Yar'adua's In-Law Yuguda to become CBN Governor
Thursday, 26 February 2009 12:12 Saharareporters, NY
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In what would become the most brazen and direct take over of Nigeria’s financial system by a family, Yar’adua is working to make the Governor of Bauchi State, Isah Yuguda, who is his son-in-law, the next governor of the Central bank of Nigeria.


Isah Yuguda was tipped over and above Yar’adua’s Economic Adviser, Tanimu Yakubu Kurfi because Mr. Tanimu is heavily invested in the variously Oil Gas deals on behalf of Yar’Adua, especially through Russia.

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Yuguda, who already had three wives, recently married Yar’adua’s 23-year old daughter, Nafisat, at an eloborate ceremony that lasted several weeks.  One of the ceremonies in Yar'Adua's home state, Katsina, saw the Katsina airport so full of jets that latecoming guests had to detour to neighboring states to land.


The wedding also saw Senegalese singer, Yussuf N’dour, perform before a select crowd, with imported Lebanese belly dancers in tow. The wedding, according to estimates provided by state officials who didn’t want to be named, cost the Bauchi state government over N3 billion .

If Yuguda is finally appointed as the CBN governor, he will have control over the printing of Nigerian currency through a German concern, a critical contract that current involves the first lady, Mrs. Turai Yar’adua.


The tenure of the CBN Governor is five years and the tenure of the current CBN governor expirers in May 2009, when Yar'Adua also completes his second year in an office he never really won.

http://www.saharareporters.com/index.php?option=com_content&view=article&id=848:aodoakaa&catid=42:exclusive&Itemid=160

Nigeria is doomed
pls tell me its not true

soldier come soldier go

I don't think that this story is true. Sahara reporters is not exactly a credible source,

Doomed Doomed, Doomed _ Can we fast track a revolution. This is a serious matter

most times the obvious seems invisible

what's the obvious?

[size=18pt]NEPOTISM AT ITS FINEST. [/size]

By the way, why didn't Soludo recruit some of the best economics or finance students and send them abroad to get there phD's in world class schools like MIT, Caltech, Stanford, Harvard, Columbia, Princeton, Yale, University of Chicago, Oxford, Cambridge, London School of Economics et al. This kids having been thought by the best and the brightest teachers in the world of finance and economics would now come home and become future policy makers. Most of the US economic policy makers were thought in either one of this schools. The central bank of Nigeria should have given scholarships to any student who gets into anyone of this programs so that they would come back to be teachers in our universities and economic policy makers. Unfortunately, Mr. Charles Soludo didn't do it, now we are stock with a shaky financial system and a possible new comer who probably knows nothing about finance, what a shame.

Did Soludo study in any of those schools you mentioned? He studied at home!! all levels

I don't believe this story.
But if it's true, then that will be the most brazen political decision Yar'adua administration will take.
I have been following rumours in papers on Soludo's successors in the last few months, and mention has been made of Taminu, Falalu,Mansur Mukhtar and a few other leading bankers/Economists from the north, but giving Yuguda the job will be a monumental blunder.

Did Soludo study in any of those schools you mentioned? He studied at home!! all levels

Big lie, Soludo is a rhodes scholar. He's an Oxford alumni.

Nigeria is doomed
pls tell me its not true

@tamme, why do you enjoy making stupid comments?. Why is nigeria doomed because a state gov will become the CBN gov?. How are you sure he is not qualified?. For God's sake, this man is a state governor.

Wont believe this until it happens!

MrCrackles:

Wont believe this until it happens!

E be like say you miss road oo. . Na who dash Bishop Don Juan Political awareness

Run along to the Sexuality thread my friend

MrCrackles:

Shut up you fat fugly clown!

I berthed and made my NL debut on the political section!

I remember the debut well well. . . . reminds me of William Hung on American Idol.

and what if i am orobo. . . . .jaiye jaiye l'omo

doyin13:

I remember the debut well well. . . . reminds me of William Hung on American Idol.

and what if i am orobo. . . . .jaiye jaiye l'omo

Carry your jesting go jare make we no derail thread!

E be like say you miss road oo. . Na who dash Bishop Don Juan Political awareness Shocked Shocked Shocked

Run along to the Sexuality thread my friend

Roflmao

St.Funmi:

Big lie, Soludo is a rhodes scholar. He's an Oxford alumni.

He's a UNN product

He's a UNN product

You are right. i thought he did his postgraduate studies abroad.


Career

Dr Soludo has been visiting scholar[2] at the International Monetary Fund, the University of Cambridge, the Brookings Institution, the University of Warwick and the University of Oxford and a visiting professor at Swarthmore College (USA). He has also worked as a consultant for a number of international organizations, including The World Bank, the United Nations Economic Commission for Africa, and the United Nations Development Programme.[1][3][4][5][6]

Soludo is a core professional in the business of macroeconomics. He obtained his three degrees and then professorship at the University of Nigeria in Nsukka, Enugu State. He graduated with a First Class Honors degree in 1984, an M.Sc. Economics in 1987, and a Ph.D. in 1989, winning prizes for the best student at all three levels.[1][6][7]


He has been trained and involved in research, teaching and auditing in such disciplines as the multi-country macro econometric modeling, techniques of computable general equilibrium modeling, survey methodology and panel data econometrics, among others. Soludo studied and taught these courses at many Universities, including Oxford, Cambridge and Warwick. He has co-authored, co-edited and authored about ten books on this subject matter.[7]

In 1998 Soludo was appointed to the position of professor of economics at the University of Nigeria; the next year he became a visiting professor at Swarthmore College in Swarthmore, Pennsylvania, US.[1]
Soludo joined the federal government in 2003. Prior to his May 2004 appointment to the bank chairmanship[8], he held the positions of Chief Economic Adviser to former President Obasanjo and Chief Executive of the National Planning Commission.[1].
In January 2008, in a speech to the Nigerian Economic Society, he predicted consolidation in the private banking industry, saying "By the end of 2008, there'll be fewer banks than there are today. The restructuring of the banking industry has been attracting funds from local and foreign investors, which have increased banks' ability to lend to customers".[9] He hopes to see Nigeria become Africa's financial hub,[10] and considers microfinance important to the federal government's economic policies.[11]
It has been asserted that in April 2008, Soludo was accused of abuse of his position. However, there is no supporting evidence for this which is accessible via the internet

http://en.wikipedia.org/wiki/Soludo

Impossible.

there is an element of truth in every rumour

Its hard to believe that someone can step down as a state Gov,where theres free money to loot and become CBN Governor.
I too will not believe this until i see it happen

just makes me sad!

can't knock the hustle

Soludo finally sold his soul.

Pity

romeo, if soludo is so smart, how come he can't solve Nigeria's inflation problem? Wait! i know the answer, its because he is incompetent just like every leader in Nigeria.

I hope this one is a joke!! It should be.!!

romeo, if soludo is so smart, how come he can't solve Nigeria's inflation problem? Wait! i know the answer, its because he is incompetent just like every leader in Nigeria

I guess Alan Greenspan couldn't solve America's financial crisis yet because he's incompetent?

Sunday, March 1, 2009
CBN top job: A dark horse may succeed Soludo

By LAYI ADELOYE

Without doubt, Professor Chukwuma Soludo was one of the stars of the Obasanjo administration. He metamorphosed from the post of chief economic adviser to the president to become the Governor of the Central Bank of Nigeria, the country's apex bank. His performance on the job has left even his critics to marvel at his magic wand, with a midas touch in everything he does.





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Soludo did not rise through the ranks in the CBN echelon. He got appointed from outside, where he combined teaching and high profile consultancy jobs. His astute performance as the chief economic adviser, informed banking sources affirmed, earned him the prestigious Institute of Directors award as the Public Sector Reformer of the Year 2004.

Following his appointment as the CBN governor, Soludo carried the same success recorded as the chief executive of the National Planning Commission to the CBN. He carried out far-reaching reforms in the Nigeria's financial sector, including the ambitious recapitalisation programme in the banking and insurance sub-sector. These reforms, seen as the most impactful in the financial sector in recent past, earned him numerous local and international accolades.

In 2008, Soludo indicated that he would be going back to the university community to continue his teaching career at the end of his five-year tenure at CBN. Although he still stands the chance of having a second term, Soludo hinted that he might not be going for another term as his soul has always been with the academic community.

Since Soludo gave this indication, lobbyists have gone to work, lobbying and peddling influences over who would succeed him when he finally steps down in May 2009. Arguments have been advanced in favour of some people for their experience at the CBN, the World Bank, academic community and other grounds. Definitely, were Soludo's credentials the only reason he succeeded this much, then most of the perceived and other unknown aspirants could not be deemed fit enough to fill the gap he would leave behind at the end of his tenure, as it might be difficult for anyone to match the same credentials as he possesses.

Notwithstanding this view, the vacancy must be filled, and this has been a big challenge for the government. Soludo performed well, no doubt, but does it mean that no other Nigerian is worthy of the role? Definitely no! But while not restricting focus to Soludo's exemplary qualities, it is expected that the Federal Government would not appoint anyone with less excellence in his academic qualification, career background, drive, ambition and clout, if only to make a mark in the country's economy. Of import for such a candidate are intellect, excellence in service, global exposure, experience in consultancy (especially at the World Bank level), and a career success, merged with a strong personality.

The finance sector operators and other economic watchers believe that in making the next appointment, it is expected that the government would look, not just into credentials, but also consider experience and clout.

Soludo's exposure, gained in consultancy with first-class international finance institutions, aided his performance at the CBN. His authoritative speeches, defending the N25bn recapitalisation requirement for banks, despite stiff opposition, were hallmarks of clout and experience.

These attributes, arguably became the refrain on Tuesday night in Abuja, at the "Friends' Forum," floated in honour of Tosa Ogbomo, one of the contestants being milled around as one of the likely successors of the CBN governor. Described as a foremost intellectual, Ogbomo's credentials appear intimidating. His citation, read by Dr. Isichie Aformo, a consultant engineer, posited Ogbomo as a product of two renowned United States business schools - Harvard and Bentley - which culminated in an MBA in Business Administration and an MS in Finance, respectively. According to Aformo, these provided the right opening to greater achievements, having had a B. Sc in Accountancy from the University of Benin earlier.

Other contestants for the post are Tanimu Kurfi, the Chief Economic Adviser to the President, the Finance Minister, Mhuktar and Samshudeen Usman. Usman is considered an old hand. Throwing the catch net wide, the existing bank managing directors are also believed to be possibles.

Ogbomo is currently the Managing Director, Mergers and Acquisitions, Goldman Sachs and Co., a bank holding company that engages in investment banking, securities services and investment management. At Goldman and Sachs, Tosa Ogbomo advises and administers financing for clients in the health care industry including Merck, Boston Scientific, Stryker, and Pfizer. He was in charge of the $90bn hostile takeover of Warner Lambert by Pfizer.

The citation read further, "Prior to Goldman Sachs, Tosa rose from associate to Vice-President and finally, a director in Merrill Lynch & Co, a global financial services firm, which was acquired by Bank of America. Merrill Lynch provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related financial services worldwide.


http://odili.net/news/source/2009/mar/1/408.html

st. funmi, alan greenspan is not the fed chairman, he has been retired for 2 years now. Nigeria's problem is a lot easier to solve than America's problems. Inflation is caused by excess money supply in the economy, yet mr. soludo was still printing money.

By the way, in case nobody ever told you, alan greenspan actually caused America's problems because in 2000 he lowered interest rates to solve the economic crisis when the tech bubble burst.

The Question we should be asking is why Replace Soludo? Is there any law prohibiting his tenure from being renewed, The Guy is intelligent and within the context of nigeria or any where else has performed excellently, when u consider the amount of Political Interferences and Interest he has to contend with. We cant just oust him cause the north feel sidelined and want a northerner in that position