Abubakar Suleiman

 That Soludo's era was brave (and possibly brilliant) is not in doubt. His decision to consolidate the banks was timely. He also improved the reporting standards and encouraged Nigerian banks to look outward. But it will be dishonest to ignore the 'other Soludo', the one that was accused of consistently leaking key policy decisions to his allies starting with the capitalization and ending with the infamous devaluation. We must acknowledge the Soludo that is reputed to be ‘texting’ buddy with Turai (the political Soludo).

Let’s get this straight, Soludo was 'dumped' by the politicians for reasons not necessarily in the interest of the nation but he was dumped first by his primary constituencies. His deputy governors heard about the re-denomination exactly the same way as you and I. It may also interest you to note that investors are not 'waiting' for Soludo's second term as governor, they left during his first term when the Naira was spectacularly devalued and the interbank market shut down (not a criticism, just mentioning). Soludo's achievement in his first three years in office (and you did well to articulate these achievements) was shadowed by some of the decisions he took in the last 12 months.

And now to Sanusi. In your view, He is "is a rabid Islamist, "the man is a deep, deep political animal with a revisionist bent" and your prayer that "the Naira would not revert to carrying exclusive Arabic inscriptions", "We can only pray that we are not headed back to the era of three different exchange rates". Waoh! A man is no longer entitled to his personal life anymore? Are you aware that this man was jailed by Abacha for daring to criticize him at a time most of us were hiding under out mother's bed? Did you listen to the most intense and the longest senate confirmation session, a session that was moved to the full house and televised nationwide? In more than twenty years in banking, we have heard nothing to suggest that Lamido's religion has any impact on his competence. Suddenly the man is now being casted as some 'Osama' like figure. Please, give the man a chance. Soludo's sad end has nothing to do with Sanusi's new beginning and we should keep it that way.

On a less personal level, I think the industry needs to shift focus from transformation to risk management. We have seen explosive growth in the last five years and we know for certain that bubbles were built into this growth (I estimate a trillion Naira of capital is at risk). It is time for an insider and a risk manager to come forth and instill some discipline in the banking industry before we fall into the abyss.

As for the 3 different exchange rates, we already witnessed the highest premium between the CBN and parallel market rate since Abacha's regime this year. I do not wish to question your sincerity but your point on the stock market ("Once one of the world’s most profitable Stock Markets, foreign and local investors are now divesting from the Nigerian capital market") makes me suspicious of either your motives or your knowledge. We ran a grand 419 scheme in Nigeria and called it stock market- It never made sense but greed led us by the scruff. What we saw was the bubble bursting (as it did globally). The bigger your bubble (most profitable indeed! Ndidi –any comment?), the greater the burst! Nigerian companies are not the most profitable in the world so where does the stock market gets it profit from? Please don’t insult us. Many of your readers probably lost money in the market and telling them it happened because Soludo was sunset..please!.

As to the Yar'Adua government, I stand side by side with you. It is so far a failed project and nobody can prove otherwise. As for donating N20million to his alma mater- where should the donation go? Yours? When a school produce a ”very articulate and … very intelligent – an intellectual of sort” who goes ahead to become one of the most respected risk manager in Nigeria,  a token donation seems appropriate. Besides, the sight of a “rabid islamist” presenting the donation to the Headmistress of the School, Rev Sister Celestina Agwu makes for a very nationalistic photo ops, except that the man his not present at the occasion. 

Please read Pius Adesanmi on Sanusi :LITTLE ENDS: Sanusi Lamido Sanusi: Confessions of a stalker).

Robot  # 1 | 09.06.2009 06:42

Abubakar Suleiman Michael Egbejumi-David article on Soludo Out.... Here Comes T...calls for comments That Soludo's era was brave (and possibly brilliant) is not in doubt. His decision to consolidate the banks was timely.He also improved the reporting standards and encouraged Nigerian banks to look outward. But it will be dishonest to ignore the 'other Soludo', the one that was accused of consistently leaking key policy decisions to his allies starting with the capitalization and ending with the infamous devaluation. We must acknowledge the Soludo that is reputed to be ‘texting’ buddy with Turai (the political Soludo). Let’s get this straight, Soludo was 'dumped' by the politicians for reasons n...Read the full article.

eire  # 2 | 09.06.2009 07:47

=Robot;362065>Abubakar Suleiman Michael Egbejumi-David article on Soludo Out.... Here Comes T...calls for comments That Soludo's era was brave (and possibly brilliant) is not in doubt. His decision to consolidate the banks was timely.He also improved the reporting standards and encouraged Nigerian banks to look outward. But it will be dishonest to ignore the 'other Soludo', the one that was accused of consistently leaking key policy decisions to his allies starting with the capitalization and ending with the infamous devaluation. We must acknowledge the Soludo that is reputed to be ‘texting’ buddy with Turai (the political Soludo). Let’s get this straight, Soludo was 'dumped' by the politicians for reasons n...Read the full article. Good response but it does not remove the fact that Sanusi is a political/tribal/religious coronation; his was not done out of being "the best candidate" it was rather out of political favours and returning Nigeria's political economy to the hausa/Fulani north. I know Sanusi well, and he will agree to what I just said during a friendly chat session, any day! There are more qualified candidates, there are more experienced candidates, there are more less controversial candidates but Sanusi is infact a sharia advocate. He lacks the moral and legal rights to sit at the helm of Nigerian's Financial throne because he is indeed a person who advocated Islamic religious laws in a secular society! Such a lopsided choice would have failed the senate hearing of any developing society other than nigeria. The decisions Sanusi will make in the years to come will have be wholly concessionary to the Hausa/Fulani elite and people who rallied for his appointment, they did not do it based on qualification but out of favouritism. I certainly will not like to be elected to any office based on such sentiments. He is true to type despite his education and his "sometimes" liberal stand on tribalism and religious bigotry! I welcome the Hausa/Fulani hegemony back to the "business and usual" destruction of the Nigerian financial economy! Enjoy it while it lasts mallams.

kalu31  # 3 | 09.06.2009 08:00

an excellent article, i agree with your points. Soludo was a marvelous CBN governor, noboby can take that from him, but he was also a politician. the word on the "street" is that Sanusi would not have been nominated if he was not a Northerner and also of Royalty. his CV is very watery, double promotion in one year in UBA plc, Masters in Islamic studies etc, but i liked the simple down to earth answers Sanusi gave during his confirmation. he seem to understand that Nigerians have distilled success in any government down to Power, Road and Jobs. i hope he succeds in the CBN. (he better not put back the arabic stuff on the Naira ooh)

datuouwadaberechi  # 4 | 09.06.2009 10:43

=kalu31;362088>an excellent article, i agree with your points. Soludo was a marvelous CBN governor, noboby can take that from him, but he was also a politician. the word on the "street" is that Sanusi would not have been nominated if he was not a Northerner and also of Royalty. his CV is very watery, double promotion in one year in UBA plc, Masters in Islamic studies etc, but i liked the simple down to earth answers Sanusi gave during his confirmation. he seem to understand that Nigerians have distilled success in any government down to Power, Road and Jobs. i hope he succeds in the CBN. (he better not put back the arabic stuff on the Naira ooh) GREAT RESPONSE to the response. Thanks.

eire  # 5 | 09.06.2009 10:49

=datuouwadaberechi;362174>GREAT RESPONSE to the response. Thanks. He gave senate the answers they wanted to hear He will hardly go in front of a confirmation hearing to say UMYA hired him to secure the KANO vote when elections come! He is also not likely to tell Senate he was hired to ensure all Soludo's policies that does not favour the North will be reverse or watered down under his stewardship.

Auspicious  # 6 | 09.06.2009 10:58

+ Well-marshalled points, and a relatively honest one at that. But I guess we just have to wait and see - oh, won't it be awesome to see Sanusi pull a Ribadu on the establishment! I keep imagining he just might, given his unpredictable ways. As an aside, I think this piece could have done well as a comment on the original thread by Mr. Davies. Auspicious.

Suleimana  # 7 | 09.06.2009 11:05

May we not live to see the day Sanusi Islamizes the CBN and may our pen not be dry when the time to speak up comes. Today, the man has not committed any offence and I insist he is not less qualified that most of those that held the office before him. Some of you may recall a time when the logical next job after First Bank CEO was the governor of CBN. If a man with first class gets promoted twice, he is either smart or he is Hausa-Fulani. Sanusi happens to be both -we will see which of the Sanusi's gains ascendancy on this job. Only then can we criticize him and not come across as bias. A man cannot fail an exam he is yet to write!

Big-K  # 8 | 09.06.2009 11:11

I've been reading a few of Sanusi's articles at Gamji and I'm impressed, and I hear his senate hearing was equally impressive. Let's see what he does..just no re-introduction of Arabic on our Naira notes

NWANZA  # 9 | 09.06.2009 13:14

If a man with first class gets promoted twice, he is either smart or he is Hausa-Fulani. Sanusi happens to be both -we will see which of the Sanusi's gains ascendancy on this job. Only then can we criticize him and not come across as bias. A man cannot fail an exam he is yet to write! A man can fail before he takes the exam, as evidenced by almost all institutions touched by the so called Hausa-Fulani men & women. Historically, they can protect and serve as guards of the order. Nigeria has misplaced royalty with leadership. What we have repeatedly in Nigeria is this - Igbo’s are used to invent or create an impressive pathway, and get bulldozed out of the way before their intellectual property could take root. Inadvertently there is a backfire and failure in an effort - when the Hausa-Fulani men & women try to take credit for someone else's good work. Nigeria will continue to slide every time this scenario plays itself out. We saw it with Mrs. Okonjo-Iweala and a host of other Igbo’s with creative juices, whose offices went backwards after they hand it to the usurpers.

FSU  # 10 | 09.06.2009 17:45

=NWANZA;362227>A man can fail before he takes the exam, as evidenced by almost all institutions touched by the so called Hausa-Fulani men & women. Historically, they can protect and serve as guards of the order. Nigeria has misplaced royalty with leadership. What we have repeatedly in Nigeria is this - Igbo’s are used to invent or create an impressive pathway, and get bulldozed out of the way before their intellectual property could take root. Inadvertently there is a backfire and failure in an effort - when the Hausa-Fulani men & women try to take credit for someone else's good work. Nigeria will continue to slide every time this scenario plays itself out. We saw it with Mrs. Okonjo-Iweala and a host of other Igbo’s with creative juices, whose offices went backwards after they hand it to the usurpers. Word; deep, piercing and ominous.

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