The Deputy Govenor, Economic Policy of the Central Bank of Nigeria (CBN), Dr. Sarah Alade recently retired from the bank, after 23 years of service. Ndubuisi Francis profiles her sojourn at the central bank
It was the legendary writer, William Shakespeare who wrote in that classic, Julius Caesar that “When beggars die, there are no comets seen. But the heavens themselves blaze forth the death of princes.”
The inference to be drawn from Shakespeare’s words here is not about death, but celebration of performance.
Many retire from their callings on daily basis, after decades of meritorious service, both in the private and public sectors but not many get celebrated. Not even a whimper is heard about their service. Not many are drums rolled out for.
But for Dr. Sarah OmotundeAlade, the immediate-past Deputy Governor, Economic Policy, Central Bank of Nigeria, who retired on Wednesday, March 22, 2017, even the comets blazed forth for her in retirement.
The banquet hall of the Sheraton Hotel and Towers, Abuja witnessed a rare throng of personages. No fewer than three cabinet ministers; the CBN Governor, Mr. Godwin Emefiele; eggheads of multilateral financial institutions, including the World Bank, International Monetary Fund (IMF), and African Development Bank (AfDB), among others were there on their numbers. The West African Institute for Financial and Economic Management (WAIFEM) was also not left out just as Alade’s immediate constituency–the CBN made a strong statement with their intimidating presence from every strata.
The send-forth party was held on the night of the same day CBN’s Monetary Committee (MPC) unveiled the latest policy rates. Alade had actively partcipated in the two-day MPC meetings, which turned out to be her last before retirement.
The valedictory event took place on the eve of her retirement, which was March 22.
The well-decorated hall of the hotel was filled to the brim with Alade’s professional colleagues, friends, well-wishers, relatives and acquaintances.
Also in attendance were no fewer than three ministers, including the Minister of Finance, Mrs. KemiAdeosun; Minister of Budget and National Planning, Senator UdomaUdoUdoma and the Minister of Trade and Investment, Dr. OkechukwuEnelamah
Sumptuous meals and good drinks were there to the bargain. Cultural dancers were also on hand to spice up the event.
The entire package was put together and funded by Alade’s colleagues in the bank, specifically the Economic Policy Directorate, as a parting token to someone who impacted not only individuals, but the corporate milieu for over two decades.
It was a night of accolades; a harvest of speeches. Not a few paid glowing tributes to her professionalism, intellect and humanness.
The CBN Governor, Emefiele, in his tribute, congratulated Alade, noting that although the occasion was one that should elicit joy, it was not an entirely happy one for the CBN family because her presence would be missed.
He described Alade as “a friend, colleague and a woman of extreme virtue” who has done very well not only in her professional but private life.
Emefiele said Alade represented a good advertisement copy for the female gender and did a good job giving the womenfolk an excellent representation at the CBN.
He affirmed that he had an excellent working relationship with Alade, and applauded her for 23 years of meritorious service.
According to Emefiele, she was retiring from the bank in tandem with the enabling law of the CBN which pegs the tenure of the governor and deputy governors at two terms of five years each.
Also in her remarks, the Minister of Finance, Mrs. Kemi Adeosun, described her as a quintessential professional, a consummate banker and one of the brilliant and inspiring Nigerian women in the finance sector.
In her remarks, Alade urged Governor of the apex bank to uphold its credibility.
Alade, who once served as the acting Governor of the bank following the suspension of the former CBN Governor and the current Emir of Kano, said she had one regret.
“Throughout my period at the bank, I have one slight regret and that’s during the period I was acting governor. It was the time that the CBN was being investigated. It never happened before that the activity of the CBN is under investigation. “We went for the IMF meetings and when we met with investors, they asked us `what is happening? We understand that there was some financial mismanagement in the CBN’. It was humiliating.
“I think for me, that was a low point. The credibility of this institution was eroded. “For an institution this important to be subjected to that, is bad. At the end of the day, it was not just CBN that suffered for it but the economy as a whole did suffer. “So I want to encourage us that whatever we need to do, let us do it right. We must not subject this institution to that type of incident again,’’ she said.
Sanusi was on February 20, 2014 suspended by former President Goodluck Jonathan over allegations bordering on financial recklessness and official misconduct.
The suspension came on the heels after of Sanusi’s claimed that over $49 billion and later $20 billion was missing from Nigerian National Petroleum Corporation, as oil revenue.
Relating her experience then as acting governor of the apex bank, Alade explained that the investigation paralysed activities at the bank.
“I remember that during that period, I was reminded every morning that we have four governors– the suspended governor, the governor in waiting, the acting governor and the investigating governor. “I remember that the investigating governor told us that there should be no initiative, no payments, no decision-making, nothing. The only thing we could do was to just maintain the bank.
“So, the bank was sort of paralysed. We could not do anything. For me, it was a humiliating experience, but we did the best we could,’’ she said.
The icing on the cake of her illustrious career came on February 20, 2014 when she was appointed Acting CBN Governor, following the suspension of the former CBN Governor, LamidoSanusi, who is now the Emir of Kano.
She also served as Deputy Governor, Economic Policy, from March 26, 2007. Alade also served on the teams on major economic policy studies and was involved in the preparation of CBN’s Monetary and Credit Policy Proposals over the years. She was actively involved in the drafting of the Medium Term Economic Programme for Nigeria and the IMF Staff Monitored Programme/Standby Arrangement. She was also member of the Technical Committee of the Vision 2010 and currently a member of the Technical Committee of Vision 2020 and the National Economic Management Team. As Deputy Governor, Economic Policy, Alade superintended over the Economic Policy Directorate, comprising the Research, Monetary Policy, Trade and Exchange, Statistics Departments and Financial Markets Department.
As Chair of the Monetary Policy Implementation Committee, she interfaced with operational departments and coordinated technical inputs for the Monetary Policy Committee.
Sarah OmotundeAlade attended the University of Ife, Ile-Ife (now ObafemiAwolowo University) where she bagged a B.Sc (Hons) degree in Economics in 1976. She also obtained an M.Comm degree at the University of Melbourne, Melbourne, Australia in 1983 and a Ph.DManagement Science (Operations Research), from the University of Ilorin in 1991.
Alade commenced her working career in 1977 with the Ministry of Finance and Economic Development, Ilorin, Kwara State. In 1991, she joined the University of Ilorin as a lecturer in the Department of Accounting and Finance.
She joined the Central Bank of Nigeria in 1993 as an Assistant Director in the Research Department where she served as Head, State Government Finance Office (1993-1996); Head, Federal Government Finance Office (1996-2000) and Head, Fiscal Analysis Division (2000-2004).
Alade also served on the teams on major economic policy studies, and has been involved in the preparation of CBN’s Monetary and Credit Policy Proposals over the years.
She was actively involved in the drafting of the Medium Term Economic Programme (MTP) for Nigeria and the IMF staff Monitored Programme/Standby Arrangement.
Alade was appointed Director, Banking Operations Department in May 2004. In that capacity, she served as Chairman Board of Directors, Nigeria Interbank Settlement System (NIBSS) as well as Secretary, National Payments System Committee (NPSC).
She was a member of the Technical committee of the Vision 2010 and a member of the Technical Committee of Vision 2020 and member of the National Economic Management Team (EMT).
As Deputy Governor, Economic Policy, she superintended over the Economic Policy Directorate, comprising the Research, Monetary Policy, Trade and Exchange, Statistics Departments and Financial Markets Department.
As Chair of the Monetary Policy Implementation Committee (MPIC), she interfaced with operational departments and coordinated technical inputs for the Monetary Policy Committee (MPC).
Alade, who is a member of the Nigerian Economic Society (NES), has several publications to her credit and is currently carrying out research into Interest Rate Policy and Monetary Policy Implementation in Nigeria.
Alade is a Fellow of the Nigerian Institute of Operational Research. She is married with children.
