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Vol 50 No 7

Published 3rd April 2009


Nigeria

Homemade toxic assets

After some stellar years of expansion, the financial sector faces a deepening crisis

The uncertainty about the future of Central Bank Governor Charles Chukwuma Soludo reflects the drift in Nigeria’s policy over the past 18 months. Soludu, who was appointed in May 2004 by former President Olusegun Obasanjo, is nearing the end of his five-year tenure as Governor. His relations with President Umaru Musa Yar’Adua have been poor and initially it seemed that his tenure at the CBN would not be extended. Now, as the global financial crisis creates more problems for Nigeria’s policymakers, there is a growing lobby advising President Yar’Adua that Soludo’s encyclopaedic knowledge of the banking sector would be a huge asset amid the turbulence. We hear the President’s powerful wife, Turai, is now among those persuaded of the virtues of a second term for Soludo.

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