Paul Ogwuma, 66, is the governor of the Central Bank of Nigeria, one of the key regulatory authorities of the country's' financial system. Ogwuma became governor in 1995 at a time that great challenges faced and continue to face the apex bank including dealing with pervasive distress, managing the country's foreign exchange resources and formulating adequate monetary and fiscal policies to reduce inflation, promote growth and development, provide jobs and reduce the country's debt portfolio.

Ogwuma, for the first time in the country's economic history addressed, the issue of distressed banks by liquidating 20 banks over three years in an attempt to sanitise and restore confidence in the country's financial system. He is also presiding over a revitalised finance system demanding for increased capitalisation to protect both depositors and investors.

Moreover, the operators of the financial system are more than ever before under one authority, the Central Bank. Institutions such as mortgage banks, community banks and all the development banks are now under the direct supervision of the Central Bank of Nigeria creating a unity of purpose. Central Bank of Nigeria under Ogwuma is planning to divest its retail banking functions to enable it to fully face its increased regulatory responsibilities.

Central Bank of Nigeria now has formulated policies that ensure regular biddings (weekly) at the autonomous foreign exchange market to facilitate easy and adequate access for foreign exchange. It has also managed the country's foreign trade in such a way as to boost our foreign reserves to new heights to finance our external obligations including paying for our imports and external debts which are equally managed by Central Bank of Nigeria.

Ogwuma started out his banking career in United Bank for Africa Plc before moving over to Union Bank Plc where he rose to the position of managing director/chief executive officer before retiring in the late 1980's. He attended the Bradford Institute of Technology, Bradford University, US. He has fellowship of many institutes and was awarded honorary doctorate of the Imo State University.

Newswatch June 29, 1998