GODWIN EMEFIELE SET TO RETAIN POST AS CBN GOVERNOR. TO BECOME THE 1ST EVER CBN GOVERNOR TO SERVE 2 TERMS IN OFFICE.

Godwin Emefiele 

As it concerns the CBN Governorship position, it seems like it's already a done deal as the incumbent, in the person of Mr. Godwin Emefiele whose first term tenure is gradually winding down and would have elapsed come June 2019, which is just a few weeks away. With his renomination by President Muhammadu Buhari, it means he would be going for another 5 years in office again. Emefiele was 1st appointed 5 years ago by the then President Goodluck Azikwe Ebele Jonathan, GCFR, who had removed the then CBN Governor, who went on to become the current Emir of Kano, that's talking about the then Malam Sanusi Lamido Sanusi, who is now better addressed as Alhaji Muhammadu Sanusi II, HRM, the Emir of Kano.

Many names had popped up in speculation as the likely successor to Mr. Emefiele who prior to becoming the CBN Governor was the MD of Zenith Bank Plc. The reason why many had thought there was going to be a definite change of baton from Emefiele to another person was because none of those who had ever being in charge as the head honcho of the apex bank in Nigeria had ever lasted more than a tenure (first term). They have always been replaced after their first term & only term in office. So with his nomination again for the post by President Muhammadu Buhari, to retain Godwin Emefiele for a 2nd term. If the appointment should scale through, which it would, it would just amount to Emefiele breaking a record as the 1st ever CBN Governor to be retained to do a 2nd term of another 5 years.

Much as many had claimed that the CBN Governor was somewhat docile and had not really stamped his authority on his position and not done anything extraordinary for the Nigerian economy and fiscal policy to retain the post, it seems like the administration of President Muhammadu Buhari have seen in him, what most have not seen or have not being willing to see and not just that alone, there might just be many things that he has done, that have been quite positive and that have worked very well towards the economic policies of the administration, which has sold him very well. So things have worked well for the man not seen by many, to be overly ambitious and not seen to be desperate to want to retain the position. For Emefiele, it looks like he has given credence to the assertion that, good things comes to those who wait or that the patient dog, eats the fattest bone.

So as Emefiele retains his post, that just puts to bed the speculation of the likelihood of the 'FIRS boss', who also doubles as the 'Chairman of the Joint Tax Board', in the person of 'Mr. William Babatunde Fowler' and others also so speculated, taking over from him as the CBN Governor. Those who had tried to sell the idea of Mr. Fowler had thought that him coming on board the CBN was fantastic proposition. But now with the CBN post gone, maybe the super hardworking tax czar would now be considered for a ministerial position instead, as many are of the opinion that a change of baton might actually also be coming up at the FIRS too. 

REASONS WHY BABATUNDE FOWLER DESERVES TO BE THE NEXT CBN GOVERNOR

William Babatunde Fowler 

We had written about the likelihood of the Executive Chairman of the FIRS, who also doubles as the Chairman of Joint Tax Board in the person of Mr. Babatunde Fowler becomimg the next Governor of the Apex Bank in Nigeria a few days back and some had expressed their opinions as per what they thought about it. One particular person we had spoken to raised a point saying anyone that must be in charge at the CBN, must be someone that has, one, a banking background and two must also be someone who has a fantastic grasp, knowledge and understanding of the economy and policies of the country amongst several other things needed. And we quite agree too with all of that and more.

But before we go on, it must be well stated here, that this write up here is strictly our opinion and that it wasn't sponsored by anyone, neither was it engineered by any individual or groups of people. And we know very very well that the constitution of the Federal Republic of Nigeria, allows us to have our own opinion and allows us the opportunity to also express freely that opinion as long as it doesn't infringe on the rights others.

So away from the above. If one of the major requirements needed for anyone to become the next Governor of Nigeria's number 1 Bank is banking experience, then having spent not less than 2 decades at 2 banks rising to the level of a General Manager, before quitting to join the public service then Mr. Fowler is very well qualified then. For 6 years (84 to 90), Mr. Fowler worked at Commercial Bank (Credit Lyonnais) becoming the Branch Manager of the only branch of that Bank outside her HQ. Then for the next 14 years of his life, he worked at Chartered Bank, where he came in as a senior manager, but left as a General Manager of that same bank after achieving so much. Part of these was helping to increase the branch network of Chartered Bank then, from 2 to 11, in just 5 years! Not to talk of loads of other things he did too. He made Chartered Bank of the top 3 banks in the country in terms of revenue collection for the states and Federal Government agencies.

When he left the private sector to move to the public sector by working for Lagos State for all of 9 years till 2015, he led the LIRS to break every records available and conceivable in revenue generation via tax collection. People generally look at it like, there wasn't anything so extraordinary about what he did or was able to achieve. But for one to have led an organisation, an autonomous government parastatal that helped to shoot what was accruing to that government of a state from [3.6billion monthly to 23 billion monthly], that is something that is unbelievably extraordinary at least to us. To even add to that, if it were so so easy like some have come to claim, how come prior to him coming on board the people there before didn't do a quarter of what he now came to do later.

It was because of his exemplary feat and service to Lagos State, that the Federal government thought it best to see if he could come replicate what he did in Lagos at the Federal level too and truth be said, he hasn't failed at all. For it has been garlands upon garlands, achievements upon achievements since he came on board in 2015. Here is a man that his work and feats have spoken for him. Just like the scriptures has said, in Proverbs 18:16 A man's gift makes room for him, and bringeth him before great men. It's not a matter of rhetoric for Mr. William Babatunde Fowler, but of actions.

Just imagine that N5.32 trillion was what the FIRS contributed to the nation in 2018 alone, that's N1.292 trillion more than what they collected in 2017 (which was N3.3 trillion. That amount 5.3 trillion, is the highest ever collected in the history of Nigeria. And it must be well stated that the revenue has been increasing annually since he came on board. It must also be well noted that, this is part of the funds shared by the 3 tiers of Government annually. And for 2019 alone, the target is N8 trillion Naira. So from the foregoing then, If one is good at what he or she does, the person must be well commended and compensated then.

For someone who has done exceptionally well like he has done already at the assignment that was given to him, surpassing all expectations so glaringly, just imagine then what sanity and revolutionary approach he would bring to bear at the apex bank of and when appointed.. Especially as the current Governor's 1 term tenure would soon be coming to an end. To show how exceptionally good Babatunde Fowler is, even the "African Tax Administration Forum", a body that comprises of all the tax czar in the 38 countries of Africa  recognises that he is a guru par excellence, as he is leading them again on a 2nd term of another 2 years till 2020. He was reelected unopposed by all the 26 members that participated in the election.

So it's like putting a round peg in a round hole.  Like we have always said, "who the cap fits, let them wear it".

William Babatunde Fowler is the man for the job. 

WOULD 'TUNDE FOWLER' BECOME THE NEXT CBN GOVERNOR?

Williams Babatunde Fowler 

All things being equal, seems likely that one of the major contenders for the post of the next Governor of highest Bank in Nigeria might most probably be, the boss of the FIRS, Mr. Babatunde Fowler, who by all indices and indication has done exemplarily well.

From all available reports we are getting, we hear that the 'tax guru', who prior to his present assignment and post had been the tax boss in Lagos, which unarguably is Nigeria's number 1 state in all ramifications. Before Mr. Williams Babatunde Fowler became the boss, executive chairman of the Federal Inland Revenue Service (FIRS) and chairman of the Joint Tax Board, he had gallantly shown his exemplary mettle as the boss of the Lagos State Internal Revenue Service, where he had more than helped to triple the revenue from tax in the state and even helped to bring some major reforms and sanity to tax collection, tax administration in the center of excellence. It was because, what he was able to achieve was so glaring for all to see, that he was somewhat conscripted to do same at the Federal level too, and we hear that like the man in charge at the Customs and Excise agency and like the man alao in charge at JAMB both of who have performed exceptionally and excellently, he has not disappointed at all too. 

So with such a record of achievements that's so glaringly visible, many are already speculating that the next big step for him, might be for him to take over from the current Governor of the apex bank-Mr. Godwin Emefiele whose tenure would soon be expiring, June of 2019 to be more precise. Emefiele the forner MD/CEO of Zenith Bank was appointed to his post on June 3, 2014 for an initial 5 years term, which is renewable by the President, if he so wish, 

Though we hear that Mr. Babatunde Fowler is well content to remain at his post as the 'Nigerian tax boss', but he is also not aversed to and would also be favorably disposed to showing his mettle again, if called to a higher office and higher responsibilities as the Governor of the apex bank too. Those who would love him to switch and take up the post are of the good opinion that he is more than eminently qualified for it. Which truly he is. 

Mr. Fowler, 62, he would be clocking 63 come August 12, 2019 has had the privilege to have had an exemplarily private and public services career. After graduating from the University of Wisconsin Whitewater in the US, with a Bachelors in science in Economics and a minor in political science, he went on to get a 2nd degree from the California state university, Los Angeles where he also went on to obtain his MBA too.  He began his career path at Avon Products Inc in the US, before he was employed by Johnson & Johnson in New Jersey, it was from there he was subsequently transferred to Johnson and Johnson, Nigeria afterwards. In 1984 he took a new career path, when he switched from international finance and marketing to embrace banking.

From 1984 till 2004, he dazzled all comers in his new career path, growing steadily from Commercial Bank (Credit Lyonais) where he left as a branch manager after a meritorious 6 years service, heading the only branch of that bank outside her head office. In 1990, he moved to one of the biggest banks then, Chartered Bank as a Senior Manager. He worked there from 1990 till 2004, a good 14 years. From being the head of branch networks, where from just 2 branches he grew the network to 11 in just 5 years. He also became the head of revenue collections for both states and Federal agencies and it was here that he showed he was a guru par excellence. Taking his bank to the position of 3 amongst all the banks in revenue collection. He left the bank as a General Manager in 2004.

Upon leaving the banking world in 2004, he joined the Lagos State Government as permanent secretary/executive chairman of the Lagos State Board of  Internal Revenue. That agency of Government became autonomous in 2006 and Mr. Fowler became the 1st ever CEO of LIRS & the Executive chairman of the Lagos State Board of Internal Revenue. There began the best years of the Lagos State Government.

With what Mr. Fowler introduced, the monthly revenue of Government leaped extraordinarily from  3.6 billion monthly to 6times what it used to be. The improvements were so much that, it made Lagos State the only state in Nigeria that's independent of the monthly financial allocation from the the Federation account revenue. In fact Lagos State is the only state in the federation that generates her own revenue far in excess of what she gets from the Federation account.

Now the model that he introduced in just a state then and made to work for all of 9 years from 2006 till 2015, he has carried again to the Federal now and it has been yielding extraordinary returns & results too, to the admiration of all. Mr  Fowler is an outspoken advocate against over reliance on oil revenue which has been dwindling. 

So from every angle one can look at it, to scrutinize it, the Executive Chairman of the FIRS/Joint Tax Board is more than qualified enough to take over at the Central Bank Nigeria (CBN). 

Would he become the Governor?

Let's wait and see. All we are saying though is, who the cap fits, let him or her wear it.

As an aside, a bird 🐦, had whispered in our ear, saying that the forner Governor of Gombe State, who was also a former Accountant General of the Federation, who in fact had had an 11 years stint at the CBN before in the person of 'Alhaji Ibrahim Hassan Dankwambo', 57, who is in fact not an APC party member, but of the PDP might be interested in the post too🙄🤔. 

PRESIDENCY CALLS THE BLUFF OF SANUSI LAMIDO SANUSI GOVERNOR OF CBN AND IMMEDIATELY APPOINTS AN ACTING GOVERNOR

 

DR SARAH ALADE IMMEDIATE LEFT

Apparently the FG couldn't take anymore again, the audacity and impunity with which the erstwhile Governor of the CBN had acted all this while, so they acted today with force, clamping down on the very outspoken Prince of Kano, Mallam Sanusi Lamido Sanusi by placing him on suspension, though his tenure was only just remaining a few more months. 


Since the former CBN Governor had said at one time that he couldn't be sacked except by the House of Assembly, many had thought that he had become a bone in the throat of the powers that be in the Presidency and some of their supporters and had felt that the FG would have to make do and manage the so called excesses of the man, till the middle of the year. His outspokenness and his air of invincibility had irked many who had called severally for him to be axed.

But with the suspension placed on him now and the immediate appointment of an acting Governor, the FG might have played a masterstroke and most assuredly might get away with it. The only 2 institutions that might ask for a reversal of the suspension are the House of Assembly & the law courts. 

With the former, they can be convinced to foot drag and just act as if they are enraged while acting out a script. The reason for that might not be unconnected with the fact that the same CBN Governor had at one point accuse them of enjoying unnecessarily the Country's largesse. With the courts, it just depends also, there's just the 50/50 chance of an injunction to maintain status quo ante. If many would readily recall how the FG dealt with the former President of the Court of Appeal, Justice Ayo Isa Salami of the Judiciary. With all the court injunctions given in favour of Justice Salami; they just continued on as if nothing had happened until the man reached the retirement age and just had to go.

The way it is now, the FG has not fully sacked him, Mallam Sanusi Lamido Sanusi might have played into the hands of a thoroughly embarrassed & unforgiven FG. 

So this might be the right time to say bye-bye to the great Mallam Sanusi Lamido Sanusi, who came, saw and conquered at the height of his career.  The Prince of Kano's suspension was announced by the SA to the President on Media & Publicity, Dr. Reuben Abati who also announced the name of the acting Governor, Dr. Sarah Alade. Dr. Alade is currently the most senior, Deputy Governor at the CBN. 

The 52 years old, would be 53 on July 31, 2014. He was appointed as the CBN Governor on June 3, 2009, succeeding Prof. Charles Chukwuma Soludo. He would have been