Investors in Nigeria were shocked when central bank governor Lamido Sanusi was suspended in February. His likely successor, Godwin Emefiele, is a very different character, but he will be keen to prove he is no less independent.

Nigeria’s rapidly growing economy has increased its appeal to the world’s emerging market investors. But political tensions ahead of next year’s elections and failed reforms have exposed some glaring weaknesses.

The controversy that has dogged pan-African lender Ecobank in the last nine months has shaken it to its core. Last month Thierry Tanoh, its chief executive, was forced to stand down in what was the latest and, Ecobank shareholders will hope, possibly the last in a series of events that has dented the institution’s credibility.

If the early 2000s were all about the emerging economies of Brazil, Russia, India and China, now attention is shifting to the up-and-coming countries of Mexico, Indonesia, Nigeria and Turkey – the MINTs. And with rapid economic growth predicted, retail banks in these countries will be under enormous pressure to keep up.

With elections looming, Ngozi Okonjo-Iweala’s next year as Nigeria’s finance minster promises to be even more demanding that usual. But she is determined to ensure that the country’s strong macroeconomic performance of recent years and reform agenda do not slip. 

Speculation about who will succeed Sanusi Lamido Sanusi as Nigeria’s central bank governor next year is mounting. Outgoing Access Bank CEO Aigboje Aig-Imoukhuede, one of the leading candidates, tells The Banker the role would be difficult to turn down. 

Ecobank has been hurt recently by several allegations concerning its corporate governance. But Thierry Tanoh, its chief executive, insists it has done nothing wrong. He also explains why the pan-African lender represents a unique investment opportunity.