Meet Wale Edun, Ex-Banker Who Will Supervise CBN, Financial Institutions as Tinubu Breaks 20-Year Tradition
- President Bola Tinubu broke a 20-year tradition when he appointed Wale Edun as Minister of Finance
- From 2003 to 2023, almost all finance ministers in Nigeria have been women
- The new Minister of Finance, Wale Edun, comes with remarkable experience in the banking industry
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President Bola Tinubu made a remarkable departure from tradition when he announced Wale Edun, an investment banker, as his Finance Minister.
The news of Edun's appointment did not surprise Nigerians as rumours swirled that he might champion the new frontier of Nigeria's economic renaissance.
Source: Getty Images
Few people had hoped that Edun would have made an acceptable replacement for the suspended Governor of the Central Bank of Nigeria, Godwin Emefiele.
Before he was appointed Finance Minister, Edun acted briefly as Tinubu's Special Adviser on Economy and Monetary Policy.
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'First' male Finance Minister since 2003
The appointment, however, broke the norm in the country where almost every finance minister has been a woman.
Legit.ng had documented Nigeria's ministers of finance from 2003 to 2023
From Ngozi Okonjo-Iweala to Zainab Ahmed, the position has been dominated by women who played a critical role in shaping the country's economy.
In 2003, ex-President Olusegun Obasanjo announced a former World Bank Chief, Ngozi Okonjo-Iweala, as his Finance Minister.
Okonjo-Iweala played a pivotal role in Nigeria's debt relief, giving the country some breathing space from international creditors.
Nenandi Usman's quiet entry and exit
In 2006, when Nenadi Usman took over the helm as Finance Minister after Okonjo-Iweala was reassigned to the foreign affairs ministry, Okonjo-Iweala eventually resigned from Obasanjo's government.
Okonjo-Iweala resurfaced as Nigeria's Finance Minister and Co-coordinating Minister of the Economy in 2011 under President Goodluck Jonathan.
Her tumultuous reign came to a head with Jonathan's 2012 botched subsidy removal policy.
Under her second stint, Okonjo-Iweala made critical economic reforms and introduced the SURE-P initiative, where the government reinvested proceeds of subsidies into essential sectors.
She exited the government in 2015 and clinched the position of Director General of the World Trade Organisation (WTO).
Adeosun scared by scandal fared better but...
Upon assumption of office in 2015, the immediate past President, Muhmmadu Buhari, named Kemi Adeosun Nigeria's next Finance Minister.
Under Adeosun, Nigeria's economy slipped into recession twice until she resigned due to a certificate forgery scandal. Her Minister of State, Zainab succeeded Adeosun and held the reins until 2023.
The Nigerian economy took a significant hit under Ahmed as inflation soared and the cost of living became almost unbearable.
Enter Wale Edun
Edun has extensive experience in the banking sector and is regarded as a seasoned financial expert.
According to reports, he will inherit a shaky economic situation as the announcement of his appointment coincided with the day Nigeria's Eurobonds tumbled.
Edun would be expected to handle the soaring inflation rate, which, according to the National Bureau of Statistics, stands at 24.08%.
He will also be expected to steady the ship as the cost of living is skyrocketing, driven primarily by food inflation.
Nigerians expect Edun to rise to the challenges of strengthening the local currency, the naira, which has weakened since Nigeria began floating it.
BusinessDay reports that the naira has depreciated against the dollar, especially in the parallel market, where it sold for close to N1000 per dollar before recently appreciating.
He will coordinate the activities of other ministries and ensure adequate cohesion among them.
He has a robust background in economics, public finance, international finance, merchant banking, and corporate finance at local and international levels.
He was Commissioner for Finance under Tinubu as Lagos State Governor from 1999 to 2007.
International exposure with robust finance background
Edun was Head of the Treasury and Deputy Head of Corporate Finance at Chase Merchant Bank.
He worked with Lehman Brothers and Chase Manhattan Capital Markets Corporation in New York.
He joined the World Bank/IFC in Washington in 1986 via the Young Professionals Programme.
While at the World Bank, Edun worked on financial and economic financial packages for countries in Latin America and the Caribbean, India, and the Far East.
He was co-founder of Stanbic IBTC and served as Executive Director of the bank when it was Investment Banking and Trust Company Limited (IBTC).
He founded Denham Management Limited.
He is married to a Ghanaian, Amy Adwoa Edun (née Appiah).
Full List of President Tinubu’s ministers and their portfolios
Legit.ng reported that President Bola Ahmed Tinubu has assigned portfolios to his newly appointed ministers.
Ajuri Ngelale, the president's spokesman, confirmed the portfolios at Aso Rock on Wednesday, August 16, according to Daily Trust.
The former governor of Rivers state Nyesom Wike was named the minister of the Federal Capital Territory (FCT), his Ebonyi state counterpart, Dave Umahi was named the minister of works and Festus Keyamo would head the Ministry of Aviation, Channels TV reported.
Source: Legit.ng
