TENURE OF PAST CBN GOVERNORS SINCE INCEPTION

Due to various enquiries from  members of the public , especially  students ,researchers , academia ,etc on the past governors of CBN, The MATRIX has embarked on an illuminating journey into the history of the Central Bank of Nigeria (CBN) Governors. These individuals have played pivotal roles in molding the country’s monetary policies and influencing the financial landscape.

The commencement of operations by the Central Bank of Nigeria (CBN) took place on July 1, 1959, by the CBN Act of 1958. The bank’s primary regulatory objectives, as outlined in the CBN Act, include maintaining the country’s external reserves, fostering monetary stability and a robust financial environment, and serving as a lender of last resort and financial adviser to the federal government.

Since its establishment in 1958, the CBN has seen 12 governors. In addition to its exclusive role as the issuer of the Nigerian currency, the naira, the CBN plays numerous vital roles in Nigeria’s monetary system. It is responsible for ensuring both price and monetary stability, as well as keeping other financial institutions in Nigeria vigilant, among various other duties.

It is on record that Nigeria has produced 12 CBN governors since 1958, one foreigner and 11 Nigerians,.

It is also notable that one of them is a woman but in acting capacity.

The table below shows  the summary of past and present CBN governors in Nigeria from 1958 till date

• Roy Fenton: July 24, 1958 – July 24, 1963
• Aliyu Mai-Bornu: July 25, 1963 – June 22, 1967
• Clement Isong: August 15, 1967 – September 22, 1975
• Adamu Ciroma: August 24, 1975 – June 28, 1977
• Ola Vincent: June 28, 1977 – June 28, 1982
• Abdulkadir Ahmed: June 28, 1982 – September 30, 1993
• Paul Ogwuma: October 1, 1993 – May 29, 1999
• Oladele Sanusi: May 29, 1999 – May 29, 2004
• Chukwuma Soludo: May 29, 2004 – May 29, 2009
• Sanusi Lamido Sanusi: June 3, 2009 – February 20, 2014
• Sarah Alade (Acting): February 20, 2014 – June 3, 2014
• Godwin Emefiele: June 3, 2014 – June 9, 2023 (suspended)
• Folashodun Shonubi (Acting): June 9, 2023 – to date
• Olayemi Michael Cardoso: September 15, 2023 to date

Roy Pentelow Fenton-24/7/1958-24/7/1963

1 .Roy Pentelow Fenton served as the first Governor of the Central Bank of Nigeria (CBN). He was appointed by the colonial administration to oversee financial operations in the country. His tenure, from July 24, 1958, to July 24, 1963, coincided with Nigeria’s journey to independence.

He played a pivotal role in the establishment of the central bank during this crucial period.

Alhaji Aliyu Mai-Bornu -25/7/1963 –  22/6/1967.

2. The late Alhaji Aliyu Mai-Bornu was not only the second CBN governor but the first indigenous Governor of the Central Bank, succeeding Roy Pentelow Fenton. His term spanned from July 25, 1963, to June 22, 1967, and he assumed office under the government of Alhaji Tafawa Balewa.

Before his pivotal role in monetary affairs, Mallam Mai Bornu pursued a career as a qualified English teacher in Yola, present-day Adamawa State. His academic pursuits led him to Bristol University in the United Kingdom, where he earned a degree in Economics.

Recognized as a distinguished economist, Mai-Bornu focused on ensuring price stability and fostering economic growth throughout his tenure. Tragically, he passed away on February 23, 1970. In tribute to his contributions, Alhaji Aliyu Mai-Bornu is prominently featured on the 1000 naira note, introduced in October 2005 during the administration of former President Olusegun Obasanjo.

Clement Nyong I-song -15/8/1972 –  24/9/1975.

3. The late Dr. Clement Nyong Isong was the second indigenous CBN governor

An accomplished Economics scholar, he secured prestigious Ford Foundation and Rockefeller scholarships to pursue his studies in Economics at Iowa Wesleyan College, Iowa, USA. In 1954, the same year he attained his Economics degree, he continued his academic journey at the Howard Graduate School of Arts and Sciences, Massachusetts, USA, obtaining both Master’s and Doctorate Degrees in Economics.

Adamu Ciroma – 24/91975 -28/6 1977.

4. The late Mallam Adamu Ciroma served as the 4th Governor of the Central Bank of Nigeria, holding office from September 24, 1975, to June 28, 1977.

Following his term, he transitioned into active politics, becoming the secretary of the National Party of Nigeria (NPN). Later, during the civilian administration of Alhaji Shehu Shagari, he was appointed as the Minister for Industries and Agriculture, where he concentrated on implementing measures to combat inflation and drive economic growth.

In the aftermath of the second republic, Mallam Ciroma made a return to the political landscape during the administration of Olusegun Obasanjo. He was appointed as the Minister of Finance, a position he held from June 1999 to May 2003, contributing to financial management and policy during a critical period.

Mallam Adamu Ciroma passed away on July 5, 2018, leaving behind a legacy marked by his service to both the Central Bank and the Nigerian government.

Olatunde Olabode Vincent 28/6/1977 –  28/6/1982

5. Ola Vincent, an economist, served as the 5th CBN governor from June 28, 1977, to June 28, 1982. 

Before assuming the role of CBN governor, Mr. O.O. Vincent held the position of Vice President at the African Development Bank (AfDB) from 1966 to 1973. He played a pivotal role in the establishment of the Nigerian Deposit Insurance Corporation (NDIC). Ola Vincent passed away on September 3, 2012.

Abdulkadir Ahmed

8/6/1982 – 30/9/1993.

6. The late Alhaji Abdulkadir Ahmed is distinguished as the longest-serving but 6th Governor of the Central Bank of Nigeria (CBN), having held the position under four consecutive governments: Shagari’s administration (appointed on June 28, 1982), Muhammadu Buhari’s regime, Ibrahim Babangida’s regime, and the regime of Sani Abacha, which eventually replaced him on September 30, 1993. Throughout his extensive tenure, Alhaji Abdulkadir Ahmed implemented crucial measures to stabilize the financial sector, adeptly manage debt, and promote economic diversification, thereby fortifying the nation’s economic foundation.

Prior to assuming the role of CBN governor, he served as the inaugural commissioner for finance in Bauchi State, demonstrating his early commitment to financial governance from March 1976 to June 1977. Alhaji Abdulkadir Ahmed passed away in 1997, leaving behind a legacy marked by his substantial contributions to the stability and development of Nigeria’s financial sector.

Dr. Paul Agbai Ogwuma

1/10/1993 –  29/5/1999.

7. Dr. Paul Agbai Ogwuma, a seasoned banker, Chartered Accountant, and Administrator, held the positions of Managing Director and Chief Executive Officer at Union Bank of Nigeria. Subsequently, on October 1, 1993, during the military regime of Gen. Sani Abacha, he assumed the role as 7th Governor of the Central Bank of Nigeria .