On August 15, 1967, Clement Isong became the second indigenous Governor of the Central Bank of Nigeria (CBN). Appointed by the then military Head of State, General Yakubu Gowon, Isong served in this critical role until September 1975. His tenure coincided with significant historical events, including the Nigerian Civil War that lasted from July 1967 to January 1970 and the subsequent oil boom.
Under Isong's leadership, Nigeria managed to avoid accumulating unsustainable debts, a significant achievement given the economic pressures of the time. Despite this, Isong expressed frustration over the country's growing foreign reserves, noting that while there was an abundance of funds, there were limited opportunities to invest them effectively. He pointed out the pressing need for infrastructure development, highlighting a missed opportunity to channel the reserves into projects that could have significantly improved the nation's infrastructure.
Isong, who had Aliyu Mai-Borno as his predecessor at the CBN, was later elected the Governor of Cross River State during the second republic. Sadly, he passed away on 29th May, 2000 at the age of 80.
Other key events on this day
1. German field marshal von Kluge 'vanished' for one day - 1944
2. Kabul fell to the Taliban after U.S. withdrawal - 2021
3. India and Pakistan won independence - 1947
4. 8.6 earthquake in India killed 20,000 to 30,000 - 1950
6. King Macbeth was killed by Malcolm Canmore - 1057
7. French political leader, Napoleon Bonaparte born - 1769
8. King Edward VII of Great Britain visited German Emperor Wilhelm II to discuss the escalating rivalry between their nations' naval forces -1906
9. Republic of Korea (South Korea) proclaimed - 1948
Comments