“They Are Very Capable”: Tony Elumelu Speaks on CBN’s New Leadership, Makes Naira Prediction

“They Are Very Capable”: Tony Elumelu Speaks on CBN’s New Leadership, Makes Naira Prediction

  • Tony Elumelu has expressed confidence in the new leadership at the CBN, nominated by President Bola Tinubu
  • He believes that the new leadership can restore the lost faith of Nigerians in the Naira, which continue to lose value
  • Olayemi Cardoso assumed the role of acting governor of the CBN, along with four other deputies

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Billionaire businessman Tony Elumelu has expressed confidence in the new leadership of the Central Bank of Nigeria.

Legit.ng reported on Friday, September 22, 2023, that the apex bank announced Olayemi Cardoso will take over from Godwin Emefiele as the new governor in an acting capacity pending Senate confirmation.

Tony Elumelu on new CBN leadership
Tony Elumelu feels positive about new CBN management team Photo credit: Hiersholdings
Source: Facebook

Also, Similarly, the Deputy-Governors-Designate have also assumed duty in acting capacities due to the formal resignation of Folashodun Shonubi, Aishah Ahmad, Edward Lametek Adamu, and Dr Kingsley Obiora as Deputy Governors of the CBN.

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Elumelu speaks on the new CBN leadership

Reacting to the new appointments and the state of the Nigerian economy, Elumelu believes that the new CBN leadership can make a difference.

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In an exclusive interview with Bloomberg TV in New York, Elumelu said the new leadership will help restore confidence in the nation’s currency.

According to him, the current state of the naira is Nigerians accumulating dollars without the need for it over lack of confidence in the naira.

His words:

“The reason people are accumulating dollars is not because they need it now; it is because of a lack of confidence.” Elumelu expressed optimism in the capabilities of the new central bank management team, affirming that they are “very capable” and “will be able to bring confidence.”

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Elumelu, who serves as the chairman of United Bank for Africa Plc and also holds the largest stake in Transnational Corporation of Nigeria Plc, also noted that the new CBN team and Bola Tinubu's current policies are business-friendly and will attract investments.

Elumelu concluded:

“The missing link has been poor leadership, and we all know there’s so much private global capital seeking the right investment destination."

Zenith Bank chairman Jim Ovia makes over N13bn in 5 hours, buys more shares

In another report, Legit.ng revealed that Jim Ovia, the owner of Zenith Bank, has purchased additional shares in his bank.

The new shares were purchased after he made over N13 billion from President Tinubu's inaugural speech.

He made money between 9:30 and 14:30, the trading hours of the Nigerian stock market.

Source: Legit.ng

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