanding that helping the countries hardest hit by the horror and destruction of World War II would accelerate their recovery and enhance their ability to contribute more robustly to the growth of the world economy – and perhaps prevent yet another conflagration. Shared wealth and shared values, the authors of the Plan believed, were the surest guarantors of peace. While acknowledging that the underlying conditions and causes of the economic challenges currently confronting Africa are different from those of post-war Europe, the Nigerian President said, “We are not asking for identical programmes and actions. What we seek is an equally firm commitment to partnership … (and) enhanced international cooperation … to achieve the 2030 Agenda and the Sustainable Development Goals.”

In response he charged African leaders to lead by example. Noting his own bold reforms (on fuel subsidy, exchange rate reevaluation, and efforts at tax reform, etc) since taking office in May this year, the President said their aim was to foster economic growth and boost investor confidence in Nigeria, promising that even more far-reaching reforms are being planned. While not unmindful of what he called ‘the transient hardship’ that these measures have caused, he described them as a necessary phase on the road to durable growth that would build the economy our people deserved.

The Nigerian President concluded his address by urging the rest of the international community to discard the unfortunate but rather common stereotype of Africa and its affairs as a problem only worthy of sympathy, at best, or contempt and exploitation, at worst. On the contrary, Africa – on so many levels – holds the key to the future of mankind and its continued existence on this blue planet. Like the rest of humanity, Tinubu said, the people of Africa are a rich tapestry of cultures, races and creeds, and a dynamic, creative and energetic people whose aspiration is “to walk the rich African soil and live under the magnificent African sky free of the wrongs of the past and clear of their associated encumbrances” within the confines of free, safe, prosperous and vibrant democratic entities.

The Minister of Works, Dave Umahi, has declared that no existing federal road can last up to seven years.

He said the verdict was based on findings gathered during his recent road inspection tour crisscrossing the entire nation, noting that some roads are riddled with potholes and have deteriorated into “boreholes”.

The minister expressed his dissatisfaction over the poor jobs done by the contractors over the years while addressing contractors from the six geo-political zones at the ministry headquarters on Tuesday, in Abuja.

Expressing his dismay at how contractors cheat Nigerians with the materials they use to construct roads in the country, the minister said the contractors have been in the habit of increasing the cost of their projects to swindle the country through contract variation and the use of asphalt materials, which are subject to the international price of crude oil.

The former Ebonyi governor also questioned the unauthorised additional work undertaken by contractors and urged them to obtain proper authorisation. He emphasised the importance of thorough documentation and clearance procedures, making it clear that contracts would not be signed without the necessary design plans and original road blueprints.

He said, “There is no project being constructed right now in Nigeria that is going to last for seven years. The question is are we going to be maintaining or reconstructing our roads every 10 years? That is what we have been doing. I travelled from Abuja to Benin City through Lokoja, all the stretches of the road are on contract, and ongoing, this is through the policy of the last administration but how much of the roads are motorable? I travelled through the roads myself and I shed tears for the kind of pains our people are going through.”

“I spent 14 hours on the road having started my journey at 10 am and got to Benin City at 2 pm the next day and I was very happy I experienced the pains. President Tinubu said I must travel through all the projects so that I could brief him on my experience and tell him the truth.

“Unless Mr. President does something about our procurement, his lofty intention to help this country may not be achieved. documents will be sent to the Bureau of Public Procurement for a no-objection certificate and it will stay for six months. How will the contractors do the additional job you directed them to do without backup authorisation.”

While criticising workers in the ministry for not supervising road projects, the minister also castigated the entire construction industry in Nigeria, stating that the poor condition of the roads is partly due to a lack of professionalism and outdated construction methods and further directed all contractors to redesign their projects to concrete technology rather than asphalt and vowed not to pay any contractor who does not adhere to the directive.

According to the minister, claims that the cement price would go to N9,000 if the government starts doing concrete roads is false, as it is part of a big campaign of blackmail against him by the cabals in the construction industry.

“This is my line of instructions and I will do whatever the president instructs me to do he is the only one and God that can cancel my instructions so don’t waste your time reporting me to anyone apart from these two. No matter the amount of blackmail and lies, it will not prevail, the minister reassured.

The Independent National Electoral Commission has fixed September 21, 2024, for the Edo State governorship election while that of Ondo State will be held on November 16, 2024.

The electoral body said the announcement was in line with Section 178 (2) of the constitution, stipulating that election into the said offices shall be held not earlier than 150 days and not later than 30 days before the expiration of the tenure of the last holder of the office.

Similarly, Section 28(1) of the Electoral Act, 2022 requires INEC to publish the Notice for the Election not later than 360 days before the date of the election.

In a statement by its Chairman, Information and Voter Education Committee, Sam Olumekun, on Tuesday, INEC noted that the tenure of the governors of Edo and Ondo states will end on November 11, 2024, and February 23, 2025, respectively.

“The Edo governorship election will hold on Saturday, September 21, 2024.

“Party primaries will hold from February 1-24, 2024 while the submission of the list of nominated candidates via the online portal will start at 9 am on March 4, 2024 and close at 6 pm on March 24, 2024.

“The final list of candidates will be published on April 23, 2024, while the campaign in public by political parties commences on April 24, 2024, and ends 24 hours prior to election day on September 19, 2024,” INEC said.

For Ondo State, it said, “The governorship election will be held on Saturday, November 16, 2024.

“Party primaries will be held from April 6-27, 2024 while the submission of the list of nominated candidates via the online portal will start at 9 am on April 29, 2024, and close at 6 pm on May 20, 2024.

“The final list of candidates will be published on June 18, 2024, while the campaign in public by political parties commences on June 19, 2024 and ends 24 hours prior to election day on November 14, 2024.”

Reacting to the announcement, the Edo State All Progressives Congress and the Labour Party expressed excitement and their readiness for the poll.

APC Publicity Secretary, Peter Uwadiae, in an interview with The PUNCH, said, “The release of the timetable shows that work has just begun. We are aware that the election will be competitive as we are going up against a sitting governor, who will be hell-bent on putting his successor in power.

“We did well in the last general elections by winning six of the nine House of Representatives seats and two out of the three Senate seats. We want to improve on that in the 2024 governorship election.”

Similarly, the LP Public Relations Officer, Sam Uruopa, said, “We are ready. So far, we have the highest number of aspirants in the state. We are going to provide a level playing ground for all of them and leave no stone unturned to ensure that the best candidate emerges. The Edo people are behind us and that will help us win the election.”

Also, in Ondo State, the APC Director of Publicity, Mr Steve Otaloro, said, “This is indeed a positive development. As a political party, we can now officially begin our preparations for the upcoming election. In due time, we will share our plans with you, including the intentions of our aspiring aspirants both within the party and to the public.”

In the same vein, the Publicity Secretary of the Ondo PDP, Mr Kennedy Peretei, said, “We are prepared and we shall set the necessary machinery in motion to participate and put an end to the suffering of the people of Ondo State.”

Brazil legend, Ronaldo Nazario, has got married for a third time.

The 47-year-old walked down the aisle with 33-year-old model Celina Locks in Ibiza.

The stylish pair wore all white as they celebrated the occasion with family and friends at the weekend.

A picture on social media showed the pair being showered with white flower petals as they made their way from the altar.

“Today we bring our families together for an intimate religious celebration,” Celina wrote on social media.

“And thus marks the beginning of a week of many celebrations.”

Ronaldo and Celina had announced their engagement in January after the former Real Madrid striker proposed on a Caribbean break.

The couple had been dating for the past seven years.

Super Eagles striker, Victor Osimhen has threatened to sue Napoli over a TikTok video that was posted on Tuesday.

The clip appears to mock Osimhen for missing a penalty during their 0-0 draw with Bologna in Serie A last weekend.

That proved to be the game’s defining moment and was a rare miss from the Nigerian – who has scored three goals already in his first five matches this season.

The video was eventually pulled down by Napoli following a serious backlash on social media.

Osimhen’s agent, Roberto Calenda, has hinted that Osimhen is considering legal action against his club.

“What happened today on Napoli’s official profile on the TikTok platform is not acceptable. A video mocking Victor was first made public and then, but now belatedly, deleted.

“A serious fact that causes very serious damage to the player and adds to the treatment that the boy is suffering in the last period between media trials and fake news. We reserve the right to take legal action and any useful initiative to protect Victor,” Calenda said.

At least seven clubs booked their places in the Carabao Cup fourth round on Tuesday night.

Current holders Manchester United thrashed Crystal Palace 3-0 at Old Trafford.

Alejandro Garnarcho, Casemiro and Anthony Martial got the goals for the Red Devils.

The match was the night’s only fixture pitting two top flight clubs against each other.

Elsewhere, Wolverhampton Wanderers lost 3-2 to Ipswich Town, while Luton Town were stunned 1-0 by Exeter City.

Burnley hammered Salford City 4-0, Mansfield Town needed penalties to see off Peterborough United after the game ended 2-2.

Port Vale defeated Sutton United 2-1 and Middlesbrough beat Bradford City 2-0.