Dr. Paul Agbai Ogwuma (born 24 April 1932) is a Nigerian banker who was Governor of the Central Bank of Nigeria between 1993 and 1999 during the military regime of General Sani Abacha and his successor General Abdulsalami Abubakar.
Paul Ogwuma, is one of the key regulatory authorities of the country's' financial system. Ogwuma became governor in 1995 at a time that great challenges faced and continue to face the apex bank including dealing with pervasive distress, managing the country's foreign exchange resources and formulating adequate monetary and fiscal policies to reduce inflation, promote growth and development, provide jobs and reduce the country's debt portfolio.

Background

Ogwuma started out his banking career in United Bank for Africa Plc before moving over to Union Bank Plc where he rose to the position of managing director/chief executive officer before retiring in the late 1980's. He attended the Bradford Institute of Technology, Bradford University, US. He has fellowship of many institutes and was awarded honorary doctorate of the Imo State University.

Ogwuma was born on 24 April 1932 in Abayi, Imo State. He is of Ngwa origin. He studied as New Bethel College, Onitsha, then went to the United Kingdom where he studied at Bradford Institute of Technology and then at Bradford University (1959 - 1962). He was an accountant at the Board of Trade in London (1966 - 1977), and also worked at the Industrial and Commercial Corporation, London (1967-1973). Ogwuma started his banking career in Nigeria in the United Bank for Africa. He later moved to the Union Bank of Nigeria where he retired as Managing Director and Chief Executive Officer in the late 1980s.[4]

Public Service

Ogwuma was appointed Governor of the CBN in September 1993, taking office on 1 October 1993. At the time of his appointment, the bank was struggling to manage foreign exchange resources. Both debt and inflation were high. Ogwuma liquidating 20 distressed banks over a three year period in an effort to clean up the financial system and restore confidence. He also created improved security for both depositors and investors. In 1995 he proposed creation of the Nigeria Automated Clearing System (NACS) to clear checks and other instruments between banks. NACS eventually started operations in 2002.[5] During the Abubakar period, foreign reserves were allowed to fall from $7.1 billion to under $4 billion in the first few months of 1999, a problem inherited by Ogwumu's successor Joseph Sanusi.

(While he was in office, he was unknowingly involved in a massive fraud totaling $242 million. A group of fraudsters, one of whom posed as Ogwuma, convinced a senior officer of a Brazilian bank to pay this amount to fund a fictitious contract with the Ministry of Aviation. The fraudsters were eventually brought to trial by the Economic and Financial Crimes Commission under Nuhu Ribadu in 2004. Ogwuma was, of course, in no way involved.)