ABUJA, JUNE 1, 2018 – President Muhammadu Buhari has accepted the disengagement letter of the Deputy Governor of the Central Bank of Nigeria, (CBN) in charge of Operations, Mr. Adebayo Adekola Adelabu.
A letter dated May 24, 2018 and personally signed by Buhari also appreciated Adelabu’s services in various departments of the CBN since April 9th, 2014 when he joined the apex bank as Deputy Governor.
The President’s letter further read thus: “while appreciating your services in various departments of the Central Bank of Nigeria since 9th April 2014, I wish you the very best in your future ambitions and continued commitment to public service in our country and specifically, as you seek to play a more active role in politics in your home state. Please accept my very best wishes”.
With preparations gearing up for the 2019 elections, several interest groups in Oyo State have since come out to back the aspiration of Adelabu, urging him to run for the governorship of the State.
A descendant of legendary Ibadan politician in pre-independence Nigeria, Adegoke Adelabu (Penkelemesi), the young Adebayo is seen by many as a suitable successor to the incumbent Governor, Senator Abiola Ajimobi, judging by his pedigree and contribution to the stability of the Nigerian financial sector.
Adelabu, a leading gubernatorial aspirant of the ruling All Progressives Congress (APC) in the state ahead 2019 general election had in April 15th, 2018 notified President Buhari of his disengagement from service through the Governor of the CBN, Mr. Godwin Emefiele.
In his letter headlined “Notice of Disengagement from Service”, Adelabu had thanked the Federal government of Nigeria for appointing him as a Deputy Governor of the bank from April, 2014.
He said between then and now, “I have had the opportunity to oversee and provide leadership and direction to three directorates (Financial System Stability, Corporate Services, and Operations) of the four directorates in the CBN. This cuts across 17 out of the 27 operating departments at the bank. In addition to these responsibilities and by virtue of my role at each point in time, I have had the opportunity to serve as Chairman or Director on the board of various other government agencies and parastatals.
“These include: Assets Management Corporation of Nigeria Ltd (AMCON), the Nigeria Security Printing and Minting Company Ltd (NSPMC), Federal Inland Revenue Services (FIRS), Nigeria Interbank Settlement Systems Ltd (NIBSS), Financial Institutions Training Centre (FITC).
“This wide exposure within and outside the bank has greatly enriched and complemented my private sector experience of about 23years and consequently heightened my interest in serving the public further.
“Incidentally my appointment was followed by a turbulent period in the economy of Nigeria. It was a period when oil prices had plummeted from a high of $112/barrel in June, 2014 to a dismal $28/barrel in January, 2015. The sharp decline put an enormous pressure on the naira and the exchange rate spiralled out of control. The foreign exchange reserves fell below $24billion by October, 2016 and inflation rate, as at the beginning of 2017, had skyrocketed and fell slightly short of 20%. The economy had entered a recession by the second quarter of 2016. However, with our dogged determination and uncommon focus at the CBN, coupled with the prudent, ingenious and bold fiscal policies of the present government under your amiable leadership, the economic indicators started looking up. Our foreign exchange reserves have moved up to over $46billion and the inflation, having been on a downward trend since January, 2017 has been successfully tamed. The naira exchange rate had stabilized and the general economic outlook is very bright.
“These successes in addition to my heightened interest in servicing the public further, has given me the impetus to rededicate myself to the service of Nigeria. They have also emboldened me to make a difference and buy into the various calls of Mr. President to free our country from the shackles of underdevelopment. Just a few weeks ago, you stated during a meeting with Katsina senior citizens in Daura, Katsina State that “the Nigeria of our time is in need of sacrifices that all citizens can make to free it from corruption, poverty, crime and underdevelopment.
“Although the first term of my appointment will end on April 8, 2019, I have decided to heed Mr. President’s patriotic call by starting the onerous task of nation building from my immediate constituency, Oyo State where I have resolved to play an active role in politics.
“I would like to complement the national efforts of Mr. President at the subnational level by contesting in 2019 gubernatorial election in my state. My aspiration is to become the next executive governor of the state, so help me God,” Adelabu’s 3-page letter added.
