Clement Isong
Encyclopedia
Dr. Clement Nyong Isong (20 April 1920 - 29 May 2000) was a Nigeria
n banker and politician who was Governor of the Central Bank of Nigeria
(1967-1975) during the military regime of General Yakubu Gowon
.
He was later elected governor of Cross River State
(1979-1983) in the Nigerian Second Republic
.
, Akwa Ibom State. He studied at University College, Ibadan, Iowa Wesleyan College
, Mount Pleasant, Iowa, USA and the Harvard Graduate School of Arts and Sciences
where he obtained a Ph.D. in Economics.
He taught Economics in the University of Ibadan
before joining the Central Bank of Nigeria (CBN) as Secretary, later becoming Director of Research. He was seconded to the International Monetary Fund
(IMF) as an Adviser in the African Department.
He headed the CBN during the Nigerian Civil War
(July 1967 – January 1970) and during the subsequent oil boom.
During his tenure Nigeria avoided running up unsupportable debts.
In fact, Isong complained that Nigeria was accumulating foreign reserves but had "nowhere to invest them properly", although there was huge scope for infrastructure improvements.
When the United States Senate killed the foreign aid bill in October 1971, Isong said the $35 million in annual aid was a drop in the bucket.
(NPN) platform.
In 1981 Isong had to deal with a border crisis with Cameroon
that originated in the Ikang area, visiting the trouble spot in person.
Isong was opposed in the 1983 elections by Senate President Joseph Wayas
, who was the leader of the NPN party's "Lagos Group" that supported Senator Donald Etiebet
as governor. Etiebet won the NPN nomination and the subsequent election, taking office in October 1983, but the result was moot due to the resumption of military government after a coup by Major-General Muhammadu Buhari
in December that year.
Clement Isong died on 29 May 2000.
His portrait features on the 1,000 Naira note brought into circulation on October 12, 2005.
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
n banker and politician who was Governor of the Central Bank of Nigeria
Central Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
(1967-1975) during the military regime of General Yakubu Gowon
Yakubu Gowon
General Yakubu "Jack" Dan-Yumma Gowon was the head of state of Nigeria from 1966 to 1975. He took power after one military coup d'etat and was overthrown in another...
.
He was later elected governor of Cross River State
Cross River State
Cross River State is a coastal state in southeastern Nigeria, bordering Cameroon to the east. Its capital is at Calabar, and it is named for the Cross River , which passes through the state...
(1979-1983) in the Nigerian Second Republic
Nigerian Second Republic
The Second Republic was the republican government of Nigeria between 1979 and 1983 governed by the second republican constitution.- Founding :...
.
Background
Isong was born on 20 April 1920 in EketEket
Eket is the second largest city in Akwa Ibom State, Nigeria. The name also refers to the indigenous ethnic group of the region and to their language...
, Akwa Ibom State. He studied at University College, Ibadan, Iowa Wesleyan College
Iowa Wesleyan College
Iowa Wesleyan College is a private four-year liberal arts college of the United Methodist Church located Mt. Pleasant, Iowa.Iowa Wesleyan is recognized as a pioneer in higher education in America. Founded in 1842, it ranks as the oldest coeducational college located west of the Mississippi River...
, Mount Pleasant, Iowa, USA and the Harvard Graduate School of Arts and Sciences
Harvard Graduate School of Arts and Sciences
The Graduate School of Arts and Sciences is the academic unit responsible for many post-baccalaureate degree programs offered through the Faculty of Arts and Sciences at Harvard University...
where he obtained a Ph.D. in Economics.
He taught Economics in the University of Ibadan
University of Ibadan
The University of Ibadan is the oldest Nigerian university, and is located five miles from the centre of the major city of Ibadan in Western Nigeria...
before joining the Central Bank of Nigeria (CBN) as Secretary, later becoming Director of Research. He was seconded to the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
(IMF) as an Adviser in the African Department.
Central Bank Governor
Yakubu Gowon appointed Isong Governor of the CBN in August 1967, an office he held until September 1975.He headed the CBN during the Nigerian Civil War
Nigerian Civil War
The Nigerian Civil War, also known as the Nigerian-Biafran War, 6 July 1967–15 January 1970, was a political conflict caused by the attempted secession of the southeastern provinces of Nigeria as the self-proclaimed Republic of Biafra...
(July 1967 – January 1970) and during the subsequent oil boom.
During his tenure Nigeria avoided running up unsupportable debts.
In fact, Isong complained that Nigeria was accumulating foreign reserves but had "nowhere to invest them properly", although there was huge scope for infrastructure improvements.
When the United States Senate killed the foreign aid bill in October 1971, Isong said the $35 million in annual aid was a drop in the bucket.
Later career
After retirement from the CBN, Isong entered politics and was elected the first civilian Governor of Cross River State from 1979 to 1983 on the National Party of NigeriaNational Party of Nigeria
The National Party of Nigeria was the dominant political party in Nigeria during the Second Republic .-Formation:The party's beginning could be traced to private and sometimes secret meetings among key Northern Nigerian leaders after the proscription of political parties in 1966 by the military...
(NPN) platform.
In 1981 Isong had to deal with a border crisis with Cameroon
Cameroon
Cameroon, officially the Republic of Cameroon , is a country in west Central Africa. It is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon's coastline lies on the...
that originated in the Ikang area, visiting the trouble spot in person.
Isong was opposed in the 1983 elections by Senate President Joseph Wayas
Joseph Wayas
Joseph Wayas was Nigeria's third Senate President during the Nigerian Second Republic .-Background:Wayas was born in Basang, Obudu, Cross River State on 21 May 1941 and attended the Dennis Memorial Grammer School, Onitsha...
, who was the leader of the NPN party's "Lagos Group" that supported Senator Donald Etiebet
Donald Etiebet
Chief Donald Dick Etiebet is a Nigerian politician who was a senator during the Nigerian Second Republic .He was then elected governor of Cross River State, holding this office from October to December 1983, when the military coup brought General Muhammadu Buhari into power.Etiebet was born in...
as governor. Etiebet won the NPN nomination and the subsequent election, taking office in October 1983, but the result was moot due to the resumption of military government after a coup by Major-General Muhammadu Buhari
Muhammadu Buhari
Muhammadu Buhari was a military ruler of Nigeria and an unsuccessful candidate for president in the 2003, 2007 and 2011 presidential elections...
in December that year.
Clement Isong died on 29 May 2000.
His portrait features on the 1,000 Naira note brought into circulation on October 12, 2005.