Draft:Philip Ikeazor

Philip Ikeazor is a Deputy Governor of Financial System Stability at the Central Bank of Nigeria (CBN). He was appointed by President Ahmed Bola Tinubu on 15th September, 2023 after the removal from office of Godwin Emefiele and his four deputies, Aishah Ahmad, Folashodun Shonubi, Edward Adamu and Kingsley Obiora owing to allegations of corporate governance failures at the CBN.

Education and career
Ikeazor attended the University of Buckingham, United Kingdom where he obtained a Bachelor's degree in Economics and then went on to attend Wharton CEIBS-IESE Business School Global CEO programme. He has worked in financial services since 1990 first as loans officer at the Nigerian American Merchant Bank. He subsequently moved to Merchant Banking Corporation (MBC) to continue his career in banking and finance. In January, 2013, he was appointed as Managing Director of Keystone Bank. He also served as Director at Greenwich Merchant Limited, Tideway Advisory, Union Bank Nigeria, Union Registrars Ltd, Union Bank UK plc and UBA Trustees Ltd.

Appointment as Deputy Governor
He was appointed into office as Deputy Governor, Financial System Stability at a time Nigeria's economy had been impacted by high inflation with a bleak macroeconomic outlook. The previous governor of the Central Bank of Nigeria, Godwin Emefiele and his four deputies had been removed from office on the 15th of September, 2023 and Ikeazor appointed a Deputy Governor and member of the new Management team charged with implementing significant reforms in the Bank. His predecessors had implemented a controversial currency redesign which was severely criticised as punitive and lacking a human face. Moreso, Emefiele, the former governor, had, in an unprecedented move, engaged in partisan politics to contest for the Nigerian presidency as a sitting central bank governor. He was resoundingly criticised, with many analysts calling for his resignation. Against this backdrop, President Bola Ahmed Tinubu, on his inauguration on May, 29th 2023, promised a "monetary policy housecleaning" at the Central Bank of Nigeria. He consequently suspended Emefiele in June, 2023 and appointed a Special Investigator to look into the corporate governance failures at the CBN. In September, Emefiele and his four deputies were removed from office whilst the president appointed Ikeazor as Deputy Governor alongside Yemi Cardoso (Governor), and three other deputy governors (Emem Usoro,  Muhammad Sani Abdullahi and Bala Bello). .  As  Deputy Governor, he is a Member of the Central Bank of Nigeria Board and also a member of the Monetary Policy Committee as prescribed by the Act of Parliament establishing the bank. He is expected, in his new role, to rein in corporate governance risks in financial institutions as a regulator and supervisor of financial services in Nigeria. Ikeazor would be overseeing financial system stability which entails protection of consumers of financial services, making financial policies, and regulating financial institutions while ensuring the payments system works for everyone.