Business
CBN Governor, Godwin Emefiele, Not Interested in 2023 Presidential Race
CBN Governor, Godwin Emefiele, Not Interested in 2023 Presidential Race
Why Powerful Nigerians Are Rooting For Him
No doubt, President Muhammadu Buhari bears, like a badge, an indecipherable flame of affection for the Central Bank of Nigeria, CBN Governor, Godwin Emefiele. Honestly, his love for Emefiele resonates, even as you read, as a melody of faith whose mutuality and passionate intensity appear to make it untarnished and priceless.
Of course, this can, however, be attributed to Emefiele’s undisguised passion for Nigeria and Nigerians.
There is no gainsaying that the Delta State-born banker has lived a remarkable and eventful life. Despite rising from humble beginnings to assume leadership of the nation’s apex banking institution, he has remained humble and uncompromising of his values. He has maintained a culture of unflinching uprightness and unwavering commitment to the collective good and has remained a staunch patriot and advocate of the common man. This, among others, guarantees his place in the pantheon of Nigeria’s finest citizens.
But, rumour is that alchemy of quiet malice by which mischief-makers concoct a subtle poison from ordinary trifles. No wonder why the CBN governor is perplexed that his name is now being thrown up as a possible candidate in the 2023 presidential election.
For the past few days, there had been a groundswell of speculations that some of Nigeria’s most powerful and wealthiest businessmen and governors within the All Progressives Congress, APC, and the Peoples Democratic Party, PDP, are pushing for the candidacy of a neutral south-south person, preferably, a technocrat in the 2023 Presidential election. This powerful coalition reportedly met in Abuja and Lagos days apart to decide on a president who understands the ease of doing business, the plight of the private sector, and the undercurrents of international business in the 21st Century.
The CBN governor was unanimously pinpointed as the ideal man. One of the reasons reportedly being adduced for his choice is that he is eminently qualified for the top job especially as agitations for a candidate of South-south extraction continue to gather traction.
Though a Delta Igbo, Emefiele speaks Yoruba fluently. Before his banking career, he was a lecturer in Finance and Insurance in two Nigerian Universities. He holds degrees in Banking and Finance from the University of Nigeria, Nsukka, and is also an alumnus of Stanford University, Harvard, and Wharton Graduate Schools of Business where he took courses in Negotiation, Service Excellence, Critical Thinking, Leading Change, and Strategy. Before joining the CBN, he spent over 26 years in commercial banking culminating in his tenure as Group Managing Director and Chief Executive Officer of Zenith Bank PLC, one of Nigeria’s largest banks.
He is also regarded as a child of destiny because he did not lobby for his elevation as Group Managing Director of Zenith Bank. Neither did he lobby the PDP government of former President Goodluck Jonathan, which appointed him CBN governor in 2014. Interestingly, despite being a PDP appointee, he was retained by the new APC government of President Buhari. To underscore how much confidence the president reposes in him, he reappointed Emefiele for a second term of five years as CBN governor in May 2019.
Sources close to the president said he appreciates Emefiele for helping Nigeria to experience stable monetary policies, even as it did not witness any crude oil windfall, which is the backbone of the economy. Conversely, the oil price volatility impacted not only the country’s revenue base, but the inflow of foreign exchange (forex), stoking currency depreciation, system arbitrage, and consequent policy measures, leading to calls for the devaluation of the naira.
The CBN governor’s ability to hold on to his belief in the economy and not allow the ship to sink on his watch may have also earned him the second term. Also, through his monetary policies and even interventions in fiscal issues over the past seven years, Emefiele has insisted that the country still holds a high return on investment with huge opportunities given its over the 200-million-people market.
Emefiele oversaw Nigeria’s widely acclaimed response to plummeting oil prices, spiraling inflation, significant exchange rate pressures, sharp fall in forex inflows, delisting of Nigeria from the JP Morgan Bond Index, normalisation of U.S. monetary policy, geopolitical tensions amongst global superpowers, and overall uncertainty after the change of administration in 2015.
Indeed, the stability he brought into the system has been attributed to his innovative Investors and Exporters Window worth $25 billion, which liberalised official transactions of forex, as well as the directive to banks to sell forex to customers over the counter for basic travel allowance (BTA) and medical and education bills.
Beyond forex stability, which saw massive accretion in Nigeria’s foreign exchange reserves from about $23 billion in October 2016 to nearly $48 billion in June 2018, Emefiele’s policies also significantly helped Nigeria achieve a fast recovery from recession, which was caused by sharp and sustained oil price declines from 2015 through 2017.
In the area of fiscal interventions, the CBN governor sustained large-scale financing of agriculture through the innovative Anchor Borrowers’ Programme, which has disbursed hundreds of billions of naira in small loans to hundreds of thousands of peasant farmers, thereby creating millions of jobs across the country. As evidence of the new discipline through tight monetary policies, his tenure has witnessed unprecedented profits in the banking industry, with GT Bank and Zenith Bank leading the way with record performances.
With all these, Emefiele succeeded in facilitating major improvement in Nigeria’s ranking on the World Bank’s Doing Business Indicators through the creation of the collateral registry and credit reference bureaus.
This record of achievements is why the coalition believes that Emefiele is eminently qualified to succeed President Buhari and steer the ship of state aright.
However, sources close to the CBN governor say emphatically that he is not interested in the top job. Rather, he is content seeing through his term and enthroning a Central Bank that is professional, apolitical, and people-focused.
Governor Emefiele, according to sources very close to him, has neither privately or publicly expressed interest or desire to contest for any election. Going by the highlighted fact, a powerful source maintained that, “If the records must be set straight, the Governor that I know is one straightforward individual who does not shy away from taking responsibility for his intentions or actions.
“Consequently, if he is interested in contesting, by now, he would have appropriately put the issue in the public domain without having to cut corners.”
Emefiele, he stressed, by virtue of his antecedents and pedigree is eminently qualified to run in 2023
“Nevertheless, a popular adage says that you cannot shave a man’s hair in his absence. Therefore, if and when he decides to throw his hat into the ring, the good people of Nigerians will be adequately put in the picture.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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