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Wednesday 08th April 2020,
Hope for Nigeria

Lemo retires as CBN deputy governor on Friday

Tunde-Lemo

The Deputy Governor, Operations, Central Bank of Nigeria, Mr. Tunde Lemo, will this Friday retire from the bank.

Lemo is believed to be among the top contenders to replace the CBN Governor, Mr. Lamido Sanusi, whose tenure ends in June.

Apart from Lemo, others said to be jostling for the CBN top job are the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga; Minister of State for Finance, Dr. Yerima Ngama; Managing Director, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede; Managing Director, First Bank of Nigeria Limited, Mr. Bisi Onasanya; Managing Director, Asset Management Corporation of Nigeria, Mr. Mustafa Chike-Obi.

However, a statement from the CBN on Wednesday said Lemo would be bowing out of the central bank as deputy governor on Friday, having served the maximum allowable two terms of five years each.

He served as deputy to three successive governors of the bank namely Dr. Joseph Sanusi, Prof. Chukwuma Soludo and the incumbent Sanusi.

Although the statement from the bank indicated that Lemo’s retirement was with effect from January 11, 2014, he is expected to be pulled out of service on Friday, being the last working day before his retirement date.

Prior to his appointment as a deputy governor of the bank in 2003, Lemo was the Managing Director/Chief Executive Officer, Wema Bank Nigeria Plc between 2000 and 2003.

Born in 1959, Lemo attended Lisabi Grammar School, Ogun State and the University of Nigeria, Nsukka, where he emerged as the best overall graduating student in the Faculty of Social Sciences with a Bachelor of Science degree in Accountancy (First Class Division) in 1984.

He was also reported to have attended the Advanced Management Programme at the Wharton College, University of Pennsylvania, Philadelphia, United States in 2002 as well as executive training programmes in world class institutions, including Harvard University, Fontainbleau in France, and Brandies University, Boston, US.

The retiring deputy governor is credited for playing a key role in the implementation of the banking sector consolidation, which resulted in the emergence of 24 stronger and well capitalised banks with combined equity of over N1.6tn from 89 largely weak banks.

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