Nigeria president to pick Sanusi as central bank governor

[Muhsin]

Nigeria president to pick Sanusi as central bank governor
Mon Jun 1, 2009 10:39am GMT


ABUJA (Reuters) - Nigerian President Umaru Yar'Adua on Monday will appoint First Bank managing director Lamido Sanusi as central bank governor for the next five years, the junior finance minister told Reuters.

Remi Babalola said the president picked Sanusi to replace current central bank governor Chukwuma Soludo, whose term has expired.

"(The appointment letter) is being sent today so that the Senate can fast track his confirmation before they go on recess on Thursday this week," he said.

Presidential spokesman Olusegun Adeniyi confirmed that Yar'Adua would be sending his central bank choice to the Senate on Monday, but would not say who it would be.

Sanusi, who has a reputation for strong corporate governance and conservative lending strategies, was widely seen as the favourite to replace Soludo.

Sanusi took over as managing director of First Bank in January after previously serving as head of risk management.

He has worked for more than two decades in the Nigerian banking industry, including a stint at United Bank for Africa (UBA), where he spearheaded the bank's drive to comply with Basel 2 capital adequacy requirements.


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