From AFP

Nigeria has lined up a relative unknown to head its central bank after the outspoken former governor was suspended, causing shockwaves in Africa’s second-largest economy and markets to wobble.

Zenith Bank boss Godwin Emefiele had almost no profile outside the banking sector until his name was put forward to succeed Lamido Sanusi, who was removed over charges of financial recklessness.

Sanusi had been embroiled in controversy for months after he accused the state Nigerian National Petroleum Corporation (NNPC) of misappropriating $20 billion (14.5 billion euros) of public funds.

The former governor, whose term was due to expire in June, was widely applauded by local and foreign economists for overhauling a rotten banking sector and stabilising the currency.

But his views on alleged corruption earned him powerful political enemies. The presidency explained his suspension as the result of financial imprudence at the helm of the apex bank.

Market watchers said Emefiele’s nomination came as a surprise, as his name had not previously featured among likely contenders for the top job — and because he had a contrasting character to Sanusi.

“It’s one appointment that was least expected, not because Emefiele is not qualified,” Sola Oni, a former spokesman for the Nigeria Stock Exchange, told AFP.

“In fact, he has both the academic and professional pedigree to do the job.

“I think the president decided to appoint someone who will not rock the boat, a dark horse who is not given to controversies and cheap publicity.”

– Hard-working, conservative –

Emefiele, 52, has had a distinguished career in banking, joining Zenith at its launch in 1990. He has been managing director since 2010.

His appointment still has to be rubber-stamped by parliament but Oni said Emefiele was a “team player” who strikes a balance between implementing sound monetary policies and financial system stability.

“As a conservative person, we expect a regime of tight monetary and fiscal control that will keep inflation in check as well as stabilise the naira,” he added.

As for Sanusi, even after his suspension — effectively a sacking given the short space of time for an official inquiry to report into the claims against him — he has continued to speak out.

He maintains that President Goodluck Jonathan does not have the power to fire him and has gone to court to block the move, as well as claiming the head of state was surrounded by corrupt cronies.

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