Wale Edun, a seasoned financial expert with extensive experience in the banking sector, has been appointed Nigeria’s new minister of finance and coordinating minister of economy.
Edun is expected to inherit a precarious economic situation after the announcement of his appointment coincided with the same day Nigerian stocks and Eurobonds losses stemmed from Bola Tinubu’s blistering start to life as President.
Related to this, the inflation rate in Nigeria soared in July to its highest in nearly 18 years, with many Nigerians groaning under the weight of skyrocketing cost of everything from food to fuel and rent.
Inflation pushed an estimated four million more Nigerians into poverty in the first five months of this year, the World Bank said in July.
“Nigeria’s inflation rate rose again to an almost 18-year high of 24.1 per cent, as the removal of fuel subsidies and the devaluation of the naira continue to push up prices,” said David Omojomolo, Africa economist at London-based Capital Economics.
Edun is also expected to come under severe pressure to do something about the weakening Naira to exchange rate.
The Naira has fallen sharply against the dollar in the parallel market in the last week after it emerged that the CBN has less firepower in external reserves than it claimed previously. In its first financial accounts since 2015, the CBN revealed data showing funds were closer to $15 billion than the $33 billion widely publicized.
As coordinating minister of the economy, experts say Edun faces the additional responsibility of coordinating the economic activities of other ministries and ensuring adequate synergy among departments and agencies of government, a practice introduced in the Olusegun Obasanjo administration.
Experts said there is an economic sense in having some framework for policy coordination.
“Since the fortunes of key ministries such as petroleum, power, transport, and agriculture are heavily interwoven, it would be difficult to have a clear roadmap concerning any one of them until some level of integration in economic policy is achieved,” a senior economist told BusinessDay.
Edun possesses a strong background in economics, public finance, international finance, merchant banking, and corporate finance at national and international levels.
Notably, he served as the Honourable Commissioner for Finance in Lagos State for two unprecedented terms (1999-2007) during Tinubu’s.
As the founder of Denham Management Limited and Chairman of Livewell Initiative, a health sector Non-Governmental Organization (NGO), Wale Edun actively contributes to the welfare of society.
He is also a Trustee of Sisters Unite for Children, an NGO dedicated to assisting needy children.
Furthermore, he holds positions on the boards of various companies.
Edun completed his Bachelor’s Degree in Economics at the University of London and earned a Master’s in Economics from the University of Sussex, England. Although specific details about his early life and education are not publicly available, his expertise and accomplishments speak for themselves.
Throughout his career, Wale Edun has achieved remarkable success in the financial sector, nationally and internationally.
He held key positions such as Head of Treasury and Deputy Head of Corporate Finance at Chase Merchant Bank, where he oversaw Treasury and Money Market activities and played a significant role in Capital Market and Financial Advisory operations for local subsidiaries and affiliates of multinational corporations.
He gained valuable international experience at Wall Street firms Lehman Brothers and Chase Manhattan Capital Markets Corporation in New York, USA.
With over twenty-five years of experience in merchant banking, corporate finance, economics, and international finance, his expertise is highly regarded.
In 1986, Wale Edun joined the World Bank/IFC in Washington, DC, USA, through the prestigious Young Professionals program.
At the World Bank, he worked on economic and financial packages for several countries in Latin America and the Caribbean, including the Dominican Republic, Trinidad, Indonesia, and India in the Far East.
Since March 2008, Wale Edun has served as the Chairman of Chapel Hill Denham Group. He co-founded and served as the Executive Director of Stanbic IBTC Plc (formerly Investment Banking & Trust Company Limited) upon his return to Nigeria in 1989.
In 1994, he established Denham Management Limited. Alongside these roles, he actively participates as a director in various private businesses.
Wale Edun holds the position of Chairman of the Board of Trustees for the Ogoni Trust Fund, which focuses on the environmental cleanup of Ogoniland in the Niger Delta of Nigeria.
His contributions extend beyond his professional career. As an International Trustee of the Duke of Edinburgh’s International Award Foundation and Chairman of the Lagos Boxing Hall of Fame, he actively supports youth development initiatives. He is involved in philanthropic endeavours through organizations such as Livewell Initiative, a health sector NGO, and Sisters Unite for Children, which focuses on helping disadvantaged children.
In his personal life, Wale Edun maintains close relationships with notable individuals such as former Minister of Finance Kemi Adeosun and Professor Yemi Osinbajo, with whom he served in Lagos State. He is married to a Ghanaian, Amy Adwoa Edun (née Appiah).
(BusinessDay)
