Abdulkadir Ahmed
Abdulkadir Ahmed | |
|---|---|
| Born | Template:Birth date Jama'are, Bauchi State, Nigeria |
| Died | 1997 |
| Occupation(s) | Entrepreneur, public official |
| Years active | 1960–1993 |
| Known for | Governor of the Central Bank of Nigeria (1982–1993) |
Abdulkadir Ahmed (31 October 1940 – 1997) was a prominent Nigerian entrepreneur and public official who held the position of governor at the Central Bank of Nigeria between 1982 and 1993.
Background
Ahmed was born in Jama'are, located in Bauchi State, and commenced his education at Barewa College, Zaria, in 1955. He began his career with the New Nigerian Development Company in January 1960 and pursued studies at the University of Ife in 1961. Later, he earned a degree from South West London College in 1972. Between March 1976 and June 1977, he served as Bauchi State's Commissioner of Finance before his appointment as Deputy Governor of the Central Bank of Nigeria in 1977. His professional background also includes executive roles at Northern Nigeria Development Company (NNDC), where he worked as area accountant and subsequently as financial controller. Additionally, he represented the NNDC on the boards of affiliated enterprises such as Arewa Textiles Mills and Cement Company of Northern Nigeria.
Ahmed was recognized as a fellow by both the Institute of Chartered and Certified Accountants and the Institute of Chartered Accountants of Nigeria.
Governor of the Central Bank
Assuming office on 27 June 1982, Ahmed’s governorship spanned over eleven years, covering periods under both civilian and military governments including those led by Shehu Shagari, Ernest Shonekan, Muhammadu Buhari, and Ibrahim Babangida. He was appointed the inaugural chairman of the board for the Nigeria Deposit Insurance Corporation when it was established in June 1988.
During his leadership, contracts were awarded for the construction of the Kafin Zaki Dam in Bauchi State; however, this project was subsequently terminated under General Sani Abacha's administration, which also launched investigations into Central Bank operations during preceding regimes.
In 1988, Ahmed orchestrated Nigeria’s pioneering international debt relief initiative by converting trade arrears into CBN Promissory Notes amounting to over US$5 billion. This voluntary debt restructuring enhanced Nigeria’s creditworthiness and facilitated further debt conversion into Brady Bonds by 1992, thereby decreasing foreign exchange expenditures.
He also implemented a sovereign debt repurchase scheme from 1988 to 1993 via Greenland Holdings, effectively reducing Nigeria’s external debt by $5 billion at an average purchase price of 32% of nominal value. A Senate inquiry conducted in 2000 exonerated Ahmed from any misconduct and affirmed that these transactions were financially advantageous for Nigeria.
Later career
In the early 1990s, Ahmed acquired a first-class round-trip ticket to London for his family through British Airways. Upon returning, British Airways downgraded his reservation to economy class, justifying this change due to payment being made in naira rather than a convertible foreign currency.