The Deputy Governor (Operations) at the Central Bank of Nigeria (CBN), Mr. Tunde Lemo will on Friday retire from the central bank after serving two full terms of five years each. A statement from the CBN explained that although Lemo's retirement would take effect from January 11, 2014 , he would step down on Friday, being the last working day before his retirement date. Prior to his appointment as a deputy governor in 2003, Lemo was the Managing Director/Chief Executive Officer of Wema Bank Nigeria Plc between 2000 and 2003. The retiring deputy governor also played a key role in the consolidation of the banking sector that resulted in 24 stronger and well capaitalised banks with combined equity of over N1.6 trillion from the 89 deposit money banks that were in operation then, as well as the formulation and implementation of the Microfinance Policy and Supervisory Framework both under the supervision of the governor. He also championed the restructuring of Abuja Security and Commodities Exchange and Nigeria Export Import Bank (NEXIM), as the Chairman of both institutions. As Vice Chairman Technical Committee for the establishment of Africa Finance Corporation (AFC), Lemo participated actively in the establishment of the Pan-African investment institution. Lemo was equally responsible for the transformation of the National Payments System for widespread use of electronic payments and the transformation of the Nigeria Inter-Bank and Settlement Systems (NIBSS) Plc . He also introduced the Microfinance Policy and Supervisory Framework and the emergence of over 800 Microfinance Banks. Holder of the National award of the Officer of the Order of the Federal Republic (OFR), Lemo was a deputy governor to three successive governors at the central bank - Dr. Joseph Sanusi , Prof. Charles Chukwuma Soludo and Mallam Sanusi Lamido Sanusi. Born in 1959, Lemo attended Lisabi Grammar School , Ogun State and the University of Nigeria , Nsukka, where he emerged as the overall best graduating student in the Faculty of Social Sciences with a Bachelor of Science degree in Accountancy (First Class Division) in 1984. Lemo also attended Advanced Management Programme (AMP) at the Wharton College , University of Pennsylvania , Philadelphia, USA in 2002 as well as executive training programmes in world class institutions including Harvard University , INSEAD, Fontainbleau, France , Brandies University , Boston .
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