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Buhari appoints Sarah Alade, former CBN deputy governor as SA finance and economy (Profile)

President Muhammadu Buhari has appointed a former Central Bank of Nigeria deputy governor Sarah Omotunde-Alade as a special adviser on finance and the economy.

“Dr Alade, who holds BSc (Economics) and PhD in Management Science (Operations Research), retired from the Central Bank of Nigeria (CBN) as Deputy Governor in 2017 after spending 23 years in the apex bank,” Buhari’s spokesman Garba Shehu said in a statement on Tuesday.

“She had also acted briefly in 2014 as the CBN Governor”, a State House statement by Buhari’s Senior Special Assistant on Media and Publicity,” he added.

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Profile of Sarah Alade

Sarah Alade was the acting governor of the Central Bank of Nigeria during the suspension of Lamido Sanusi until his tenure ended. She was appointed to the post by President Goodluck Jonathan on 20 February 2014. Alade was appointed the acting governor of the Central Bank of Nigeria from 20 February 2014 until the appointment of Godwin Emefiele. Prior to this time, she had served as deputy governor (Economic Policy), Central Bank of Nigeria from 26 March 2007.

Alade attended the University of Ife, Ile-Ife, where she obtained a B.Sc (Hons) degree in Economics in 1976. She also obtained an M.Comm degree at the University of Melbourne, Australia in 1983 and a PhD Management Science (Operations Research), from the University of Ilorin in 1991.

Alade commenced her working career in 1977 with the Ministry of Finance and Economic Development, Ilorin, Kwara State. In 1991, she joined the University of Ilorin as a lecturer in the Department of Accounting and Finance. She joined the Central Bank of Nigeria in 1993 as an assistant director in the Research Department, where she served as head of the State Government Finance Office (1993–96), head of the Federal Government Finan Office (1996–2000) and head of the Fiscal Analysis Division (2000–04).

Alade has served on the teams on major economic policy studies, and has been involved in the preparation of Central Bank of Nigeria’s monetary and credit policy proposals over the years. She was actively involved in the drafting of the Medium Term Economic Programme (MTP) for Nigeria and the IMF staff Monitored Programme/Standby Arrangement.

Alade was present as deputy governor when it was announced that five Nigerian bank CEOs were being dismissed on 13 August 2009. Five replacements were named by the Central Bank of Nigeria with immediate effect including Olufunke Iyabo Osibodu to lead the Union Bank of Nigeria and Suzanne Iroche who took over as CEO of FinBank.

Alade was appointed director of the Banking Operations Department in May 2004. In that capacity, she served as chairman of the board of directors of the Nigeria Interbank Settlement System (NIBSS) as well as secretary of the National Payments System Committee (NPSC).

Alade was a member of the technical committee of Vision 2010 and currently a member of the technical committee of Vision 2020 and member of the National Economic Management Team (EMT).[9]

As deputy governor of Economic Policy, Alade superintends over the Economic Policy Directorate, comprising the Research, Monetary Policy, Trade and Exchange, Statistics Departments and Financial Markets Department. As chair of the Monetary Policy Implementation Committee (MPIC), she interfaces with operational departments and coordinates technical inputs for the Monetary Policy Committee (MPC). Alade, who is a member of the Nigerian Economic Society (NES), has several publications to her credit and is currently carrying out research into interest rate policy and monetary policy implementation in Nigeria. Alade is a fellow of the Nigerian Institute of Operational Research.

Alade served as acting governor from February 2014 until Godwin Emefiele took over.

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