Contemporary Leadership in Nigeria’s Central Bank will enable to revive Confidence in Nigeria’s Banknotes Tony Elumelu disclosed

By Abdul Rahman Bangura-

Photo Credit: iStock

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- “The reason people are accumulating dollars is not because they need it now, it is because of lack of confidence,” Elumelu let out in an interrogation with Bloomberg TV in New York. The new central bank team is “very capable” and will be able to bring confidence, he told.

Elumelu, who is the Chairman of the United Bank for Africa Plc and the biggest shareholder of Transnational Corp. of Nigeria Plc, Nigeria’s largest conglomerate, noted there’s alarm because Nigerians don’t know where the currency will resolve. The naira is Africa’s worst-performing among 24 currencies on the mainland watched over by Bloomberg.

Transcorp regulates about 16% of Nigeria’s electricity generating capacity, runs hotels, and explores oil that gives Elumelu a roadway to develop in areas that are vital for Africa’s most dense nation.

“The missing link has been poor leadership and I believe that we all know there’s so much, private global capital, seeking the right investment destination,” Elumelu spoke out. Shares of his companies have flooded this year in dollar terms. Transcorp has better than made twice as much in 2023, while United Bank has advanced about 40%.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent