State of Origin: Abia Local Government Area: Isiala Ngwa Village\/Town: Ihe Paul Ogwuma was the Governor of Central Bank of Nigeria, one of the key regulatory authorities of the Country’s financial system. He became the Governor in 1995 at a lime when Nigeria economy faced one of its greatest challenges in life. The challenges are not over, but Mr Ogwuma who had been a very powerful and success architect of bank successes, was called upon to rescue the sinking ship of Nigerian economy. The nation called him to perform the rescue mission based on the wonders he performed in the Union Bank Pic when he was its Managing Director and chief executive. His coming back to the Central Bank at the time he had retired from full time Banking industry was a true testimony of his integrity and expertise which had been globally acknowledged and honoured by world financial houses in Europe. America and the Asia Tigers. Education \u2022 Bradford Institute of Technology. \u2022 Bradford University UK \u2022 Many Honorary Doctorate Degrees from several universities including a recent one from Imo Stale University. \u2022 Many Fellowships and memberships of top Professional Bodies in Finance. Banking. Management. Marketing. Etc. Employment History and Job Experience Ogwuma started out his banking career in United Bank for Africa Pie before moving over to Union Bank Pic where he rose to the position of Managing Director\/ Chief Executive Officer before retiring in the late 1980s. He used all the expertise at his disposal to tackle the challenges of pervasive bank distress, managing the country’s foreign exchange resources and formulating adequate monetary and fiscal policies to reduce inflation, promote growth and development, provide jobs and reduce the country’s debt portfolio. Mr Ogwuma for the first time in the country’s economic history addressed the issue of distressed banks by liquidating 20 banks over three years in an attempt to sanitise and restore confidence in the country’s financial system. He is also presiding over a revitalised finance systems demanding for increased capitalization to protect both depositors and investors. Moreover, the operators of the financial system are more than ever before, under one authority the Central Bank. Institutions such as mortgage banks, community banks and all the development banks are now under the direct supervision of the Central Bank of Nigeria, creating a unity of purpose. Central Bank of Nigeria under Ogwuma planned to divest its retail banking functions to enable it to fully face its increased regulatory responsibilities. Central Bank of Nigeria. now has formulated policies that ensure regular biddings (weekly) at the autonomous foreign exchange market lo facilitate easy and adequate access for foreign exchange. It has also managed the country’s foreign trade in such a way as to boost our foreign reserves lo new heights to finance our external obligations including paying for our imports and external debts which are equally managed by Central Bank of Nigeria. National Award Award of Honour by Federal Government of Nigeria as Member of the Federal Republic (MFR). <\/p>\n
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