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Board of the CBN

Dr. Kingsley Moghalu (OON)
Deputy Governor, Financial Systems Stability Directorate - Since 11/9/2009

Dr. Kingsley Chiedu Moghalu is the Deputy Governor of the Central Bank of Nigeria in charge of the Financial System Stability (FSS) Directorate. He has led the implementation of far-reaching reforms to enhance the quality and stability of banks and other financial institutions, the management of systemic risk to Nigeria’s banking system, and supervises the following Departments of the Central Bank of Nigeria: Financial Policy and Regulation Department, Banking Supervision Department, Other Financial Institutions Supervision Department, Development Finance Department, and the Consumer Protection Department. The FSS Directorate regulates and supervises a vast conglomerate of bank and non-bank financial institutions in Nigeria – 24 commercial banks with total assets of 21 trillion naira and 57 subsidiaries in 31 countries, five development finance institutions (Bank of Industry, Bank of Agriculture, Federal Mortgage Bank of Nigeria, Nigerian Export-Import Bank (NEXIM Bank), and Infrastructure Bank), 84 primary mortgage institutions, 900 microfinance banks, and 2443 bureaux de change.

Dr. Moghalu is a member of the Board of Directors, the Monetary Policy Committee, and the Committee of Governors of the Central Bank of Nigeria, and is a member of the President of Nigeria’s Economic Management Team. He is a member of the board of directors of the Securities and Exchange Commission (SEC) and the Asset Management Corporation of Nigeria (AMCON) as well as Chairman of the board of directors of the Financial Institutions Training Centre (FITC). He served as Chairman of the board of NEXIM Bank from 2009 – 2011.

Kingsley Moghalu was born in Lagos in 1963 to Isaac Moghalu, a Nigerian Foreign Service Officer in the Ministry of Foreign Affairs, and Mrs. Vidah Moghalu. He obtained the LL.B. (Honours) degree in law at the University of Nigeria, Nsukka in 1986, the B.L. (Barrister at Law) from the Nigerian Law School, Lagos, an M.A. from The Fletcher School of Law and Diplomacy at Tufts University, USA, and a Ph.D. in International Relations from the London School of Economics (LSE) at the University of London, UK. He also obtained an International Certificate in Risk Management from the Institute of Risk Management, London, UK.

He is also an alumnus of executive education programs on leading economic growth and transformation and on corporate governance at Harvard University’s Kennedy School of Government and Harvard Business School respectively, and on macroeconomics and financial sector management at the International Monetary Fund (IMF) Institute.

Prior to his appointment as Deputy Governor of the Central Bank of Nigeria, Dr. Moghalu was the Founder and Chief Executive Officer of Sogato Strategies S.A., a risk management and strategy consultancy firm in Geneva, Switzerland. He was also the Executive Director of the Swiss-Africa Business Roundtable, and served as a member of the global board of directors of Opportunities Industrialization Centers International, Inc., USA.

He previously worked for the United Nations for 17 years, from 1992-2009, in legal, management and strategic planning posts at duty stations in New York, Cambodia, Croatia, Tanzania, and Switzerland, rising to the rank of a Director in the Organization. In 2006 the Secretary-General of the United Nations appointed Dr. Moghalu a member of the high-level Redesign Panel on the United Nations Internal Justice System, an assignment at the level of Under-Secretary-General. The Redesign Panel overhauled the transparency, accountability and regulatory compliance system of the United Nations as a key component of the management reform of the UN.

From 2002 to 2008, Dr. Moghalu was the Head and Director of Global Partnerships and a member of the Risk Management Committee of the Geneva-based Global Fund, an international development finance organization with $20 billion in assets and a $15 billion investment portfolio in 140 countries as of 2008. He was Legal Advisor and the Spokesman of the United Nations International Tribunal for Rwanda at Arusha, Tanzania from 1997 to 2002, and served as a Political Advisor at the United Nations Headquarters in New York and in UN missions in Cambodia and Croatia, from 1992 to 1997.

Before joining the United Nations Service in 1992, Dr. Moghalu was a Country Risk Analyst for Political Risk Services (PRS) Group, Inc., USA, Research Assistant in the Global Political Economy Program at The Fletcher School, Tufts University where he was the Joan Gillespie Fellow, General Counsel of Newswatch Communications Ltd., Lagos, and Legal Officer (National Youth Corps Scheme), Shell Petroleum Development Company of Nigeria Ltd., Lagos.

Kingsley Moghalu is the author of Emerging Africa: How the Global Economy’s ‘Last Frontier’ Can Prosper and Matter, two previously published books on international politics, and numerous articles on law, banking regulation, economic development, political economy and public policy. His publications have appeared in journals and newspapers such as Central Banking Journal, Journal of Banking and Finance, The Fletcher Forum of World Affairs, The Washington Post and the International Herald Tribune. He is a member of the Institute of Risk Management, UK, Global Association of Risk Professionals (GARP), the American Bar Association (Associate Member), and the Nigerian Bar Association.

Dr. Moghalu has been a frequent keynote speaker and guest lecturer at numerous global forums including: the Federal Reserve Bank (central bank) of the United States, the South African Reserve Bank, Wharton School of Management at the University of Pennsylvania, Official Monetary and Financial Institutions Forum (OMFIF), the Brookings Institution in Washington, DC, Institute of International Finance (IIF), National Bar Association of the United States, and the African Presidential Roundtable. He has been interviewed and featured on CNN, BBC World TV’s HardTalk, Financial Times, The New York Times and other global media.

He has received several honours including the Nigerian national honour of the Officer of the Order of the Niger (OON), Fellow of the Chartered Institute of Bankers of Nigeria (FCIB) and Rotary International Distinguished Service Award.

Kingsley Moghalu is married to Maryanne Moghalu (nee Ezike) and their union has been blessed with children.

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Facts : 7/1/1959
BOARD OF DIRECTORS:The Management of the CBN is placed under a Board of Directors which is responsible for the Policy and General administration of the Affairs and Business of the Bank.Under the original statute,the Board was composed of the Governor as Chairman,a Deputy Governor and Five other Directors all of whom were appointed by the Federal Government.
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