Tony Elumelu, a multibillionaire businessman, is confident that the recent change in leadership at the Central Bank of Nigeria will be instrumental in restoring confidence in the local currency.
- Elumelu stated this in an interview with Bloomberg TV in New York, saying, “People are accumulating money because they lack confidence, not because they need it right away.” He continued by expressing his faith in the incoming central bank management, calling them “very capable” and saying they “will be able to bring confidence”.
The largest stakeholder of Transnational Corp. of Nigeria Plc, the nation’s largest conglomerate, and chairman of United Bank for Africa Plc, Elumelu, remarked that there is a tangible feeling of worry among Nigerians owing to uncertainties over the future stability of the naira.
- Elumelu finished by saying, “The missing link has been poor leadership, and I believe that we all know there’s so much private global capital seeking the right investment destination.”
Dollar-for-dollar, the value of the shares of his firms has increased significantly this year, with Transcorp’s worth expected to more than double in 2023 and United Bank’s value rising by almost 40%.
Tony Elumelu is still optimistic that the new leadership at the Central Bank of Nigeria will help to restore trust in the naira and spur the country’s economy in light of recent events.
Under Elumelu’s direction, Transcorp manages over 16% of Nigeria’s electricity production capacity, runs hotels, and conducts oil prospecting.
Due to its strategic situation, Elumelu has opportunities to grow in areas that are important to the continent’s most populated country.
History
Olayemi Last Friday, Michael Cardoso formally commenced his duties as the Central Bank of Nigeria’s acting governor, awaiting Senate confirmation. Nevertheless, the value of the Nigerian naira has continued to decrease despite this shift. The Naira fell to N992/$1 on the unofficial market, down significantly from its starting rate of N900 Naira at the beginning of the month, according to statistics provided by the Forward Marketing Bureau de Change Ltd. Additionally, when compared to its official closing of 772.98 Naira on the FMDQ trading platform the previous Thursday, this rate represents a notable 30% depreciation.
