Search For New CBN Governor: More Likely Successors Emerge

As the first tenure of the current CBN governor tails off to the end and his reluctance to do a second term coming upbeat, more names touted as possible replacements for the Kano Prince continue to pop up.

By Chukwudi OHIRI

Nigerians may yet again witness another round of surprise package from President Goodluck Jonathan when he finally unveils the identity of the next Central Bank of Nigeria (CBN) Governor as more names have emerged to swell the list of likely candidates to replace Sanusi Lamido Sanusi come June 2014.

The Governor of Central Bank of Nigeria, Lamido Sanusi has continued to drum it into the ears of anyone who cared to listen that he would not be seeking a second term in office as CBN’s helmsman at the expiration of his first five-year tenure. Feelers from government circles are that even if Sanusi desired a second term, he apparently may not get the nod from the presidency for very obvious reasons. One of such reasons will be his penchant for dabbling into political affairs vociferously and sometimes tending to be at cross roads with the government.

Apart from advising President Goodluck Jonathan to announce his successor at least three months to the end of his tenure, Sanusi has also been speaking on the qualities his successor must posses in order to sustain the gains he had already recorded. Reactions to these recommendations seem to have expanded the horizon of the search for a possible successor to include the likes of Mr. Philip Oduoza, the Group Managing Director of United Bank for Africa (UBA) and renowned professors of political economy and management expert, Pat Utomi.

Analysts had earlier tipped some of the CBN deputy governors among Sanusi’s likely successor. Deputy Governor, Operations, Tunde Lemo; Deputy Governor, Economic Policy, Sarah Alade; and Deputy Governor, Financial System Stability, Kingsley Moghalu were among the insiders mentioned while Managing Director, Asset Management Corporation of Nigeria (AMCON), Mustafa Chike-Obi; Managing Director, First Bank of Nigeria, Bisi Onasanya and Managing Director, Access Bank, Aigboje Aig-Imoukuede were tipped for consideration if the presidency finally decides to pick the candidate from outside the apex bank circle. So much has already been said about the respective credentials of these candidates.

The new entrants are believed to have emerged as fallout of Sanusi’s recent recommendation that the new CBN Governor must be able to develop the market. Sanusi Lamido Sanusi who spoke during the Women in Successful Careers (WISCAR) fifth anniversary in Lagos penultimate week expounded on the qualities expected of his successor. According to him, “central banking has changed. I think the market has developed. To be honest, if any Central Bank Governor misbehaves, the market punishes the economy immediately. So, the market is a major factor. Even as a governor, by the time your capital market crashes, and your currency goes down, you will know that it is either you restore stability, or you are out of the job. That’s important”. Bloomberg also quoted Sanusi to have said: “It could be from within or outside; it doesn’t really matter. What’s important is the institution and to have the right balance.
“If you have someone, say, with a strong economic theoretical background, you need to make sure at the deputy governor level, you’ve got strong banking supervisory, regulatory oversight background. “If it’s a banker that’s more into operations and financial stability then you make sure that you’ve got enough economists to complement it. It’s very collegial.”

In view of the above submission which concurs with the opinion of analysts that “managing the country’s monetary policy by ensuring macroeconomic stability, price and exchange market stability and a single-digit interest rate, all taking place with high growth and jobs, remain the tasks facing the CBN today”, the new CBN governor is therefore expected to posses beyond paper qualifications, practical and verifiable track record of the technical know-how needed to run the apex bank.

Sequel to this, Prof Pat Utomi and Mr. Philip Oduoza’s names are now being rumoured among analysts to have joined the list of top contenders. Indeed, sources within the CBN and the presidency affirm to this new development and even suggest that either of the two can cause major surprise in the race. What then is in their credentials that stand them out to be the surprise joker of the presidency?

 Philip Oduoza

Going by the recommendations of both analysts and the CBN Czar, Mr. Philip Oduoza may well fit into the description that is being sought after. He has been the Chief Executive Officer and Group Managing Director of United Bank for Africa Plc since August 1, 2010, stepping into the big and intimidating shoes of Mr. Tony Elumelu, (the immediate past GMD of the UBA Group) which many thought would be too big for him. Prior to his appointment, Phillip Oduoza was the Bank’s Deputy Managing Director overseeing its operations in the South, which is the UBA Group’s largest strategic business group. He also served as Executive Director of Retail Financial Services and has more than 22 years banking and Financial Services experience which cuts across Banking Operations, Relationship Management, Credit/Marketing, Technology Implementation, Risk Management, Lean Banking Methods and Brand Management, having worked with several other banks before joining UBA about a decade ago.

At a time emphasis is built around e-banking, Mr. Oduoza’s gamut of experience in Information & Communications Technology (ICT) will work in his favour having served as Chairman and Director of ValuCard Nigeria Plc until 2011. He had earlier served as an Executive Director of Standard Trust Bank as well as Director of InterSwitch Limited. He is Alumnus of the Harvard Business School Advanced Management Program and an honorary senior member of the Chartered Institute of Bankers of Nigeria. Mr. Oduoza holds an MBA (Finance) and a first class BSc degree in Civil Engineering from the University of Lagos. Mr. Oduoza is seen as a traditional conservative banker.

Unlike Lamido Sanusi, Mr. Oduoza is not the talking type and silently and discreetly, he sets his goals and delivers on them. This assertion is very evident in the remarkable feat he is achieving in the UBA group and yet, he does not blow his own trumpet nor does he dabble into political issues that have no bearing with his profession. He is apolitical to the core but is a strong advisor to many leaders. When it comes to business and marketing of the bank, his aggressive and innovative marketing techniques, surpassing that of his predecessor cannot be matched.
Under his headship, The Banker Magazine, a publication of Financial Times, named United Bank for Africa Plc (UBA), the Bank of the Year, Africa (2012) and there are speculations that it might win the laurel over and over again. UBA also won the country awards for Senegal and Cameroon, making it a total of three awards received in a single event. According to the organizers, UBA was chosen on account of the Bank’s successful turnaround to profitability following the write-offs and clean-up of its balance sheet in 2011. The Banker also stated that other reasons for the selection of UBA were the notable consolidation of UBA’s business across Africa as well as its innovative cross border payment/remittance products and platforms which have made trade and financial transactions easier and more convenient in the continent. 
J.P. Morgan, a leading financial services firm with global scale and reach, recently named United Bank for Africa (UBA) as one of its  'preferred stocks in the Nigerian banks space in recognition of its recent growth indices under the headship of Mr. Oduoza. In 2012 also, and in keeping with its tradition of recognizing deserving institutions, Heritage Newspaper of Liberia named the Liberian Subsidiary of UBA as Liberian Bank of the year.

On a personal note, Mr. Oduoza has won several awards for himself in the banking and financial services sector. He was recently named Socially Responsible Investment (SRI) 30 “CEO of the Year” by African Investor; one of the leading investment and specialist communications firm advising governments and businesses on investments in Africa. Mr. Oduoza was chosen in recognition of his exceptional achievements over the last year which is seen as an “inspiration for business and government leaders working to raise Africa’s investment profile” the award organizers said in a statement. The judging panel considered excellent leadership skills, enhanced organisational image, innovation and originality as well as alignment with the millennium development goals in choosing the Socially Responsible Investment (SRI) 30 CEO of the year. Commenting on the award, Oduoza said, “I am excited about the significant strides we are making at UBA.  I dedicate this award to the multi-cultural, multilingual staff of UBA. We take pride in our pan-African heritage, and the significant contributions we are making to economic development on the continent” suggesting that he is not egotist.

Within the banking circles, Mr. Oduoza is seen as an unassuming and indefatigable banking guru whose mastery of the dynamics of macro-economics is outstanding and enigmatic. One thing that might give him an edge on other candidates if geopolitical consideration is given any consideration is that he is both of the South-South and South-East geopolitical zones, his father being South East (Imo) and his mother being South-South (Edo). Could he be the round peg in a round hole the presidency is looking for?  Time will tell.

Prof. Pat Okedinachi Utomi

Pat Utomi has become a household name in Nigeria and whenever issues about the Economy arise, he is indubitably a reference point. Could this be the reason why he is being touted as possible replacement to Sanusi at a time Nigeria is in dire need of technocrats to paddle the sinking ship of the economy?

He is One of Nigeria’s prominent professors of political economy and management expert. A Fellow of the Institute of Management Consultants of Nigeria and a former presidential candidate, with a passion for the dignity of the human person and the spirit of enterprise, he got admission into the University of Nigeria, Nsukka in 1973 to study Mass Communication. Patrick Utomi graduated from university of Nigeria Nsuka in 1977. After youth service, Prof. Utomi left the country in search of knowledge at the Indiana University, Bloomington, USA. He left with the aim of grabbing a master degree in Business Administration and Journalism, the ultimate for him then was to become a “media mogul” in Nigeria. But mid-way into the programme, he was encouraged by Professor Patrick O. Ngara, the Institution’s Director of African Studies to study something else. Prof. Utomi heeded to this advice and took a specialty in Public Finance and Budgeting. In Prof. Utomi’s words, “My dream was to become a Director of Budget in Nigeria.”

He was later appointed professor of the social and Political Economy Environment of Business and Pioneer Entrepreneurship Teacher at Lagos Business School in 2003. He has been a scholar-in-residence at the Harvard Business School and the American University in Washington, D.C.

The passion and dexterity with which Utomi analyses economic policies is so stunning that ideally, one would simply conclude that the cap fits him. There is no doubt that he has full grasp of political economy and may excel if given the opportunity. But theories, sometimes do not conform with practical reality.

At the moment, pundits are weighing the body language of the presidency to know if continuity or other factors will influence the appointment of the new CBN governor. Apart from that, ethno-tribal considerations and balance may play a big role in the elimination process not ignoring political leanings of the prospective candidates. Whoever emerges, Nigerians are more interested in bringing economic stability and growth through sound macro economic policies into the polity.