From AFP

Nigeria’s new central bank governor began work on Tuesday, starting a fresh chapter in Africa’s biggest economy after his predecessor’s tenure ended in scandal and claims of political connivance.

Godwin Emefiele took over from Sanusi Lamido Sanusi, who was removed in February, four months from the end of his term of office, on government charges of financial recklessness and impropriety.

The nomination of former Zenith Bank chief Emefiele’s came as a surprise to many market watchers and his first day at the helm was low key, although he is expected to speak later this week.

From the outset, he is seen as likely to build on Sanusi’s policies, which are credited with bringing relative stability to the banking industry and putting it on a sound footing.

In his only public comments since his appointment, Emefiele told lawmakers in March: “Growing the economy of Nigeria is a very important assignment other than just a core mandate of ensuring that we have a stable environment.”

Macro-economic stability would be his watchwords and the central bank would work hard to drive down inflation and interest rates as well as tackle unemployment, he added.

“Emefiele is a capable hand who will restore public confidence to the system,” Pat Utomi, a professor of political economy at the Lagos Business School, told AFP.

“He is a very quiet person and likes to work behind the scenes. Central banking is not about craving publicity but to set the tone for macro-economic policies as well as serve as the watchdog for the financial system.”

Read more at AFP