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meeting at
Wembley Conference Centre in London. Governor Ahmed convinced noteholders to accept the debt reduction deal by allowing creditors to set strict terms of default for the notes. The Governor feared that subsequent Nigerian administrations would attempt to renege on the note payments, so he permitted creditors to set very harsh terms of default for the notes. As a result, the Promissory Notes, which totalled over US$ 5 billion, were paid in full in January 2010, and Nigeria's credit rating has greatly improved as a result. This transaction, and Nigeria's performance on the CBN Notes, allowed Nigeria to restructure another $ 5 billion of bank debt into Brady Bonds in 1992. Brady Bonds also had an element of debt reduction, which greatly lowered Nigeria foreign exchange cost.
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represented the firm in boards of associated companies such as Arewa
Textiles Mills, Northern Nigeria Textiles Mills, Cement Company of Northern Nigeria and Arewa Hotels. He joined NNDC in 1960 and was sponsored for training in institutions in Nigeria and abroad. He served as area accountant of the group and in 1974, he became the group's financial controller.
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In 1988, Governor Ahmed achieved the first debt reduction transaction in the international markets by restructuring the trade arrears of
Nigeria into CBN Promissory Notes. The restructuring was done on a voluntary basis, with over 2/3 of the noteholders agreeing to the restructuring at a bondholders
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Governor Ahmed then initiated the first comprehensive sovereign debt buyback in the international markets, which further reduced
Nigeria's foreign exchange burden, between 1988 and 1993, through an overseas subsidiary company named Greenland Holdings. After allegations of impropriety in the deals, a
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in 1972. Ahmed became
Commissioner of Finance for Bauchi state (March 1976 - June 1977). He was appointed a Deputy Governor with the Central Bank of Nigeria in 1977. Before he became Commissioner of Finance, Ahmed had executive experience with Northern Nigeria Development Company (NNDC) and
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Senate investigation committee in 2000 exonerated the governor and stated that the deals had been beneficial to the country, reducing foreign debt by $ 5 billion at an average cost to
Nigeria of 32% of the face value of the debt purchased.
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236:. On the return journey, BA downgraded the former Central Bank governor's ticket to economy class on the basis that he had paid in naira rather than a "hard" currency.
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Ahmed was appointed the
Governor of the Bank on 27 June 1982 and retired on 30 September 1993. He held office for over 11 years during democratic government of
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cancelled the project and appointed a judicial committee of inquiry. Abacha also set up a panel of inquiry into CBN activities under his predecessors.
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in Bauchi State. Both Ahmed and water resources minister
Abubakar Hashidu were natives of the state. The successor government of Military ruler General
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130:(31 October 1940 – 1997) was a Nigerian businessman and civil servant who was governor of the
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Ahmed was a fellow of the
Institute of Chartered and Certified Accountants and the
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430:"SENATE COMMITTEE SAYS NIGERIA SAVED $ 5 BILLION FROM 1988-93 DEBT BUYBACK SCHEME"
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During his tenure, the
Shagari regime awarded contracts for construction of the
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In the early 1990s, Ahmed, bought a first class return ticket for a trip to
327:"Five Days After - Yar'Adua Finally Sends CBN Governor-Nominee to Senate"
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379:"Dam Politics in Northern Nigeria: THe Case of the Kafin Zaki Dam"
254:"Nigeria: Former Ranking Nigerian Official, Aliyu, Dies in Crash"
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354:. Nigeria Deposit Insurance Corporation. Archived from
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197:He was the first chairman of the board of the
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168:Institute of Chartered Accountants of Nigeria
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48:28 June 1982 – 30 September 1993
627:Governors of the Central Bank of Nigeria
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36:Governor of the Central Bank of Nigeria
325:Kingsley Ighomwenghian (2 June 2009).
16:Nigerian businessman and civil servant
199:Nigeria Deposit Insurance Corporation
142:Ahmed was born on 31 October 1940 in
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440:from the original on 5 February 2010
377:Kole Ahmed Shettima (August 1997).
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637:Obafemi Awolowo University alumni
403:Ochereome Nnanna (January 1995).
285:"Alhaji Abdulkadir Ahmed (Late)"
232:with members of his family from
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461:"The Sins of British Airways"
174:Governor of the Central Bank
117:1997 (aged 56–57)
158:in 1961. He graduated from
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459:Jerry Uwah (13 May 2008).
182:and interim government of
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287:. Central Bank of Nigeria
160:South West London College
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642:People from Bauchi State
514:Central Bank of Nigeria
132:Central Bank of Nigeria
405:"Corruption unlimited"
314:(7). Lagos. July 1982.
632:Barewa College alumni
558:Joseph Oladele Sanusi
352:"About NDIC: History"
568:Sanusi Lamido Sanusi
434:NIGERIA TODAY ONLINE
533:Clement Nyong Isong
524:Roy Pentelow Fenton
383:Refuge Vol 16, No 3
308:Nigerian Enterprise
134:from 1982 to 1993.
101:, Northern Region,
260:. 17 December 1997
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553:Paul Agbai Ogwuma
512:Governors of the
358:on 31 August 2009
331:Daily Independent
192:Ibrahim Babangida
156:University of Ife
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107:Bauchi State
66:Succeeded by
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607:1997 deaths
602:1940 births
573:Sarah Alade
543:Ola Vincent
210:Sani Abacha
59:Ola Vincent
54:Preceded by
596:Categories
465:Leadership
306:"People".
240:References
138:Background
109:, Nigeria)
92:1940-10-31
44:In office
576:(acting)
438:Archived
144:Jama'are
105:(now in
99:Jama'are
470:2 March
444:2 March
414:2 March
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362:2 March
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264:24 June
230:London
472:2010
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266:2015
190:and
114:Died
86:Born
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