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Philip Ikeazor is a Deputy Governor of Financial System Stability at the Central Bank of Nigeria (CBN).[1][2] He was appointed by President Ahmed Bola Tinubu on 15th September, 2023 after the removal from office of Godwin Emefiele and his four deputies, Aishah Ahmad, Folashodun Shonubi, Edward Adamu and Kingsley Obiora owing to allegations of corporate governance failures at the CBN.[3]
Education edit
Ikeazor attended the University of Buckingham, United Kingdom where he obtained a Bachelor's degree in Economics[4] and then went on to attend Wharton CEIBS-IESE Business School Global CEO programme, and Executive programmes at the Wharton Business School, Harvard Business School, and the Henley Business School. He is a fellow of the Institute of Chartered Accountants of Nigeria, a fellow of the Chartered Institute of Bankers of Nigeria and also a fellow of the Institute of Taxation, Nigeria.[citation needed]
Work Background edit
Ikeazor has worked in financial services since 1990 first as loans officer at the Nigerian American Merchant Bank. He subsequently moved to Merchant Banking Corporation (MBC) to continue his career in banking and finance. In January, 2013, he was appointed as Managing Director of Keystone Bank[5] and was charged with responsibility to turn around the bank which had been taken over by the Asset Management Corporation of Nigeria (AMCON). Prior to this, he had been appointed to pioneer new business fronts such as Ecobank Kenya Ltd, and Orient Bank Limited, Uganda as first Managing Director. He also served as Director at Greenwich Merchant Limited,[6] Tideway Advisory, Union Bank Nigeria, Union Registrars Ltd, Union Bank UK plc and UBA Trustees Ltd.[7]
Appointment as Deputy Governor edit
Ikeazor was appointed into office as Deputy Governor, Financial System Stability at a time Nigeria's economy had been impacted by high inflation with a bleak macroeconomic outlook.[8] The previous governor of the Central Bank of Nigeria, Godwin Emefiele and his four deputies had been removed from office on the 15th of September, 2023[9] and Ikeazor appointed a Deputy Governor and member of the new Management team charged with implementing significant reforms in the Bank. His predecessors had implemented a controversial currency redesign which was severely criticised as punitive and lacking a human face.[10][11] Moreso, Emefiele, the former governor, had, in an unprecedented move, engaged in partisan politics to contest for the Nigerian presidency as a sitting central bank governor[12]. He was resoundingly criticised, with many analysts calling for his resignation[13][14]. Against this backdrop, President Bola Ahmed Tinubu, on his inauguration on May, 29th 2023, promised a "monetary policy housecleaning" at the Central Bank of Nigeria.[15][16] He consequently suspended Emefiele in June, 2023[17] and appointed a Special Investigator[18] to look into the corporate governance failures at the CBN. In September, Emefiele and his four deputies were removed from office whilst the president appointed Ikeazor as Deputy Governor alongside Yemi Cardoso (Governor), and three other deputy governors (Emem Usoro, Muhammad Sani Abdullahi and Bala Bello).[3]
Philip is coming on board at a crucial time in the Central Bank of Nigeria's history, with a weak and volatile currency, and inflation in double digits[19]. As Deputy Governor, he is a Member of the Central Bank of Nigeria Board and also a member of the Monetary Policy Committee as prescribed by the Act of Parliament establishing the bank.[20] He is expected, in his new role, to rein in corporate governance risks in financial institutions as a regulator and supervisor of financial services in Nigeria. Ikeazor would be overseeing financial system stability which entails protection of consumers of financial services, making financial policies, and regulating financial institutions while ensuring the payments system works for everyone.[21][22]
References edit
- ^ "Meet Philip Ikeazor, a CBN deputy Governor nominee with over 30 years of experience in the financial services industry". NewsWireNGR. 2023-09-16. Retrieved 2023-12-01.
- ^ "Central Bank of Nigeria:: Board of Directors". www.cbn.gov.ng. Retrieved 2023-12-01.
- ^ a b Itsibor, Mark; Bello, Olushola (2023-09-16). "Tinubu Finally Sacks Emefiele, All Deputy Governors". Retrieved 2023-12-01.
- ^ Mojeed, Abdulkareem (2023-09-16). "PROFILE: Meet Nigeria's newly nominated CBN governor, deputy governors". Premium Times Nigeria. Retrieved 2023-12-01.
- ^ "Ikeazor appointed Keystone Bank MD/CEO". Nigeria Business News. 2013-01-31. Retrieved 2023-12-01.
- ^ "Mr. Philip Ikeazor – Greenwich Merchant Bank". www.greenwichbankgroup.com. Retrieved 2023-12-01.
- ^ "Board of Directors – Greenwich Registrars and Data Solutions". Retrieved 2023-12-01.
- ^ Jaiyeola, Temitayo (2023-10-10). "IMF downgrades Nigeria's economic growth". Punch Newspapers. Retrieved 2023-12-01.
- ^ RELEASE, PRESS (2023-09-15). "Tinubu sacks CBN governor, deputies; appoints Olayemi Cardoso as new helmsman". Peoples Gazette. Retrieved 2023-12-01.
- ^ Princewill, Nimi (2022-11-25). "'It changes nothing.' Nigerians unimpressed with redesigned banknotes | CNN Business". CNN. Retrieved 2023-12-01.
- ^ "Nigeria sees cash shortage amid push for redesigned currency". AP News. 2023-01-31. Retrieved 2023-12-01.
- ^ Mbachu, Dulue (2022-06-06). "Central Bank of Nigeria in turmoil after Emefiele's thwarted presidential bid". African Business. Retrieved 2023-12-01.
- ^ "Concerns mount over Emefiele's political ambition while CBN Gov".
- ^ "Central Bank Governor Ends Bid to Become President of Nigeria". Bloomberg.com. 2022-05-17. Retrieved 2023-12-01.
- ^ Odeniyi, Solomon (2023-05-29). "Monetary policy needs 'housecleaning', says Tinubu". Punch Newspapers. Retrieved 2023-12-01.
- ^ Nda-Isaiah, Jonathan; Odoh, Innocent; Ojiezel, Andrew (2023-05-30). "At Inauguration: Tinubu Hits Ground Running, Lists Critical Reforms". Retrieved 2023-12-01.
- ^ Adetayo, Ope. "The downfall of Nigeria's 'all powerful' central bank governor". Al Jazeera. Retrieved 2023-12-01.
- ^ Reporters, Our (2023-06-10). "Tinubu suspends Emefiele, orders CBN probe". Punch Newspapers. Retrieved 2023-12-01.
- ^ Bala-Gbogbo, Elisha (2023-10-16). "Nigeria's September inflation rate at highest in two decades". Reuters. Retrieved 2023-12-01.
- ^ "None" (PDF).
- ^ Moses-Ashike, Hope (29 September 2023). "CBN assigns roles to deputy governors".
- ^ "CBN: Meet the new deputy governors". 15 September 2023.