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lumidii
May 23, 2009, 08:05 PM
Going by this breaking news on Proshare Nigeria, seems Prof Chukwuma Soludo has failed to get his tenure extended after a very eventful five years as the Governor of the CBN.

Soludo removed, as Lamido takes over CBN

Peter OBIORA
Proshare NI
May 23, 2009 at 16:00 GMT


Professor Chukwuma Soludo, the Governor of Central Bank of Nigeria (CBN) has been removed from office as Governor. While Sanusi Lamido, the Managing Director (MD) of First Bank of Nigeria Plc (FBN) has been appointed to takeover as the new Governor of the CBN.

Proshare NI gathered that the Northern Oligarchy has put pressure on Alhaji Umaru Musa Yar'Adua, President of the Federal Republic of Nigeria (FRN) to put somebody from the Northern as the Governor of CBN.

"The North have complained that for the past fifteen (15) years they have been denied the CBN Governor's position, therefore they have put pressure on Yar'Adua to make replacements" a Source affirmed.

Following this development, Yar'Adua ordered that those heading Federal Government (FG) parastatals that have finished their tenure should go home.

Proshare NI gathered that Prof. Soludo has been given the marching orders to go home as he has finished his five (5) years term.

In its usual manner, Proshare NI sought the reaction of stakeholders on the issue, a Stakeholder name (withheld) affirmed that Soludo would have gone from office since February 2009, while another Stakeholder (name also withheld) affirmed that Soludo have written to leave office as the Governor of CBN on his own accord since February 2009.

Proshare NI in order to clarify the issue sought in a telephone chat the reaction of Festus Odoko, Head of Corporate Affairs of CBN; who could not clarify the issue.

"I don't know why we Nigerians cannot use the English language very well, it is true that Soludo's tenure has expired, we cannot say he has been removed. Maybe if the President has not yet renewed his tenure, another person maybe appointed to takeover his office, that does not mean that he has been removed" Odoko said.

Proshare NI would follow up the issue and bring its numerous readers recent developments on the removal of Prof. Soludo as the Governor of CBN.
As earlier reported, Prof. Soludo joined the FG in year 2003. Prior to his May 2004 appointment to the bank Chairmanship. He held the positions of Chief Economic Adviser to former President Olusegun Obasanjo and Chief Executive of the National Planning Commission.[1]
In January 2008, in a speech to the Nigerian Economic Society, he predicted consolidation in the private banking industry, saying "By the end of 2008, there will be fewer banks than there are today. The restructuring of the banking industry has been attracting funds from local and foreign investors, which have increased banks' ability to lend to customers" he said.
Prof. Soludo hopes to see Nigeria become Africa's financial hub, and considers microfinance important to the FG's economic policies.
It has been asserted that in April 2008, Soludo was accused of abuse of his position. However, there is no supporting evidence for this which is accessible via the internet.

olivetti
May 23, 2009, 08:45 PM
Yar’Adua Tips Lamido Sanusi Governor
By Ayodele Aminu in Lagos and Kunle Aderinokun in Abuja, 05.23.2009

There are reasons to believe that Sanusi Lamido Sanusi, group managing director and chief executive officer of First Bank of Nigeria Plc may succeed Chukwuma Soludo as the new governor of the Central Bank of Nigeria.

Information reaching THISDAY last night revealed that President Umaru Yar’Adua may have narrowed in on Sanusi, seasoned banker, economist and Islamic scholar, as Soludo’s replacement and has already offered him the job.

The decision by the president not to retain Soludo coincides with CBN’s intention to lift the ban it imposed in February this year on inter-bank foreign exchange trading, three months from now.

If the president does not change his mind or bow to pressure in the next few days, Sanusi’s name will be forwarded to the Senate for confirmation and will put paid to speculations over who should occupy the topmost job in the financial services sector. Soludo’s tenure expires next Friday.

Sanusi it was learnt has accepted the offer and intimated the board of First Bank.

Yar’Adua is expected to make public Sanusi’s appointment next Friday, May 29 to coincide with Democracy Day celebrations.

Sanusi, who effectively took over as managing director of First Bank from Jacob Moyo Ajekigbe on January 1, 2009, was the bank’s executive director in charge of Risk and Management Control.

In his short stint as MD, the incoming governor championed remarkable improvements in First Bank’s enterprise, risk and management control systems.

Before joining FBN, he was previously general manager at United Bank for Africa Plc (UBA), where he anchored the transformation of the bank’s Credit Risk Management Division into an Enterprise-Risk Management sector and spearheaded UBA’s Basel 2 focus by establishing the framework, policies, processes and systems necessary for compliance with the guidelines of the new capital accord.

Sanusi is the son of the late Emir of Kano, Alhaji Muhammad Sanusi who ruled from 1954 to 1963, and holds a degree in economics from the Ahmadu Bello University (ABU), Zaria and an M.Sc in economics from the same university.

He also has another degree in Sharia and Islamic Studies from the University of Khartoum, Sudan.
Analysts who spoke with THISDAY yesterday however said Sanusi’s major challenge would be to match or surpass Soludo’s accomplishments in the last five years.

Soludo is arguably the best governor ever to run the Central Bank. He championed far reaching sectoral reforms in the banking industry and has been credited with ushering a new phase for the Nigerian financial system.

Industry watchers believe that had Soludo not implemented the consolidation programme in 2005/2006, several banks would have failed under the current economic climate.

But his real forte as a Central Banker lie in his management of the economy where he brought his wealth of experience as a pre-eminent economist to achieve macro-economic stability for much of his tenure at the Bank.

Meanwhile, following an impromptu meeting of the Monetary Policy Committee (MPC) of the Central Bank, the Bank has agreed to remove restrictions on inter-bank foreign exchange trading in the next three months.

Soludo also said the CBN has granted Approvals in Principle (AIP) to 50 (Class A) Bureau De Changes (BDCs), which are expected to “sell at a retail rate of not more than 2 per cent above the CBN selling rate.” The list of the BDCs will be published today.

Soludo, who made these known to newsmen in Abuja, hinged these developments on the outlook for Nigeria’s foreign exchange market, which he said was stable.

“Trading in the inter-bank foreign exchange market will gradually resume during the next three months,” he said. “Banks will no longer be required to sell dollars to the Central Bank, and the CBN will participate in the inter-bank market, Soludo said.

Specifically, the Bank has decided to return to the liberalized foreign exchange market that obtained prior to the ban in the next three months.

Trading in the inter-bank foreign-exchange market was halted on February 10 following the decision by the Central Bank to tighten restrictions on currency transactions between commercial banks.

The move effectively shut down the inter-bank market and has been roundly criticised by currency dealers and international investors.

They were concerned that the CBN in its bid to support the naira, which lost about 20 percent of it value since November, had reversed all the gains made under the liberalised foreign exchange regime that had been in place for some years.

Crude, which accounts for 90 per cent of Nigeria’s export earnings, was selling at $61 a barrel yesterday from a record $147 a barrel in July 2008.

But Soludo said the CBN has achieved the purpose for which the ban was imposed and therefore is reviewing the series of controls it instituted in the last few months.

Soludo pointed out the committee noted that the exchange rate had remained stable at both the official and parallel rates for some months, though he admitted a wide premium still existed between the two rates.

“We have achieved stability in both the official and parallel markets. If you watch, over the last three months we have had stability, the problem has been the premium between official and parallel market rates.

As a first measure, Soludo said, the CBN has decided to increase the net foreign exchange open position (NOP) for banks from 1 to 2.5 per cent with immediate effect.

The NOP, he added, may be increased further at the end of June, this year.

He also said effective June 1, the Retail Dutch Auction System (RDAS) will be conducted twice weekly, adding that henceforth, banks are not “mandatory required” to sell to the CBN after five days, funds sourced from non-RDAS and non-oil export proceeds, and may use such funds for inter-bank transactions.

Soludo said government agencies and oil companies will have the discretion to sell foreign exchange at the inter-bank market or to the CBN, effective Monday, May 25, 2009.

He said the CBN has also decided to remove the requirement that banks transact foreign exchange at 1 per cent around the CBN rate, noting that, “the CBN will now participate in the inter-bank foreign exchange market at the prevailing rate.”

To keep the market constantly liquid, the CBN, will, from next week, sell about $60 million to BDCs weekly and they shall be expected to sell at retail of not more than 2 per cent above CBN’s selling rate.

In addition, in order to mop up excess liquidity from the economy, Soludo said the CBN will issue short-term instruments to be synchronised with the Debt Management Office’s (DMO’s) issuance of FGN bonds.

Soludo put the current figures for the nation’s external reserves at about $45 billion. He said that the rate of depletion as a result of the global crisis has slowed down.

“The foreign reserve is no longer depleting as before. It has remained fairly stable.

“We started the month at $45 billion and we are still at about $45 billion. That tells us that inflows and outflows are becoming a lit bit more stable,” he said.

http://www.thisdayonline.com/nview.php?id=144063&printer_friendly=1

chiagozie
May 23, 2009, 09:36 PM
I just pray the new man will be able to fill Soludo's solution shoes.

Fjord
May 23, 2009, 10:03 PM
Sanusi Lamido Sanusi took over as First Bank MD on 01 January 2009 and was the first northerner to be appointed head of the First Bank. There's no credible information to evaluate his FBN performance; the market shave been brutal, and his tenure of less than 6 months is nothing to see anything from.

Sanusi is a brilliant man; he is credited with doing some good stuff in UBA while there. Since his First Bank appointment, he's toned down on his public pro-Sharia argumentations, an activity he's better known for than his economics and banking; it's now appearing that he was being "groomed" to be CBN governor. Sanusi is unapologetic about his Islam - as he should - and it appears he's able to separate his profession from his religion, something that appeared difficult for him during his UBA days.

He's got big shoes to fill in; Soludo is about the best the CBN has seen; Soludo held his own on international discussion panels, you couldn't have any fear of disgrace when Soludo was on; and he did even greater things. It is one's hope that Sanusi will bring to his CBN duties the fervor of his Islamic scholarship.

One must wonder though why Soludo was let go; better-than-good CBN governors don't tend to have short tenures...
.

Dapxin
May 24, 2009, 12:23 AM
so much for 7+1 point agenda.... Soluda had it coming. The jury is out already on the quality or not of indexing his performance.

What I do hold true without any exemptions; the chap did seem to go about his business the sorta way the CBN of any country should; He raised debate on economics stuff, dared the country with his 25B bank recapitalisation idea - which did appear to jumpstart the banks - and then the naira redomniation flight that never took off...

Yet! there were unanswered questions & corrup-tion allegations, and of course, dodgy insinuations all over SaharaReporters which can only support the theory that whatever +ve to hold forth, from him, is reduceable ultimately to that which we hold Nuhu Ribadu - an icon in Obasanjo's toolset;

...maybe part of the reason he is on the way out.

There is no point looking up to anything Yaradua does; There never was...

godfather
May 24, 2009, 11:49 AM
Soludo removed, as Lamido takes over CBN



Peter OBIORA
Proshare NI
May 23, 2009 at 16:00 GMT


Professor Chukwuma Soludo, the Governor of Central Bank of Nigeria (CBN) has been removed from office as Governor. While Sanusi Lamido, the Managing Director (MD) of First Bank of Nigeria Plc (FBN) has been appointed to takeover as the new Governor of the CBN.

Proshare NI gathered that the Northern Oligarchy has put pressure on Alhaji Umaru Musa Yar'Adua, President of the Federal Republic of Nigeria (FRN) to put somebody from the Northern as the Governor of CBN.

"The North have complained that for the past fifteen (15) years they have been denied the CBN Governor's position, therefore they have put pressure on Yar'Adua to make replacements" a Source affirmed.

Following this development, Yar'Adua ordered that those heading Federal Government (FG) parastatals that have finished their tenure should go home.

Proshare NI gathered that Prof. Soludo has been given the marching orders to go home as he has finished his five (5) years term.

In its usual manner, Proshare NI sought the reaction of stakeholders on the issue, a Stakeholder name (withheld) affirmed that Soludo would have gone from office since February 2009, while another Stakeholder (name also withheld) affirmed that Soludo have written to leave office as the Governor of CBN on his own accord since February 2009.

Proshare NI in order to clarify the issue sought in a telephone chat the reaction of Festus Odoko, Head of Corporate Affairs of CBN; who could not clarify the issue.

"I don't know why we Nigerians cannot use the English language very well, it is true that Soludo's tenure has expired, we cannot say he has been removed. Maybe if the President has not yet renewed his tenure, another person maybe appointed to takeover his office, that does not mean that he has been removed" Odoko said.

Proshare NI would follow up the issue and bring its numerous readers recent developments on the removal of Prof. Soludo as the Governor of CBN.
As earlier reported, Prof. Soludo joined the FG in year 2003. Prior to his May 2004 appointment to the bank Chairmanship. He held the positions of Chief Economic Adviser to former President Olusegun Obasanjo and Chief Executive of the National Planning Commission.[1]
In January 2008, in a speech to the Nigerian Economic Society, he predicted consolidation in the private banking industry, saying "By the end of 2008, there will be fewer banks than there are today. The restructuring of the banking industry has been attracting funds from local and foreign investors, which have increased banks' ability to lend to customers" he said.
Prof. Soludo hopes to see Nigeria become Africa's financial hub, and considers microfinance important to the FG's economic policies.
It has been asserted that in April 2008, Soludo was accused of abuse of his position. However, there is no supporting evidence for this which is accessible via the internet.


http://www.proshareng.com/news/singleNews.php?id=6607

Miliki Way
May 24, 2009, 04:20 PM
Allah hu akbar!

All the great works and initiatives instituted by Soludo will be undone very soon.

lateesha
May 25, 2009, 03:20 AM
The owners of Nigeria have come again

olivetti
May 25, 2009, 04:36 PM
ISSUES IN RESTRUCTURING CORPORATE NIGERIA


BY SANUSI LAMIDO SANUSI
Assistant General Manage
Credit Risk Management and Control Div.
United Bank for Africa PLC
57, Marina, Lagos

BEING A PAPER PRESENTED AT THE “NATIONAL CONFERENCE ON THE 1999 CONSTITUTION” JOINTLY ORGANISED BY THE NETWORK FOR JUSTICE AND THE VISION TRUST FOUNDATION, AT THE AREWA HOUSE, KADUNA FROM 11TH –12TH SEPTEMBER, 1999.



I. Introduction : On Restructuring The Superstructure

“Restructuring the Federation” is a term which has gained wide currency in the nation’s political discourse, having been popularised through its indiscriminate and lugubrious use by the most vocal sections of the Nigerian elite. Like all popular concepts, it has hardly ever been clearly defined and its nebulousness has been congenial to the slippery nature of its proponents. “Restructuring” has come to represent, in reality an omnibus word for all forms of adjustments, alterations and cosmetic manipulations aimed at changing the formula on the basis of which economic resources and political power are shared or distributed among the Nigerian elite. Each section traditionally defends the area of its comparative advantage at any given time, standing by the status quo when it serves its purposes and asking for “restructuring” when it does not.

Let me illustrate these introductory remarks by sharing with the audience a recent experience I had in Lagos. It will be recalled that before the elections which brought Obasanjo to power, the Alliance for Democracy and Afenifere had made strident calls for “restructuring” the Nigerian Armed Forces. They were of course very unclear about what exactly was meant by “restructuring”. Initially, it sounded like they wanted regional armies. Subsequently, leaders of Afenifere denied this and insisted they wanted regional commands. Reminded that the nation had commands in Kaduna, Jos, Enugu, Ibadan and Lagos, they said the commands should be manned and headed by “indigenes” while denying that this was the same as a call for a regional army.

Now, a day after Gen. Obasanjo announced his top military appointments I was at a small get-together in Lagos. As I sat there quietly listening to groups conversing, my attention came to and settled on a particularly excited Yoruba friend who was briefing his audience on the military postings which he said amounted to a “complete restructuring of the Armed Forces. Kosi Aausa kpata kpata.” In this friend’s view, Obasanjo had restructured the Armed Forces by not appointing “Aausa” to the top commands. In actual fact Obasanjo has restructured nothing. He has merely reallocated offices (and the spoils of those offices like contracts and licences) to his own preferred sections of the elite. Those complaining now are sections which have now been eclipsed through what they see as prestidigitation.

I recall this experience because it is instructive and illuminating. It dramatises the reality that restructuring is primarily about providing a constitutional frame-work, a formula for sharing the spoils of power. It is about ensuring that the spoils of office do not go to Mohammed, Abubakar, Musa and Umar but to Mohammed, Obafemi, Chukwuma, Ishaya and Ekpeyong.

This notwithstanding, it is a subject that must be discussed. It is true that conferences cannot on their own ever solve the fundamental problems of nation-building and national unity. It is also true that those currently championing for a conference and some paper restructuring of the superstructure know this. But it is also true that this nation has the misfortune of having produced an elite whose selfishness and greed know no bounds. Unless they are able to agree on how to accommodate each other they are willing to tear this country apart and lead us into a meaningless war.

But there is a second, perhaps more fundamental reason, for discussing the structure of the federation. It is the reality that the elite merely exploit or manipulate the secondary contradictions in our polity. They neither created nor concocted them. The contradictions are in themselves a historical reality. We are all Nigerians. But we are also Fulbe, Yoruba, Igbo, Kanuri, Efik, etc. as well as Muslims, Christians, animists, etc. The historical process which brought together these heterogeneous groups was never destined to achieve a magical and immediate erosion of their histories and a total submersion of their individual identities into a common national milieu. Several facets of counterposing cultures and beliefs were always bound to be incompatible, if not irreconcilable. Many of the groups forming the new nation would jealously guard what they considered to be essential aspects of their primary identity. The task of nation-building does not lie in ignoring these differences, as the military have tried to do. Unity is not necessarily synonymous with uniformity. But it also does not lie in a defeatist attitude of despair, or a return to a nihilist era of ethnic agendas and tribal warfare. It lies, instead, in an intelligent appreciation of the complexity of the problem, a capitalisation on areas of core concurrence, a sober reflection on areas of distinction and a partial liberalisation of constituent parts all within the context of a sincere and total commitment to our corporate existence as a unity.

When we blame our elite for ethnic chauvinism and religious intolerance, therefore, we blame them, not for the caducity, but for the endurance of these reactionary ideologies. The tragedy of Nigeria does not lie in its diversity, nor in its population, nor in its resources. Our tragedy lies in the lack of a truly nationalist and visionary leadership, an elite that harnesses the diverse streams that flow into the melting pot called Nigeria. The loudest proponents of a conference today are those sections of the elite who are incapable of imagining a nation that is greater than their tribes, who take pride in being leaders of their own primary nationality, and who have long ago given up all hope of acquiring the positive attitudes of broad-mindedness and sincerity without which broad-based acceptance is impossible. I doubt that the present crop of leaders has what it takes to address these questions fully and honestly. Nevertheless, I will try to the best of my ability to share with you some of my views on restructuring the federation.

II. Restructuring the Federation: A historical perspective.

The term "restructuring" presupposes the existence of a "structure", which we can reasonably understand to mean a set format defining the corporate entity in terms of two principal elements:

1) the delineation of its individual parts and 2) the nature and limits of their interconnectivity.

Most of the discussion on "restructuring” has focussed on the second of these elements, and even then in an oblique and reactionary manner. In the first Republic there clearly were divergent views among leaders of the various regions on precisely how the different power-centres in the country were to be positioned or balanced. It seems, in the main, that northern politicians preferred very strong regional capitals and a relatively weak centre, a view that is consistent with what is currently bandied around as "loose Federation". To indicate this, the Northern Premier, Sir Ahmadu Bello, having won national elections, chose to remain in Kaduna as Premier while letting his deputy head the Federal Government as Prime Minister. Ahmadu Bello and his NPC were then labelled "feudalists" and "reactionaries" whose nationalist and patriotic credentials were questionable.

Southern politicians, on the other hand, (who were considered" progressive") were in the main, in support of a strong Federal Centre and faster national integration. Chief Awolowo and Dr Azikiwe both left the regions for Lagos, allowing more junior officers in their respective parties' hierarchies to run regional affairs as premiers in Ibadan and Enugu. They thus indicated the direction in which they felt power should gravitate: to the centre.

Contemporary wisdom now tends to suggest that this difference in position had nothing to do with Ahmadu Bello being "reactionary" or Chief Awolowo and Dr Azikiwe being "progressive". Otherwise we should be constrained to label the Alliance for Democracy which is now canvassing for the same position held by Sardauna as a reactionary and retrogressive element in Nigerian politics, a label that will most certainly be met with an attitude of complete repudiation and considered a slanderous affront to the country's "most progressive nationality". It reflected, it is now said, the perception of leaders on where the advantages lay for the elite of their respective regions in the political equation.

The north was the largest region, in terms of size, population and economic resources. Unfortunately it lagged behind in terms of infrastructure and, most important, qualified manpower. The interest of the Northern elite therefore lay in a closed region, which afforded the north the opportunity of deploying its resources to the rapid development of its own manpower, and infrastructure - in other words exploit its areas of strength for purposes of addressing its areas of weakness ( and thus play " catch-up".)

For the South, on the other hand, the converse was true. Rich in qualified personnel, the regional set-up was a constraining factor for the elite. The Igbos in particular ( and to a much greater extent than the Yoruba) had neither the natural economic resources to exploit nor the history of political and social organization which tends to blunt the edges of poverty and create a form of social contract between the individual and the society that facilitates provision for the welfare of the deprived.

It is, therefore, not surprising that the Igbo were the prime movers of the first successful military mutiny which eliminated the political leaders and senior officers of the North and West while letting-off those of the East. It is also not surprising that the transformation of the polity from a Federation to a Unitary State was the handiwork of an Igbo leader, Gen. Ironsi by military decree (Decree No 34 of May, 1966). These developments were viewed with fear and suspicion by the North as an attempt by a predatory Southern elite to gain control of all aspects of national life and thus marginalise the Northern elite. Decree No.34 and a leaked document called Cabinet Paper No.10, represented the articulation of this attempt at "restructuring" the Federation in a manner unacceptable to the North.

The consequences of these policies which were seen as part of the effort to complete what had been started by Operation Damisa on 15th January, 1966 by implementing, at later stages, Operation Kura, Operation Zaki and Operation Giwa which would allegedly culminate in the murder of northern emirs and top civil servants led to the pre-emptive counter-coup of 29th July, 1966 and the civil war. The rest is now history. The point, however, is that Ironsi's political programme, as far as the structure of the Federation was concerned, seems to have met with the approval of the political leadership of the South. For this reason, the South supported the military and saw in the government an opportunity for progress. The north, on the other hand, led the protests against military government insisting that the government was illegal and that a referendum was required before the Unitary system could claim legitimacy. Riots occurred in Kano, Kaduna, Zaria, Katsina, Jos, and Bukuru. This point becomes clear to the student of history on going through Peter Pan's column in the Daily Times of 26 April, 1966. The
editorial stated that in the South, most people regarded army rule as the beginning of a brighter future. In the North, however, political thinking had not faded and there was an undercurrent of dissatisfaction.

Many northerners would like to claim that this was evidence of the democratic credentials of northern politicians. Unfortunately, this is not so. In 1966, Northern society stood for democracy, organized riots and fought against a military dictatorship it did not control and which seemed to encroach on the privileges of its elite. This elite, (including Emirs), was in the vanguard of protests against the abolition of regions and the “restructuring” of the Federation in the manner pursued by Ironsi.

Thirty years later, by 1996, the Southern elite became the vanguard for a democratic society, rioting and demanding for a restructured federation, for a return to the first Republic and that mythical epoch where the regions developed in what is now called "healthy rivalry". All of this against a Military Dictatorship seemingly dominated by the North. Meanwhile, the northern political class was the main accomplice of these latter day dictators.

In 1966, the security services ransacked and searched the houses of prominent northern politicians-among them Inuwa Wada and Ibrahim Musa Gashash (NPC) and Aminu Kano and Abubakar Zukogi (NEPU). These were political opponents who had found a common denominator in their "northernness" when faced with a strong Federal Government dominated by
non-northerners. We may consider these leaders of NADECO of 1966. In much the same way, the radical and reactionary wings of the Yoruba political class have recently managed to find common ground under the tribal umbrella of Afenifere when faced by a northern-dominated military government.

The point, therefore, made by conventional wisdom is that neither northerners nor southerners have a monopoly of love for democracy or progress and the call for "restructuring" is usually a clarion call raised by the section of the elite which feels disadvantaged in the status quo. The elite in different parts of the country, like chameleons, change their colour and their ideology when it suits them.

It is my considered view, however, that conventional wisdom misses the point. We may conclude from the above analysis that the Nigerian political elite in the main, lacks consistency and that no section can claim to have monopoly of principles. The recent political acrobatics of the AD, and their seeming mollification once Bola Ige and the two First Daughters (Miss Awolowo and Miss Adesanya) landed plum jobs is sufficient evidence of this. But this inconsistency must not be confused with the particular views held at various times in themselves.

The truth is that irrespective of the motives which drove Chief Awolowo and Dr. Azikiwe to hold strong nationalist views, their position was indeed progressive. Similarly, irrespective of the motives that drove Ahmadu Bello and the NPC to emphasize the differences between our peoples and resist the progress towards integration, those views in as far as nation-building is concerned, were reactionary. The fact that Afenifere and AD are today championing the views of the Sardauna should not lead us down the path of historical revisionism. Ethnic and Religious chauvinism, in all epochs, are reactionary doctrines. Nationalism and the quest for an egalitarian society are progressive doctrines. Zik and Awo were in this case, progressives. This is not to say that they were not leaders of their tribes. But they had a vision of a Nigeria that was greater than their regions. Unlike the Sardauna, neither Awo nor Zik could have even contemplated being a Premier rather than Prime Minister. Those championing for restructuring the Federation, restructuring the Armed Forces, tribalization of the political process, zoning of the presidency, etc, even if they claim to be Awo’s successors, have not kept faith with his nationalist ideology, and are therefore, ideological successors of the northern feudal establishment whom they so much detest. It is against this background that my recommendations in this paper are to be viewed. I do not believe that either Chief Awolowo or Dr Azikiwe ever wanted a Unitary State of the type started by Ironsi and which we seem to have had up to Obasanjo I and still have under Obasanjo II (with the President still talking about UPE and environmental sanitation).

What they wanted was a federation, but not quite the “loose” federation being canvassed today by Afenifere and AD. They both wanted retention of exclusive jurisdiction for states/regions in their areas of primary competence: Health, Agriculture and Social Welfare, for example. However, they knew that a strong Federal Government was indispensable to national unity and integration. True, it would also serve as a vehicle for the emergence of the South as the dominant political power. What we need, as a nation, is to develop this Federation of their dreams, but stripped of the desire by a section of the elite to dominate others.

But to develop this argument step by step, we should start at the beginning, with the “structure” of Nigeria in the First Republic, and which we all seem to be looking back to with misguided nostalgia, in spite of the tragic end of that structure.

olivetti
May 25, 2009, 04:37 PM
continued ...


III The “ Loose” Federation: Between Myth and Reality

In the last section, I defined the structure, for our purposes, in terms of two principal elements:

1. The delineation of individual parts and
2. The nature and limits of their interconnectivity.

We can therefore say, that the “structure” of Nigeria, in 1966 was as follows:

a) A country made up of four regions. One of them, the North, was a virtual monolith, bigger, geographically, than the other three combined and larger in terms of population, resources and income than any other region.

b) A legal system which conferred all residual legislative powers on the regions, subject only to the paramountcy to the Federal Law in case of any conflict of interest with regional law. Federal government had exclusive competence in a very restricted list of subjects of a fiscal or semi-technical nature. The only politically sensitive areas among these were Defence, Emergency Powers over regions and Foreign Relations. All other areas were either exclusively regional, or on the Concurrent list.

What we propose to do is to critically review the strengths and weaknesses of this “structure”, to guide us in our discussion of restructuring the Federation. To facilitate analysis, it is broken into one of “objective” and “subjective” variables. The first deals with material issues, removed from secondary contradictions. The second deals with the complex interplay of ethnic and religious identities.

Objective Variables

First, the Federating units.

1. We note that one of the major strengths of the structure of Nigeria in 1966 was that it was made up of economically viable and self-sufficient Federating units. It is indeed true, as later developments showed, that each unit could even be broken into sub-units and with each remaining viable. However, this process which, in my opinion, should have stopped with the creation of 12 states by Gowon, continued in a ridiculous fashion until we find ourselves today with 36 glorified latifundia called states and a Federal Capital Territory. Each state has a bloated civil service, a governor and his deputy, commissioners, state assembly, Judiciary, etc, such that its total revenue is insufficient for prompt payment of salaries and the states have to run to the Federal Government or to banks for assistance or loans.

As my own bank’s Credit Risk Manager, the moment a borrowing company is not doing the business it was set up to do, and needs an overdraft to pay salaries, I know that that company is bankrupt and it is time to appoint a receiver for its liquidation. I do not know how long it will take for our politicians to face this reality and abolish many of these small-holdings and fiefs by reconsolidating them into viable entities. This is what I meant at the beginning of the last section when I said no one seems to be paying attention to the first component of structure, i.e. the Federating Units themselves. The sine qua non for any viable “restructuring” is a viable “structure” which is , by definition, impossible if its constituent parts are not themselves viable.

2. A second objective factor in the structure of the First Republic which is, this time, a draw-back, was the lack of equity in the delineation of its constituent parts. The North was too large compared to the other regions and it was, in reality as well as perception, preponderant and overbearing. By his refusal to go down to Lagos and his decision to send Tafawa Balewa to be Prime Minister, the Federal Government itself seemed subject to dictation from Ahmadu Bello in Kaduna. Northern politicians staunchly deny that the Sardauna controlled Federal Policy from his Northern base. It is however, difficult to believe this fully, especially in view of certain instances of bias.

As an example, Mid-Western Region was carved out of both the Western and Eastern regions in 1965 ostensibly to fulfill the desire of the minorities for self government and free them from marginalisation from the dominant Yoruba and Igbo. However, despite the very large area covered by the North and in spite of tensions and perennial crises led by the United Middle-Belt Congress and the Borno Youth Movement, neither the middle-belt nor old Bornu was able to obtain autonomy from subjugation to the old Sokoto Caliphate. The Tiv riots were brutally suppressed and Sardauna, officially a leader of
the whole North, carried on for all intents and purposes as the inheritor of the mantle of Uthman Danfodio with little regard for the sensitivities of citizens of those areas like Bornu and to a larger extent, the Middle Belt which were never conquered by his ancestors and their Fulani protegees. The West and East can therefore be forgiven for taking all arguments proffered for creation of the Mid-West with a pinch of salt given that the same objective conditions obtained in the North, and no similar action was taken.

A second example is the crisis in the Western region which created a fertile environment for the Nzeogwu-led intervention. Irrespective of what the facts of the case were, the position, as far as the Action Group was concerned, is that elections were being consistently rigged in favour of allies of the dominant North. There was also the wide perception, perhaps unfounded, that the Federal Government was unable to take decisive actions and remedial steps because the Premier in Kaduna had not yet firmed up on a decision to dump his ally, Akintola, as a sacrificial lamb for bringing peace to the region.

The lesson in all of this is that the Federating Units must be such as not to give any one unit or group of units, dominance over others. It is my opinion that this condition can only be fulfilled with a strong Federal Government. In a “loose” Federation, with a weak centre, the various units forming a historical block will just as soon conglomerate into something similar to what obtained in 1966 and negate the very purpose of their delineation.

We therefore take with us from the discussion so far the following points:

1. That the first point of departure in restructuring Nigeria is the reconsolidation of its balkanized constituent parts into individual entities that are economically viable and amenable to smooth administration. Only such units would be able to carry out functions assigned to them.

2. That these entities must be balanced and none of them should be able to dominate or destabilize others, or make possible the unjust oppression of ethnic and religious minorities. This condition is best fulfilled where the monopoly of instruments of repression is in the hands of a broad-based and representative federal government.

This, in turn, immediately leads to a number of other issues. First, the creation of states based primarily (or solely)on the desire to achieve ethnic or religious homogeneity only serves to provide a platform for effective domination of ethnic and religious minorities by more populous groups. There is no doubt that, especially with large groups, some states will turn out to be ethnically or religiously homogeneous e.g. Yoruba in the south-west, Muslim in the far north, Igbo in the south-east, Christian in the south-south, e.t.c. However, this should not be the primary objective and the tendency of “like” states to come together as a group perpetuates the sense that we are not one nation but a collection of tribes. I would strongly advise outlawing tribal and sectional groups with overt political agendas such as Northern Elders' Forum, Afenifere and Ohaneze. These are dubious organizations that have only served to breed tension and disharmony in the country.

A second issue that comes up is the recent decision by the Federal government to support amendments to the constitution aimed at allowing states set up their own police force. No doubt this reflects general dissatisfaction with a corrupt and incompetent Federal Force. The decision is however precipitate. Historical ex perience with the N.A. police in the north for instance, was that the police was a mere extension of the palace, often the instrument for harassing radical elements. A police force funded by a state, manned and controlled by indigenes, can never protect the interest of ethnic, religious and ideological minorities. What do we expect a Yoruba police force to do if Oodua Peoples’ Congress area boys decide to attack the Hausa or Ijaw community? What will a Hausa, Muslim police force do if Kano urchins decide to attack Christians?

It is clear to me that the relations between various ethnic and religious groups contributed, as much as ( if not more than) objective defects to the collapse of the First Republic. In 1999, the country is faced with the same generic problems although they clearly vary in concrete and specific historical form. These problems, which the nation has to address as an integral part of any restructuring are the subject of the next sub-section.

Subjective Variables

The former civilian governor of Kaduna State, Alhaji Abdulkadir Balarabe Musa, in a recent Newspaper interview, declared that the Northern Bourgeoisie and the Yoruba Bourgeoisie were Nigeria’s principal problem. Of the two, he said the Yoruba Bourgeoisie are an even greater problem because of their tribalism and selfishness.

I will take this as my basis for my analysis of subjective factors. Let us begin by stating that the bane of the Nigerian elite can be condensed into three elements:-

1. Ethnic chauvinism and Religious Intolerance;
2. Selfishness and the inordinate desire for dominating others, and
3. Short-sightedness.

As we prepare for the possibility of a national conference, I believe four issues will remain central to the success or otherwise of whatever Federal Structure comes up. I also agree with Balarabe Musa that the Northern bourgeoisie and the Yoruba bourgeoisie hold the key to these issues and the manner in which they are handled will to a large extent determine progress made towards our ideal structure. These issues are:-

i. The Sharia and religious intolerance in the North;
ii. The Yoruba elite and area-boy politics;
iii. Igbo marginalisation and the responsible limits of retribution; and
iv. The Niger-Delta and the need for justice.

i. The Sharia and religious intolerance in the North

The Islamic faith has never accepted the dichotomy between Religion and Politics. Political life for a Muslim is guided by Sharia and in all those aspects of law where an explicit religious injunction exists, a Muslim expects this to be held as valid above any other law. Fortunately, most of the areas of conflict between Islamic Law and Secular Law have to do with the law of personal states (including inheritance), some aspects of contract, and criminal law, especially as it pertains to capital punishment. If muslims wish to have these laws applied on them, and promulgated by their elected representatives, there is no reason why this should pose a problem. There is likely to be a problem however, with punishment for certain civil and criminal offences such as libel, theft and adultery if a non-Muslim is involved. My own feeling is that anyone living in a state should acquaint himself with the operative law in that State before committing a crime. We are all subject to that when we go to other countries. Indeed, the law we have in Nigeria is made for us and we are subject to it. This is one major area that needs to be talked about at any conference and this explains why the Sharia issue always comes up in constitutional conferences. To ask Muslims to abandon Sharia in the name of a Secular Nigeria is to give them an unjust choice. The matter is not one of being either Muslim or Nigerian when they can be both Muslim and Nigerian. The attempt to turn Nigeria into a Secular State seeks the erosion of Muslim identity and history. This will continue to be a source of conflict as Muslims will always resist it, with justification. Nigeria is a multi-religious state which should, however, ensure that no religion is given preference over others.

While the insistence of Muslim North on Sharia is thus understandable, it however, seems that all too often, the northern bourgeoisie ignores a number of key points. First, the Sharia as far as the government is concerned, is not just about the courts and sanctions. It is primarily about providing the people with the best material and spiritual conditions the resources of state can provide. It is about honestly managing their resources, about giving them services in education, health, agriculture, etc. It is all well to ban the sale of alcohol, but this does not take the place of, or have priority over, meeting the material needs of the people. Our elite use the Sharia debate to divert attention from their own corruption, nepotism, abuse of office and un-Islamic conduct.

The second point, which the Muslim elite ignores, is the dividing line between commitment to Sharia and encroachment on the religious rights and dignity of others.

I will give a few examples:-

Very recently, the Katsina State Government tried to pass Bills banning the sale of alcohol and the operation of whore-houses in the metropolis. As a consequence of this move (and, it is said, failure of the House to approve the Bill), irate Muslim youth, shouting Allahu Akbar decided to burn not just beer parlours, hotels and whorehouses, but also Christian churches.

Now, the Qur’an (Hajj. (ch. 22): 40) specifically forbids tearing down monasteries, churches, synagogues and mosques. Yet the leaders of Muslims have not come out strongly enough to condemn this violation of the rights of Christians, nor considered the implications of Christians in turn burning mosques in retaliation. It is also worthy of note, that christian morality does not approve of alcoholism and prostitution.

A second example is the recent furore over Obasanjo’s appointment of northern Christians into his cabinet. I have elsewhere made my views on this known although several people have branded me, and others like Col. Umar, anti-Islamic or anti-north for not joining this hypocritical farce

In failing to rise above bigotry and chauvinism, northern Muslims act against injunctions of their faith. The Qur’an expressly preaches freedom of religion [see, for example: Al-Baqarah (ch.2): 256; Yunus (ch.10): 108; Hud (ch.11): 121-122; Kahf(ch18):29; andAl-Ghashiyah (ch.88) :21-24]

It is also pertinent for those who criticize us to recall that Allah specifically instructed that trust and leadership should be given only to those worthy of them and to judge between men with justice (Al-Nisa (ch.4): 58). Also, if anyone believes that false witness should be given for or against a man simply because he is a Muslim or Non-Muslim, he should read [Al-Nisa (ch4): 135; also 105and Al-Ma’idah ((ch.5): 6]. Finally for those who object to our inviting good muslims and good christians to come together and give the poor people of this country the good government preached by both faiths, please read [Al-Imran (ch3): 64] which provides a basis for coming together on common ground.

I do not mean by this that only Muslims show intolerance in the North. Muslims in certain areas have been the subject of Christian attacks, such as what happened in Zangon-Kataf and Kafanchan. In the main, those attacks seem to have taken two major forms. The first, and this is common, reflects attacks instigated by Christian leaders who are looking for political and economic space in the North. Retired Christian generals, from Takum to Zangon-Kataf, who find themselves overshadowed by more junior, but Muslim, generals in the North, take out their frustration by financing and co-ordinating religious conflicts. One of them has already been convicted once.

The second form they have taken is one of a genuine protest, an expression of frustration with their consignment to the role of second-class northerners in their homeland, in spite of everything they have given for the North. They have sacrificed their sons in the war against Biafra. They have organized and toppled coups to bring and sustain Northern Muslim generals to and in power. Yet, they are treated with disdain and derision, as we saw in the recent ministerial lists. The violence of northern Christians, therefore, while we condemn it, may be seen as sometimes, being a reaction to the violence inflicted on them, like the violence of the native in Frantz Fanon’s “ The Wretched of the Earth”.

In the history of the world, it has long been established that intolerance and religious bigotry stultify the development of society. One of the secrets of the greatness of Rome in antiquity lies in the religious tolerance of the Barbarians and their ability to look for common grounds among their faiths.

In the ‘History of the Decline and Fall of the Roman Empire’, Edward Gibbon tells us:


“ Such was the mild spirit of antiquity, that the nations were less attentive to the difference, than to the resemblance, of their religious worship. The Greek, the Roman, and the Barbarian, as they met before their respective altars, easily persuaded themselves that under various names, and with various ceremonies, they adored the same deities. The elegant mythology of Homer gave a beautiful, and almost regular form, to the polytheism of the ancient world” (Vol. 1:p.57)


Similarly, those who fail to recognise virtue and merit, and adopt it wherever it is found in the interest of the ambitions of their nation, will never find progress.

olivetti
May 25, 2009, 04:37 PM
continued...


Again, Gibbon tells us in the DF:

“ The narrow policy of preserving, without any foreign mixture, the pure blood of the ancient citizens, had checked the fortune, and hastened the ruin, of Athens and Sparta. The aspiring genius of Rome sacrificed vanity to ambition, and deemed it more prudent, as well as honourable, to adopt virtue and merit for her own wheresoever they were found, among slaves or strangers, enemies or barbarians” (Vol.1: p.61)

How much lower can a people sink, when they need lessons in culture and civilization from the history of barbarians? Muslims will recall that the freedom and tolerance of the Islamic State was what led to the glory and flourishing of the Caliphate in both the early Abbasid and Ottoman phases, while Rome declined with the intolerance and bigotry of the Catholic Church.

Indeed, one of the acclaimed attributes of the late Sardauna is that in spite of his very open commitment to and zeal for Islam, he did not show intolerance for other faiths or disdain for others simply because they did not share his faith. This has been acknowledged widely by northern Christians like Jolly Tanko Yusuf, Ishaya Audu, and Sunday Awoniyi. Present-day northern leaders, however, seem characterized by a fake commitment to their religions which only finds expression in antagonising other faiths. They sing the Sardauna’s praises but cannot live up to his standards, like the Greeks of Constantinople described by Gibbon in the following words:


“ They held in their lifeless hands the riches of their fathers, without inheriting the spirit which had created and improved that sacred patrimony: they read, they praised, they compiled, but their languid souls seemed alike incapable of thought and action”. (Vol III: P.420)


So much for our new-breed northern leaders, now to their opposite numbers in the South-West.

ii. The Yoruba Factor and “Area-boy” Politics.

My views on the Yoruba political leadership have been thoroughly articulated in some of my writings, prime among which was “ Afenifere: Syllabus of Errors” published by This Day (The Sunday Newspaper) on Sept 27, 1998. There was also an earlier publication in the weekly Trust entitled “ The Igbo, the Yoruba and History” (Aug. 21, 1998).

In sum, the Yoruba political leadership, as mentioned by Balarabe Musa, has shown itself over the years to be incapable of rising above narrow tribal interests and reciprocating goodwill from other sections of the country by treating other groups with respect. Practically every crisis in Nigeria since independence has its roots in this attitude.

The Yoruba elite were the first, in 1962, to attempt a violent overthrow of an elected government in this country. In 1966, it was the violence in the West which provided an avenue for the putsch of 15th January. After Chief Awolowo lost to Shagari in 1983 elections, it was the discontent and bad publicity in the South-West which led to the Buhari intervention. When Buhari jailed UPN governors like Ige and Onabanjo, the South-Western press castigated that good government and provided the right mood for IBB to take over power. As soon as IBB cleared UPN governors of charges against them in a politically motivated retrial, he became the darling of the South-West. When IBB annulled the primaries in which Adamu Ciroma and Shehu Yar Adua emerged as presidential candidates in the NRC and SDP, he was hailed by the South-West. When the same man annulled the June 12, 1993 elections in which Abiola was the front-runner, the South-West now became defenders of democracy. When it seemed Sani Abacha was sympathetic to Abiola, the South-West supported his take-over. He was in fact invited by a prominent NADECO member to take over in a published letter shortly before the event. Even though Abiola had won the elections in the North, the North was blamed for its annulment. When Abdulsalam Abubakar started his transition, the Yoruba political leadership through NADECO presented a memorandum on a Government of National Unity that showed complete disrespect for the intelligence and liberties of other Nigerians. Subsequently, they formed a tribal party which failed to meet minimum requirements for registration, but was registered all the same to avoid the violence that was bound to follow non-registration, given the area-boy mentality of South-West politicians. Having rejected an Obasanjo candidacy and challenged the election as a fraud in court, we now find a leading member of the AD in the government, a daughter of an Afenifere leader as Minister of State, and Awolowo’s daughter as Ambassador, all appointed by a man who won the election through fraud. Meanwhile, nothing has been negotiated for the children of Abiola, the focus of Yoruba political activity. In return for these favours, the AD solidly voted for Evan Enwerem as Senate President. This is a man who participated in the two-million-man March for Abacha’s self-succession. He also is reputed to have hosted a meeting of governors during IBB’s transition, demanding that June 12 elections should never be de-annulled and threatening that the East would go to war if this was done. When Ibrahim Salisu Buhari was accused of swearing to a false affidavit, the Yoruba political elite correctly took up the gauntlet for his resignation. When an AD governor, Bola Tinubu, swears to a false affidavit that he attended an Ivy League University which he did not attend, we hear excuses.

For so many years, the Yoruba have inundated this country with stories of being marginalised and of a civil service dominated by northerners through quota system. The Federal Character Commission has recently released a report which shows that the South-West accounts for 27.8% of civil servants in the range GL08 to GL14 and a full 29.5% of GL 15 and above. One zone out of six zones controls a full 30% of the civil service leaving the other five zones to share the remaining 70%. We find the same story in the economy, in academia, in parastatals.

Yet in spite of being so dominant, the Yoruba complained and complained of marginalization. Of recent, in recognition of the trauma which hit the South-West after June 12, the rest of the country forced everyone out of the race to ensure that a South-Westerner emerged, often against the best advice of political activists. Instead of leading a path of reconciliation and strong appreciation, the Yoruba have embarked on short-sighted triumphalism, threatening other “nationalities” that they ( who after all lost the election) will protect Obasanjo ( who was forced on them). No less a person than Bola Ige has made such utterances. To further show that they were in charge, they led a cult into the Hausa area of Sagamu, murdered a Hausa woman and nothing happened. In the violence that followed, they killed several Hausa residents, with Yoruba leaders like Segun Osoba, reminding Nigerians of the need to respect the culture of their host communities. This would have continued were it not for the people of Kano who showed that they could also create their own Oro who would only be appeased through the shedding of innocent Yoruba blood.

I say all this, to support Balarabe Musa’s statement, that the greatest problem to nation-building in Nigeria are the Yoruba Bourgeoisie. I say this also to underscore my point that until they change this attitude, no conference can solve the problems of Nigeria. We cannot move forward if the leadership of one of the largest ethnic groups continues to operate, not like statesmen, but like common area boys.

iii.The Igbo Factor and the Reasonable Limits of Retribution.

The Igbo people of Nigeria have made a mark in the history of this nation. They led the first successful military coup which eliminated the Military and Political leaders of other regions while letting off Igbo leaders. Nwafor Orizu, then Senate President, in consultation with President Azikiwe, subverted the constitution and handed over power to Aguiyi-Ironsi. Subsequent developments, including attempts at humiliating other peoples, led to the counter-coup and later the civil war. The Igbos themselves must acknowledge that they have a large part of the blame for shattering the unity of this country.

Having said that, this nation must realise that Igbos have more than paid for their foolishness. They have been defeated in war, rendered paupers by monetary policy fiat, their properties declared abandoned and confiscated, kept out of strategic public sector appointments and deprived of public services. The rest of the country forced them to remain in Nigeria and has
continued to deny them equity.

The Northern Bourgeoisie and the Yoruba Bourgeoisie have conspired to keep the Igbo out of the scheme of things. In the recent transition when the Igbo solidly supported the PDP in the hope of an Ekwueme presidency, the North and South-West treated this as a Biafra agenda. Every rule set for the primaries, every gentleman’s agreement was set aside to ensure that Obasanjo, not Ekwueme emerged as the candidate. Things went as far as getting the Federal Government to hurriedly gazette a pardon. Now, with this government, the marginalistion of the Igbo is more complete than ever before. The Igbos have taken all these quietly because, they reason, they brought it upon themselves. But the nation is sitting on a time-bomb.

After the First World War, the victors treated Germany with the same contempt Nigeria is treating Igbos. Two decades later, there was a Second World War, far costlier than the first. Germany was again defeated, but this time, they won a more honourable peace. Our present political leaders have no sense of History. There is a new Igbo man, who was not born in 1966 and neither knows nor cares about Nzeogwu and Ojukwu. There are Igbo men on the street who were never Biafrans. They were born Nigerians, are Nigerians, but suffer because of actions of earlier generations. They will soon decide that
it is better to fight their own war, and may be find an honourable peace, than to remain in this contemptible state in perpetuity.

The Northern Bourgeoisie and the Yoruba Bourgeoisie have exacted their pound of flesh from the Igbos. For one Sardauna, one Tafawa Balewa, one Akintola and one Okotie-Eboh, hundreds of thousands have died and suffered.

If this issue is not addressed immediately, no conference will solve Nigeria’s problems.

iv. The Niger-Delta and The Need For Justice.

This is the final subjective variable I wish to mention. I will not say anything on this because it seems, finally, it has caught the attention of the nation and something is being done about it.


Conclusion

I started this paper by saying that restructuring the Federation was not a simple task, and should be considered only as part of the process of nation-building. The message I have carried all my life is that all Nigerians have a right to maintain their diversity but this should only be on the basis of respect of the same rights for other Nigerians. No nation can be built on the platform of inequity, intolerance and selfishness.

I am Fulani. I am Muslim. But I am able to relate to every Nigerian as a fellow Nigerian and respect his ethnicity and his faith. I am also convinced that we tend to exaggerate our differences for selfish ends and this applies even to matters of faith.

I have no doubt in my mind that the leadership of Nigerian politics in all parts of the country today, is in the main, reactionary, greedy, corrupt and bankrupt. Brought up in the era of tribal warlords, most political leaders are unable to think first and foremost like Nigerians. To this extent, any conference held today may be a waste of time.

But the audience may ask “Is there any hope for this Country”? My answer is yes! I rest my hope partly on personal experience. In every part of the country, I come across young Nigerians who do not agree with their elders. In the North, there is a new northerner, throwing off the yoke of irredentism, the toga of nepotism and the image of being a beneficiary of quota system. In the South-West, I find many young Yoruba citizens who frown at the rabid tribalism and provincialism of their leaders. In Igboland, we see young Igbos who regret the past and look forward to a brighter future. I have indeed received several letters from Nigerians, northerners and southerners, christians and muslims, encouraging me in the fight against the twin vices of religious intolerance and ethnic chauvinism.

But I rest my hope on a much deeper and profound base than these fleeting impressions. The hope for this Country is founded on the existence of the very problems we have just examined. The people of this Country have a long history of being together. Yet each group jealously guards its own identity, be it ethnic or religious. This is so only because our cultures, our religions, teach us core values within which we find full expression of our humanity. If only we would look, we would find that the values that make a good Fulani, Yoruba, Kanuri or Bini man; the values that make a good Christian and a good Muslim; are the same. If only we had in each part of this country, a leadership with the vision to recognize this, to harness this, to bring together good Yoruba, Hausa, Igbo, Ogoni and Angas men and women; good Christians and Muslims; to run the affairs of this country, we would find peace.

I rest my hope, finally on my generation. A generation of young, educated Nigerians, brought up in luxury, weaned by the traumatic experiences of the last two decades, and ready to take up the gauntlet, and ignite the hopes, for a renewed Nigeria. This is the generation much maligned by the present administration of septuagenarians. The generation discarded and treated like a pack of potential thieves. The only truly marginalized generation. This is the generation that will pick up the pieces and by the grace of Allah, leave those coming behind with a legacy far more progressive than the one we
inherited.


Thank you.

denker
May 25, 2009, 05:30 PM
The Yoruba Factor and “Area-boy” Politics.

Ekiti is a good example. LOL!

Ochi Dabari
May 26, 2009, 05:23 AM
Good job; another achievement by the Serpent Leader. We are looking at complete overhaul of the system. Hausa will be the language of operation at CBN, islamic banking will be introduced (the man is an "islamic" scholar!), and we will soon be borrowing more money from the Islamic Development Bank, which charges less interest than the IMF and World Bank. May be the writing on the Naira should all be in Arabic, not English (we are Arabs, not white people!). We have missed the era of Abacha, during which there were two (or were they 3?) exchange rates - one by which Hausa currency traders bought currency from CBN; another rate by which they sold to the public, and a third rate at which the "first" Family transferred money to Switzerland. That's what good islamic banking is all about. Zis Arna, Fropessor Saludo come and dabaru ebriting! Enaff op zis nonsense. Sanu d'aiki, Fresident Yar Do Nothing.

Well done, Serpent Leader, and Congratulations, Mallam Sanusi.

ochi



Yar’Adua Tips Lamido Sanusi Governor
By Ayodele Aminu in Lagos and Kunle Aderinokun in Abuja, 05.23.2009

There are reasons to believe that Sanusi Lamido Sanusi, group managing director and chief executive officer of First Bank of Nigeria Plc may succeed Chukwuma Soludo as the new governor of the Central Bank of Nigeria.

Information reaching THISDAY last night revealed that President Umaru Yar’Adua may have narrowed in on Sanusi, seasoned banker, economist and Islamic scholar, as Soludo’s replacement and has already offered him the job.

Fjord
May 26, 2009, 07:07 AM
The Yoruba elite were the first, in 1962, to attempt a violent overthrow of an elected government in this country. In 1966, it was the violence in the West which provided an avenue for the putsch of 15th January. After Chief Awolowo lost to Shagari in 1983 elections, it was the discontent and bad publicity in the South-West which led to the Buhari intervention.

Here, as anyone who has visited GAMJI (http://www.gamji.com) for other Sanusi articles, we see at attempt at revising history. It is one's hope that Sanusi will not mix his politics and Islamic scholarship with teh CBN job he's been gifted with.

One must wonder at an intellectual who'll argue that the discontent and bad publicity in the South-West led to Buhari's coup. Watch out for these subtle shifts of responsibility, coupled with an attempt to exonerate certain politicians, especially those from a certain part of the space called Nigeria. No one must be fooled, Sanusi delivers his casuistry with a good measure of blame for some of the North, but there's always this gap, this attempt to provide alternative explanations that almost always tend to favour the guilty.

Sagari was a grossly incompetent president albeit one with good intentions. Yar'Adua is his reincarnation.
.

Ranter
May 26, 2009, 07:34 AM
Sounds like a very bright Mallam, I am beginning to like him already, though thats a good old piece but the message still very relevant(Where is Gwobe).

I am rather comfortable with one that has a strong belief and a solid personal opinion, even he may be wrong or not entirely right, than one without a personal take on issues, that would dance to the tune of the loudest section.

Fjord
May 26, 2009, 09:37 AM
There's no question that Sanusi is a brilliant man; but "very bright mallam" is pejorative.

Now:

1) a strong belief and
2) a solid personal opinion (right or wrong)

These are inferior to being able to (re)consider and possibly accept or compromise wrt a position held. The world if full of people with strong beliefs (Bush & Bin Laden are of this number), and strong personal opinions* (Sanusi is evidently one here, especially with his published religious views, and we could add Obasanjo too, going by his performance on HardTalk the other day). What may be missing – and crucial – is the ability to see through personal blinders.

One's hope is that CBN governorship involves something more engaging than religio-political views, and that the processes involved are more structured and are not personal cults. Again, a separation of the new CBN governor's politics from policies, as we would be happy of a separation of any views on Islamic banking from the realities of 21st century financial institutions.

*Opinions, I've heard, are like a-holes; everyone's got one. Strong personal opinions could be like very tight a-holes... :D

Ranter
May 26, 2009, 11:00 AM
But moving from the helm of FBN to CBN top spot does not look out of place. I do not think all the FBN cashiers faced Macca when accepting deposits. Reading his essay above shows otherwise to what you are trying to insinuate. I can not negatively judge a person before he even starts on a job.

I would have been worried if the new guy was coming from Nigerian Breweries Limited, no offence to brewers.

Fjord
May 26, 2009, 11:34 AM
But moving from the helm of FBN to CBN top spot does not look out of place.

May be not. Except that he has been head of FBN for a grand total of less than 6 months.


I do not think all the FBN cashiers faced Macca when accepting deposits.

This is much beside the point; it's comparable to that thing about a "very bright mallam".


Reading his essay above shows otherwise to what you are trying to insinuate.

Insinuate what? The conclusion of an insinuation is most certainly based on a misreading of the totality of one's posts on this thread. A summary, again: Sanusi can comment on any issues as he sees fit; but he would be wise to separate his Islam and politics from his banking and economics. We have on record commended him for attempting to do this after his FBN appointment; this wasn't the case when he was in UBA.

And yes, I would have a bias against anyone arguing militantly for Sharia; and I suppose any reasonable human would, no matter how smart the fellow is. And, again, GAMJI (http://www.gamji.com) has a sizable collection of Sanusi's views. If you're one carried away by mere words or the awe if finding a "mallam" (apologies, eh) being able to write so - as some may appear to be - you'd not be seeing the forest from the trees.


I can not negatively judge a person before he even starts on a job.

Well, most reasonable people would look at things like experience and qualifications, so a judge of the appointment once could be. Is Sanusi qualified? One wouldn't say no; but, it's clear that his achievement in Islamic scholarship and political commentary far outstrip his achievements in banking and economics. Many times, we've spoken to friends who couldn't separate one from the other. But going by the appointments the somnambulist Yar'Adua has made, this isn't the worst of them.


I would have been worried if the new guy was coming from Nigerian Breweries Limited, no offence to brewers.

That would betray a hint of irrationality; as it has already.
.

lumidii
May 26, 2009, 12:47 PM
Islamic scholarship isn't so much the issue... What i'm most uncomfortable with is the formidable political views he holds and expresses...

There is no enduring structure at the CBN, the CBN processes adapts to the structure of the presiding Governor. So there is bound to be some major controversies in the days ahead in the Financial sector.

FirstBank's ownership structure underwent some changes over time in its composition and that supported Lamido Sanusi's appointment as the Group MD. I am not saying he was unqualified for the job, but he wouldn't have gotten the FirstBank position without his religious and political leanings. He was indeed annointed by the powers holding forth at FirstBank.

Igboamaeze
May 26, 2009, 01:10 PM
Islamic scholarship isn't so much the issue... What i'm most uncomfortable with is the formidable political views he holds and expresses...

There is no enduring structure at the CBN, the CBN processes adapts to the structure of the presiding Governor. So there is bound to be some major controversies in the days ahead in the Financial sector.

FirstBank's ownership structure underwent some changes over time in its composition and that supported Lamido Sanusi's appointment as the Group MD. I am not saying he was unqualified for the job, but he wouldn't have gotten the FirstBank position without his religious and political leanings. He was indeed annointed by the powers holding forth at FirstBank.

---------------
That Mr. Sanusi Lamido is a brilliant and capable man is not, and should not be in doubt.

The real trouble is that managing FBN is first a matter of the bottom line. At CBN he will be managing the politics of CBN and the banking sector. He is most likely going to be an Hausa/Fulani first and Nigerian last. It is the system that spoils otherwise good people.

I wish him well but watch out, he will be just like any other northerner in public service: parochial and nepotic. Mark my word.

That's the sad reality before us....

Chxta
May 26, 2009, 02:20 PM
Really did any one of y'all take time to read that paper? If he meant the half of what he said in that paper, then he would be a brilliant replacement for Soludo...

Mikky jaga
May 26, 2009, 06:59 PM
Really did any one of y'all take time to read that paper? If he meant the half of what he said in that paper, then he would be a brilliant replacement for Soludo...

The guy is a very bad specimen of an Area Boy. This mentality flows from his paper. He could barely hide it.

Chxta
May 27, 2009, 11:21 AM
The guy is a very bad specimen of an Area Boy. This mentality flows from his paper. He could barely hide it.
...and how did you arrive at that conclusion?

Mikky jaga
May 27, 2009, 12:09 PM
...and how did you arrive at that conclusion?

...and how did he arrive at the conclusion that Yourba leaders have area boys mentality? It takes an area boy to recognize one.

Mikky jaga
May 27, 2009, 12:13 PM
The Igbos themselves must acknowledge that they have a large part of the blame for shattering the unity of this country.

I hope they acknowledge that...eventually.

tonsoyo
May 27, 2009, 01:41 PM
...and how did he arrive at the conclusion that Yourba leaders have area boys mentality? It takes an area boy to recognize one.


Thank you Mikky. Most of what the guy wrote is articulated thrash and an indulgent rubbish! Another one-eyed man recordation of multi-dimensional events.

Albany
May 27, 2009, 02:38 PM
It's a shame that a lot of people on this platform did not see the handwriting on the wall, prior to Soludo's removal. I have said it before and i will say it again: i really do not give a hoot if Soludo stayed or left, so long as the new Governor has got ideas to move our economy forward. Nigeria cannot afford another Yar'Adua (clueless leader) at the CBN in this period of global economic turbulence. That would be the last straw.
I wish Sanusi all the best. May we not gather here 2 years into his tenure and wish Soludo was not removed !

DaBishop
May 27, 2009, 05:32 PM
I guess the guy lives in Lagos some if not most of the time, so can tell from anecdotal experience. He did call a spade a spade there in his paper.

His main issues:
1. Restructuring...has anyone called for restructuring in the recent past or in the past...O yes! What was meant?

2. Sharia...Has there been issues regarding sharia in the constitutional assemblies?

3. Rule by a hypocritical northern elite...have we had those?

4. Balkanization into regions to meet expectation? was that done and the cry of the Tiv for their independent region denied to reinforce the notion of the 'one indivisible north' in favor of the hypocritical elite sponsored by the sultanate?

5. In the political scheming...Was the west accommodated to enable OBJ emerge as President? We may not like the fact that an oligarchy determined what went down and who contested, but in the then current reality, that was what happened. Obj 'won' without the support of Yorubas who later hijacked his presidency. true or false?

6. Even in his writing on Sharia, as submitted above, one can clearly see his bias for the common man as he lashes at the erstwhile champions of the 'north' who steal and do no real welfare for their peoples.

7. IMHO What he writes is what a lot of educated northerners who have lived outside the north in Nigeria have experienced and can personally testify to. To get a cure, you must look at the disease. I do not know what is really meant by area boy politics, but if it means rabid tribalism, nepotism and a conquering mindset, I believe, he has articulated some of the problems...you can add to the list.

All of these do not an economist or a banker make, but to crucify him for his views, you need to situate his thought AND counter them with inviolable facts not labels.

Zuma
May 27, 2009, 05:37 PM
http://en.wikipedia.org/wiki/Charles_C._Soludo


Soludo joined the federal government in 2003. Prior to his May 2004 appointment to the bank chairmanship[8], he held the positions of Chief Economic Adviser to former President Obasanjo and Chief Executive of the National Planning Commission.

In January 2008, in a speech to the Nigerian Economic Society, he predicted consolidation in the private banking industry, saying "By the end of 2008, there'll be fewer banks than there are today. The restructuring of the banking industry has been attracting funds from local and foreign investors, which have increased banks' ability to lend to customers". He hopes to see Nigeria become Africa's financial hub, and considers microfinance important to the federal government's economic policies.

It has been asserted that in April 2008, Soludo was accused of abuse of his position. However, there is no supporting evidence for this which is accessible via the internet.

That's it? Grand dissemination of falsehood.
Still can't figure out what the fuss about Charles Soludo is all about. Granted, he did some 'tidying' up with the mess of mushroom banks situated like churches and mosques on every street corner, but his achievements are frankly of little consequence to Nigerians as a whole. He was limited to what types of reforms he could embark on for the simple reason that he also had to 'tow the line' of his 'masters' and assisted them with their 'business as usual' deals to and from Nigeria.

If he had excelled in areas of curbing mass transfers of funds out of Nigeria or ensured complete transparency in the banking systems in Nigeria by developing some state of the art software to track the movement of finances of criminals I would have had cause for some nostalgia.

A great academician at best. Can't take that away from him.

A little bit more education.

http://www.saharareporter.com/index.php?option=com_content&view=article&id=2395:-why-profcharles-soludo-should-resign-now-&catid=81:external-contrib&Itemid=300

Concerning his reforms:


If the reforms are working would the World Bank have listed Nigeria as a fragile State along with Burundi, Cambodia Comoros Congo Democratic Republic Guinea Bissau and Kosovo?. Why is Soludo propagating the “catechism” that Nigeria which occupies the 154th position will jump to rank the 20th greatest economy in the world come 2020? Would that be a miracle?


The miracle that appeals to only illiterates given to simplistic heroics and propaganda.



Soludo is the “generalissimo” of the home grown economic strategy called New Economic Empowerment Development Strategy (NEEDS). While the objectives in NEEDS 1 have not transcended the levels of wild contemplating, the CBN technocrats crafted NEEDS 2. The resources invested in NEEDS 1 and 2 could have floated some industries to employ some persons to alleviate poverty. What is even most irksome is that in the full glare of these promises the exchange rate of the Naira has plummeted, our foreign reserves depleted and government has resorted to taking more and more loans.

A classic sham. Enter Sanusi Lamido Sanusi. Lets see what he can add to all this abracadabra economics. The apppointment of Lamido Sanusi(whose only claim to fame is an extensive research in sharia studies) may fare even better.

Mikky jaga
May 27, 2009, 05:51 PM
I do not know what is really meant by area boy politics, but if it means rabid tribalism, nepotism and a conquering mindset, I believe, he has articulated some of the problems...you can add to the list.


rabid tribalism, nepotism and a conquering mindset: traits that can be found in the Tiv man also. If true, all of us are guilty of Area Boy politics.

Zuma
May 27, 2009, 05:55 PM
Sanusi Lamido Sanusi. Academic and professional qualifications unverifiable via the world wide web.

http://allafrica.com/stories/200901020370.html


The first time I saw Lamido Sanusi was at the annual picnic Ahmadu Bello University chapter of the Nigeria Economics Students Association hosted in April 1983 in honour of my class, the graduating class of the Economics Department.........


When I inquired about him, I was simply told that his name was Sanusi Lamido Sanusi and he had returned to the department to work for a master's degree in Economics, having received a bachelor's degree from the same department in 1981.




We never met formally while we were on campus but our careers as bankers had caused our paths to cross in 1997 when we had resumed in United Bank for Africa as Hakeem Belo-Osagie's new hires. Before this time, Lamido Sanusi had gone to take another degree in Shari'ah and Islamic Studies from the International University of Africa in Khartoum, Sudan and had also worked in ICON Merchant Bank.



Lamido Sanusi made remarkable contributions to the development of the risk management function in the pre-Tony Elumelu UBA, thereby earning well deserved promotions that took him to the position of general manager. He drove the transformation of the Credit Risk Management Division into an Enterprise Risk Management Sector, as well as spearheading UBA's Basel 2 focus through the establishment of the framework, policies, processes and systems necessary for compliance with the guiding principles of the new capital accord.



As a mark of his effectiveness, he spearheaded the rescue of one of the biggest branches of UBA in the north when it was almost annihilated through the exuberance and recklessness of those who would stop at nothing to lend money to even the most ill-intentioned borrower. His appointment as Executive Director, Risk and Management Control in First Bank of Nigeria along with four others in 2005 was breaking news in the industry. Lamido Sanusi had earned his place.


In all of these, Lamido Sanusi does not betray his royalty as his personality is drenched in humility. A scion of the Fulani ruling house of Kano, Sanusi's diplomat father was the son of Alhaji Muhammadu Sanusi, the 11th Emir of Kano.


His appointment as managing director of First Bank of Nigeria is, therefore, a resounding testimony of his outstanding professionalism and intellectual excellence. In other climes where the markets are very sensitive to the news of such appointments, the scramble for the shares of First Bank by discerning investors who appreciate that the appointment will translate into good and professional management that will in turn deliver marked improvements in the bank's performance indices, would have driven the price into an upsurge. But the activities of a modern day, private sector "Professor" who has no research publications to support the claim, has robbed the market of such dynamics as should have been.

But spent a lot of time researching and writing sharia dissertations.
Sample Publications by Sanusi Lamido Sanusi.


http://www.nigerdeltacongress.com/articles_written_by_sanusi_l.htm



Articles written by Sanusi L. Sanusi



KANO POLITICAL ECONOMY REFLECTIONS ON A CRISIS AND ITS RESOLUTION

MUSLIM COMMUNITIES IN MULTI RELIGIOUS MILIEU

From Philosophical Rationalism to Monistic Theosophy

DEMOCRACY HUMAN RIGHTS AND ISLAM

Islamic theology, Western philosophy and Predestination

The Sharia Debate and the Construction of a Muslim and Christian identity in Northern Nigeria

El-Kanemi before Danfodio's court

BUHARISM AS FASCISM

The Ulama and Mobilisation for Economic Empowerment

BUHARISM BEYOND BUHARI

AMINA LAWAL: Sex, Adultery and Islamic Law

BUHARISM

THE MILK OF HUMAN KINDNESS

THE POLITICISATION OF ONTOLOGICAL QUESTIONS

The True Believers and Anti Intellectualism

ANNOTATING SAFIYA'S Diary

THE ADULTERESS DIARY

SHARIACRACY IN NIGERIA

WOMEN AND POLITICAL LEADERSHIP IN MUSLIM THOUGHT

THE KANO GOVERNMENT AND AJINO-MOTO ECONOMICS

THE KWANKWASO PHENOMENON

Towards rebuilding a national consensus: A response to Prof. Ekeh

Issues in restructuring corporate Nigeria

Usman, Ekeh and the Urhobo 'Nation'

Discursive trends in Islamic Law

Class, gender, and the political economy of sharia

DIALOGUE WITH A CRITIC

VALUES AND IDENTITY IN THE MUSLIM NORTH

Between_the_shariah_and barbarism

FASEUN AND THE NORTH

Islam, probity and accountability

Jihad: Revolutionary Islam and Nigerian Democracy

Religion, the cabinet and political economy of the north

SHARIAH AND THE WOMAN QUESTION

The Shariah debate: A Muslim's intervention

The Yorubas: Between Madunagu and Abati

So much for qualifications. I am sorry for Nigeria.
Any prospectus concerning the failed state of Nigeria under Yaradua boils down to jumping from the stove into the fiery furnace.

Igboamaeze
May 27, 2009, 06:04 PM
-----------------------

The thought of a CBN Governor with a "degree in Shari'ah and Islamic Studies from the International University of Africa in Khartoum, Sudan" scares me.

The Lord is my shephard...

Fjord
May 27, 2009, 06:26 PM
I wish him well but watch out, he will be just like any other northerner in public service: parochial and nepotic. Mark my word.

That's the sad reality before us....

We could be cynical - I am now, very much going by this UBA to FBN to CBN move, with the last leg starting in January 2009; the story would be that Sanusi moved from being FBN head to being CBN governor, and it would be true, yet also misleading - but one would suppose that Sanusi would attempt to rationalise whatever policies he would favour for implementation.

I don't think he would be just any other Northerner in public service; no, this man will be a very different Northern public servant; if he has an agenda - and he would is one does not yet exist - he would be clear about its implementation, and he would argue - to the death - anyone opposing his view. The point is moot when he is right; but, when he's wrong...? This is going to be a difficult one, and one'd say that Yar'Adua has made the most "inspiring" appointment of his career as a sleep-walking president.

lumidii: you've hit close to home; but, do you divorce Sanusi's political views from his faith? I'll guess we could, but it'll be an academic exercise.
.

Fjord
May 27, 2009, 06:42 PM
Here's a quote from Barnabas Omali's article:


His appointment as managing director of First Bank of Nigeria is, therefore, a resounding testimony of his outstanding professionalism and intellectual excellence. In other climes where the markets are very sensitive to the news of such appointments, the scramble for the shares of First Bank by discerning investors who appreciate that the appointment will translate into good and professional management that will in turn deliver marked improvements in the bank's performance indices, would have driven the price into an upsurge. But the activities of a modern day, private sector "Professor" who has no research publications to support the claim, has robbed the market of such dynamics as should have been.

The part in bold is good reason to question the assessments in that article. That article was quite well publicised during the first days of this year; and it was clearly heavy praise-singing. And the part in bold above tells that the writer couldn't help being petty; blaming Soludo for the non-response of the market to Sanusi's appointment as FBN head was a cheap and i-diotic shot. But to give the devil his due: one must wonder about a professor without research publications though.
.

Zuma
May 27, 2009, 06:43 PM
Sanusi Lamido Sanusi at work.

http://www.cnbc.com/id/15840232?video=1130139163&play=1

tonsoyo
May 27, 2009, 07:56 PM
[QUOTE=Zuma;359241]Sanusi Lamido Sanusi. Academic and professional qualifications unverifiable via the world wide web.

http://allafrica.com/stories/200901020370.html


But spent a lot of time researching and writing sharia dissertations.
Sample Publications by Sanusi Lamido Sanusi.


http://www.nigerdeltacongress.com/articles_written_by_sanusi_l.htm




Can somebody please show me which of these articles has a remote connection to Economics and Monetary Policy?

The titles given to these articles will give you the mindset of a shariarist, not a guy who gives a hoot about economics.

This is another mediocre ethnic agenda appointment. Still wondering why Nigeria is not working?

olivetti
May 27, 2009, 08:31 PM
In the article, Barnabas Omali, I think meant, Prof. Ndi Okereke-Onyiuke, Ph.D, OON. Great "private market " professor by the way, lol.


Here's a quote from Barnabas Omali's article:


The part in bold is good reason to question the assessments in that article. That article was quite well publicised during the first days of this year; and it was clearly heavy praise-singing. And the part in bold above tells that the writer couldn't help being petty; blaming Soludo for the non-response of the market to Sanusi's appointment as FBN head was a cheap and i-diotic shot. But to give the devil his due: one must wonder about a professor without research publications though.
.

Fjord
May 27, 2009, 09:07 PM
In the article, Barnabas Omali, I think meant, Prof. Ndi Okereke-Onyiuke, Ph.D, OON. Great "private market " professor by the way, lol.

I stand corrected.

In which case, the original comment will now read:

The part in bold is good reason to question the assessments in that article. That article was quite well publicised during the first days of this year; and it was clearly heavy praise-singing. And the part in bold above tells that the writer couldn't help being petty; blaming Ndidi-Okereke for the non-response of the market to Sanusi's appointment as FBN head was a cheap and i-diotic shot. But to give the devil his due: one must wonder about a professor without research publications though.

Thanks.

Fjord
May 27, 2009, 09:23 PM
Can somebody please show me which of these articles has a remote connection to Economics and Monetary Policy?

The titles given to these articles will give you the mindset of a shariarist, not a guy who gives a hoot about economics.

This is another mediocre ethnic agenda appointment. Still wondering why Nigeria is not working?

Tonsoyo: this is precisely the problem. Sanusi's scholarship is heavy onb politics & religion, and very light on economics and banking. He is clearly an intelligent fellow but what's known about him isn't much about banking and economics.

I have several times found his position on the practice of Sha'ria admirable, the lasting one being his position on the evidence required for sentencing in the haram of sexual misconduct; in that fashion he is a true polemicist; he's not very popular with those who would have Sha'ria practiced arbitrarily. In writing and in speaking, he is articulate.

But all that is beside the point re: your point above ...

The appointment is clearly ethnic; but I'll be hoping Sanusi lets the better part of him - the rational part - shine. He likes to be right; and with numbers and facts, there's so much he do negatively to remain right. If seen in a "Soludo has to go" context, Mr. Yar'Adua may have an inspiring appointment.
.

DaBishop
May 27, 2009, 09:35 PM
rabid tribalism, nepotism and a conquering mindset: traits that can be found in the Tiv man also. If true, all of us are guilty of Area Boy politics.

Does not sound intelligent to generalize a problem because it is alleged against the yoruba and say everyone is known for it. It is a fallacy. FYI The Tiv as a group may have other vices, rabid nepotism is not one of them. You heard of JS Tarka, Iyorchia Ayu, Barnabas Gemade, and even Michael Aondokaa, their most trusted acolytes have been non-Tivs.

Try this...Go to every office in Nigeria where the head huncho is yoruba and see who are the persons in his personnel...again notice what language is spoken in open spaces in the area...Do so for all the ethnic groups. The rest of Nigeria knows this. Do a secret study...most educated northerners think this is so crass for an educated group.

When J.S. Tarka ran for President, he ended up negotiating a truce among the individuals...that is what the Tivs most often do...negotiate the peace in Nigeria...among tribal jingoists. Mentioning it does not make us all tribalists.

commoner
May 27, 2009, 09:45 PM
I am not convinced that Soludo is on his way out. An outgoing CBN governor should not be announcing a major reversal of his recently implemented policies, that have been a major factor in the deppreciation of the naira, which the gov. claims were planned.

This policy reversal will definitely increase the supply of the dollar in the forex market and we should expect black market costs of the dollar to drop as fast as they increased a few months ago.

CBN Communique of the Monetary Policy Committee Meeting, may 21 2009 (http://www.cenbank.org/out/publications/communique/mpd/2009/MPC%20Communique%20for%20May2009.pdf)

Fjord
May 27, 2009, 10:49 PM
May be it's a set-up by Soludo for whoever is coming in :D

In any case, the market has been responding to this one; dollar now about N167; just over a week ago or thereabouts, it was N180.

.

olivetti
May 27, 2009, 11:09 PM
Thorny path to CBN Governorship
Written by Jibrin Abubakar
Monday, 06 April 2009

This month will certainly be important for the Nigerian banking industry. By most accounts, it is sometime in this month that the Federal Government would either announce a replacement for the position of the Central Bank Governor or retain the current holder of the post, Professor Chukwuma Soludo.

In ordinary times this should have been a routine bureaucratic change that is undeserving of public commentaries. But these are extraordinary times. The world financial system is gripped by a tremendous convulsion, local economies across the world are wracked by crises of gargantuan proportion and, closer home, the Nigerian banking system is at one of its weakest and most vulnerable states in decades.

This is precisely why the question of who becomes the next Central Bank Governor now transcends the concerns of economists and financial experts. It has become almost next in importance to who becomes Nigeria’s next president, although the Central Bank governorship is, of course, not an elective position.

Now, given the increasing centrality of the post of Central Bank Governor, especially in economically turbulent times such as now, whom should the government trust with this delicate assignment? Should President Yar’adua renew Charles Soludo’s term? Or should he choose from the impressive array of experienced bankers and financial experts in the country? Well, as with every decision, there are merits and demerits with every choice the president makes.

The obvious merit in retaining Mr. Soludo as Central Bank Governor is that this will ensure continuity. In uncertain moments like these, it is certainly persuasive to argue against changes at the top levels of our biggest financial institution. What would weaken this argument, however, is the fact that Soludo is himself so deeply implicated in the problems facing the banking sector today.

Soludo’s alleged association with a questionable investment in a venture called African Finance Corporation (AFC) has left a sour taste in the mouths of many financial experts. Some experts put this investment at a dizzying $462 million. This casts a shadow on the continuity school of thought. Given this scenario, among other litany of alleged failings associated with the current CBN leadership (such as arbitrariness in decision making, policy summersaults, and alleged disdain for the North as is deducible from the arbitrary removal of the ajami script from Nigeria’s currencies, and allegations that he unilaterally took a decision to remove zeros from the Nigerian currency values to the chagrin of the presidency) it is seen as unlikely for the president to renew his term. In fact, it seems fairly obvious by now that Soludo’s term will not be renewed considering the outcry that the banking consolidation of 2006 only strengthened the South East’s (Soludo’s kindred) grip on the financial sector. The current ownership structure of Nigeria’s surviving 24 banks has not helped matters either, as it gives more ammunition to Soludo’s critics. And many experts feel that it is also in his own interest to leave and clear his name of such widespread controversies.

Now who are the possible replacements for Soludo? And what can we expect from them? There are certainly many seasoned bankers and financial administrators in Nigeria who can do a better job of superintending over the affairs of the Central Bank and of the financial sector than Charles Soludo has done over the past few years. (though one must concede that there are significant positives associated with Soludo’s stewardship)

Given the complex dynamics of Nigeria’s Federal Character principle, policies and politics, it seems reasonable to narrow our search to the northern part of the country. When one looks at the trajectory of people who have led the Central Bank over the past couple of years, it would stand to reason that it is now the turn of the North, broadly conceived, to produce the next Central Bank Governor.

Past Nigerian Central Bank governors have included the following: Aliyu Mai-Borno (Borno, Northeast zone) Clement Isong (Akwa-Ibom, South-south zone), Adamu Ciroma (Yobe, Northeast zone); Ola Vincent (Lagos, Southwest zone), Abdulkadir Ahmed (Bauchi, Northeast zone); Paul Ogwuma (Abia, Southeast zone) Joseph Sanusi (Ondo, southwest Zone) and the current Prof. Charles Soludo (Anambra, southeast zone).

It is obvious from above list that only two zones in the country have never produced a Central Bank Governor: the Northwest zone and the North-central zone. Now, in the spirit and letter of the Federal Character principle, that would seem unfair. It is for this reason that many people expect the next Central Bank Governor to come from either of these two zones.

Although many media reports have speculated that Bauchi State governor Isa Yuguda is in top contention for the post, the fact of his being from the Northeast would appear to put him at a disadvantage since the zone has produced more Central Bank governors than any zone in the country, as the list above shows. It is the same consideration that would edge out Mohammed Hayatudeen, the Borno-born former Managing Director of the defunct FSB International Bank.

In the case of Yuguda, it is even more complicated than that. He is married to the president’s daughter. It raises profound ethical questions, analysts insist, for the president to appoint his in-law to supervise the country’s financial vault. Given Yar’adua’s concern with the rule of law and perceptions of propriety, watchers of the Nigerian financial sector predict that Yuguda’s chances are indeed slim.

Now, there are currently five top bankers and financial experts from the Northwest zone who are thought to be under consideration for the position of CBN governor. They are (not in any order): Sanusi Lamido Sanusi, from Kano State, current Managing Director of First Bank; Alhaji Falalu Bello, from Kaduna State who is the current Managing Director of Unity Bank (the only bank in Nigeria where the North has any appreciable interests); Dr. Shamsudeen Usman from Kano State, the former Central Bank Deputy Governor and current Minister of Planning; the cerebral Dr. Obadiah Mailafia from Kaduna State who was also a former Central Bank Deputy Governor; and Dr. Tanimu Yakubu Kurfi from Katsina State who is the current Chief Economic Adviser to the president. The north-central zone, unfortunately, doesn’t seem to have any top bankers in contention for the post at least for now.

Of these names from the Northwest zone, only three appear to stand very good chances of being considered for the post: Sanusi Lamido Sanusi, Alhaji Falalu Bello and Dr. Obadiah Mailafia. What of the rest? Well, for starters, it would appear nepotistic for the president to appoint Dr. Tanimu Kurfi as Central Bank Governor since he comes from the same state as the president. It is the same ethical consideration that analysts believe will dissuade him from considering Yuguda, the president’s in-law. Besides, although there are previous Central Bank governors who had no prior banking experience, Dr. Kurfi’s lack of exposure to the nitty-gritty of the financial world would be a major disadvantage against him. This is especially the case because in these trying periods the country needs a seasoned financial expert, with significant expertise and intimate familiarity with the nuances of the banking sector.

Dr. Shamsudeen Usman seems to fit the bill since he was once a Central Bank deputy governor, except that his performance as Finance Minister has called into question his capacity to understand and manage the perilous economic climate we are currently confronted by. Many feel that was probably why he was removed from the Finance Ministry. Besides, many analysts point out, Dr. Tanimu Kurfi and Dr. Shamsudeen Usman will do well to remain in the president’s kitchen cabinet.

Given these scenarios, many financial analysts say Sanusi Lamido Sanusi, Falalu Bello and Dr. Obadiah Mailafia would better fit the bill. Sanusi Lamido Sanusi is an accomplished intellectual. He’s the first northerner to head the bank in its over 100 years of existence, albeit a plum position he’s likely to lose if the current merger talks between First Bank and Eco Bank Transnational is consummated. The fact that his appointment is recent and it’s his first job as head of any bank, says a lot about Lamido’s limited experience of sitting at the apex of any financial institution. And this provides a ground to question his suitability.

Falalu Bello is one of Nigeria’s most seasoned bankers. He has headed several financially solvent banks and is currently the Managing Director of Unity Bank (considered the largest financial consolidation in history – 9 bank in all – a project Bello presided over). In fact, these days, it is customary to associate his name with banking (having headed Habib Bank, Intercity Bank, NACRDB, and now heading Unity Bank).Bello is not just a seasoned banker; he is also entrenched firmly in other sectors of the financial industry. For instance, apart from being a serving bank CEO, he has also been chairman of MBS Merchants Limited from 1997 to date, as well as been chairman of Kapital Insurance Limited, where Unity Bank is the majority shareholder. But that is not all. He is also director of such leading national and international players as British American Tobacco, Jaiz International Bank Plc, and Kakawa Discount House Limited.

So for reasons both of competence and of symbolic significance (he is CEO of the only bank with dominant northern interests), he seems uniquely suited to be the next Central Bank Governor. This will simultaneously please financial experts and assuage the angst of a region that has felt left out in the Nigerian financial sector. Talk of killing two birds with one stone. However, this choice may not necessarily please politicians because he’s known to be firm on matters of principle and a none conformist to external pressures – Nigerian politicians are well known for their preference for puppets and cronies when taking decisions leading to making juicy appointments.

A similar case can be made for Obadiah Mailafia. He has a PhD in finance from a leading UK university and was a deputy governor of the Central Bank for several years before he fell out with Soludo who allegedly masterminded his exit from the apex bank. He is also from southern Kaduna, a historically under-represented part of the North, although a case can be made that he has been away from the banking sector for sometime and that since he has been in the Central Bank system he may be too invested in its bureaucracy to bring about the needed detachment necessary, in fact crucial, to bring change to the institution.

Whatever the case, it is obvious that two important considerations will determine who the next Central Bank governor becomes: track record of competence and experience, and geo-political dynamics. The consensus of financial experts is that the next Central Bank governor should be a person who, while satisfying the need for geo-political balance, has extensive banking and financial experience at top managerial levels. It’s not enough for him to have been in the bureaucracy of the Central Bank; he needs to have the detachment from the Central Bank system that will enable him to tackle the challenges of the nation’s financial woes without getting caught up in the familiarity of the system. Yet he needs to have a deep knowledge of the banking and financial system at both national and international levels.

Ultimately, the decision lies with the president. But the country—and its financial health— will be well-served if the president and his advisers choose a Central Bank Governor that has the capacity to face the challenges of the phenomenally globalized and complex 21st century banking and financial system, a system that is currently in recession and Nigeria is bound to be impacted in one way or the other.

http://74.125.155.132/search?q=cache:eQ8v0-AXNAIJ:www.dailytrust.com/index.php%3Foption%3Dcom_content%26task%3Dview%26i d%3D7435%26Itemid%3D7+sanusi+lamido&cd=18&hl=en&ct=clnk

olivetti
May 27, 2009, 11:13 PM
Don't Appoint CBN Gov From Kano State, Obiora Tells Yar'Adua
Written by Andrew Oota, Abuja
Tuesday, 26 May 2009 21:24

Worried by the tension caused by the appointment of the new Governor of the Central Bank of Nigeria (CBN), President Umaru Musa Yar'Adua has been advised to rely on the principles of federal character.

Chairman of the Senate Committee on Housing and Urban Development, Senator Ikechukwu Obiorah, (Anambra South) in a letter dated May 25, 2009, advised the president not to appoint a new CBN governor from Kano State .

In a one-page letter, entitled: "The Need To Reflect On Federal Character Principle in the Finance Sub-sector," Obiorah said that the current Minister of Finance, Dr. Mansur Muhtar and the Minister of National Planning, Dr. Shamsudeen Usman, are both from Kano State.

The letter also reads: "Recent newspaper reports indicate that Sanusi Lamido Sanusi from Kano State is being slated for appointment as the next governor of CBN.

"I am, therefore, compelled with the highest sense of responsibility to avert your mind to the fact that the other two heads of the finance sub-sector: Dr. Shamsudeen Usman, the Minister of National Planning; and, Dr. Mansur Muhtar, the Minister of Finance, are both from Kano State.

"The appointment of another person from Kano State to head the CBN will therefore, run contrary to Section 14(3) of the 1999 Constitution, which mandates compliance with the federal character principle in the composition of government or its agencies or part thereof."

He continued, "But rather, it should be seen as an abiding need to ensure that out of the 36 States of the federation, one state only should not produce persons to head an entire finance sub-sector of the Nigerian economy."

http://leadershipnigeria.com/index.php?view=article&catid=16%3Aheadline-news&id=1734%3Adont-appoint-cbn-gov-from-kano-state-obiora-tells-yaradua&tmpl=component&print=1&layout=default&page=&option=com_content&Itemid=75

Igboamaeze
May 28, 2009, 06:28 AM
----------------
Here we go again. Is it federal character or competence that we should be talking about now? Methinks that the time has come for us to do away with this retrogrossive Federal Character principle.

In its place let us have a system that employs the best available from anywhere in the country even if it means that all the staff of, say, CBN comes from the same town; provided that the recruitment process is open, transparent, fair and competitive; and that a competent, independent and qualitied panel is charged with such responsibility.

Who cares where a President, for instance, comes from if he can live above tribe, family and friends and deliver quality and transparent lesdership for the benefit of all?

Unshackle Nigeria...!

Mikky jaga
May 28, 2009, 01:11 PM
Does it require any special intelligence to help the president launder money via the Central Bank. 2011 is here and there is need for unrestricted fund to prosecute the war. The less competent the head of the CBN at the time the better. With the key positions in the financial sector firmly in the hands of trusted men of the Prez, 2nd term is a foregone event.

I pray to see democracy work in Nigeria in my lifetime.

Fjord
May 28, 2009, 02:55 PM
Does it require any special intelligence to help the president launder money via the Central Bank.

Were this CBN and exchanage rate matter a chess game, the above would then attract the ffg comment:

"!!"

An amateur analyst may then add: any government flooding the market with FX to control the exchange rate couldn't be serious with much.
.

Fjord
May 28, 2009, 02:58 PM
Thorny path to CBN Governorship
Written by Jibrin Abubakar
Monday, 06 April 2009

A few days after the day for all fools, Jibrin Abubakar writes a truly foolish article. The bigger feat is that he got it published.

.

Osibinaebi
May 28, 2009, 03:18 PM
Does it require any special intelligence to help the president launder money via the Central Bank. 2011 is here and there is need for unrestricted fund to prosecute the war. The less competent the head of the CBN at the time the better. With the key positions in the financial sector firmly in the hands of trusted men of the Prez, 2nd term is a foregone event.

I pray to see democracy work in Nigeria in my lifetime.

OGA MIKKY,
What gives you the impression the SOLUDO will not open the vault if asked to do so???, also how are you sure that Lamido or whoever is so appointed will open it when asked to do so...... your postulation worry me o!!!! Are you also insinuating that OBJ appointed Sanusi in 1999 for the same purpose and if so, does that mean Sanusi was also incompetent

Mikky jaga
May 28, 2009, 04:52 PM
OGA MIKKY,
What gives you the impression the SOLUDO will not open the vault if asked to do so???, also how are you sure that Lamido or whoever is so appointed will open it when asked to do so...... your postulation worry me o!!!! Are you also insinuating that OBJ appointed Sanusi in 1999 for the same purpose and if so, does that mean Sanusi was also incompetent

Thanks for the questions.

1. Soludo has a reputation to protect. He has won awards for his job at the apex bank. He would therefore in all honesty not agree to any action that would ruin his hard earned reputation.

2. There were 2 other more competent people than this Sanusi from the same zone. Yardy chose a man that had only been at the apex of any organization for about six months. A man that is more at home discussing Sharia than the nitty gritty of banking or macro economics. Such a man definitely has less to lose if asked to do any dirty job.

3. As for OBJ, his motives for any of his appointments was how best his interests would be served, so, I have no problem if his appointment of Sanusi fell in that line. See his do or die foisting of Yardy on Nigerians.

Ajibs
May 28, 2009, 05:04 PM
[QUOTE=Zuma;359241]Sanusi Lamido Sanusi. Academic and professional qualifications unverifiable via the world wide web.

http://allafrica.com/stories/200901020370.html


But spent a lot of time researching and writing sharia dissertations.
Sample Publications by Sanusi Lamido Sanusi.


http://www.nigerdeltacongress.com/articles_written_by_sanusi_l.htm




Can somebody please show me which of these articles has a remote connection to Economics and Monetary Policy?

The titles given to these articles will give you the mindset of a shariarist, not a guy who gives a hoot about economics.

This is another mediocre ethnic agenda appointment. Still wondering why Nigeria is not working?


Haba maijidan Tonsoyo, and also Zuma,
Did you guys bother to read ANY of the articles that the man has written? I am going to accuse you guys of practicing "reverse religious racism" very soon:D I just "glanced" at a couple and I am quoting from them...

On the Amina Lawal case:

What is happening in the states implementing shariah is a travesty of Islamic Law with the result that it is exposed to ridicule and criticism. On the one hand, we completely ignore the Maliki position on the gestation for pregnancy. On the other hand we adopt its controversial ruling on pregnancy constituting prima facie proof of adultery, even though the conditions for invoking the ruling have not been met. I have previously made all of these points in other interventions although we never seem to read with an honest mind. I have no doubt that once again "the true believers" will hurl attacks and accuse me of being Salman Rushdie. I intend to continue resisting the temptation to defend myself against diversionary personal attacks while focusing on the objective of educating Muslims about the abuse of their religion in the hands of ignorant people. The critics should pick up the challenge of researching Islamic law and refuting my arguments rather than resorting to the irritating habit of labeling me an "enemy of Islam" or "enemy of shariah". In doing this they will contribute not just to their own education but to that of Nigerian Muslims in general.

Seems to me a modrate Muslim that is trying to speak against those bastadizing his faith...

On the ECOMONY in Kano state...


will in this paper also discuss what I refer to as structural causes for our economic crisis. Quite apart from the systemic nature of the crisis, Kano has, in my view been uniquely vulnerable because of structural problems, broadly defined. First, the Kano economy has been characterized by over-concentration, spatially and vertically. Spatial concentration is reflected in the fact that over 80% of commercial activities in the state are carried out in only three metropolitan local governments- Fagge, Nassarawa and Municipal LGAs. I use vertical concentration, for want of a better term, to refer to the concentration of wealth in the hand of the few persons and families who dominate commerce and industry in Kano. Wealth from industry is in the hands of Chinese, Indian and some Lebanese families and corporations. In commerce, wealth is concentrated in the hands of a few Lebanese and Hausa families. The vast majority of the indigenous population is dependent on this minority, as factory employees, distributors or as hangers-on and parasites, generally without much education or diverse skill base. The business community and the traditional leadership have not seen the education of our youth as a priority for different reasons. In the realm of economic production and commerce, the army of illiterates is a source of cheap labour for exploitation by the owners of capital, be they Nigerian, Lebanese, Chinese or Indian. In traditional society, a hierachical system based on heredity provides a ready army of genuflecting, praise-singing masses, who are permanently at the service of their masters. The only reason for this sorry state of affairs is that these otherwise normal human beings have nothing else to do, and in fact have been taught nothing other than prostration, praise-singing and general sycophancy. Education frees people from such unseemly subservience and precipitates the demise of the entire system, unless it also educates and reinvents itself.

On Religious Fundamentalism...


This brings me to one final point, a logical conclusion from the analyses above. Can there be a dialogue between "Africa" and "Europe" or "Islam" and the "West", if these terms have no meaning in the sense of representing a univocal position on world affairs? I personally do not think so. What is clear to me is that there are two opposing positions: One favours moderation, peace, respect for other values and civilizations and tolerance. The other is fundamentalist, fanatical, intolerant, aggressive and violent. Each of these positions has representatives in all religions, all cultures, all governments, all armies and all parts of the world. Those who believe in world peace must seek and find persons of a similar disposition in other cultures. Peace loving European Christians may find Arab Muslims who hold views closer to theirs than their next- door neighbour who attends the same church. The dialogue should aim at setting up a moderate coalition that confronts the forces of destruction and extremism all over the world-and these include Islamic, Christian, Jewish and Hindu fundamentalisms, among others. This view challenges our conventional conception of common cultures or brotherhoods. It is a clash of cultures, to be sure, but of the culture of moderation and the culture of extremism. One sees religion as a force for peace, liberty, justice and the better life. The other uses it as an instrument of hatred, destruction, backwardness and oppression. The fanatics, be they Christian, Muslim, Hindu or Jewish, rarely are changed through dialogue, especially if they have secured positions of privilege through the agency of the gospel of intolerance. They must be defeated intellectually and politically.

On engaging in debates with others...


Let me therefore begin, for the sake of argument and without prejudice to the possibility of returning to this point later, by pleading guilty to all the charges leveled against me as a person. I accept that I am an arrogant secularist who aims to destabilise the noble edifice of northern Muslim society; a pretender to being a reformer in the league of Dan Fodio; an agent of the West and dealer in usury; a Marxist who places reason above revelation and a presumptuous critic who relies on "off the wall" jurists like Ibn Hazm. In this I am employing a tactic I have come to find useful in these arguments. Critics avoid the subject of an article and focus on the writer. As I wrote in my "Dialogue with a Critic", when people fail to confute an argument they libel the advocate. So a popular theme is to review "the views running through Sanusi's writings" as a substitute for responding to concrete points of theory, ideology or fact raised in a paper. I recall debating my "facile" article, "The Adulteress' Diary" with a brother who started by comparing the paper to the Satanic Verses. I said to him: "Let us, for the sake of this argument, assume I am Satan himself. Now what are the issues?"

Now I will say that maybe he has more publications on religion than on economics. (But because they are not published does not mean they do not exist) Now I have not read through all of the articles I have quoted from, but I think these articles demostrate an intellectual capability to reason, and for governance, thats an asset. Secondly, It seems to me (except the man is engaged in a great grand deception) that he actually despises the Northern Elite, so A. I am not exactly sure if he will be actually made CBN governor and B. I think he is not disposed to allowed anyone to twist him anyhow. These are quick observations. I am going to try to read more of what he was written and see if my initial conclusions need to change. I advise you to do the same.

Also, I will say this, you focus on the fact that he has a degree in Islamic Studies and Shariah law, and nicely forget the fact that he apparently also has two degrees, a Bachelors and Masters in Ecomonics from ABU, Hello, Why my good man, why?

Finally, You are accusing the man of making commentary on all issues aside from Economic, I think thats kinda patronizing, ALL OF US in the village comment about all the events taking place around us, and like typical Nigerians, was usually speak with authority as though we are professors in all desiplines, so if we are allowed to speak and write artciles, why is it now a crime when Sanusi Lamido does the same? I mean Tonsoyo do you comment only on legal issues here? :rolleyes:

renike
May 28, 2009, 05:46 PM
May be it's a set-up by Soludo for whoever is coming in :D

In any case, the market has been responding to this one; dollar now about N167; just over a week ago or thereabouts, it was N180.

.

exchange rate today (28/05/09) is =N=160.00, to drop further

tonsoyo
May 28, 2009, 05:51 PM
[quote=tonsoyo;359310]


Haba maijidan Tonsoyo, and also Zuma,
Did you guys bother to read ANY of the articles that the man has written? I am going to accuse you guys of practicing "reverse religious racism" very soon:D I just "glanced" at a couple and I am quoting from them...

On the Amina Lawal case:


Seems to me a modrate Muslim that is trying to speak against those bastadizing his faith...

On the ECOMONY in Kano state...



On Religious Fundamentalism...



On engaging in debates with others...



Now I will say that maybe he has more publications on religion than on economics. (But because they are not published does not mean they do not exist) Now I have not read through all of the articles I have quoted from, but I think these articles demostrate an intellectual capability to reason, and for governance, thats an asset. Secondly, It seems to me (except the man is engaged in a great grand deception) that he actually despises the Northern Elite, so A. I am not exactly sure if he will be actually made CBN governor and B. I think he is not disposed to allowed anyone to twist him anyhow. These are quick observations. I am going to try to read more of what he was written and see if my initial conclusions need to change. I advise you to do the same.

Also, I will say this, you focus on the fact that he has a degree in Islamic Studies and Shariah law, and nicely forget the fact that he apparently also has two degrees, a Bachelors and Masters in Ecomonics from ABU, Hello, Why my good man, why?

Finally, You are accusing the man of making commentary on all issues aside from Economic, I think thats kinda patronizing, ALL OF US in the village comment about all the events taking place around us, and like typical Nigerians, was usually speak with authority as though we are professors in all desiplines, so if we are allowed to speak and write artciles, why is it now a crime when Sanusi Lamido does the same? I mean Tonsoyo do you comment only on legal issues here? :rolleyes:


N.A.R,
Thank you for the spirited effort you put up at defending Sanusi.

I cannot claim to have read all his articles but I have enough information from the ones that I have read and the screaming headlines of the rest to justify my conclusion.

When I referred to him as a Shariarist, you wrongly assumed that I meant he is a supporter of Sharia practice in its crude form. But on the contrary, a Shariarist is a man who have a passion for the practice whether in its moderated or crude form.
But considering the number of articles he has written on the issue and religion, I can sa safely assume that he is fanatical about it, even when presenting himself as secularly minded.

As far as I am concerned, a Governor of Central Bank for a country as huge as Nigeria, with our abundance of human resources should be one who thinks, sleeps and dreams monetary and economic matters. Not just because you have a second degree in Economics and no track record.

If you have about 20 or more articles to your credit and none of them is titled or directed purely to economics but politics and religion, you are not fit to be a Governor of a Central Bank. That is not where your passion is.

The point is not whether he is free to comment on any issue of his choice or not, the point is the extent of his involvement with financial matters.

Yes it is true that I comment on wide range of issues on this forum, but I can tell that I have written a few published articles and they are ALL on legal matters. That is the difference professionalism make from freelance commentaries.

This man has passion for Religion and Politics, such passion may even be counter-productiive in the financial sector, especially for a would-be CBN Governor.

Zuma
May 28, 2009, 07:05 PM
This man has passion for Religion and Politics, such passion may even be counter-productiive in the financial sector, especially for a would-be CBN Governor.

That is the main issue to be considered here.

Bottom line. I guess Sanusi qualifies for some form of 'affirmative' action that champions 'on the job' orientation and training after being hired. The reason Nigeria remains at a constant rewind button. Competence is always sacrificed at the expense of nepotism and ethnicism.

Of all the candidates in Nigeria irrespective of ethnic bacgrounds, Sanusi should not be considered as one of the candidates to replace Soludo. The reasons are obvious. His specialty is in Religion and Politics, not Economics. I frankly do not care about his religious beliefs but the fact he does not have what it may take to be the CBN boss. I firmly believe there are many other Nigerians who can fill that position with a combination of experience and academic qualifications.

Having token degrees in Economics does not make him an Adam Smith by any Nigerian standards.

Zuma
May 28, 2009, 07:21 PM
Now I will say that maybe he has more publications on religion than on economics. (But because they are not published does not mean they do not exist) Now I have not read through all of the articles I have quoted from, but I think these articles demonstrate an intellectual capability to reason, and for governance, that's an asset.

Secondly, It seems to me (except the man is engaged in a great grand deception) that he actually despises the Northern Elite, so A. I am not exactly sure if he will be actually made CBN governor and B. I think he is not disposed to allowed anyone to twist him anyhow. These are quick observations. I am going to try to read more of what he was written and see if my initial conclusions need to change. I advise you to do the same.


Because his publications on economic theories are not published does not mean they do not exist? Only in Nigeria then. We cannot verify his academic status and biographical profile on any search engine available on the internet and it does not bother you to think he might be one of those 'fake' degree holders? What has his beliefs concerning the "Northern Elite" got to do with his professionalism when he is a Northern Kano Elite himself?

Why is it so difficult to verify the status of most governmental officials in Nigeria especially? It should not be any secret. In an age as this, you would think you could google any Nigerian official to hold any public office and be able to verify or challenge whatever untruths or fallacies exists within the professional framework. A man to hold such an important position as the governor of CBN should not be a clandestine figure for all to scrutinize.

I am more interested in his economic policies than his religious or ethic affiliation. He has not demonstrated any. I read his articles since I wanted to know more about him, and frankly was not impressed. If Yaradua gets rid of someone like Soludo in lieu of Sanusi Lamido, then there is something inherently wrong with Yaradua. Confirmed beyond a reasonable doubt.

Mikky jaga
May 29, 2009, 10:28 AM
If Yaradua gets rid of someone like Soludo in lieu of Sanusi Lamido, then there is something inherently wrong with Yaradua. Confirmed beyond a reasonable doubt.

And that was what I was trying to figure out that led me to think it was part of the preparations for 2011 onslaught.

Ranter
May 29, 2009, 11:18 AM
Soludo comes from my region and I still can not read any reason why Mr Sanusi can not fit into his CBN shoes.
He loves politics and his religion, so what?
One afternoon , I was listening to the news on my car radio, and the newscaster signed off with family doctor's name.The next time I showed at his office, I told him that now I know what does with all his free time and we had a laugh, and he is off golfing every weekend. Does these hobbies make him any less a very good doctor? In my humble opinion, No.

Sanusi is a shariarist, does it make him a bad banker, hard to tell considering his position at First bank. I do rather have him writing politics and religion and doing the CBN job properly than trying like Madoff to build the biggest hogwash pyramid scheme, which I do believe is under his field, albeit illegal.

Mikky jaga
May 29, 2009, 11:48 AM
Soludo comes from my region and I still can not read any reason why Mr Sanusi can not fit into his CBN shoes.
He loves politics and his religion, so what?
One afternoon , I was listening to the news on my car radio, and the newscaster signed off with family doctor's name.The next time I showed at his office, I told him that now I know what does with all his free time and we had a laugh, and he is off golfing every weekend. Does these hobbies make him any less a very good doctor? In my humble opinion, No.

Sanusi is a shariarist, does it make him a bad banker, hard to tell considering his position at First bank. I do rather have him writing politics and religion and doing the CBN job properly than trying like Madoff to build the biggest hogwash pyramid scheme, which I do believe is under his field, albeit illegal.

Ranter, you are off target!!

There is no professional that does not have one hobby or the other. There is no professional that is engaged in only things pertaining to his profession. Even in school, you have core subjects and borrowed courses. An engineer, for example, has to do law, philosophy and other courses not related to engineering before he graduates.

The problem comes when the engineering student spends most of his time reading law or philosophical books than engineering books. He will definitely turn out a very poor engineer, no matter what. So it is with an economist whose major interests are area boy politics and Sharia, he will definitely turn out to be a very poor economist.

Can we have a glimpse of his views on macro economics, the devaluation of the Naira, the reform in the banking sector? These should have been the hallmark of a man that would head a country's CB in these troubulous times, in countries where they value meit over mediocrity

Zuma
May 29, 2009, 01:43 PM
And we worry about Nigeria and the inability to project a credible image within and outside the world. When we have people without the basic qualifications geared towards the interest of the average Nigerian but to serve the corrupt elite. His research and theories show us he is in touch with his profession and can project some form of leadership qualities for young up starters to build on like we have in civilized societies. Why is Adam Smith popular in the world today with his "Wealth of Nations", which constitute "Harvard Classics"? He did not concentrate on publishing Al-quaeda reports and the effects of Taliban regimes on the social life of the Scottish people. We are talking as far back as 1776 and not 2009. When do we move away from the 'pedestrian' way of doing things in Nigeria?

How has Sanusi Lamido demonstrated he has a solid career in banking and finance if not for his theories and findings within the banking industry? At least we know what Soludo stands for, he has proven it albeit within the constraints of the corrupt network by Nigerian standards. He did the best he could.

Yes, Madoff was consumed by greed but is still listed as one of the most influential people in the world going by Time Magazine. It does not take away from the fact that he was a banking icon in the US. He just turned 'rogue' like most of what we have in Nigeria. His career can be googled and the evidence are there to be seen(good and bad). Transparency at it's best.

All we want is someone best qualified for the job regardless of ethnic or religious background.

What does Sanusi Lamido have under his belt besides appointment based on nepotism without merit?

Now we see an appointee by Obama being scrutinized by the world before she can be confirmed, like should be in any democratic society.

An appointment such as the CBN governorship should not be any different. At the end of the day, Yaradua is free to make his choice and no one will question him.

We are still entitled to our opinions. Lamido Sanusi has a sketchy professional profile and does not qualify to be considered as CBN governor in my humble opinion.

We cannot afford another disgrace from Yaradua.

I don't subscribe to the 'federal character' policy, but that exists in Nigeria presently. Going by the notion of 'federal character' in issuing out appointments, Lamido Sanusi should not be considered since we have too many individuals from the Northern part of Nigeria in key governmental positions.

2 strikes against Lamido Sanusi then.

Onowu1
May 29, 2009, 02:18 PM
Thanks Zuma,
Please Vilalgers continue to enlingthen us on Mr. Sanusi Lamindo the future CBN governor. As I have not seen the Old Boys Associaion of Alhmadu Bello University defending the progress of their member our President. Now is the time for the probing minds to find out where Yara Duya's Central Bank will be in the next two or six years.

Look at the scrutiny Obama's Supreme court dominee is going through.

Some commentary has a longer shelf life than others. An earlier posting lasted minutes before President Barack Obama announced the appointment of Judge Sonia Sotomayor to fill the David Souter vacancy on the U.S. Supreme Court.

She'll attract considerable debate, largely because of a speech she made in 2001 where she seemed to express the opinion that a Latina woman and a white man would reach different conclusions when ruling on the law. Said she:

"I would hope that a wise Latina woman with the richness of her experience would more often than not reach a better conclusion than a white male who hasn't lived that life." She was speaking at a University of California diversity lecture.

She will also draw fire because of a statement she made in 2005 that the U.S. Court of Appeals, where she served, "is where policy is made." Those are the words of an activist judge.

A fuller reading of her diversity remarks leaves her thoughts open to interpretation. I don't think
Let the debate continue.

Zuma
May 29, 2009, 02:35 PM
A look at another Ahmadu Bello graduate considered by Yaradua for the position of CNB governor.

Malam Falalu Bello From Kaduna State

Prior to this article, you cannot find any verifiable material on this man to be considered by Yaradua.

http://allafrica.com/stories/200902130714.html



Born on February 2, 1954 in Rigachikun, Igabi Local Government Area of Kaduna State, he was educated at Government College, Kaduna (my alma mater) and Ahmadu Bello University, Zaria. He obtained a Bachelor of Law degree (Second Class Upper division) in 1978, and was called to the bar in 1979. A year later, he started working as a magistrate in Kaduna.


In September 1998, Malam Falalu voluntarily resigned to take up the challenge of heading the repositioned Intercity Bank Plc, first as the managing director/chief executive from September 1998 to September 1999, and later as the chairman, Board of Directors of the bank, from December 2001 to December 2005.

While still at Intercity, the Federal Government invited him to serve as the managing director/chief executive of Nigerian Agricultural Cooperative and Rural Development Bank (NACRDB), from July 2001-July 2002. He resigned this appointment in order to enable him to go into private business.



What of politics? Malam Falalu showed interest in vying for the governorship of Kaduna State during the 2007 general elections when his posters appeared in nooks and crannies of the state. But he soon bottled up that ambition, probably until another time.

He was turbaned the Sarkin Bai of Zazzau by the Emir, Alhaji Shehu Idris, in 1992, a title he held up to May 2007, when he was upgraded to inherit the title of his late father as the Danmasanin Zazzau on June 1, 2007. The title means that the holder is highly knowledgeable about the people and issues of his community.

No different from Sanusi Lamido Sanusi. Absolutely no active participation in the banking industry. In civilized countries, this would raise not only eyebrows but fists.

Only in Nigeria would this be a crowning glory. You are hired for a job and you do it. If there are challenges, then let us know what they are and how you overcame them. Those are the kinds of educational treatise you use in formulating economic theories. For how long would we allow semi-illiterates to hold the Nigerian forte?

Any economic/banking theories formulated by Malam Bello? No. All you find on record are things like this.

http://nigeriaworld.com/feature/publication/ubochi/041108.html



The Punch Newspapers of March 5, 2008 quoted the Managing Director and Chief Executive Officer of Unity Bank Nigeria Plc, Mallam Falalu Bello, as having said the following:

That the South West and South East regions of the country controlled the lion share of the nation's economy at the detriment of the North and other regions.
That the peace would elude the country until the regional economic imbalance was addressed.
That the so-called religious disturbances in the Northern states and the Port Harcourt conundrum of kids terrorising the population will not stop until the imbalances are consciously addressed and redressed.
That it will indeed be in the interest of the South-Westerners and South-Easterners for some affirmative actions to be taken to redress the situation, else there will be no real peace in this country moving forward.
That the reform agenda of former President Olusegun Obasanjo is to be blamed for creating "very dangerous economic structure," which had worsened the situation of the North.
That by design or accident, Northerners and South-Southerners as peoples and regions have been made third and fourth-class citizens.
That we may well choose to ignore these happenings and pretend that they have not happened but doing so will be at the peril of the Nigerian polity."
That the economic dominance of the two regions had seen them controlling a combined 94 percent of the nation's banking assets, 88 percent of insurance assets, and more than 90 per cent of industrial assets.
That the South West with a land mass of 76,852 square kilometres and a population of 25.2 million today owns and or controls 60 percent of the nation's industrial capacity, 44 percent of banking assets, 67 percent of insurance assets and is home to the nation's three deep sea ports of Apapa, Tin Can Island and Roro.

Divide and conquer chop-chop awoof politics.

http://www.leadershipnigeria.com/index.php?option=com_content&view=article&id=643:agric-and-allied-industries-are-supplements-to-oil--falalu-bello&catid=51:cover-stories&Itemid=74

Agric And Allied Industries Are Supplements to Oil – Falalu Bello





Alhaji Falalu Bello the Group MD/CEO of Unity Bank Plc and a guest speaker at the event, whose paper presentation was titled Agriculture and Agro-Alliesd Industries as options of Foreign-Capital Receipts to the Nigerian Economy" highlighted the significance of agriculture and agro-allied industries to the nation. According to the banking guru, important as agriculture was and still is, to the Nigerian economy, it is bedeviled with so many problems that need to be addressed if it is to score effectively as a foreign exchange earner “to supplement our earnings in oil and gas.”These problems, he stated, include what he called the neo-liberal economic agenda, low yield of agricultural produce, abandonment of co-operative society and lack of access to credit at affordable cost.He traced the problems of agro-allied industries in Nigeria to, amongst others, the curse of oil wealth, corruption, failure of successive administrations to address the energy needs of society, smuggling, particularly of textile materials, as well as the absence and incoherent subsidy for export of our agro-allied products

Main claim to fame=prominent guest speaker.

Zuma
May 29, 2009, 02:52 PM
Another politician banker! No academic portfolio available for Nigerians to see what he is all about.

Bisi Ogunjobi.

http://allafrica.com/stories/200905280631.html


On the balance of probabilities, the contest may be a straight one between Soludo and Ogunjobi, whose credential as former ADB Vice President who also lost narrowly to the incumbent ADB President as Nigeria's candidate in 2005 is quite impressive.

He has over 35 years of national and international financial as well as development banking experience.

Like Soludo, he is a consultant to many international organisations, who also helped supervise and implement more than $5 billion of the ADB Group activities.

In terms of international experience - which was a major basis for the appointment of Mansur Muhtar as Finance Minister over and above the Minister of State, Remi Babalola, who was then acting after the removal of Shamsudeen Usman - Soludo and Ogunjobi are believed to be in good stead.

However, it is believed that a lot of issues are considered before final decisions are taken for key political and technical appointments such as that of CBN Governor.

I have looked for the chronicle of 35 years of service and could not come up with any comprehensive data on Bisi Ogunjobi. Who is Bisi Ogunjobi? In my humble opinion and without any offense intended Charles Soludo is the most qualified for that position and there was no reason not to renew his appointment having done a fairly good job for the past five years given the tools he was allowed to work with.

Lamido, Falalu or Ogunjobi are non-contenders and the reasons are obvious. Nigerians do not ask questions and still see no need to have a marketable resume for all to see, but would rely on word of mouth and hero-worshipping. Small wonder we have leaders like we are cursed with.

Articles featuring Bisi Ogunjobi. Not one written personally by him to demonstrate his flare for economics.

http://www.africanoiljournal.com/12-17-2004%20confidence_in_congo_brazzaville.htm
Confidence in Congo Brazzaville after oil transparency

http://goliath.ecnext.com/coms2/gi_0199-4652907/ADB-the-battle-for-president.html
ADB: the battle for president.

http://www.gasandoil.com/goc/news/nta43579.htm
ADB provides Nigeria with grant for oil-rich Niger Delta

http://www.thenationonlineng.com/dynamicpage.asp?id=67087
Ondo spends N1.2b on AAUA faculty buildings 23/10/2008


More politics than banking. Academic portfolio unavailable. Please someone should fill in the blanks. If you are going to be considered for any job, I think a comprehensive resume should be available for all to see. This is 2009. Only in Nigeria.

Zuma
May 29, 2009, 03:22 PM
Today is May 29th and CBN is without a governor. Thanks to the slow coach of a president.


Charles Soludo

Now, this is a resume anyone should be proud of, including Yaradua regardless of what ethic group or religious affiliation. A qualified Nigerian.

http://en.wikipedia.org/wiki/Charles_C._Soludo


Soludo is a core professional in the business of macroeconomics. He obtained his three degrees and then professorship at the University of Nigeria in Nsukka, Enugu State. He graduated with a First Class Honors degree in 1984, an M.Sc. Economics in 1987, and a Ph.D. in 1989, winning prizes for the best student at all three levels.


He has been trained and involved in research, teaching and auditing in such disciplines as the multi-country macro econometric modeling, techniques of computable general equilibrium modeling, survey methodology and panel data econometrics, among others. Soludo studied and taught these courses at many Universities, including Oxford, Cambridge and Warwick. He has co-authored, co-edited and authored about ten books on this subject matter.




Publications

1992

* "North-sorth macroeconomic interactions: Comparative analysis using the MULTIMOD and INTERMOD global models", Charles Chukwuma Soludo, Brookings discussion papers in international economics, Brookings Institution (1992)

1993

* "Implications of alternative macroeconomic policy responses to external shocks in Africa", Charles Chukwuma Soludo, Development research papers series, United Nations Economic Commission for Africa, Socio-Economic Research and Planning Division (1993)
* "Growth performance in Africa: Further evidence on the external shocks versus domestic policy debate", Charles Chukwuma Soludo, Development research papers series, United Nations Economic Commission for Africa, Socio-Economic Research and Planning Division (1993)

1994

* "The Consequences of U.S. Fiscal Actions in a Global Model with Alternative Assumptions about the Exchange Regime in Developing Countries”, Ralph C. Bryan and Charles Chukwuma Soludo. Chapter 13 in David Currie and David Vines, eds., North-South Linkages and International Macroeconomic Policy, Cambridge: Cambridge University Press for the Centre for Economic Policy Research. (Brookings Discussion Paper in International Economics No. 103. Washington, DC: Brookings Institution, February 1994.)

1995

* "Macroeconomic adjustment, trade, and growth: Policy analysis using a macroeconomic model of Nigeria", Charles Chukwuma Soludo, AERC research paper, African Economic Research Consortium (1995) ISBN 9966900268 ISBN 978-9966900265

1998

* Soludo, Charles Chukwuma (1998). Macroeconomic Policy Modelling of African Economies. Acena. ISBN 9782114294.

1999

* "Our Continent, Our Future: African Perspectives on Structural Adjustment", T. Mkandawire and C.C. Soludo, Council for the Development of Social Science Research in Africa, Dakar, 1999, in Journal of Sustainable Development in Africa, 1:2, 1999.

2002

* "African Voices on Structural Adjustment: A Companion to Our Continent, Our Future", Edited by Thandika Mkandawire and Charles C. Soludo. At least three editions: IDRC/CODESRIA/Africa World Press 2002, ISBN 0-88936-888-0, 280 pp.; Paperback, ISBN 978 0 88936 888 0 Jan 2003; Africa World Press 2003, ISBN 0865437793, pp=280
* Okonjo-Iweala, Ngozi; Charles Chukwuma Soludo and Mansur Muhtar (2002). The Debt Trap in Nigeria: Towards a Sustainable Debt Strategy. Africa World Press. ISBN 1592210015.

2004

* "The Politics of Trade and Industrial Policy in Africa: Forced Consensus", Edited by Charles Chukwuma Soludo, Michael Osita Ogbu and Ha-Joon Chang, Africa World Press (January 2004), ISBN 159221164X, ISBN 978-1592211647 (Also International Development Research Centre, ISBN 1592211658)

2006

* "Potential Impacts of the New Global Financial Architecture on Poor Countries", Edited by Charles Soludo, Musunuru Rao, ISBN 9782869781580, 80 pages, 2006, CODESRIA, Senegal, Paperback


Most published prior to his appointment as the CBN governor in 2004.

I don't know if it is just me, what do the likes of Lamido, Ogunjobi or Falalu have to hold against a man like Soludo? If there are any more qualified candidates in Nigeria, Yaradua should have featured those instead of insulting us with semi-illiterates. Something is definitely wrong with Nigerians. This would never happen in a civilized world that aims for the best and not the worst in the shameful face of nepotism and corruption.

We are waiting Malam Yaradua. Charles Soludo's tenure ends today. Make your choice and let me join you with the rest of the world to have a good laugh at the expense of Nigerians as a whole.

Only wickedness can waste such a talent in a country ruled by crooks!

Only in a crazy country like Nigeria would a president as silly as Yaradua 'shortlist' an incumbent. It is either you want the incumbent or you do not. How can you shortlist an incumbent for a position he already occupies?

Illiteracy rules the day.

LOL!!!

tonsoyo
May 29, 2009, 04:03 PM
Another politician banker! No academic portfolio available for Nigerians to see what he is all about.

Bisi Ogunjobi.

http://allafrica.com/stories/200905280631.html



I have looked for the chronicle of 35 years of service and could not come up with any comprehensive data on Bisi Ogunjobi. Who is Bisi Ogunjobi? In my humble opinion and without any offense intended Charles Soludo is the most qualified for that position and there was no reason not to renew his appointment having done a fairly good job for the past five years given the tools he was allowed to work with.

Lamido, Falalu or Ogunjobi are non-contenders and the reasons are obvious. Nigerians do not ask questions and still see no need to have a marketable resume for all to see, but would rely on word of mouth and hero-worshipping. Small wonder we have leaders like we are cursed with.

Articles featuring Bisi Ogunjobi. Not one written personally by him to demonstrate his flare for economics.

http://www.africanoiljournal.com/12-17-2004%20confidence_in_congo_brazzaville.htm
Confidence in Congo Brazzaville after oil transparency

http://goliath.ecnext.com/coms2/gi_0199-4652907/ADB-the-battle-for-president.html
ADB: the battle for president.

http://www.gasandoil.com/goc/news/nta43579.htm
ADB provides Nigeria with grant for oil-rich Niger Delta

http://www.thenationonlineng.com/dynamicpage.asp?id=67087
Ondo spends N1.2b on AAUA faculty buildings 23/10/2008


More politics than banking. Academic portfolio unavailable. Please someone should fill in the blanks. If you are going to be considered for any job, I think a comprehensive resume should be available for all to see. This is 2009. Only in Nigeria.

Zuma,
This is where I disagree with you. Bisi Ogunjobi is a renowned Economist of international repute. He has been a major player player on the international scene for decades, an experience Soludo lacked when appointed. He is a lot more experienced than Soludo.

I particularly like his continous emphasis on the parallel between good governance and economic posperity. A thing that is seriously lacking in Nigeria.
But even then, I still can't see why Soludo should be removed, he is not doing too bad, so far. He should be confirmed for the second term if only for continuity sake.

Zuma
May 29, 2009, 04:18 PM
Zuma,
This is where I disagree with you. Bisi Ogunjobi is a renowned Economist of international repute. He has been a major player player on the international scene for decades, an experience Soludo lacked when appointed. He is a lot more experienced than Soludo.

I particularly like his continous emphasis on the parallel between good governance and economic prosperity. A thing that is seriously lacking in Nigeria.
But even then, I still can't see why Soludo should be removed, he is not doing too bad, so far. He should be confirmed for the second term if only for continuity sake.

It is okay to disagree. Ogunjobi may be what you say he is, but how do you convince the Nigerian populace like myself when his achievements have not been documented? Just by word of mouth in the year 2009? For those who do not know who Bisi Ogunjobi is like myself, don't you think a comprehensive resume via the internet should be available after 35 years of active service in the banking industry to educate Nigerians? Then we can make an educated guess as to what he is all about, not by relying on just a clique of personal friends and regional polity.

I agree with you concerning Soludo and I hope Yaradua sees it that way too. He may have lacked the 'experience' according to you, but he delivered with the sound educational foundation he came with. More than you can say for his contenders in the 'short-listing' book of Umaru Yaradua. We know the rot dominating the Nigerian banking industry and stock exchange. Occupying a few 'appointment' given positions from godfathers and godmothers and globe-trotting around the Africa and the world to drop a name here and there do not make a solid career especially in the light of a failing economy like that of Nigeria unable to sustain the needs of it's citizens. Poor citizens due to the high rate of unemployment cannot be granted savings and loans schemes to enable them achieve simple dreams. The Nigerian banking system as we know it to be caters only to the 'big' men and women. Soludo at least tried to change that with his bank consolidation efforts.

Such visionary characters Nigeria needs not redundant socio-political icons as local champions.

What has Ogunjobi done for the past 35 years as a seasoned banker or renowned economist? What is his educational background for starters?

Would you call Yaradua a seasoned politician after 35 years goofing off around the Nigerian political terraine?

DaBishop
May 29, 2009, 06:30 PM
I don't know if it is just me, what do the likes of Lamido, Ogunjobi or Falalu have to hold against a man like Soludo? If there are any more qualified candidates in Nigeria, Yaradua should have featured those instead of insulting us with semi-illiterates. Something is definitely wrong with Nigerians. This would never happen in a civilized world that aims for the best and not the worst in the shameful face of nepotism and corruption.

......

Illiteracy rules the day.

LOL!!!

Zuma:
I certainly am not a supporter of the speed of Yar 'Adua but to call all rumored to be in contention 'semi-illiterates' is a very fresh use of that compound word that does not leave you smelling like roses.

BTW, I supported Soludo and his mergers and even have an article at the CBN Website. I may not agree with Sanusi, for instance on Sharia, but I rather like his delivery in the Queens English as seen on the MSNBC clip. There are very few Nigerians like him...I dare say, that includes your royal self...deducing from your use of terms here.

Zuma
May 29, 2009, 08:28 PM
Zuma:
I certainly am not a supporter of the speed of Yar 'Adua but to call all rumored to be in contention 'semi-illiterates' is a very fresh use of that compound word that does not leave you smelling like roses.

BTW, I supported Soludo and his mergers and even have an article at the CBN Website. I may not agree with Sanusi, for instance on Sharia, but I rather like his delivery in the Queens English as seen on the MSNBC clip. There are very few Nigerians like him...I dare say, that includes your royal self...deducing from your use of terms here.

Thanks for setting the records straight. Let us wait for Yaradua's decision. I am sure we can all live with it.

Marin
May 30, 2009, 08:21 AM
I find it funny when a Wikipedia article is being quoted as a reputable source of information. Sometimes I think we forget that these articles can be written by anyone, and that although there are some checks and balances in place, the site is not error proof. Also, I wonder how much info about Soludo was available on th www before his assumption of his current office. Note that I do not have anything against him, and his execution of his job. I just find the argument being used against other supposed contendants for the office of CBN governor laughable to say the least.

Dapxin
May 30, 2009, 08:47 AM
I find it funny when a Wikipedia article is being quoted as a reputable source of information. Sometimes I think we forget that these articles can be written by anyone, and that although there are some checks and balances in place, the site is not error proof. Also, I wonder how much info about Soludo was available on th www before his assumption of his current office. Note that I do not have anything against him, and his execution of his job. I just find the argument being used against other supposed contendants for the office of CBN governor laughable to say the least.

good point.

Zuma
May 30, 2009, 05:43 PM
Unbelievable. So because Wikipedia is not error proof, we should not use it? But we can read stuff on NVS? Or utilize materials from Nigeriaworld, Saharareporters, PointblankNews or Nigerian newspapers for that matter?

Why should Soludo not have a Wike-page for the world to see? The reason I often agree with people who clamour for Nigeria doing away with the geriatric population with 'old skool' techniques. When you get hired in most parts of the world, do you not need a resume? Only in Nigeria with tribal politics then. The fact that Soludo made his person known on Wikipedia prior to being appointed the CBN governor makes him more enlightened in my opinion. Has anyone challanged the contents cited in Wikipedia? So we can't we have the same for Falalu, Sanusi and Ogunjobi? Are we dealing with an illiterate populace for the most part that fears to ask the pertinent questions?


If there are better sources to be used, provide them. We are all on the same quest for knowledge right?

Actually Wikipedia is a very reliable source that can be challenged at any point in time. It also cites all references used to compile data. I would rather have it than nothing. If there are false information presented, it would always acknowledge, revise and correct accordingly. Students all over the world, especially in civilized countries rely on the data base supplied by Wikipedia as a starting point, since individual sources used by Wikipedia are always noted. Wikipedia has been challenged from time to time and corrections made accordingly, and why not?

Wikipedia may not be 100% error proof, but we can make educated guesses from the information given to us. Any falsehoods can be easily challenged worldwide due to it's transparency.You can verify them yourself.

Yes, people write articles and may be biased one way or the other, but which literary piece isn't?
Do we use African oracles or look up to the religiously inspired to verify the educational and professional status of candidates world wide in the absence of Wikipedia then? I think not.

If Wikipedia sources are not credible, I don't think anything stops Nigeria as a developing economy with all the 're-branding' spirituality from formulating it's own data storage facilities for all to utiilze. We do have a ministry of education and a minister of information blabbing her mouth all over you tube talking about 're-branding' zip-codes and all what nots don't we? Petition her and get a more credible source of disseminating information than Wikipedia.

If anyone has better sources, please provide them accordingly. Thanks.

Osibinaebi
May 30, 2009, 06:00 PM
Actually Wikipedia is a very reliable source that can be challenged at any point in time. It also cites all references used to compile data. I would rather have it than nothing. If there are false information presented, it would always acknowledge, revise and correct accordingly. Students all over the world, especially in civilized countries rely on the data base supplied by Wikipedia as a starting pont, since individual sources used by Wikipedia are always noted.

You can verify them yourself.

Do we use African oracles to verify the educational and professional status of candidates world wide in the absence of Wikipedia then? I think not.

ZUMA,
I just feel you are putting too much effort in pushing SOLUDO. Let me say upfront that i am no fan of SOLUDO, neither do i have any candidate in all the supposed contenders, but if you must assess them, use a standard yardstick. For a starter, how much information was available on Soludo before he became the CBN guv. Also if you have to quote Wikipedia, why not quote the original source. The way you have also been going about your argument is laughable on the assumption that all you need is experience and intimidating credentials... yes these are assets, but they are by no means the ultimate. Going back to the Nigeria setting, we all know there have been men of intimidating credentials that have done nothing and there have been me with no credentials that have moved mountains. Finally when did the Nigeria govt inform you that they were looking for credentials before making appointments:D:D.... was Bayo Ojo not qualified for the AGF and what did he do when he was there:D and for all her qualification Ngozi Iweala performance if still subject to debate via-a-vis the world bank stooge argument... so please coolu temper and stop the unnecessary trumpet blowing for SOLUDO. as for TONSOYO argument on Sanusi, i have not seen him TONSOYO shows us his legal publications:D but i bet we can see tonnes of publication or comments on his on tribal issues

Zuma
May 30, 2009, 06:14 PM
ZUMA,
I just feel you are putting too much effort in pushing SOLUDO. Let me say upfront that i am no fan of SOLUDO, neither do i have any candidate in all the supposed contenders, but if you must assess them, use a standard yardstick. For a starter, how much information was available on Soludo before he became the CBN guv. Also if you have to quote Wikipedia, why not quote the original source. The way you have also been going about your argument is laughable on the assumption that all you need is experience and intimidating credentials... yes these are assets, but they are by no means the ultimate.

Going back to the Nigeria setting, we all know there have been men of intimidating credentials that have done nothing and there have been me with no credentials that have moved mountains.

Finally when did the Nigeria govt inform you that they were looking for credentials before making appointments:D:D.... was Bayo Ojo not qualified for the AGF and what did he do when he was there:D and for all her qualification Ngozi Iweala performance if still subject to debate via-a-vis the world bank stooge argument... so please coolu temper and stop the unnecessary trumpet blowing for SOLUDO. as for TONSOYO argument on Sanusi, i have not seen him TONSOYO shows us his legal publications:D but i bet we can see tonnes of publication or comments on his on tribal issues

Very funny. Tonsoyo, over to you.

I understand people are hired without any academic or professional criteria in Nigeria especially, but based on nepotism or corruption. I just choose to look at the individuals and what they have to offer. It is amazing that someone like Ogunjobi has spent over 35 years in banking and investment and nothing can be found about him. I would have developed a comprehensive blog spot to tell the world of the difference I have made in 35 years. Is that not what the world is about these days? Even Obama went 'a-twittering' and 'face-booking'. People got to know him better and it worked.

Is it that obvious that I am for Soludo? I need to change my tactic then. Go back and read my initial post on Soludo. I wondered what the fuss was about him till I decided to do some digging on the other candidates. I did not see any reason why he should not be replaced by a more qualified candidate.

Having examined the other candidates, I was of the resolve that there was no better candidate for the CBN job than Soludo. Reason? He has sold himself with a solid academic and professional resume and any boss would be impressed with it. He has spent 5 years on the job and delivered. Simple. Let the other candidates show us their resumes.

I am not Yaradua and in as much as I may be on the side of Soludo being retained as the CBN governor, I would accept whatever candidate Yaradua appoints to take over CBN.

Do we have a choice?

I choose Wikepidia because it is more comprehensive and I can quote one source instead of 300 individual sources.

Yes! Soludo is the best man for the job. His resume speaks for him. Did you take a look at the resumes of the others?

Enough of my trumpet blowing then. Let me look at another candidate.

KennyJop
May 30, 2009, 06:16 PM
I may not agree with Sanusi, for instance on Sharia, but I rather like his delivery in the Queens English as seen on the MSNBC clip.

Sanusi may be able to do the job if he is chosen. I met him once in Sokoto at a gathering of foreign investors and I agree that he can speak well in English. Communication is a good part of the job of any leader.

Mikky jaga
May 30, 2009, 06:33 PM
as for TONSOYO argument on Sanusi, i have not seen him TONSOYO shows us his legal publications but i bet we can see tonnes of publication or comments on his on tribal issues

Wait till tonsoyo is being considered for the post of AGF, then you can ask for his legal publications. For now, let's concentrate on Sanusi.

Zuma
May 30, 2009, 06:39 PM
http://odili.net/news/source/2009/may/29/10.html




Intrigues, blackmail in search for new CBN gov

* Soludo's tenure ends today
Friday, May 29, 2009

By Ade Ogidan, Business Editor

INTRIGUES, blackmail and subterfuge are now the stock in trade in the race for the office of Governor of the Central Bank of Nigeria as the tenure of the incumbent, Chukwuma Soludo, ends today.

The media, indeed, propaganda, is a major tool in the hands of jostlers, while Nigeria's interest is the casualty and an indecisive leadership is the culprit or the cause of it all.

The worsening state of confusion and uncertainty has been accentuated by resort to media war, as various candidates were being thrown up, with equal level of rebuttals, both from some candidates and their sponsors.

Names already being circulated around included:

Dr. Obadiah Mailafia, a former Deputy Governor of the apex bank, Managing Director of First Bank of Nigeria Plc,

Mr. Lamido Sanusi, Vice President of African Development Bank,

Mr. Bisi Ogunjobi; Chief Economic Adviser to the President,

Tanimu Yakubu, Governor of Bauchi State,

Malam Isa Yuguda and

Alhaji Suleiman Barau; CBN governor in charge of Operations Directorate,

Only yesterday, two new entrants joined the supposed list, to further give the impression of a wider search for a successor to Prof. Chukuma Soludo, when the President's choice should have been made.

These are the Accountant-General of the Federation,

Alhaji Ibrahim Dankwabo; and

Jibrin Isa, an Executive Director of Afribank Plc.

The growing list may have also discounted a tacit approval given to the tenure of incumbent Soludo by President Umaru Musa Yar'Adua two weeks ago, during the anniversary of CBN's anniversary.

Lamido Sanusi, who has just commenced a promotional campaign for First Bank's corporate and business profile, expressed dismay of his inclusion in the list of prospective candidates for the CBN top job, even when reports quoted him as having announced to close friends and associates of his approval for the governorship seat by the President. Indeed, there were reports that he had undergone all the mandatory security checks.

Ogunjobi, who had remained very much in the background, was said to be a compromise candidate, to dilute the totally northern profile of the list. He lost the presidency of ADB to the current helmsman and was described as a very close contestant for the job, due to his international exposure.

Mailafia, who also had a stint with ADB, was put on the list allegedly because of his vast experience in banking and his equally impressive academic qualifications.

Isa of Afribank, whose name came up last night, would not want his name published, as he pleaded that he was not interested in the race, even as reliable Presidency sources said the top banker, also from the North, was also being pushed by a section of northern Nigeria, which claims never to have produced a CBN governor.

The main legacy of the current governor, Chukwuma Soludo, is banking sector reforms which created some of Africa's biggest financial service institutions, deepening the country's capital markets and attracting a new wave of foreign investment.

But the banking reforms also won him enemies in the powerful political elite of a section of the country, who saw the move as eroding their region's commercial and business clout.

Soludo's aides say he is satisfied that he has permanently altered the financial landscape of the country and would be glad to hand over to whoever President Yar'Adua chooses to succeed him.

But with the announcement of a new CBN governor still being delayed, an avoidable vacuum has been created, after today when Soludo's tenure ends.

Reason: Since the appointment is still subject to Senate's approval, a time gap has obviously been created, as Soludo may likely be asked to hand over to his most senior deputy for an interim period, moreso as today is a public holiday in the country and the Upper Legislative House will not be sitting.

Analysts said the phenomenal slow decision-making posture of the current administration has also found expression in the appointment of a suitable candidate for the sensitive position, with its concomitant implications on the ailing economy. And, of course, the result has been the creation of a rumour, blackmail, subterfuge and lobby industry around who becomes the new CBN governor.

What do we have here? Yaradua is hell bent on making this CBN governorship a northern acquisition. This is really interesting.

Mikky jaga
May 30, 2009, 06:39 PM
Sanusi may be able to do the job if he is chosen. I met him once in Sokoto at a gathering of foreign investors and I agree that he can speak well in English. Communication is a good part of the job of any leader.

These are the ingredients nepotism are made of. If nepotism is not the determinant, a man's ability to speak good english does not come before Academic qualifications, work experience and in some very sensitive jobs like the one under consideration, sound academic publications relevant to the vacant position.

Zuma
May 30, 2009, 06:48 PM
Thanks a million. Nigerians amaze me. What has having a good command of the English language got to do with academic qualifications and credible work experience? I guess anyone of the able bodied and capable sons or daughters of NVS should suffice then. I hereby nominate Abati, Ndibe, Olumense or Nworah e.t.c. for the position of CBN governor then.

Even people with a good command of the English language could be certified as "somewhat" un-educated when it comes to the things that matter the most. Reading some Harlequin or Bazooka Joe series could teach anyone how to construct/speak one or two impressive sentences(rehearsed if I may add).

George Bush (Harvard graduate and all) for example, had a 'good' command of the English Language...his mother tongue if I may add and a resume we can all go by with his years in office as a politician in the US. But that did not discount from the very obvious fact what he was at best which I'd rather not state here.

Zuma
May 30, 2009, 07:06 PM
The most current list of the prospective appointees to the CBN governorship position:

http://odili.net/news/source/2009/may/29/10.html



Dr. Obadiah Mailafia, a former Deputy Governor of the apex bank, Managing Director of First Bank of Nigeria Plc,

Mr. Lamido Sanusi, Vice President of African Development Bank,

Mr. Bisi Ogunjobi; Chief Economic Adviser to the President,

Tanimu Yakubu,...(Presidential official from Katsina state.)

Malam Isa Yuguda; Governor of Bauchi State, and

Alhaji Suleiman Barau; CBN governor in charge of Operations Directorate,

Only yesterday, two new entrants joined the supposed list, to further give the impression of a wider search for a successor to Prof. Chukuma Soludo, when the President's choice should have been made.

These are:

Alhaji Ibrahim Dankwabo; the Accountant-General of the Federation,and

Jibrin Isa, an Executive Director of Afribank Plc.

Of all the people in Nigeria, this is the best list Yaradua could come up with?lol

So, Ogunjobi is just a dilutional token in the "Northern character" or flavor in the selection process right?

No need to search for academic or professional qualifications as I have been so advised to do. A waste of time really. Soludo remains well 'over-qualified' in my opinion and should promptly seek a position outside Nigeria so his credentials should not become rubbished in the quagmire of redundancy.

I see. It is becoming clearer to me now. Ogunjobi is the current 'special adviser' to president Yaradua huh? No wonder we have the 'ethnic' support without the provision of any credible academic or professional resume for all to see. You most definitely do not need an academic or professional portfolio to be grand-fathered into the estate of "mallams".

Sanusi, a northerner speaks 'sweet Queen's English' better than our grand fathers and some are romantically inclined forgetting their senses for want of such. It must have been a while we heard such from a Northerner, hence the awe and wonder.

Welcome to the politics of "godfatherism". I did not care to know any of these people including the Soludo himself. But this thread has given me an opportunity to ask the pertinent questions concerning the making of the CNB governor. The over all result, is the affirmative confirmatory insight into the ongoing failings of the Nigerian nation, despite the need chanted by some, even on NVS, ever-so-hypocritically, for the mirage in form of an "Obamaresque-like" change for the better(the masterful art of the individual or collective principle of ethnic self-deception and the quest for the grandiose, illusory, comical, concept of the "One Nigeria" heist continues) Who is fooling who? We are not fooled by all these deceitful 'we are one Nigeria' songs. The confirmation of the CBN gubernatorial seat illustrates this point further. Every man for himself and God for all all. Period!

Thankfully, with this knowledge at my finger tips, I refuse to get carried away by the bandwagon in the politics of ethnocentrism and nepotism displayed by the pseudo/neo-ethnicists far and beyond Nigeria, all in the guise of the "the good command of the English Language" or the so-called detrimental use of the "error-ridden Wikipedia library" used as a medium of education.

Not surprising though, one of Yaradua's sons-in-law is also being considered for the position? Is one of Yaradua's daughters not married to Isa Yaguda, the governor of Bauchi State? Anyone concerned about that? Or do we blame the fallacious Wikipedia for a sound reality check?


Nigeria, we hail theee!!!lol

Please, Yaradua....do your thing! Thank God for even allowing a man like Soludo to fill that position under OBJ. Having seen one of the best Nigeria has to offer, it would serve as a good yardstick to measure the performance of others. Not that it ever made a difference in Nigeria anyway. Just for the records.

More......

http://odili.net/news/source/2009/may/29/10.html



The main legacy of the current governor, Chukwuma Soludo, is banking sector reforms which created some of Africa's biggest financial service institutions, deepening the country's capital markets and attracting a new wave of foreign investment.

But the banking reforms also won him enemies in the powerful political elite of a section of the country, who saw the move as eroding their region's commercial and business clout.

Soludo's aides say he is satisfied that he has permanently altered the financial landscape of the country and would be glad to hand over to whoever President Yar'Adua chooses to succeed him.

Let me guess where these regional enemies threatened with the erosion of powerful political, commercial and business clouts come from? The indolent, mostly illiterate Northern Nigeria of course. FACTS!

Bravo! Nigeria at almost 50 years old! No candidate over age 50 should be considered as CBN governor. They have all failed Nigeria and will continue to fail Nigeria. We wish Nigeria all the best.

The good new is that I am not the only Nigerian loser. Soludo or not, all Nigerians remain the biggest losers after all said and done. You cannot keep making the same mistakes and expect a different result. Famous words.

I pity Nigeria. We are heading for the dark ages. Guaranteed.

Albany
May 30, 2009, 07:24 PM
Zuma,
This is where I disagree with you. Bisi Ogunjobi is a renowned Economist of international repute. He has been a major player player on the international scene for decades, an experience Soludo lacked when appointed. He is a lot more experienced than Soludo.

I particularly like his continous emphasis on the parallel between good governance and economic posperity. A thing that is seriously lacking in Nigeria.
But even then, I still can't see why Soludo should be removed, he is not doing too bad, so far. He should be confirmed for the second term if only for continuity sake.


It is not true that Soludo lacked international experience prior to his appointment as the CBN Governor. Just consider the following:



Professor Soludo had cumulative four years of post-doctoral training in some of the world's most prestigious institutions, including: The Brookings Institution, Washington, DC; University of Cambridge, UK, as Smuts Research Fellow and Fellow of the Wolfson College; the UN Economic Commission for Africa as a Post-Doctoral Fellow; University of Warwick as a Visiting scholar and Visiting Research Scholar at Center for African Economies, University of Oxford (with funding by the Rhodes committee). He also attended over a dozen specialized courses and has had extensive research, teaching and consultancy works in different areas of economics.

He has worked at the World Bank both as a short and long-term consultant since 1993 and also at the United Nations Economic Commission for Africa, Addis Ababa. He was a consultant to UNCTAD; European Union (EU); Organisation for Economic Cooperation and Development (OECD); United Nations (UN) New York; United States Agency for International Development (USAID); African Development Bank (ADB); Common Market for Eastern and Southern Africa (COMESA); African Union (AU); International Development Research Council (IDRC) Canada; Council for the Development of Social Science Research in Africa (CODESRIA); Economic Community of West African States (ECOWAS); among others.

Professor Soludo has served as Senior Technical Advisor/Consultant as well as a Visiting Scholar at the IMF since 1994, and also taught IMF's Financial Programming and Policy course to senior staff of Central Banks in West Africa and other developing regions. He has served as: Member, Technical Committees that drafted economic and trade policies for the Federal Government of Nigeria; and Executive Director of the African Institute for Applied Economics (AlAE).


http://www.cenbank.org/AboutCBN/RetiredExecutive.asp?Name=Prof%2E+Chukwuma+C%2E+So ludo%2C+CFR

Igboamaeze
Jun 1, 2009, 07:29 AM
The fat is in the fire...

Yar'Adua picks FirstBank MD Sanusi for CBN boss | The Nation (http://thenationonlineng.net/web/articles/5268/1/YarAdua-picks-FirstBank-MD-Sanusi-for-CBN-boss/Page1.html)


The controversy over the appointment of a new Governor of the Central Bank of Nigeria (CBN) was laid to rest at the weekend, with the clearance of the Group Managing Director of First Bank Plc, Mr. Sanusi Lamido Sanusi, by the State Security Service (SSS).

It was also learnt from a Presidency source that Sanusi's choice would be conveyed to the Senate today for screening.

The SSS cleared Sanusi after a two-week intense check.

The source, who spoke in confidence with our correspondent last night, said: "Sanusi has been cleared as the next CBN governor and Mr. President is sticking to him as his choice for the job.

"What has been delaying the announcement of the new governor and notification of the National Assembly was the check by the SSS."

President Umaru Yar'Adua, it was said in many circles, was under pressure not to pick Sanusi. But, the source said:

"It is incorrect to say that the President had been under pressure and could not make up his mind on Sanusi. Right from the outset, the President wanted a risk expert to take over the CBN in the light of the global economic meltdown and he saw one in Sanusi.

"Also, the President does not want a repeat of the recent crisis in the capital market in Nigerian banks. Sanusi has a duty to ensure that banks do not cook up their books under whatever guise.

"Mr. President likes due process and he does not want any tardiness in the clearance process. So, he took his time to get adequate briefing from the SSS."

On Federal Character, which was raised by some observers, including House of Representatives member Hon Dipo Dijo, the source said: "Sanusi's appointment is simply on merit. The President has been fair to all ethnic groups and if there is any complaint, he knows how to ensure equilibrium."

Melaye, who is the chairman of the House Committee on Information and National Orientation, said Sanusi's appointment would confer undue advantage on Kano, his hone-state where Finance Minister Dr Mansur Muktar and his National Planning counterpart, Dr Shamsudeen Usman, are from.

But, going by the latest development, competence may have carried the day.

Asked if the President had informed the National Assembly, the source added: "The Senate will receive a letter from the President on Monday (today).

"We are hopeful that the screening of Sanusi should start as from Tuesday or Wednesday."

"Following the amendment to CBN Act in 2007, Sections 8, 10 and 11 provide that the appointment of the CBN governor, deputy Governors and non-executive Directors should now be subjected to the confirmation by the Senate."

The President had picked Sanusi out of the seven contenders for the post.

Those on the initial shopping list, apart from Sanusi, were the outgoing CBN Governor, Prof. Chukwuma Soludo; the Chief Economic Adviser to the President, Alhaji Tanimu Yakubu Kurfi; National Planning Minister Dr. Shamsuddeen Usman; Dr. Muktar; a former Minister of Finance, Dr. Ngozi Okonjo-Iweala; and the Minister of State for Finance, Chief Remi Babalola.

In the interim, Mr Tunde Lemo is likely to take over the mantle of leadership at the CBN in an acting capacity, pending when the Senate approves Sanusi's appointment.

An online magazine, Economic Confidential, yesterday revealed that according to its investigation, the Deputy Governor, Financial Sector Surveillance, Lemo, may take over on the premise of seniority among the deputy governors in the bank.

According to the report, the onus would have lain on the desk of another senior Deputy Governor, Mr. Ernest Ebi, in charge of Corporate Services but he would be due for retirement on June 6.

Economic Confidential

recalled that precedent was set when the most senior director in the office of the Auditor-General of the Federation was also appointed in acting capacity pending the approval of a new boss.

Other deputy governors of the bank are: Alhaji Barau Usman, who is in charge of Operation and Mrs Sarah Alade in charge of Economic Policy.

Ranter
Jun 1, 2009, 08:38 AM
Not A bad choice, considering the rest of his appointments of late.

How do we replace this UMYA sef?

Zuma
Jun 1, 2009, 12:39 PM
http://odili.net/news/source/2009/may/30/4.html


The conservatives have already settled for Lamido Sanusi, chief executive of First Bank since January, to succeed Soludo. They have found an enthusiastic ally in a publisher, who has in the last few days been championing Sanusi's candidacy, often with inaccurate and distorted reports.

The northern conservatives accuse Soludo of acts they consider not to be in the interest of the region, namely, the consolidation of banks of 2004 & 2005 which saw the number of banks reduced from 89 to 25, as each was recapitalized to at least 25billion naira. They say the exercise, which has received lavish praise across the world, has left them with no bank that could be truly called northern.

What the conservatives have consistently failed to disclose is that their main grouse with the CBN Governor is his audacity in stating at two conferences in the north that poverty in Nigeria, which the United Nations Development Programme put at 66%, is "essentially a northern phenomenon". What was intended to be a wake-up call to the northern leaders has now been turned into an ethnocentric weapon of blackmail against Prof Soludo.



President Yar'Adua should remain the statesman he has chosen to be, and appoint the best candidate the CBN Governor. Let him show leadership and obey the dictates of his conscience. Nigeria may well be a miracle waiting to happen.


Speaking about miracles, under a president like Yaradua. We would need miracles for real.

:d :d :d :d :d

We need more Northern banks to give us more debt from the Paris, German, American, British, Chinese and Pakistani clubs and more combined.lol

Like we do not know that already? Yet, we have 'seasoned' economists writing on Sharia literature and speaking sonorous Queen's English all over Nigeria and the poverty rate in Nigeria is at 66%? When I referred to these pseudo academicians as "semi-illiterates", some expected an apology from me. The poverty rate under these 'seasoned' economists in Nigeria would go up to 90% within the next 6 years under a Caliphate economist for sure. This should be interesting.


Great Monday around the world.

Congratulations Sanusi Lamido Sanusi. We wish you all the best.

Other matters arising in Nigeria to be discussed. Let's go to Sahara reporters, PointBlank News and Nigeriaworld for some refreshing news item.

Ochi Dabari
Jun 2, 2009, 09:44 AM
Yar'Adua names Sanusi new CBN gov

* Soludo hands over to Ebi
By Ade Ogidan (Lagos), Madu Onuorah and Mathias Okwe (Abuja)

AFTER months of intense lobbying and intrigues, President Umaru Musa Yar'Adua, yesterday, named Mr. Sanusi Lamido Aminu Sanusi as the new Governor of Central Bank of Nigeria (CBN).

The President, in a letter he forwarded to the Senate on Sanusi's appointment, requested "for an expeditious consideration of the nomination."

Yar'Adua also asked the Upper House to confirm the appointment of Mr. Babatunde Lemo for a second term as deputy governor of the apex bank.

Forty-seven-year-old Sanusi, until yesterday, the Group Managing Director of First Bank of Nigeria Plc, was educated at St. Anne's Primary School, Kakuri, Kaduna and Kings College, Lagos.

He got his B. Sc. in Economics from Ahmadu Bello University (ABU), Zaria in 1981 and the Masters degree also in Economics, from the same university in 1983.


Hear, hear. This guy must be very clever. He obtained his BSc Econs at 19 and MSc at 21! Assuming he did 7 years in primary school, 5 years in high school, 2 years in HSc and 3 years in the university, Sanusi was 2 when he went to primary school. Okay, let's take it another way: assuming he did not do HSc, then he must have been 4 years when he went to primary school. Okay, let's say he did not spend 7 years in primary school but did 6, like some of us in his age bracket, and he did not do HSc, then he was 5 when he went to primary school. Clever Boy. Move over, "prof" Iwuruwuru, you have a serious competitor in academic fraudulence.


In 1991, he proceeded to the International University of Africa, Khartoum, Sudan, where he read Sharia and Islamic Studies.


We will probably have the first Governor of the Central Bank who will find it difficult, if not impossible, to visit the West. He read Sharia and Islamic studies in Khartoum. Hmn, Al-Qaeda, here we come! Probably the fugitive Sudanese President was one of his lecturers. God have mercy on Nigeria. Not that this would matter - we can always turn to the Islamic Development Bank and take low credit loans.


He began his working career as a Graduate Assistant in Economics Department of ABU from 1983 to 1985, from where he joined Icon Limited (Merchant Bankers) as senior officer.

Sanusi resigned from the company in 1991 to pursue his studies in Arabic Studies. He returned to the banking industry in May, 1997, when he joined United Bank for Africa Plc (UBA), as a principal manager in the Credit Risk Management Division. He rose to become the Deputy General Manager in January 2002 and General Manager in March 2005.

The new CBN chief joined First Bank on September 5, 2005, as Executive Director, Risk and Management Control, a post he held until January 1, this year, when he emerged the bank's group managing director and chief executive officer.

Sanusi is expected to build on the legacy of his predecessor, Prof. Chukwuma Soludo, who was the architect of banking sector reforms, which created some of Africa's biggest financial services institutions and deepened the country's capital markets.

But beyond banking oversight, Sanusi faces a heady list of investor expectations, including steering the country through the global downturn and forging ahead with reforms to make monetary policy more responsive to the market.

Soludo was lauded as a passionate economist, whose reforms pushed Nigeria's banking sector forward, by decades.

Indeed, President Yar'Adua has sent a letter of commendation to the former CBN boss.

The letter read: "As your tenure as governor of the Central Bank of Nigeria comes to a glorious end, I write on behalf of the government and people of Nigeria to place on record our debt of gratitude to you for your dedicated service and uncommon sense of duty over the past five years.

"I am confident that your worthy antecedents in the CBN and in prior appointments in the service of our nation, remain sources of inspiration to an entire generation.

"As I wish you even more astounding successes in the years ahead, it is my fervent hope that you will readily avail us of your distinguished service, when the need arises in the future."

Soludo, yesterday handed the reins of the apex bank to the Deputy Governor (Corporate Services), Mr. Ernest Ebi, the most senior of the four deputy governors in the CBN.

Ebi is to act pending the clearance of Sanusi by the Senate.

At the emotion-laden event at the CBN premises yesterday, Soludo thanked management and employees for supporting his tenure and urged them to extend same to his successor.

He confirmed that Yar'Adua had commended him for his contribution to national development.

It was a mixed grill as some members of staff struggled to hold their tears while others, who discussed in hush tones, expressed delight at the development.

Also yesterday, Soludo put off indefinitely the apex bank's Monetary Policy Committee's (MPC) meeting earlier fixed for today.

No reason was given for the postponement contained in a statement posted on the apex bank's website yesterday. Attempts by The Guardian to get explanation were not successful as calls made to the Corporate Affairs Department of the bank were not picked.

The MPC is the highest economic think-tank of the apex bank where major decisions driving monetary policies such as interest rates and other measures are adopted for implementation by the country's economic planners.

Soludo, who addressed the press at the end of the MPC on May 22, 2009, which turned out to be the last he would be presiding, had explained that the liberalisation of the forex transaction was adopted because the outlook for both the official and parallel markets had remained stable and positive.

The jostle for the CBN job became controversial when a serving governor and minister were allegedly being considered for the office by Yar'Adua.

The Governor Isa Yuguda of Bauchi State, who is also a son-in-law of the President and Minister of State for Finance, Remi Babalola, have however denied eyeing the job.

The non re-appointment of Soludo is believed to have been scuttled by his critics, who started their campaign long before the expiration of his tenure. They cited the African Finance Corporation (AFC) saga, when they alleged that Soludo caused Nigeria to lose millions of dollars in the venture. But a committee set up to investigate the funds invested in the AFC by CBN exonerated Soludo, when it found out that no money was lost.

The past Nigerian heads of the bank included Aliyu Mai-Borno (Borno, 1963-1967), Clement Isong (Akwa-Ibom, 1972-1975), Adamu Ciroma (Yobe, 1975-1977), Ola Vincent (Lagos, 1977-1982), Abdulkadir Ahmed (Bauchi, 1982-1993), Paul Ogwuma (Abia, 1993-1999), Joseph Sanusi (Ondo, 1999-2004), and Soludo (Anambra, 2004 till yesterday).

Apart from Yuguda, others earlier tipped for the office were the present Minister of National Planning, Shamsudeen Usman (Kano), who was former Deputy Governor of the CBN and immediate past Minister of Finance; Mailafia Obadiah (Nasarawa), an economist and also former Deputy Governor of CBN; Mohammed Hayatudeen (Borno).

Fjord
Jun 2, 2009, 01:12 PM
We will probably have the first Governor of the Central Bank who will find it difficult, if not impossible, to visit the West. He read Sharia and Islamic studies in Khartoum. Hmn, Al-Qaeda, here we come! Probably the fugitive Sudanese President was one of his lecturers. God have mercy on Nigeria. Not that this would matter - we can always turn to the Islamic Development Bank and take low credit loans

Probably not; most probably not; most definitely not. It is a curious thing that Sanusi left everything to take a degree in Islamic Studies, but going by what preceded and followed that event, one could speculate that he probably did it to deepen his knowledge of his religion and to bolster his claim to scholarship in Islamic circles; it is well known that Sanusi christens his opinions "interventions". And, to be clear: he's not very popular amongst his Islamic friends. Yet, he supports the Sharia; that's a dent in his armour of logic. Yet, it is unfair to associate Sanusi with Al-Qeada; very unfair.

It'll be interesting to see him on a panel with experts in finance and economics, just like Soludo did (you could be certain Soludo wouldn't disgrace the nation, and he did quite well when he was on the world stage; that's much more than one could say for some CBN governors...). Sanusi could appear arrogant (especially when discussing politics and religion), but this is standard fare when you're discussing a topic you know very well; it'll be tough to argue that such 'arrogance from knowledge' will be possible in his CBN career: if Sanusi has done anything rigorous in finance and economics, we're yet to learn of it...

His articles on religious issues on gamji.com places him in a small minority: he is rigorous in his thinking, his analytical skills are solid, as are his credentials as being capable of writing more than competent English (and, of course, he speaks good English; this is a fact that's enough to sway some of the the fluffy headed; but we all know that being able to speak a language - by itself, even fluently - means only so much). He also has a good memory; this would help in reeling out facts, along with figures.

I never knew he attended St. Anne's at Kakuri; that may - without any intent of impropriety - explain First Bank's donation of N20million to St. Anne's last month (note: this amount was for the development of the school, and one can be certain that the fund will be judiciously used); this donation was excellent news; it still is excellent news.

Sanusi may well be the most openly political and religious of any CBN governor if he's confirmed; the justification for ousting Soludo, and installing someone who is better known for political and religious argumentation isn't clear, yet. But one thing: Sanusi has a sense of history, and he likes to be right, these two qualities are important, considering that Sanusi is an ardent student of dialectics.

This somnambulist president may have made the most inspired appointment of his uninspiring career as Nigeria's #1 political office holder; yet, the foundations are shaky: it is fine - very fine, in my view - that he's violating the Federal Character principle/joke in appointing Sanusi; but, is Sanusi the best man/woman for this job? I think not. This is where the sticky thing is. For all his appearance of logical purity, it takes a bit of clear mindedness to see where Sanusi's marriage to logic ends when politics is being discussed. And one hopes that his commitment to fiscal issues will be as rigorous.

I've been looking for data on the length of the tenure of past CBN governors. One could speculate that the timeline does not reflect anything like 'balance'.

Mikky jaga
Jun 2, 2009, 01:35 PM
it is fine - very fine, in my view - that he's violating the Federal Character principle/joke in appointing Sanusi; but, is Sanusi the best man/woman for this job? I think not.

The notherners never pretend to adhere to any Federeal Character nonsense. Those are meant for the bukuru people of the South. See Buhari, Babangida and Abacha regimes for instance. Only a Northerner can appoint Minister of Finance, Head of Economic intelligence and Governor of Central Bank from the same State.

Federal Character principle is to promote the interest of the North over others and not the other way round.

Fjord
Jun 2, 2009, 03:26 PM
The notherners never pretend to adhere to any Federeal Character nonsense. Those are meant for the bukuru people of the South. See Buhari, Babangida and Abacha regimes for instance. Only a Northerner can appoint Minister of Finance, Head of Economic intelligence and Governor of Central Bank from the same State.

Federal Character principle is to promote the interest of the North over others and not the other way round.

We're in agreement on this: Northern politicians/rogue soldiers who ever get into power have made not much pretence about some Federal Character. Within Yar'Adua's misrule, there's a certain/public precedent: the argument of FedChar fails for Sanusi, which puts the argument on another patch: Yar'Adua will have to argue that he's selected a man he believes will do the job the best.

Sanusi himself isn't necessarily a slave of academic qualifications. In his insighful article on 'Buharism', he argues that while Babangida's regime had eggheads like Dr. Kalu Idika Kalu, Dr. Chu Okongwu, and Olu Falae who all got it wrong with SAP, Soleye (who was Buhari's finance minister, and was not a trained economist) was correct. Sanusi firm recommendation has been that all who were on Babangida's economic team ought to be tried for treason. Why is this important?

(1) That even though he's been a beneficiary of a rotten system - including the privileges of being, well, 'aristocratic', in the sense of being something of a 'scion': pardon me, but I write these things with something like disgust - Sanusi can be excused as one of the better samples of - forgive me - Northern humanity.

(2) That his dedication to dialectics wouldn't be (easily) (be)clouded by qualifications, nor expected affection for some kin, 'kin' being anything Northern.

These, I think, are good - very good - things.

If one is resigned to the reality that Yar'Adua wants a Northerner as CBN governor, then one will have to accept that Sanusi's appointment is 'inspired': this could clearly be the best thing Yar'Adua has done. Sanusi will do well to separate his religion and regional/ethnic duties from his CBN duties. It will become clearer, but if Sanusi has failed to 'assert' himself in the fields of economics/finance in the context of Nigeria, it is probably because he has often discussed/criticised economic policies in the light of politics.

The anger at this CBN governor thing is still raw and fresh, but if Sanusi will not do what his friends are asserting he wouldn't do, then we'll see the conviction of a capitalist Marxist at play.

But power does distract, and we should be able to see when it begins to corrupt.
.

tonsoyo
Jun 2, 2009, 03:35 PM
Wait till tonsoyo is being considered for the post of AGF, then you can ask for his legal publications. For now, let's concentrate on Sanusi.

Abeg Mikky no mind the yeye man. He expects me to do a newspaper publication and write - written by Tonsoyo.

If he knows nothing about my publications, he should go back and check my comments on legal issues on this forum.

gwobezentashi
Jun 2, 2009, 04:18 PM
The magician is gone. Hallelujah!!! God save the Queen.

The king of hocus pocus has vamoosed. Good riddance.

I beg make we rest. Haba!

Hee hee hee hee hee hee hee hee hee hee hee hee hee


Aluta!


Gwobezentashi

busanga
Jun 2, 2009, 04:33 PM
It is sad that Lamido's qualification has been reduced to tribal interests by the media. Our national debate I thought has been elevated beyond that point. The man appears eminently qualified. If he is qualified to lead one of our nation's largest commercial banks, there is no doubt he can lead CBN. Where he comes from should not matter. Whether he is qualified should. And it is those of us that insist on merit instead of the quota system that should lead that charge.

In any case, I am one who believes in constitutionality. It is left for the Senate to assent or reject. If they do their job well, the best CBN governor will emerge and Sanusi will be judged by his achievements. Soludo should bow out, he has done a decent job and he is only the latest guy to lose out.

lumidii
Jun 2, 2009, 10:48 PM
It is sad that Lamido's qualification has been reduced to tribal interests by the media. Our national debate I thought has been elevated beyond that point. The man appears eminently qualified. If he is qualified to lead one of our nation's largest commercial banks, there is no doubt he can lead CBN. Where he comes from should not matter. Whether he is qualified should. And it is those of us that insist on merit instead of the quota system that should lead that charge.

In any case, I am one who believes in constitutionality. It is left for the Senate to assent or reject. If they do their job well, the best CBN governor will emerge and Sanusi will be judged by his achievements. Soludo should bow out, he has done a decent job and he is only the latest guy to lose out.

Leading a Public liability company being remotely controlled by some religious power brokers isn't the same as steering the economic policies and affairs of a country in this period of global financial distress. Sanusi's ascension to the FBN post cannot be unconnected with his religious and political background, his islamic scholarship dwarfs his economics, and that is exactly where the problem lies. His opponents already have an ammunition against him, i have no doubt he'll take em head-on, but its just an unnecessary distraction for someone in such an important position.

Maybe he is qualified, maybe not, who knows? but he isn't the most qualified for the job. The FBN issue isn't too relevant IMO, some of the directors you see in the Annual Reports & Accounts are proxies, the key ones are silent - the shareholding structure had a major shake-up in the past year and Sanusi is their annointed son. Besides, a six-month stint as a CEO at FBN is just too short a time to assess his leadership, and form an opinion.

busanga
Jun 2, 2009, 10:59 PM
Leading a Public liability company being remotely controlled by some religious power brokers isn't the same as steering the economic policies and affairs of a country in this period of global financial distress.

Kai mallam, you are not being fair. He definitely has the education. He has worked in the banking industry for a cumulative of 20 years based on his biography (83-91 & 97-09)..and for his age that is not is not bad at all. He appears to have focused his career in risk management since his return in 1997. He comes across as a professional to say the least.

On his Islamic education, I think religion is a personal thing and we should stop stoking this debate with that volatile issue. Give it a rest. It is not his Islamic degree that makes him work in banking, he has the education and experience. Except of course all you are only interested is demagoguery



Sanusi's ascension to the FBN post cannot be unconnected with his religious and political background, his islamic scholarship dwarfs his economics, and that is exactly where the problem lies. His opponents already have an ammunition against him, i have no doubt he'll take em head-on, but its just an unnecessary distraction for someone in such an important position.
Unless you can prove the underlined, that is just plain hearsay. In any case, he ascended in FBN a private institution - and FBN did not fail on his watch. At the minimum, he knows one or two things about managing complex financial institutions. His connection cannot sustain performance right?


Maybe he is qualified, maybe not, who knows? but he isn't the most qualified for the job. The FBN issue isn't too relevant IMO, some of the directors you see in the Annual Reports & Accounts are proxies, the key ones are silent - the shareholding structure had a major shake-up in the past year and Sanusi is their annointed son. Besides, a six-month stint as a CEO at FBN is just too short a time to assess his leadership, and form an opinion.
C'mon man! Your argument stands the call for generational shift on its head. Does everyone need to be methuselah to prove their leadership? The guy has held various leadership positions within FBN before reaching the apex, or you think the CEO is the only leader? He was in risk management by the way, if you know something about the current global crisis, you will realize how crucial that department is to the success of any Bank or financial institution.

When you speak of "most qualified", when did that become a criteria for political appointment like this? Qualification in what sense? Experience? Education? Political savvy? I think there is more to political appointments than these. In any case, you don't choose the most qualified for any job, you choose someone who is qualified. The "most" part of it is subjective

lumidii
Jun 2, 2009, 11:51 PM
Kai mallam, you are not being fair. He definitely has the education. He has worked in the banking industry for a cumulative of 20 years based on his biography (83-91 & 97-09)..and for his age that is not is not bad at all. He appears to have focused his career in risk management since his return in 1997. He comes across as a professional to say the least.

On his Islamic education, I think religion is a personal thing and we should stop stoking this debate with that volatile issue. Give it a rest. It is not his Islamic degree that makes him work in banking, he has the education and experience. Except of course all you are only interested is demagoguery


Unless you can prove the underlined, that is just plain hearsay. In any case, he ascended in FBN a private institution - and FBN did not fail on his watch. At the minimum, he knows one or two things about managing complex financial institutions. His connection cannot sustain performance right?


C'mon man! Your argument stands the call for generational shift on its head. Does everyone need to be methuselah to prove their leadership? The guy has held various leadership positions within FBN before reaching the apex, or you think the CEO is the only leader? He was in risk management by the way, if you know something about the current global crisis, you will realize how crucial that department is to the success of any Bank or financial institution.

When you speak of "most qualified", when did that become a criteria for political appointment like this? Qualification in what sense? Experience? Education? Political savvy? I think there is more to political appointments than these. In any case, you don't choose the most qualified for any job, you choose someone who is qualified. The "most" part of it is subjective

He may have amassed 20 years banking experience, but at what level? Only the post-islamic study experience is tangible. How long has he been an Exec Director? and how long as a CEO? Six months is too short a time to evaluate performance at such strategic level of management.

Proof proof proof. lol. I do have it on good authority from Banking and socio-political sources, that some influential muslims do have a stake in Sanusi's ascendancy to the helms at FBN. You may do some checks back in 9ja.

His write-ups shows he is passionate, articulate, and very opinionated - good traits, but the politics and religious aspects may well prove to be his undoing. Its going to be a tough one for him to navigate the CBN. You have the Mallams at the BDCs, the Church-ey bank CEOs, the yoruba banks, the Igbo banks, and the Northerners who feel aggrieved at the way the consolidation depleted their influence.

I really hope the man shines, too much is just at stake.

Auspicious
Jun 3, 2009, 05:32 AM
+

Besides that I didn't see any reason for a re-appointment, I have my reservations about the newly-appointed Governor of the nations apex bank. My reservations stem from what I see as his thin resume. I consider his resume thin because, in my opinion, anyone appointed to serve in a capacity as senstitive and important as the head of the institution whose actions impacts strongly on the readings of the nation's financial barometer needs to have a breath of experience that goes way beyond being a local champion with a borrowed accent. Yeah, sorry.

The Governor of the Apex Bank of a nation like Nigeria (yes, Nigeria - not Somalia or Burkina-Fasso) needs more than a Bachelor's and Master's in Economics topped-up with another in Islamic Studies. Anyone who occupies any such position needs to have been exposed to knowledge and exposure on a global plane and must be seen to have been well-seasoned in his field, with very notable managerial successes to point to as proof that he has indeed cut his teeth or proved his mettle in very verifiable ways. But that is just my opinion.

It is also my opinon that the snail whom we have installed in Abuja fell short again, albeit expectedly, to find within the pool of other highly intelligent men and women with better experience, qualifications and exposure to nominate for the replacement of the out-going Governor of the Central Bank - one who needn't be replaced in the first instance given the manner in which he revolutionalized the nation's banking industry in such a short period of time. People like me would never have complained if the appointee was someone with the breadth and depth of experience as, say, Ngozi-Okonjo Iweala.

The Central Bank is not the Nigeria Police Force which, though, requires brains to be run effectively, hardly requires the kind of sophistory in academics and exposure that is important for a Central Bank Chief to posses. In a global economy where financial indices have become ever more interwined, a person who has had as much experience in finance on the international level as he or she has had on the local level is an invaluable asset to an institution as the Central Bank. We made the same complaints about the depth of Yaradonothing's exposure back then and we remain vindicated today.

Sanusi Lamido may turn out to be a gem. If that be the case, I will join in the congratulations when the time comes. For now, I see him as just another local champion speaking in a foreign accent, whose highest level of educational exposure, so far as I see, is a post-graduate doctorate in Islamic Studies from a Sudanese university. At a time when I am tired of our leaders titles as "Alhaji", "Pastor", "Oluwo", "Mallam", "Evangelist" "Apostle" (and all similar manner of titles that have featured amongst political appointees in the recent past), I find his own very unattractive too - forget that he doesn't go about lumbering a tittle along with his name.

But for now, I join fellow Nigerians in watching him do his thing as the 9th Governor of the Central Bank of Nigeria. Meanwhile, before we forget to remember, below is a brief summary of the tenure of the out-going CBN Governor. Though, while not unmindful of a few shady issues surrounding his legacy, one cannot deny that he definitely left a positive imprint of his legacy on Nigeria's banking industry - something you cannot say for many amongst the ones that preceeded him. The new guy has fairly big shoes to fill; I wonder if, like the current occupant in Aso Rock, he too, will make his predecessor look like someone with Goliath Feet.

Auspicious.

---

The Soludo Years: A Post Mortem
By Simeon Ebulu
The Nation | June 04, 2009 | LINK (http://thenationonlineng.net/web/articles/5479/1/The-Soludo-Years-A-post-mortem/Page1.html)

Notwithstanding the exit of Professor Chukwuma Soludo as CBN governor, his tenure in the saddle at the apex bank will not be forgotten in a hurry. Soludo who came in as the ninth CBN helmsman on June 3rd 2004, is leaving behind an institution with more visibility and obviously more respect for how it carries out its regulatory functions.

The events that heralded Soludo’s entry into the CBN’s driving seat, such as the noticeable distress in the banking system and the lack of depositors’ confidence in most banks then, were swiftly addressed by the Soludo team in a manner that was unanticipated and at a speed that was thought impossible.

Professor Soludo’s approach which was severely criticised at the outset, had turned out to be the elixir the banking sector required, not only for its revival, but as well as sustain and make it ready to perform its critical function as the driver of the nation’s economy.

Before he stepped in as the CBN governor, the nation’s banks were known more as entities that served as deposit takers, not prospectors; banks that could hardly meet their obligation to customers. This was true of a majority of the banks. Because of their lean capital base, a majority of the financial institutions were literarily shut out of volume businesses, especially in the oil and gas and offshore transactions. Except for a few banks that were categorised as first generation, there were hardly any other that dared to venture, or able to muster the required capital that multinational firms and oil magnates required to drive their businesses. Soludo’s era brought a complete revolution to the banking sector’s financial standing through a systematic financial re-engineering that is unequalled in the nation’s banking history.

Banking Consolidation and Recapitalisation

Part of Professor Soludo’s answer to the low capital standing of the banks was recapitalisation.To guarantee capital adequacy, liquidity and zero tolerance regulatory framework in the Nigerian banking sector, Soludo initiated the Banking Consolidation programme on July 6, 2004, which was concluded over a period of 18 months - ending in December, 2005.

The exercise saw 75 banks coalesce into 25 strong banks with larger capital base of over $5 billion each within a short span of 18 months - from 89 banks with less than $3 billion. This enhanced liquidity in the banking sector, forcing interest rate down and raised credit to private sector from less than five per cent to 40 per cent. As a result, non-oil sector grew by 8.5 per cent in 2005. The successful consolidation of the sector helped to minimise cyclical distress among the banking sector and improved corporate governance within the banks. It also boosted the capital market with additional N500 billion, the highest non-oil related investment ever mobilised within a space of 18 months and raised the share of market capitalisation by banks from 30 per cent to 50 per cent.

Opposition

The bold initiative of the banking sector consolidation was met with stiff opposition from vested interests. The exercise was greeted with much condemnation and cynicism from directors of weak banks and depositors with fund in the weak banks, among others. The 18-month notice within which banks were to finalise the consolidation was regarded as too short. As a palliative, the Central Bank of Nigeria (CBN) had to propose a forbearance policy to bailout weak banks with the condition that insider related credits were recovered.

Possible liquidation of banks not likely to meet the capital requirements also gave added impetus to the opposition. As a counter measure, mergers and acquisition was proposed to minimise the burden of banks that might not be able to raise the capital base alone. The anxiety that depositors might likely lose their fund in the event of liquidation of the weak banks posed another problem. In response, the CBN provided 100 per cent cover for depositors affected by the liquidation.

Foreign Direct Investment

A notable feature of the Soludo years was the inflow of foreign capital into the economy. A number of the listed banks had access to foreign funds through institutional investors on the one hand, and through listing on the trading floors of foreign stock exchanges on the other. At some other levels, individual foreign investors also took solace in the stability that many banks had attained to invest in their equities.

Unprecedented Branch Expansion

Soludo’s era also saw to the unprecedented expansion of retail outlets both locally and abroad. Today, there are banks’ branches flying the Nigerian flag in the West Coast, Europe and the US.

Besides, the keen contest for deposit has heightened the frenzy to grow retail outlets resulting in the unprecedented expansion of bank branches.

Dapxin
Jun 3, 2009, 08:05 AM
I really hope the man shines, too much is just at stake.

Hoping on Obj's output =Yaraduanism = Lamido is a dangerous and frightening path to walk...

lumidii
Jun 3, 2009, 08:26 AM
He appears to have focused his career in risk management since his return in 1997. He comes across as a professional to say the least.



In any case, he ascended in FBN a private institution - and FBN did not fail on his watch. At the minimum, he knows one or two things about managing complex financial institutions. His connection cannot sustain performance right?


C'mon man! Your argument stands the call for generational shift on its head. Does everyone need to be methuselah to prove their leadership? The guy has held various leadership positions within FBN before reaching the apex, or you think the CEO is the only leader? He was in risk management by the way, if you know something about the current global crisis, you will realize how crucial that department is to the success of any Bank or financial institution.


The man has not excelled in the world of finance. If you know a little bit about the history of Banking in Nigeria, you will know how terrible legacy UBA was at Risk Management, racking up fines, penalties and suspensions along the way. The post merger UBA was not any better, it couldn't have been, as the defunct STB was also a serial offender, and the traits of the offspring of the marriage is very clear to the discerning.

So you regard Keem Bello Osagie and Elumelu's Risk manager as a thoroughbred specialist???

There are verifiable proofs for this one, go check out the Reports for UBA during Sanusi's tenure as Head of Risk Management, and see with your own eyes. Do you know the billions FBN has written off as "exceptional items" during his time as ED-Risk mgt?

omobaba
Jun 3, 2009, 05:47 PM
Malam Sanusi Lamido Sanusi Wednesday was confirmed as Governor of the Central Bank of Nigeria (CBN) by the Senate, Nigeria’s highest legislative body

Sanusi, 48, however took a swipe at President Umaru Yar’Adua’s pet economic programme, the Seven-Points Agenda labeling it as unwieldy and unachievable.

Nigeria needs a narrower and prioritized vision, he argued in response to a question thrown at him by the Senate.

The new CBN Governor dressed in black suit, white shirt and bow tie was initially on edge as he fielded questions from the Senators.

However, he quickly regained his composure and confidence as he realized that the questions from the lawmakers were pedestrian, technically shallow and unspecific with regards to his position as the arrowhead and definer of Nigeria’s monetary and fiscal policies.

Sanusi was articulate and forthcoming with answers in the over three hours he interacted with the Senate. He displayed sufficient grasp and knowledge of local and global economics, banking system and financial regulatory authorities.

Sanusi acknowledged his sympathies for pro-democracy, child and women rights groups, but avers that he is not a politician and had no intention of joining any political party.

He affirmed that he remains skeptical of economic models, which do not answers questions on how to put food on the table for the common man and enhancing the general economic well-being of the people.

In his exposition, Sanusi argued that President Yar’Adua’s 7-points agenda should be narrowed down to two or three focused and prioritised areas for best results.

While submitting that he believes and shares in the Vision 20 2020 and 7-points agenda, he queries whether they were not the same thing that former President Olusegun Obasanjo’s administration addressed unsuccessfully in his eight years in power.

Sanusi urged President Yar”Adua to focus on building of infrastructures, especially power generation as it remains the core area which would drive the realization of the 20 2020 vision.

Sanusi was careful to score his predecessor, Prof. Charles Soludo high marks. He adds however that not all banks require N25 billion capitalization.

Speaking on consolidation of banks under Soludo, Sanusi argues that it “was necessary at the time it happened. It was not and should never have been seen as an end in itself. It is true that every good bank requires lot of capital, but it is not true that every good bank must have lots of capital.

“Ethical considerations, corporate governance and compliance are things that make a good bank, not size.

“What has been done so far needs to be strengthened, built upon and then we can look at other areas” he submitted.

Outlining his agenda as CBN Governor, Sanusi declares that it would centre on the 3Rs – risk management, reporting and records.

Other areas of priority would include code of conduct for regulators to ensure transparency in the system and corporate governance for financial regulators.

Sanusi adds that he would also be concerned about corporate governance, risk management, and disclosures in the banking system and those operators acknowledge their losses.

http://www.thetimesofnigeria.com/Article.aspx?id=1804

busanga
Jun 3, 2009, 08:15 PM
I think with Sanusi, Yar'adua just recruited a rebel without knowing it. Sanusi never has a conventional opinion. Go to Gamji and get a proof. of course, he also has a big ego..that is not bad in the Nigeria of today trust me. The denouncement of the 7 point agenda is the first shot- watch out for more...I agree with Pius below.

__
LITTLE ENDS: Sanusi Lamido Sanusi: Confessions of a stalker

Pius Adesanmi

May 29, 2009 11:09PMT

I met his mind sometime in the summer of 1998 and have stalked him ever since. Online that is! I was then doing research on representations of Islam in Nigerian popular culture. Sanusi Lamido Sanusi popped up on Google. The essay of his I read at the time was powerful enough to make me pursue his name further in more scholarly and restricted search engines. More essays of his popped up and I was hooked. I was also embarrassed that I had previously never heard of what, for me, was turning out to be one of Nigeria's most powerful minds in public intellection and critical analysis of society.

Every intellectual worthy of that name is a stalker. There are names you throw frequently into your search engine to find out if they have written something new because you are convinced that every sentence they write is a must-read. Even when you disagree with them, the power of their minds, their intimidating erudition, the sincerity of their convictions, and the beauty of their prose keep you coming back.

I have a long list of Nigerian minds I stalk online but I'll mention just four. I am sufficiently close to the first two to call them brothers: Odia Ofeimun, famous poet and former private secretary of Chief Obafemi Awolowo, and Professor Eghosa Osaghae, one of Nigeria's most brilliant political scientists, currently Vice Chancellor of Igbinedion University. Then there are Professor Adebayo Williams and Dr Arthur Agwuncha Nwankwo. This is the cerebral company to which I welcomed Sanusi Lamido Sanusi in 1998.

Gamji.com obliged my new and expansive appetite for Sanusi's work by regularly archiving his prolific output from 2001-2007. Then the uploads stopped. I sent several emails to his publicly advertised address, telling him that some minds are a collective property of the people, given to certain individuals to hold in trust. Such minds have no right to stop writing or making themselves available for public enlightenment. His is one such mind - it belongs to the Nigerian people - and he had no right to stop writing. I never got a response. Sadly, his writings have come in very irregular trickles ever since.

I must confess to a certain southern Nigerian arrogance in my initial encounters with Sanusi's mind. I am a student of 19th and 20th century European public intellectuals. Lamido Sanusi is not a student of those intellectuals like me: he is a master of their works. His essays are a compelling cerebral exercise in the works of such famous public intellectuals/philosophers as Michel Foucault, Umberto Eco, Isaiah Berlin, Antonio Gramsci, Jean-Paul Sartre, Raymond Aron, Bertrand Russell, and a host of others. He blends the thought of these men effortlessly with some of the most cosmopolitan references in Islamic scholarship.

My initial reaction was: who the heck is this Northerner (read: feudal conservative Muslim who shouldn't know more than the Koran!) with such a compelling mastery of European - mostly atheistic - humanist philosophy? And then to discover that this great cosmopolitan mind comes from the purest of northern oligarchy: the son of a former emir of Kano! The more reason he ought to have turned out a bearded sharianist! My initial attitude betrays the Nigerian problem: the recourse to comforting ethno-religious stereotypes and the unwillingness to move beyond them because we risk encountering evidence to the contrary.

This explains some of the hostile reactions to his impending appointment as the Central Bank governor. People who have never even read him have dismissed him as a "Taliban" who may Islamise the Central Bank. Sanusi is not Ahmed Deedat please! Islamic scholarship and philosophy have produced some of the best minds in global public Intellection.

We read Tariq Ramadan, Europe's most influential Muslim intellectual and Dr Tariq Ali, one of the most compelling leftist thinkers today. Sanusi Lamido Sanusi's Islamic scholarship belongs in that cosmopolitan tradition. He is a thoroughgoing pan-Nigerian humanist and patriot who has had his occasional lapses into national stereotyping. But which Nigerian is immune to such lapses: Wole Soyinka? Chinua Achebe? Mathew Hassan Kukah? Reuben Abati?

There is considerable merit to the argument that his appointment completes the Northernisation of Nigeria's finance sector. I'd rather have others removed in the Ministry of Finance than touch Lamido Sanusi's appointment. After the considerable intellectual panache that Professor Charles Soludo brought to that office, it would be a tragedy to appoint a less gifted cerebral mind as his successor. I welcome this appointment enthusiastically. President Yar'Adua has done something right. Finally!

Auspicious
Jun 4, 2009, 05:08 AM
http://www.ngrguardiannews.com/cartoons/cart01/030609

Ochi Dabari
Jun 4, 2009, 07:18 AM
Auspy,

The North has a way of making the North look silly, a land full of stupid people. I studied in northern Nigeria and worked there for many years, and I do know that although the staff there were predominantly southerners and middlebelters, the North has its fair share of bright souls. But the North has a way of always giving the country inept leaders from among its own, with the result that the whole country is pulled back every time a northerner is in power. You don't have to look hard to see the kind of northerner that now occupies Aso Rock? Is that the best the north could offer? Even if Obasanjo installed Bad Boy Yara Do Nothing, were there no people in the north to challenge that, and say no, if power is returning to the north, this is not the kind of person we want? Even from Katsina State itself, I know that Buhari can do better than Bad Boy; not to talk about more enlightened areas of the north like Kano, Bauchi and Kaduna.

Like you, Auspy, I will clap my hands when this guy performs, but I can already predict that he is there to serve the interests of the oligarchy, and will only bring back the bad old days of failed banks and funny, shady forex deals.

ochi



+

Besides that I didn't see any reason for a re-appointment, I have my reservations about the newly-appointed Governor of the nations apex bank. My reservations stem from what I see as his thin resume. I consider his resume thin because, in my opinion, anyone appointed to serve in a capacity as senstitive and important as the head of the institution whose actions impacts strongly on the readings of the nation's financial barometer needs to have a breath of experience that goes way beyond being a local champion with a borrowed accent. Yeah, sorry.

The Governor of the Apex Bank of a nation like Nigeria (yes, Nigeria - not Somalia or Burkina-Fasso) needs more than a Bachelor's and Master's in Economics topped-up with another in Islamic Studies. Anyone who occupies any such position needs to have been exposed to knowledge and exposure on a global plane and must be seen to have been well-seasoned in his field, with very notable managerial successes to point to as proof that he has indeed cut his teeth or proved his mettle in very verifiable ways. But that is just my opinion.

It is also my opinon that the snail whom we have installed in Abuja fell short again, albeit expectedly, to find within the pool of other highly intelligent men and women with better experience, qualifications and exposure to nominate for the replacement of the out-going Governor of the Central Bank - one who needn't be replaced in the first instance given the manner in which he revolutionalized the nation's banking industry in such a short period of time. People like me would never have complained if the appointee was someone with the breadth and depth of experience as, say, Ngozi-Okonjo Iweala.

The Central Bank is not the Nigeria Police Force which, though, requires brains to be run effectively, hardly requires the kind of sophistory in academics and exposure that is important for a Central Bank Chief to posses. In a global economy where financial indices have become ever more interwined, a person who has had as much experience in finance on the international level as he or she has had on the local level is an invaluable asset to an institution as the Central Bank. We made the same complaints about the depth of Yaradonothing's exposure back then and we remain vindicated today.

Sanusi Lamido may turn out to be a gem. If that be the case, I will join in the congratulations when the time comes. For now, I see him as just another local champion speaking in a foreign accent, whose highest level of educational exposure, so far as I see, is a post-graduate doctorate in Islamic Studies from a Sudanese university. At a time when I am tired of our leaders titles as "Alhaji", "Pastor", "Oluwo", "Mallam", "Evangelist" "Apostle" (and all similar manner of titles that have featured amongst political appointees in the recent past), I find his own very unattractive too - forget that he doesn't go about lumbering a tittle along with his name.

But for now, I join fellow Nigerians in watching him do his thing as the 9th Governor of the Central Bank of Nigeria. Meanwhile, before we forget to remember, below is a brief summary of the tenure of the out-going CBN Governor. Though, while not unmindful of a few shady issues surrounding his legacy, one cannot deny that he definitely left a positive imprint of his legacy on Nigeria's banking industry - something you cannot say for many amongst the ones that preceeded him. The new guy has fairly big shoes to fill; I wonder if, like the current occupant in Aso Rock, he too, will make his predecessor look like someone with Goliath Feet.

Auspicious.

---

The Soludo Years: A Post Mortem
By Simeon Ebulu
The Nation | June 04, 2009 | LINK (http://thenationonlineng.net/web/articles/5479/1/The-Soludo-Years-A-post-mortem/Page1.html)

Notwithstanding the exit of Professor Chukwuma Soludo as CBN governor, his tenure in the saddle at the apex bank will not be forgotten in a hurry. Soludo who came in as the ninth CBN helmsman on June 3rd 2004, is leaving behind an institution with more visibility and obviously more respect for how it carries out its regulatory functions.

The events that heralded Soludo's entry into the CBN's driving seat, such as the noticeable distress in the banking system and the lack of depositors' confidence in most banks then, were swiftly addressed by the Soludo team in a manner that was unanticipated and at a speed that was thought impossible.

Professor Soludo's approach which was severely criticised at the outset, had turned out to be the elixir the banking sector required, not only for its revival, but as well as sustain and make it ready to perform its critical function as the driver of the nation's economy.

Before he stepped in as the CBN governor, the nation's banks were known more as entities that served as deposit takers, not prospectors; banks that could hardly meet their obligation to customers. This was true of a majority of the banks. Because of their lean capital base, a majority of the financial institutions were literarily shut out of volume businesses, especially in the oil and gas and offshore transactions. Except for a few banks that were categorised as first generation, there were hardly any other that dared to venture, or able to muster the required capital that multinational firms and oil magnates required to drive their businesses. Soludo's era brought a complete revolution to the banking sector's financial standing through a systematic financial re-engineering that is unequalled in the nation's banking history.

Banking Consolidation and Recapitalisation

Part of Professor Soludo's answer to the low capital standing of the banks was recapitalisation.To guarantee capital adequacy, liquidity and zero tolerance regulatory framework in the Nigerian banking sector, Soludo initiated the Banking Consolidation programme on July 6, 2004, which was concluded over a period of 18 months - ending in December, 2005.

The exercise saw 75 banks coalesce into 25 strong banks with larger capital base of over $5 billion each within a short span of 18 months - from 89 banks with less than $3 billion. This enhanced liquidity in the banking sector, forcing interest rate down and raised credit to private sector from less than five per cent to 40 per cent. As a result, non-oil sector grew by 8.5 per cent in 2005. The successful consolidation of the sector helped to minimise cyclical distress among the banking sector and improved corporate governance within the banks. It also boosted the capital market with additional N500 billion, the highest non-oil related investment ever mobilised within a space of 18 months and raised the share of market capitalisation by banks from 30 per cent to 50 per cent.

Opposition

The bold initiative of the banking sector consolidation was met with stiff opposition from vested interests. The exercise was greeted with much condemnation and cynicism from directors of weak banks and depositors with fund in the weak banks, among others. The 18-month notice within which banks were to finalise the consolidation was regarded as too short. As a palliative, the Central Bank of Nigeria (CBN) had to propose a forbearance policy to bailout weak banks with the condition that insider related credits were recovered.

Possible liquidation of banks not likely to meet the capital requirements also gave added impetus to the opposition. As a counter measure, mergers and acquisition was proposed to minimise the burden of banks that might not be able to raise the capital base alone. The anxiety that depositors might likely lose their fund in the event of liquidation of the weak banks posed another problem. In response, the CBN provided 100 per cent cover for depositors affected by the liquidation.

Foreign Direct Investment

A notable feature of the Soludo years was the inflow of foreign capital into the economy. A number of the listed banks had access to foreign funds through institutional investors on the one hand, and through listing on the trading floors of foreign stock exchanges on the other. At some other levels, individual foreign investors also took solace in the stability that many banks had attained to invest in their equities.

Unprecedented Branch Expansion

Soludo's era also saw to the unprecedented expansion of retail outlets both locally and abroad. Today, there are banks' branches flying the Nigerian flag in the West Coast, Europe and the US.

Besides, the keen contest for deposit has heightened the frenzy to grow retail outlets resulting in the unprecedented expansion of bank branches.

chiagozie
Jun 4, 2009, 07:55 AM
I was opportune to watch the live transmission of Mr Sanusi's screening at the senate yesterday. I must confess that I initially had serious misgivings on his candidacy, but listening to the man talk, I found them being swept away to be replaced by an euphoria that made me giddy with pleasure. From his speech and his answers to questions giving. at least up to when Nepa decided to cut short my viewing, I now believe that Soludo could not have wished for a better successor. The man will go far.

busanga
Jun 4, 2009, 11:11 AM
Sanusi: My Mission

From Sufuyan Ojeifo in Abuja, 06.04.2009

Newly confirmed Governor of Central Bank of Nigeria (CBN), Mr. Sanusi Lamido Aminu Sanusi, yesterday outlined his regulatory and supervisory agenda for the nation’s banking sector, saying the apex bank would ensure robust risk management practices in the sector.
Sanusi, who was grilled for about three and a half hours before he was unanimously confirmed by the Senate, said the failure of risk managers and regulators to ask and provide answers to some critical questions led to the bubble that burst in the nation’s stock market.
He told the Senate that the consolidation of the banking sectors by his predecessor in office, Professor Chukwuma Soludo, should never have been an end in itself.
He also said that for Nigeria to achieve its Vision 20:2020, it must develop its critical infrastructure, particularly the power.
Responding to a question on risk management, Sanusi said: “Risk management is ultimately about asking yourself when the terms are good, what could go wrong?
“When the capital market was going up and banks were lending to the capital market, somebody should have asked: what happens if the market crashes? Will these banks survive?
“The risk managers in the banks did not ask those questions; the regulators did not ask those questions.”
On the issue of consolidation, he said it was a necessary step at the time it happened, adding: “I think it is a true statement that a good bank requires a lot of capital. But having said that, consolidation was not and should never have been seen as an end in itself because while it is true that a good bank needs a lot of capital, it is not true that every bank that has capital is a good bank.
“How you use that capital, how you manage it, whether that capital is placed in the hands of fit and proper persons who should be trusted with people’s money are the critical questions that should always be asked.”
He stated: “What we need to do is take consolidation as a foundation; now, build on the other things that were actually set up in the first two-point agenda - the corporate governance and the risk management system with individual banks, disclosure requirement; ensure that banks actually recognize their losses.
“When people talk about stock market and confidence, we all know that there is N1 trillion out there. That number has to show up as non-performing loans; if they are not showing up, people do not trust the numbers. We need to ask: where are those non-performing loans and we need to enforce provision and if banks need more capital, then we should recapitalise those banks.
“But the solution is not to pretend that they are there and they are strong. I think the system as a whole is non-capitalised. I think the liquidity in the system as a whole is good, but I think there will be a few weak points in that system.
“There are a few banks that are weak spots and we need to help those banks correct the problems; otherwise the system will not regain the confidence.”
He maintained the CBN, under his watch, would rather take consolidation of the banks as a foundation and build on other things that were emplaced in the corporate governance, risk management system and disclosure requirement agenda.
He said he would deploy his years of experience as a risk manager into the task of regulating the banking sector, stressing: “The advantage of being a risk manager historically is that the risk manager has always been an internal regulator.
“My job has always been to get the bank to do the right thing. So, in a sense, my job as a regulator is simply extending that role that I have played in the First Bank to the other 23 banks that would be under my supervision and guidance.
“I do hope that we would be able to spell those out and deepen the risk management practices in the system, which I think need to be improved upon.”
On development of infrastructure as a critical platform for achieving the nation’s much-talked about Vision 20:2020, Sanusi said unless the nation addressed the problem of infrastructure, it could not achieve the objective of the vision.
According to him, “In 1999 when Obasanjo came, in his presidential address, he talked about power, Niger Delta and infrastructure. Ten years later, we are still talking about the same power, Niger Delta and infrastructure.
“If we continue like this, by 2019, we are still going to talk about the same thing. For me, the solution is simple: let us start doing something. We cannot just sit and keep talking about visions and agenda without action.
“We just have to start something; and, I think power is very critical in all of this. Until we address problem of infrastructure, we cannot achieve vision 20:2020.”
On the meeting the Millennium Development Goals (MDGs) and creating more wealth, Sanusi said: “When you look at the various projects that the CBN has, it has got a great project that is targeted at small-scale farmers: Agriculture Guarantee Schemes. Here are a number of schemes that are targeted at small holdings.
“Now, this initiative is aimed at large scale agriculture. From the perspective of the economy, our experience is that small scale farmers in Nigeria tend to be successful farmers.
“Agriculture productivity is enhanced through investments in capital intensive agriculture. We have got a lot of land, but it is not cultivated. The projects that are being financed are not just production; there is a very strong focus on processing; there is a strong focus on storage and on handling.
“Like it takes the average tomatoes farmer in Kura, 80 per cent of his output is lost the moment he leaves the farm for poor handling. It gets destroyed. The investments we are making or that are going to be made by these loans are investments in infrastructure that will help preserve that output; that will help develop the market; that will help process and add value and therefore create wealth.
“Non-value added activities do not create wealth. People are able to survive, but they do not create wealth and they remain in poverty. Until we are able to add value through processing, we will not be able to. The large-scale agriculture…is something that focuses on production, on storage, on processing, on market development and with that, we will be able to create more wealth.”

Sanusi, who spoke on the seven-point agenda of the Federal Government, reiterated that, “critical infrastructure is a first item and personally, my view is that until we address the infrastructure problem in this country, we will not begin to solve our problems. “As a matter of fact, my view is that, in the seven-point agenda, if we could focus on two or three things and finish them up in the next four years, that would be a far more effective contribution to this country than focusing on the seven agenda.

“This is a country where we do not have linkages and because of the absence of linkages, we do not have economic growth and there are many sub-optimalities; we produce gas and export it; we do not have power plants; we produce crude oil; we import refined petroleum products; we export steel rods and import flat sheets.
“If we only set up on ground the industries that will integrate these sources of growth into the domestic economy; if we set up our power plants, set up our own refineries; if we set up our own flat-sheets companies, the multiplier effect in the economy and on growth is amazing and if we do not do that, we cannot grow.”

He continued: “We create new industries with power; the small-scale industries we are talking about cannot survive without power. All of us grow up in villages where people had grinding machine, in a village where a woman has a deep freezer and by simply selling ice water, she is able to pay electricity bills and feed herself and her family. “None of the cottage industries can survive without power. So, I have not heard anyone say that infrastructure should not be a priority. I think there are questions over exactly how to finance it.

Do you adopt inflationary way of financing or do you cut expenses or do you prioritise?
“But until we address the infrastructure problem, we will not be able to achieve our vision 2020 goals. So, I am very clear on that and I would like to say that this is something that will need to be pursued.”
On inflation, he said: “Overall, I think we have had inflationary pressures from a number of sources; we have had in our own inflationary index, for example, food, which is a very large component. I think we do have the highest component of food among all the indices in the world and in an era where you have food crisis and food prices have gone up, inflation goes up.
“Inflation was 15 per cent in December; it has not been as high as 15 per cent since 2004 and by April it had gone down to 13.1 per cent. That has been fuelled partly by the depreciation in the value of the naira, which has increased the cost of imports; even though that has been so much mitigated by the low cost of transport with low oil prices.”
Sanusi said further: “Inflation remains a hydra-headed monster and I think if there is one thing the CBN has done extremely well, it has been that focus on inflation. There has been a tremendous amount of growth in money supply in the last few quarters and that is likely to be inflationary.
“In a time of economic meltdown, even though there is a necessity to have price stability, the priority of the CBN is to make sure there is sufficient liquidity in the system and that banks continue lending to the private sector.
“If you have a credit crunch, it could become a full-blown recession. So, even though there is upside risk to price, it is extremely important that we do not tighten the brakes because when banks stop lending, the economy would grind to a halt.
“So, it is a very difficult balance and this is one of the greatest challenges that we are going to face: how do we balance the concerns of inflation and the concerns of growth and the question of exchange rate?
“There is no magic wand to this. We have got hundreds and hundreds of economists in the CBN creating models and hundreds of economists out there as consultants and we try to look at all the models and take the path of least pains. But clearly, there will be some cost to pay when you have a crisis.”
He told the Senate that the adjustment of the rate of exchange of the naira to the dollar was necessary.
According to him, “We did have our exchange rate pegged at one time. Every major currency has lost value. The naira has been quite stable. I think the naira strengthened over five years from N135 to the dollar to about N117 to the dollar before the recent adjustment in the price.
“That adjustment was absolutely necessary irrespective of what other policies were there which are now being reversed. The truth was with oil price coming down from $147 to under $50, our foreign reserve situation was at risk; and if your salary is halved, you have to cut down on your expenditure otherwise you will go broke.

“So, the adjustment itself was necessary. Now, whether it could have been handled differently and the issue of variations which are all being addressed now-from last week, there was a reversal of some of the policies and as you can see, the naira has now strengthened. “It is now N165 as at today and it will continue to strengthen as it is clear that there will be a convergence. What we need to do is to open up inter-bank market; to improve the bank open position limit; to go back to Wholesale Dutch Auction (WDAS) and to reverse some of the emergency measures that were taken, which were temporary as quickly as possible. “People do not really care if it is N150, N170 or N180 to the dollar, but people want to know, and, I think this is what you mean when you say instability, people want to know it is N180. If you import a shipload of rice at N180 to the dollar, you want to be sure that by the time you sell your rice and you want to buy the next ship, it is not N250. “That is really what you want; it is about managing expectations and I think it is being done extremely well and the best thing is to continue along these lines.”

On lending to Small and Medium Scale Enterprises, he said: “It is always extremely important to remember that the financial system is a transmission mechanism for monetary policy to the real sector. It does not provide other access.
“The policies on infrastructure, the regulatory framework, the PPP framework, the budget of the government are all parts of this process.
“What I think the CBN will do and what I will like to do is to increase the level of cooperation between the CBN and other arms of government; and, to recognize that the financial system is not island on its own and monetary policy has to be part of the total economic policy.
“Part of my role will be to tell the government what needs to be done if you want banks to lend for infrastructure. What kind of laws do you need to have? What kind of tax regimes do you want to have? What kind of policy consistencies do you want to have? What are the challenges of transparency and governance that discourage capitals from flowing to those areas?
“So, it will be more being a part of a total economic management team with a clear focus so that monetary policy and fiscal policies come together for the purpose of achieving these objectives.

“You would not solve the power problems of SMEs by simply lending them money; the man still needs a generator; he still needs diesel; now, if you can produce him with power, it reduces the cost of production; and suddenly a company that would not have qualified for loans now becomes qualified for loans because its cost of production has gone up and it becomes more profitable.

“It is an integrated policy and I think what we would like to do is see how CBN can play that role in shaping overall economic policy so that the financial system can optimize itself.”
Reacting to a question of the proposed common currency in the West African sub-region, Sanusi explained: “My job is made easier by the fact that I think, last week, the CBN has announced that we are not ready for it and that was because none of the countries involved in the eco-plan has actually met the conditions for convergence.”
According to him, “The first condition is single-digit inflation. None of us has that. The deficit should not be more than 4 per cent of GDP. CBN lending should not be more than 10 per cent of government revenue from tax of previous year; and foreign reserve should cover three months’ imports.
“Not all those countries have met these convergence criteria. The second thing is that there are certain fundamental economic conditions that are necessary before a common currency becomes viable, particularly the flow of resources, the free flow of labour, the free flow of capital. When that is done, we are then able to have a common currency. This is what happened in Europe.
“So, I think it is a very good idea; it will improve trade; it would create greater unity; it will provide us with greater security as we become integrated.
“We can see in Europe, with the common economic zone, the risk of war among the European countries gets reduced every time because of the fortunes of each country would be tied to the fortunes of its neighbours.
“We have very large markets. Nigeria has tremendous advantages in terms of its labour force; in terms of its industrial capacity and in terms of market that is within Nigeria and outside Nigeria in West Africa and we should take our leadership in this area.
“We must make sure that these steps are taken after we have met the fundamental economic conditions that have been set. This is what happened in Europe. People had to qualify to join the Euro zone and we need to make sure that we qualify before we have it.”
Asked to justify his economic model which he canvassed some years back, he said: “My critique actually focused on the critique of the naive belief that the market will solve all our problems and I think the answer has been provided with what has happened in the world today.
“Markets are very good and we should, as much as possible encourage private sector as an engine of growth. But if you have a free enterprise economy and you do not have strong regulations, checks and balances, that economy will be an engine running out of control.
“The substance of my contribution was that we should be a little bit more sceptical about some of the ideological things we have been taught about the market, some of the things that have come out of Structural Adjustment Programme (SAP); and that secondly, that we should ultimately think of economics not as a discipline in the fairy books.

“For me, economic growth and development is not about looking at GDP and interest rates. At the end of the day, we have 150 million Nigerians. When I ask whether Nigeria is improving economically or not, the question is how many Nigerians, who did not have three-square meal a day, now have three-square meal a day? “How many Nigerians, who did not have roofs over their heads, now have roofs over their heads? How many Nigerians, who did not have education, now have education? That is economic development. If your GDP is growing by 20 per cent and 90 per cent of your population is living in poverty, I do not see that as development.

“So, economics does not give you one answer; it gives you a variety of options. The choice of options is often not driven by economics but by political ideology. Whose interests are you interested in protecting first?
“…The constant theme was that if you cannot show that your economic policies have improved the wellbeing of the majority of the people, you cannot claim that you have succeeded. I think it was valid in 2005; it is valid today and it will be valid tomorrow.”

Responding to a question on redenomination, Sanusi said: “My views are known on the issue. I think it is cosmetic. I think it has been done in countries that suffered hyper-inflation. Turkey did it. Argentina did it. Israel did it. These are countries that suffered inflation of 700 per cent per annum, 1000 per cent per annum. They slashed five zeros and eight zeros and 10 zeros and they slashed again. “And, usually redenomination is done after you have conquered inflation; after you have completed reforms and you signal a new era. We have not reached that stage even if we are going to do it, I think it is premature.

“I have always expressed this view and certainly, it is not something I am going to pursue. Governor Soludo, I think this country should thank for a job well done. I think he was a very good governor; I think the CBN under his leadership had taken very bold moves. I think he has established a foundation on which we are to build.
“I will rather not say what I will do differently; I will say what are those areas that, I think need improvement and improve; what are those tasks that were not completed and complete; what are those things that need to be changed and change them.
“But in terms of the overall direction and the overall policies, I think he has done a very good job. He is very difficult to emulate now. Whether I will succeed as much as him, we have to wait for the next five years to judge. After five years, you can judge after I am confirmed by this Senate.”
On the value of naira, Sanusi stated, “The depreciation of the naira under Governor Soludo at the time it happened was absolutely necessary. There is no way with oil prices where they were and with our foreign exchange reserve at risk, a responsible Central Bank will continue subsidizing
“…It also happened at a very good time because as the naira was losing its value, commodity prices were falling and the cost of transport was falling; so we have actually not felt the full impact of devaluation because of reduction in other costs.
“But, however, as we know, it is important to restore confidence in the country’s currency. The oil market is strengthening and if we are able to move as fast as we say we want to move on infrastructure and the real sector, we should be able to sustain a very strong naira where we have economic growth.”
Meanwhile, the Senate, after grilling Sanusi, also screened Mr. Babatunde Lemo as Deputy Governor of the CBN.
He was presented to the Senate by President Umaru Musa Yar’Adua for renewal of his appointment.
Both nominations were unanimously approved by the Upper House.

busanga
Jun 4, 2009, 11:13 AM
I am on record to have asked the tribal jingoists to hold their fire. CBN is a unique organization, and nothing but an independent intellectual is fit to occupy that position following the tenure of Soludo. I think Sanusi fits based on his public record. He is more than qualified. It is left of course for him to perform.

Fjord
Jun 4, 2009, 11:17 AM
Sanusi scales Senate hurdle, unfolds agenda

From: The Guardian

First Bank names Onasanya CEO
From Azimazi Momoh Jimoh (Abuja) and Abiodun Fanoro (Lagos)

FOR over three hours yesterday, the Senate screened Mr. Sanusi Lamido Aminu Sanusi's credential to determine his competence for the job of the Governor of Central Bank of Nigeria (CBN).

Almost every senator present at the session had a question to ask Sanusi on his economic blueprint for Nigeria.

When it all ended, the Upper House confirmed Sanusi as the apex bank's governor. Until his nomination by President Umaru Musa Yar'Adua for the office on Monday, Sanusi was the managing director of First Bank Plc.

Also, the CBN's Deputy Governor, Mr. Babatunde Lemo, had his re-nomination for a second term by Yar'Adua confirmed.

To fill Sanusi's office at First Bank of Nigeria Plc is Stephen Onasanya, who was named by the bank's management as the new chief executive officer (CEO) yesterday.

A formal pronouncement on his appointment is expected shortly after possible ratification by banks' regulatory authorities, essentially the CBN.

Onasanya has over 23 years experience in the industry and until his appointment, an Executive Directot, Banking Operations and Services and CEO of First Pensions Custodian Nigeria Ltd, a wholly-owned subsidiary of First Bank.

Answering questions from the senators, Sanusi said the seven-point agenda of the Federal Government could easily be achieved if it was converted into two or three points.

Sanusi said he would work with the Federal Government to double its efforts to achieve the economic agenda. He also stressed the need for urgent development of infrastructure in the country.

Sanusi said: "In the seven-point agenda of government, critical infrastructure is the first item. My view is that until we address the infrastructural problem in this country, we will not even begin to solve our problems. As a matter of fact, my view is that in the seven- point agenda, if we could just focus on two or three things and finish them up in the next four years, we will be far more effective in contributing to this country than focusing on seven.

"This is a country where we do not have linkages. And because of the absence of linkages, we don't have economic growth. We produce gas and export it, we do not have power plant. We produce crude oil, we import refined petroleum products. If we can set up power plants, set up our refineries, their multiplier effects on the economy and on growth is amazing, and if we don't do that, we cannot grow.

"The small-scale industry that we talk about cannot survive without power. I have not heard anyone saying that infrastructure is not his priority, I think the question is how it can be achieved. But until we address the infrastructure problem, we will not be able to achieve our Vision 20:2020. I believe in the vision and I share the vision but I want us to do something today. If you ask me what I would do differently, I will say stop having visions, stop seeing visions," he said.

Sanusi, who also reviewed the stock market crisis, submitted that it might not return to its former glory so soon.

"Basically, you had a stock market that was an accident waiting to happen. The Nigerian Stock Exchange (NSE) has equities and no depth. Seventy per cent of the valuation of the stock exchange is banking stock. Now, anybody can tell you upfront that this is an unsustainable structure. Banks raise a lot of capital, they didn't have what to do with the money, they lent money to people who bought bank shares, the prices of the shares went up, other banks lent to other people who bought shares and we created a bubble. The price-earning ratio was too high, price to book was too high. We had a bubble that was bound to burst, it was just waiting for something to happen and when we had the crunch and money started going out, the market crashed.

"Now, we are approaching reasonable valuations, I don't think the market is ever going to go back to where it was, I think what we need to do is to ask ourselves, how did we get here? How did we not realise that it was dangerous for banks to have this kind of exposure to the capital market? Why did we not have a limit on the exposure that banks could take on the capital market?"

On the challenges posed by inflation to the economy, Sanusi said: "Inflation is a hydra-headed monster and I think what the CBN has been keen about is focus on inflation. There has been a tremendous amount of growth in money supply and that is likely to be inflationary. But distinguished senators, in a time of economic meltdown, even though there is a necessity to have price stability, the priority of the CBN is to make sure that there is sufficient liquidity in the system and that banks continue lending to the private sector. So, it is a very difficult balance, and this is one of the challenges we are going to have. How do we balance the concern of inflation and the concerns of growth?"

The governor showered encomiums on his predecessor, Prof. Chukwuma Soludo.

"I think this country should thank Soludo for a job well done, I think he was a very good governor, I think the Central Bank under his leadership has taken bold moves, I think it has established a foundation upon which we are to build. I would rather not say what I would do differently. I would see those areas that need improvement, what are those tasks that were not completed.

"In terms of the overall direction and overall policies, I think he has done a very good job and it is very difficult to emulate," he said.

The CBN chief however faulted the currency re-denomination policy of Soludo as he described it as "premature and unnecessary."

"On re-denomination, I think it has been done in countries that suffered hyper-inflation. Argentina did it, etc. These are countries that suffered inflation of 700 per cent yearly, 1,000 per cent yearly. They slashed five zeroes, eight zeroes and 10 zeroes. And immediately this re- denomination is done, I don't think you have conquered inflation. I think it signals a new era. We have not reached that stage, even if we are going to do it, I think it is pre-matured."

Meanwhile, former Attorney-General and Minister of Justice, Chief Richard Akinjide (SAN), has lauded the appointment of Sanusi as the boss of the CBN.

In an interview with The Guardian in Lagos yesterday, Akinjide said those criticising the President's choice were mischievous and deliberately playing ethnic politics, which had no basis in the history of appointment of CBN governors.

Akinjide urged those criticising the appointment on the basis of Federal Character principle to look at the immediate past where under former President Olusegun Obasanjo, both then Finance Minister, (Dr. Ngozi Okonjo-Iweala), the Director-General of the Nigerian Stock Exchange, (Prof. Ndidi Okereke-Onyiuke) and Soludo were not just from the Igbo ethnic nationality, but were from the defunct East Central State.

He noted that those appointments were made under Obasanjo when he also hailed from the South, arguing that there was nothing unusual about Yar'Adua coming from the same North as Sanusi.

Source: http://www.ngrguardiannews.com/news/article03//indexn2_html?pdate=040609&ptitle=Sanusi%20scales%20Senate%20hurdle,%20unfold s%20agenda
--------

Mr. Yar'Adua has probably made the most important nomination of his career... Yet, there's no magic pill for the seriously ill Nigerian economy. The National debt was paid off under Obasanjo's watch; that was a massive success considerign the state of Nigerian politics, policies and finances; perhaps Yar'Adua would also do something remarkable with a sharp man manning the CBN vaults.

We must wish Sanusi well; it's in no one's interest that he does not succeed; and, it is indeed unfair to claim (at this point, at least) that he's there to serve their Northern lordships. We hope he's better than that, and we suspect he is.
.

dem
Jun 4, 2009, 12:25 PM
I am on record to have asked the tribal jingoists to hold their fire. CBN is a unique organization, and nothing but an independent intellectual is fit to occupy that position following the tenure of Soludo. I think Sanusi fits based on his public record. He is more than qualified. It is left of course for him to perform.

@Busanga,

Lol.

At least you've got some humour left in you.

busanga
Jun 4, 2009, 01:45 PM
@Busanga,

Lol.

At least you've got some humour left in you.

I sure do..:D

Fjord
Jun 4, 2009, 02:02 PM
@Busanga,

Lol.

At least you've got some humour left in you.

LOL.

Humour lurks in all sorts of places; it's there, even of unintended :D

.

katampe
Jun 4, 2009, 02:56 PM
I worked for UBA in Plateau and Nassarawa states many years ago to recover some of their loans, especially the agricultural loans as a consultant. In the end, I concluded they had a bad organization and risk management structure because they shared out loans amongst the defaulters with the connivance of the bank managers in those regions.

Why they gave out loans and on unsound collateral is beyond me.Also, they no longer had records to even trace the defaulters or the assets. They barely had information to guide me in my work. I had to use property records and the various land ministries to trace assets and owners and built a an asset record database from scratch, and when eventually I ended up locating some of the defaulters, some were dead and had their poverty stricken families left behind with all sorts of family problems, some created by impact of the loans, some had abandoned the cities where they once lived and had ended up in the bushes, while others lived in huts with no specific addressees, that it took extra efforts similar to using modern day GPS to locate their huts by coordinates.

This is how elites get taken again. What should be within the public domain should be measurable performance like theoretical papers written, targets and innovation achieved while at UBA, comments from colleagues, old school mates and areas of economics where he seems sound and his economic ideology. As far as I am concerned, this guy won't do jack based on a very thin resume.It is all talk, bow tie and there would be no action. If he indeed worked in UBA and was their risk manager, it is a question of time before the gains of Soludo/Obasanjo years are swept away nicely. I am not persuaded one bit he is the right fit.

These folks are all crazies, they hardly understand that at this stage of our national life, especially at a time we are building institutions, we need thorough going academicians, bold and creative that can build systems from scratch and have had a level of exposure that has a global span not restricted to the Nigerian environment. This guy can't measure up, he still needs to be groomed under serious minded people and on one or two overseas attachment.

It does not take much to speak English, he went to Kings College, Peter Enahoro was at Kings College and he writes beautifully and better than most Nigerian University graduates, even better than Obafemi Awolowo in my opinion.Yet, ideas have more to do with span and scope, lived and work experience, technical education. Bringing in someone outside of the banking industry, or even outside of the country would have been more like it. It is a globalized world now, comfort level sometimes comes from a combination of living it and theorizing it. This is another sham appointment.


The man has not excelled in the world of finance. If you know a little bit about the history of Banking in Nigeria, you will know how terrible legacy UBA was at Risk Management, racking up fines, penalties and suspensions along the way. The post merger UBA was not any better, it couldn't have been, as the defunct STB was also a serial offender, and the traits of the offspring of the marriage is very clear to the discerning.

So you regard Keem Bello Osagie and Elumelu's Risk manager as a thoroughbred specialist???

There are verifiable proofs for this one, go check out the Reports for UBA during Sanusi's tenure as Head of Risk Management, and see with your own eyes. Do you know the billions FBN has written off as "exceptional items" during his time as ED-Risk mgt?

busanga
Jun 4, 2009, 05:49 PM
These folks are all crazies, they hardly understand that at this stage of our national life, especially at a time we are building institutions, we need thorough going academicians, bold and creative that can build systems from scratch and have had a level of exposure that has a global span not restricted to the Nigerian environment.

I disagree with you. We do not need academicians. We need pragmatists. people who can do. Nigerian academicians for the most part are all talk and theory, and no action. We can disagree on the quality of the appointment of course, but I am pleased that at least we are having the debate on quality not ethnic origin any more: and we need not ridicule ourselves on that par.


This guy can't measure up, he still needs to be groomed under serious minded people and on one or two overseas attachment.
He doesn't need any grooming under any geriacratic system that will only stiffle innovation and squeeze fresh thinking out of him. A 31 years old is currently restructuring America's car industry in the White House- fresh out of Yale Law School. This only "old is good" mentality will only destroy our youth and starve us of innovation.

When I examine the retort of Sanusi and his response to the questions of using economic model, bank consolidation, GDP growth and redenomination of the Naira- I think he is a solid appointment in words. In deeds? I will have to be a witch to know that. He has 5 years to prove himself, and he said as much himself. He has a very tough act to follow in Soludo. But I have an open mind.

tonsoyo
Jun 4, 2009, 06:09 PM
Katampe thank you very much for your depth.

What do I see here? The usual aluta-like roman mob reaction to not necessarily a person with good potential to perform but a good commentator. CBN Governorship is serious business not a political rally, where you say things with sugar-coated mouth just to win an election.

I remember in our Ife days, the moment a candidate who can memorize very well comes out on the Speech Night and say stuff like, 'in 1856 John Locke said....' In 1962 JFK said...' the next thing you will hear from the mob is a chant of "you don win, you don win..." what did John Locke say, they could not care less, they are already cool with 'John Locke said...'

Fellow Nigerians, welcome to another 'John Locke said...CBN Governor!

There is no doubt this guy is very articulate and a good communicator, well he would be a good campaigner and politician, do I think he would make a good CBN Governor? The answer is no.

Number one Risk Managers do not make good Operation and Credit Managers, skill required to be a successful CBN Governor. In my days in the banking sector in Nigeria we posted one from the Inspectorate, as Risk Management dept is used to be known as the Manager in charge of Operations to one of our branches, in three months we have lost 30% of our customers to competitors due to his overzealousness and unnecessary officiousness to credit advances to customers.

Number two, I just read his well articulated problems with Nigeria, especially the issue of infrastructure, as posted by Busanga, but I did not see just one specific strategy on how he intend to tackle all those things he said as the CBN Governor. He even declined to state what he would do differently from Soludo, is that not ridiculous? Then why remove Soludo? Just to fill a quota? He has only succeded in reeling back to us things we have always known from our High School Economics and Agricultural Science classes, in a well embellished manner. No single advanced structural solution offered.

Forget about his work at UBA, we all know that UBA had a terrible risk portfolio. He was sent on internship as the MD of First Bank to prepare him for this post, because those who owned Nigeria already knew that Soludo's term would not be renewed.

One thing that tells me that he is most likely to fail, is his overemphasizing of his experience as risk manager.

Nigeria is generally a volatile environment to do business, we operate a 'cash and carry' economy, the real sector of the economy is non-existence. Therefore anybody that is risk aversed cannot manage our banks, it is a high risk business environment, otherwise he would kill the banks.

He has also sent a signal, signifying the end of Soludo's consolidation. He claimed that consolidation is good but not all banks need such huge capital base. But wait a minute people, who would want to look for 25Billion Naira to float a bank, when you can do it for a lot less?

What is going to happen in the next two years? Many mushroom banks would start to spring up again, because it is already apparent that this guy would create other classes of mushroom banks and thereby create a new loophole for another proliferation of 419 banks.

I wish him well and goodluck to all you Hossanah singers, please do not let me hear you crying crucify him tomorrow.

Dapxin
Jun 4, 2009, 06:23 PM
This is another sham appointment.

Its Yaradua! Its Nigeria! What were you thinking ?

Ok! Permit me to be evil. Have you seen the guys picture all over ?

Call me Krazy, but he cuts all the face of what you check and scream within you "crook".

As I said, Yaraduanism holds or owes no surprises. CBN ===> heading to the rock!

yet again. As BBC gracefully put it the other day only Nigeria can defeat Nigeria

gwobezentashi
Jun 4, 2009, 06:54 PM
Look what Soludo has caused with all his abracadabra?

Now every clown fancies themselves as Sorcerers.

Even plonkers who cannot predict whether dem wife go give dem congo shine tommorrow are predicting what is going to happen to the economy with Sanusi at the CBN.

The campaign for second term is over. Why some people no go give am a rest? The magician don kapoot. He don go. He no dey come back. Haba! Yes, we know say nobody else fit be for una eye. We don hear. But somebody else don be. Haba.

Kai, Nigeria na wa!

Aluta!


Gwobezentashi

Dapxin
Jun 4, 2009, 08:33 PM
Look what Soludo has caused with all his abracadabra?

Now every clown fancies themselves as Sorcerers.

Even plonkers who cannot predict whether dem wife go give dem congo shine tommorrow are predicting what is going to happen to the economy with Sanusi at the CBN.

The campaign for second term is over. Why some people no go give am a rest? The magician don kapoot. He don go. He no dey come back. Haba! Yes, we know say nobody else fit be for una eye. We don hear. But somebody else don be. Haba.

Kai, Nigeria na wa!

Aluta!


Gwobezentashi

Do I find that you try to speak from at least 2 sides of your mouth ? in this case type ?

denker
Jun 4, 2009, 08:57 PM
Look what Soludo has caused with all his abracadabra?

Now every clown fancies themselves as Sorcerers.

Even plonkers who cannot predict whether dem wife go give dem congo shine tommorrow are predicting what is going to happen to the economy with Sanusi at the CBN.

The campaign for second term is over. Why some people no go give am a rest? The magician don kapoot. He don go. He no dey come back. Haba! Yes, we know say nobody else fit be for una eye. We don hear. But somebody else don be. Haba.

Kai, Nigeria na wa!

Aluta!


Gwobezentashi

This is observably an apparent trait of arrogance and a product of a stupid child. We can make our comments without being insultive and condescending.

Ewuro
Jun 4, 2009, 10:06 PM
Sanusi quoted from the most elementary texbooks on Risks. Soludo's faith was sealed since he announced the denomination of the naira. The so called parallel or blackmarket currency exchange trade is dominated by Hausa people. The capitalisation of the banks destroyed the mega income being made by a few influential Hausa who owned those banks that were not better than the money changing man on Broad st, lagos. Obasanjo's economic policy was seen to have worked against parasitic Hausa who would purchase the dollar a 35 naira from central bank in IBB-Abacha days and sell it for 120 naira.
Tonsoyo is 100% correct. Sanusi would ensure we return to that miseconomic era. The Naira, would witness a further spiral fall in the face of economic downturn and much lower government revenue from the sale of crude oil. Black market activities would be on the rise for the chosen individuals.
There would be further attempts to stifle entrepeunership. Monopolies that made people like Dangote mega-rich would be encouraged for the benefit of few individuals. Sanusi is bad news for the hardworking people of Nigeria.

Igboamaeze
Jun 4, 2009, 10:43 PM
Look what Soludo has caused with all his abracadabra?

Now every clown fancies themselves as Sorcerers.

Even plonkers who cannot predict whether dem wife go give dem congo shine tommorrow are predicting what is going to happen to the economy with Sanusi at the CBN.

The campaign for second term is over. Why some people no go give am a rest? The magician don kapoot. He don go. He no dey come back. Haba! Yes, we know say nobody else fit be for una eye. We don hear. But somebody else don be. Haba.

Kai, Nigeria na wa!

Aluta!


Gwobezentashi

--------------------

Aaa-booo-ki!

I cee say I don fisam for de gworo na him make I de blow big grammar.
Oya, jus wait there make I gwo kwom. I go bring am for gworo, kunu and fura.

Aaa-bbooo-kkiii ...!!!

bob
Jun 5, 2009, 02:33 AM
like the googled one said (when asked by diya why he wanted to retire madueke and ali) :

people serve and people go.

gwobezentashi
Jun 5, 2009, 03:59 AM
Getting out of Soludo’s Box

Soludo is gone. That is good for the Nigerian economy. For those who have been following this column, my views on the official voodoo statistics, kalo-kalo economics, and on some of our zombie banks he championed should be, by now, very familiar. Disappointingly, the former CBN Governor refused to go quietly and chose to use the media to get re-appointed.

Yes, media attention can amplify faults, and ignore successes. But with a fat budget and well connected and seasoned spin-doctors one can also reverse the order; successes get amplified, faults are ignored. But you must be careful not to end up believing your own propaganda and end up admiring yourself so much that you fail to see your faults or flaws.

He seemed not only convinced of his infallibility; he did not have the modesty to even listen to alternative views. His policies excluded a large segment of the population and deliberately favoured others. The fate of Bank of the North I blame on the governors of the owner states. But the way Zenith, UBA, Oceanic and Diamond were unduly favoured was part of his legacy. At departure he even wanted to eliminate the other players in the foreign exchange market, leaving the bureau de change to his cronies and staff of the CBN who could afford to raise the N500 million he required for registration, as well as the $200,000 deposit.

His undue obsession with size of bank-capital, and tying that to a bank’s participation in managing our foreign reserves, helped fuel the stock market bubble that busted only recently. The ugly competition, unethical practices, lax (and even no) proper reporting and supervision were all factors that contributed to the mess in the sector. So too, the “de-marketing” campaigns that resulted from banks that were angry with the other banks he was showing undue favours to. He refused to consider alternative arguments for specialised, medium-scale or regional banks. And six months after changing currencies he wanted to give out contracts for some crazy re-denomination. We can go on and on.

Here I am only going to focus on the way and manner he and the cabal went about trying to secure a second term. Not just the vast amounts used to buy a section of the press and to organise sectional support and disinformation. My focus is on the admirable way Nigerians refused to buy into the retrogressive, inciting and cheap, ethno-religious campaigns to ensure his Second-term.

If the twentieth century has taught us any hard lesson it is this: societies are not engineered structures, built in the manner of roads and bridges. Rather, they are self-assembling social entities that reconstruct themselves constantly anew, as someone once said, based on “the foundations of shared tacit values, explicit rules, predictability and continuity”.

The media packaging the Second-term project made a fundamental mistake. They wanted to put Nigerians into “boxes” marked “Hausa/Fulani”, “Igbo” “Kano”, “Anambra” and so on. They sought to appeal to some groups to support Soludo based on belonging to one “box” or the other. Of course they even used fear as a weapon, warning of the cataclysm likely to follow if Yar’adua dared to replace their man. However this attempt to “box” people failed. The President on his part felt that it was better to have a fresh hand in CBN.

The media was more concerned with asserting the virtues and wisdom of their man and not with attempts to give a balanced appreciation of the issues at stake. It focused its’ message to meet the values and preconceptions of the intended target audience, the right “boxes”.

Unfortunately, agreements and solidarity are attained when all the parties concerned feel they will win from the outcomes. Being no longer reliable members of tribal or other social categories, Nigerians reacted differently. They refused to rely only on how things were presented. The phenomenon is known as “unboxing”: we are no longer constrained to one “box”, but are denizens of many “boxes”: religious groups, alumni networks, business and professional groups, for example. Indeed, our youth are more of NETIZENS, more at home online (in Facebook, blogs, and the Web generally, surfing, twittering and e-mailing) than in their native villages.

Tribal allegiance and “box-mentality” still exist, don’t get me wrong. I am only saying that we should be glad with the emerging trend of discussing and appraising national issues outside the box.

With Mansur Mukhtar (in Finance), Sanusi Lamido Sanusi (in CBN), Ganiyu Ogunleye (in NDIC) we expect sound, objective, and more inclusive economic and financial policies, proper supervision and regulations as well as less posturing and greater openness. If they can confront the resistance and sabotage that will come from the cabal Soludo pampered and supported, we should see a new dawn in monetary policy, administration and control.

http://www.news.dailytrust.com/index.php?option=com_content&view=article&id=688&catid=49

Dapxin
Jun 5, 2009, 04:34 AM
Getting out of Soludo’s Box


With Mansur Mukhtar (in Finance), Sanusi Lamido Sanusi (in CBN), Ganiyu Ogunleye (in NDIC) we expect sound, objective, and more inclusive economic and financial policies, proper supervision and regulations as well as less posturing and greater openness. If they can confront the resistance and sabotage that will come from the cabal Soludo pampered and supported, we should see a new dawn in monetary policy, administration and control.

Really interesting box you got there!

Ochi Dabari
Jun 5, 2009, 05:30 AM
Chiagozie,

We do hope he performs. The issue is not the MAN but the strings that will pull him. We have many pseudo bankers waiting in the wings, waiting for him to reduce the capital base, and they will then set up one-room banks. Not to talk about his mallam currency sellers - they now have the man to set 3 exchange rates. People fail in Nigeria, not necessarily because they are incompetent; they fail because they dance to the tunes, and this man is giving the musicians what is pleasing to the ears.

ochi


I was opportune to watch the live transmission of Mr Sanusi's screening at the senate yesterday. I must confess that I initially had serious misgivings on his candidacy, but listening to the man talk, I found them being swept away to be replaced by an euphoria that made me giddy with pleasure. From his speech and his answers to questions giving. at least up to when Nepa decided to cut short my viewing, I now believe that Soludo could not have wished for a better successor. The man will go far.

Ranter
Jun 5, 2009, 05:51 AM
I like Soludo,I admire Sanusi, what I hate is all the politics of every event in Nigeria.

Gwobe, How old are you again?

Fjord
Jun 5, 2009, 07:45 AM
He doesn't need any grooming under any geriacratic system that will only stiffle innovation and squeeze fresh thinking out of him. A 31 years old is currently restructuring America's car industry in the White House- fresh out of Yale Law School. This only "old is good" mentality will only destroy our youth and starve us of innovation.

The fact - of the 31-yr old - is misleading. To add to the 'mystery', he's not even completed his law degree. What he may lack inlengthy experience, he does in an excellent track record and a talent for attention to detail. He's also co-authored a book: 'Delivering on debt relief', see: http://books.google.com/books?id=vr2Lm0Zn3CkC&dq=Delivering+on+debt+relief&printsec=frontcover&source=bn&hl=en&sa=X&oi=book_result&resnum=4&ct=result|

There're articles in the American media (online, of course) detailing why he's excellent for this job. Sanusi's track record on economics/finance and professional stuff like that is light, quite very much so too. There's no way to get around that inconvenient fact.

.

Igboamaeze
Jun 5, 2009, 08:24 AM
Getting out of Soludo's Box

Soludo is gone. That is good for the Nigerian economy. For those who have been following this column, my views on the official voodoo statistics, kalo-kalo economics, and on some of our zombie banks he championed should be, by now, very familiar. Disappointingly, the former CBN Governor refused to go quietly and chose to use the media to get re-appointed.

Yes, media attention can amplify faults, and ignore successes. But with a fat budget and well connected and seasoned spin-doctors one can also reverse the order; successes get amplified, faults are ignored. But you must be careful not to end up believing your own propaganda and end up admiring yourself so much that you fail to see your faults or flaws.

He seemed not only convinced of his infallibility; he did not have the modesty to even listen to alternative views. His policies excluded a large segment of the population and deliberately favoured others. The fate of Bank of the North I blame on the governors of the owner states. But the way Zenith, UBA, Oceanic and Diamond were unduly favoured was part of his legacy. At departure he even wanted to eliminate the other players in the foreign exchange market, leaving the bureau de change to his cronies and staff of the CBN who could afford to raise the N500 million he required for registration, as well as the $200,000 deposit.

His undue obsession with size of bank-capital, and tying that to a bank's participation in managing our foreign reserves, helped fuel the stock market bubble that busted only recently. The ugly competition, unethical practices, lax (and even no) proper reporting and supervision were all factors that contributed to the mess in the sector. So too, the "de-marketing" campaigns that resulted from banks that were angry with the other banks he was showing undue favours to. He refused to consider alternative arguments for specialised, medium-scale or regional banks. And six months after changing currencies he wanted to give out contracts for some crazy re-denomination. We can go on and on.

Here I am only going to focus on the way and manner he and the cabal went about trying to secure a second term. Not just the vast amounts used to buy a section of the press and to organise sectional support and disinformation. My focus is on the admirable way Nigerians refused to buy into the retrogressive, inciting and cheap, ethno-religious campaigns to ensure his Second-term.

If the twentieth century has taught us any hard lesson it is this: societies are not engineered structures, built in the manner of roads and bridges. Rather, they are self-assembling social entities that reconstruct themselves constantly anew, as someone once said, based on "the foundations of shared tacit values, explicit rules, predictability and continuity".

The media packaging the Second-term project made a fundamental mistake. They wanted to put Nigerians into "boxes" marked "Hausa/Fulani", "Igbo" "Kano", "Anambra" and so on. They sought to appeal to some groups to support Soludo based on belonging to one "box" or the other. Of course they even used fear as a weapon, warning of the cataclysm likely to follow if Yar'adua dared to replace their man. However this attempt to "box" people failed. The President on his part felt that it was better to have a fresh hand in CBN.

The media was more concerned with asserting the virtues and wisdom of their man and not with attempts to give a balanced appreciation of the issues at stake. It focused its' message to meet the values and preconceptions of the intended target audience, the right "boxes".

Unfortunately, agreements and solidarity are attained when all the parties concerned feel they will win from the outcomes. Being no longer reliable members of tribal or other social categories, Nigerians reacted differently. They refused to rely only on how things were presented. The phenomenon is known as "unboxing": we are no longer constrained to one "box", but are denizens of many "boxes": religious groups, alumni networks, business and professional groups, for example. Indeed, our youth are more of NETIZENS, more at home online (in Facebook, blogs, and the Web generally, surfing, twittering and e-mailing) than in their native villages.

Tribal allegiance and "box-mentality" still exist, don't get me wrong. I am only saying that we should be glad with the emerging trend of discussing and appraising national issues outside the box.

With Mansur Mukhtar (in Finance), Sanusi Lamido Sanusi (in CBN), Ganiyu Ogunleye (in NDIC) we expect sound, objective, and more inclusive economic and financial policies, proper supervision and regulations as well as less posturing and greater openness. If they can confront the resistance and sabotage that will come from the cabal Soludo pampered and supported, we should see a new dawn in monetary policy, administration and control.
http://www.news.dailytrust.com/index.php?option=com_content&view=article&id=688&catid=49

------------

Aaa-bbb-ooo-kkk-iii !!!

Welukom to yua nuu don oo.

I say chofam for gworo and spare us ur grama but e be liak say you no likam for gworo agenn, abi?

Aaa-bbb-ooo-kkk-iii...!!!

Felix
Jun 5, 2009, 11:09 AM
Why Soludo was dropped –Northern Group


The Northern Patriotic Front (NPF) yesterday disclosed the underlying factor which militated against the re-appointment of the immediate past Governor of the Central Bank of Nigeria (CBN), Professor Charles Chukwuma Soludo for a second term, despite his widely applauded reforms in the banking sector.

NPF National Chairman, Alhaji Ali Abacha, told Daily Sun in an exclusive interview in Abuja, that pressure was indeed, mounted on President Umaru Yar'Adua by formidable northern groups and power brokers in ensuring that Soludo was not given a second term of office. Their grievance was based on the belief by a cross section of northerners that most of his financial policies, especially relating to foreign exchange, were not favourable to the north.

According to Abacha, "Soludo introduced some policies that were too harsh for the North. So, when his tenure expired, we said there was no need for extension, that they should get somebody from the North who is competent. And because most of our people are not educated as they are basically farmers, we wanted somebody who would give priority attention to agriculture."

While admitting that the erstwhile CBN boss exhibited competence in the discharge of his duties, the NPF however, insisted that most of his policies further pauperized the northern masses.Said Abacha: "If you take the foreign exchange which has a large number of northerners involved in the business, he introduced a lot of stringent conditions and most of our people in the trade are not educated. They faced a tough times during his five year tenure. The policies are only good for advanced countries, not in Nigeria where education is still low and poverty still high, especially in the North".

Reacting to allegations that President Yar'Adua play the ethnic card particularly with the appointment of core members of his economic team the Minister of Finance, Presidential Economic Adviser, Minister for National Planning, and the Governor of CBN, among others, the NPF said the appointments were made by President Yar'Adua in his quest for credible people to move the nation forward, adding that "there is nothing wrong in Yar'Adua appointing northerners in key positions".

The NPF chairman spoke further on various appointments made so far by President Yar'Adua, against the backdrop of the group's position at a recent meeting in Abuja . His words: "The Northern Patriotic Front rose from its last weekly meeting in Abuja where it X-rayed the actions of the President on various appointments made within the period as well as other national issues. The NPF commends the President for the confirmation of the appointment of Dr. Bernard Shaw Nwadialo as the Comptroller General of Customs. The meeting commended the President for his decisions and debunked the insinuation by some unpatriotic persons accusing him of being sectional in his appointments.

The NPF urges the President to continue in his efforts towards taking Nigeria to greater height, and hopes that by the appointment, the Comptroller General of Customs will use the opportunity to turn around the Nigeria Customs Service for the attainment of Vision 20-2020"
Abacha, who however, conceded that President Yar'Adua's seven-point agenda is too bogus for effective implementation urged him to reduce his programmes to a manageable level. "If he had concentrated only on agriculture and power, we would have achieved a lot in the past two years of his administration," he noted

LINK: http://www.sunnewsonline.com/webpages/features/newsonthehour/2009/june/05/newsbreak-05-06-2009-001.htm

Fjord
Jun 5, 2009, 11:48 AM
According to Abacha, "Soludo introduced some policies that were too harsh for the North. So, when his tenure expired, we said there was no need for extension, that they should get somebody from the North who is competent. And because most of our people are not educated as they are basically farmers, we wanted somebody who would give priority attention to agriculture."

CBN governor to give some priority to agriculture?

What's happening here??


If you take the foreign exchange which has a large number of northerners involved in the business, he introduced a lot of stringent conditions and most of our people in the trade are not educated. They faced a tough times during his five year tenure. The policies are only good for advanced countries, not in Nigeria where education is still low and poverty still high, especially in the North".

Well then, a relaxation of those stringent conditions will be a measure of Sanusi as CBN governor. And this is the chairman of the NPF??


Abacha, who however, conceded that President Yar'Adua's seven-point agenda is too bogus for effective implementation urged him to reduce his programmes to a manageable level. "If he had concentrated only on agriculture and power, we would have achieved a lot in the past two years of his administration," he noted

Lol. If the programs are bogus, why should any sane person encourage a reduction followed by implementation? Na real wah o.

TGIF anyway. Lots people gone bananas in the Banana Republic.
.

gwobezentashi
Jun 5, 2009, 01:34 PM
I like Soludo,I admire Sanusi, what I hate is all the politics of every event in Nigeria.

Gwobe, How old are you again?

Moi?? As old as I feel!!


------------

Aaa-bbb-ooo-kkk-iii !!!

Welukom to yua nuu don oo.

I say chofam for gworo and spare us ur grama but e be liak say you no likam for gworo agenn, abi?

Aaa-bbb-ooo-kkk-iii...!!!

Kai dan banza. Abokin uwaka!


CBN governor to give some priority to agriculture?

What's happening here??



Well then, a relaxation of those stringent conditions will be a measure of Sanusi as CBN governor. And this is the chairman of the NPF??



Lol. If the programs are bogus, why should any sane person encourage a reduction followed by implementation? Na real wah o.

TGIF anyway. Lots people gone bananas in the Banana Republic.
.

Mallam Abacha is entitled to his perspective. Pedestrian as they may be. At least we can see his angle. Can we say the same for many here?



Aluta!


Gwobezentashi

katampe
Jun 5, 2009, 01:41 PM
There is a total disconnect between elites from the north and those from the south. I was one of the few people that supported the idea of a third term for Obasanjo for no other reason than this reason and also to enable him see through his economic policies.Now we will see a rolling back back to the debt days.

I knew for all the madness and corruption many accused Obasanjo of, his madness and corruption would be minuscule compared to the present occupant and I also wanted the third term for him to have enough time for the grooming and raising of the profile and clout of some of his northern lieutenants with continued success of some of his economic policies.

Yet, for some reason, many frowned against the idea, believing democracy and its benefits were automatic.Yar Adua and his folks will embark on a new era of spending and debt acquisition, against the money earned and loaned on oil from the Niger Delta. All the gains made so far with the Iwealas, Soludo's, Rufai's and the Ribadu's will be wiped out or rolled back.

In the world of sane international politics, we are gradually becoming a pariah and wretched nation all over again. Mind you, it took a term of Obasanjo presidency to restore us, and the enlisting of Iweala to restructure our debt office and reconcile how much Nigeria really owed and pushed forward our nation's debt reduction and payment.

Nigerians cannot wish for democracy the way it is practiced in the western world. We don't have institutions , neither do we have gifted politicians that can make it happen.The level of education is poor and the access for kids from poor backgrounds is limited. The thoroughness of that education that gives a holistic understanding that enlightens possible poor and gifted Nigerians for the office of the president is non-existent.

The privileged kids and the beneficiaries of modern day feudal systems will be the beneficiaries of slots for political offices especially from the north. The more we progress into the future the inability of poor kids from the north to have real access to quality education will increase phenomenally, mind you overseas scholarship is now no longer existent.

Hence the gap in thinking, amongst northern kids, and amongst southern kids who pull themselves from the bootstraps, migrate overseas to receive quality education through support of family members and their own personal effort will continue to further the gap, and create a vision that differs amongst each group fundamentally.

While carpetbaggers would hold forth mostly in the South, feudal beneficiaries will hold forth mostly in the north.This explains one aspect of the psychology of entitlement that is common with northern elites. They have the political power by virtue of their birth, and the mass of poverty stricken and uneducated people that continue to defer to them.

Mind you my definition of the north speaks to the core Muslim north where northern minorities that are Christians are hardly part of. This north excludes their minorities that are similar in character traits and have the vision and ambition like their southern counterparts.

Until people understand Nigeria for what it is, and readjust their lenses in interpreting political activities, we might not get anywhere. The core northern politicians will continue to drag the country back not because they want to, but because that is the way they do business and understand it in their culture. And politicians will have no choice but to dance to their tunes.

We lost progressive men in the mold of Nasir El Rufai, and Nuhu Ribadu , they would have helped flush out those with these feudal mindset and also institute a culture of hard work, progressive politics and accountability even though their methods would not have been perfect by western standards.

If Nigeria has to survive at this rate, considering the fact that the north has political power of the vote in our democracy, then there has to be a new political arrangement that allows each region of the country determine its fate and allows each region to source its own revenue. Until then, the elites in the north will never be held accountable and their collaborators in the south will never be taken to task because they feed of one another in the politics of corruption that continues to hold the country backward.


NPF National Chairman, Alhaji Ali Abacha, told Daily Sun in an exclusive interview in Abuja, that pressure was indeed, mounted on President Umaru Yar’Adua by formidable northern groups and power brokers in ensuring that Soludo was not given a second term of office. Their grievance was based on the belief by a cross section of northerners that most of his financial policies, especially relating to foreign exchange, were not favourable to the north.

According to Abacha, “Soludo introduced some policies that were too harsh for the North. So, when his tenure expired, we said there was no need for extension, that they should get somebody from the North who is competent. And because most of our people are not educated as they are basically farmers, we wanted somebody who would give priority attention to agriculture.”

While admitting that the erstwhile CBN boss exhibited competence in the discharge of his duties, the NPF however, insisted that most of his policies further pauperized the northern masses.Said Abacha: “If you take the foreign exchange which has a large number of northerners involved in the business, he introduced a lot of stringent conditions and most of our people in the trade are not educated. They faced a tough times during his five year tenure. The policies are only good for advanced countries, not in Nigeria where education is still low and poverty still high, especially in the North”..

tonsoyo
Jun 5, 2009, 03:33 PM
There is a total disconnect between elites from the north and those from the south. I was one of the few people that supported the idea of a third term for Obasanjo for no other reason that this reason and also to enable him see through his economic policies.Now we will see a rolling back back to the debt days.

I knew for all the madness and corruption many accused Obasanjo of, his madness and corruption would be minuscule compared to the present occupant and I also wanted enough time for the grooming and raising of the profile and enough clout of some of his northern lieutenants with the success of some of his economic policies.

Yet, for some reason, many frowned against the idea , believing democracy and its benefits were automatic.Yar Adua and his folks will embark on a new era of spending and debt acquisition, against the money earned and loaned on oil from the Niger Delta. All the gains made with the Iwealas, Soludo's, Rufai's and the Ribadu's will be wiped out or rolled back.

In the world of sane international politics, we are gradually becoming a pariah and wretched nation all over again. Mind you, it took a term of Obasanjo presidency to restore us, and the enlisting of Iweala to restructure our debt office and reconcile how much Nigeria really owed pushed forward our nation's debt reduction and payment.

Nigerians cannot wish for democracy the way it is practiced in the western world. We don't have institutions , neither do we have gifted politicians that can make it happen.The level of education is poor and the access for kids from poor backgrounds is limited. The thoroughness of that education that gives a holistic understanding that enlightens possible poor and gifted Nigerians for the office of the president is non-existent.

The privileged kids,and the beneficiaries of modern day feudal systems will be the beneficiaries of slots for political offices especially from the north. The more we progress into the future the inability for poor kids from the north to have real access to quality education, mind you overseas scholarship is no longer existent.

Hence, the thinking amongst northern kids and those amongst southern kids who pull themselves from the bootstraps, migrate overseas to receive quality education with support of family members and their own personal effort will continue to create a gap, and a vision that differ amongst each group fundamentally.

While carpetbaggers would hold forth mostly in the South, feudal beneficiaries will hold forth mostly in the north.This explains one aspect of the pyschology of entitlement that is common with northern elites. They have the political power by virtue of the numbers and the fact the people will continue to differ to them.

Mind you my definition of the north speaks to the core muslim north where northern minorities that are christians are hardly part of. This north excludes their minorities that are similar in character traits and have the vision and ambition like their southern counterparts.

Until people understand Nigeria for what it is, and readjust their lenses in interpreting political activities, we might not get anywhere. The core northern politicians will continue to drag the country back not because they want to, but because that is the way they do business and understand it. And politicians will have no choice but to dance to their tunes.

We lost progressive men in the mold of Nasir El Rufai, and Nuhu Ribadu , they would have helped flushed out those with these feudal mindset and instituted a culture of hard work, progressive politics and accountability even though their methods would not have been perfect by western standards.

If Nigeria has to survive at this rate, considering the fact that the north has political power of the vote in our democracy, then there has to be a new political arrangement that allows each region of the country determine its fate and allows each region to source its own revenue. Until then, the elites in the north will never be held accountable and their collaborators in the south will never be taken to task because they feed of one another in the politics of corruption that continues to hold the country backward.


Thank you Katampe, I wonder what this forum will be without people like you, Ewuro, Deepthought, Fjord, Auspicious (when he is not busy doing his 'wetin you carry' job)

May I request your permission to use your wonderful analysis above on some other forum? Not cyber.

Unfortunately the Igbos are busy antagonizing the Yorubas, because they see them as rivals instead of focusing on the problems that confront us all.

Dapxin
Jun 5, 2009, 04:29 PM
I was one of the few people that supported the idea of a third term for Obasanjo for no other reason that this reason and also to enable him see through his economic policies

I understand the broader poser you raise, but darn! dont get started on this dangerous idea.

You NEVER place any form of trust on Objs! shoulders otherwise you would then find a way to separate his entire idi0cy from the ongoing Yaraduanism. Of which, he was the grand designer.

Its a painfull merry go round, but I totally reject the inherent slant to the idea that Obasanjo the murderer would have made the walk straighter, than is.

He got his 3rd term bro!


We lost progressive men in the mold of Nasir El Rufai, and Nuhu Ribadu , they would have helped flushed out those with these feudal mindset and instituted a culture of hard work, progressive politics and accountability even though their methods would not have been perfect by western standards.

Again, the same counter argument holds. The 2 men got it coming when they couldnt find the strength to confront the Obj con that destroys ontop of them. I dont blame them. Again I reject the idea that we can separate the ongoing idi0cy from its grand designer who did all that you argue towards his protection merely for his own agenda. !Not Nigeria's agenda.

As my dad puts it : Obj moves you 1 step forward, 99 backwards.

Essentially, you travel 100 steps, in the reverse and then he stares you in the face expecting a pat in the back....

Auspicious
Jun 5, 2009, 04:31 PM
Look what Soludo has caused with all his abracadabra?

Now every clown fancies themselves as Sorcerers.

Even plonkers who cannot predict whether dem wife go give dem congo shine tommorrow are predicting what is going to happen to the economy with Sanusi at the CBN.

The campaign for second term is over. Why some people no go give am a rest? The magician don kapoot. He don go. He no dey come back. Haba! Yes, we know say nobody else fit be for una eye. We don hear. But somebody else don be. Haba.

Kai, Nigeria na wa!

Aluta!


Gwobezentashi

To every 'kid' with whom he has an exchange with on this Forum, this guy continues to declare that he is an Agbalagbi - that is an Adult, as if he is entitled to a certain amount of obeiscance from them 'kids' he fights with.

But he acts and opines in a manner that is far less matured than many do here, getting unecessarily petty and going on about what-not anytime someone dares challenge some of his badly jaundiced views.

Behold, again, as he continues to make a fool of himself here..

Auspicious.

katampe
Jun 5, 2009, 05:00 PM
Please go right ahead my brother and thanks for the compliment. Your analysis and insight and that of others have also helped shape my consciousness on this forum. We rub of ideas from one another.

But seriously, we have a huge problem on our hands, some Nigerians just don't get it,and it is sad. I hope it does not cost us lost years and many regrets before we realize.


Thank you Katampe, I wonder what this forum will be without people like you, Ewuro, Deepthought, Fjord, Auspicious (when he is not busy doing his 'wetin you carry' job)

May I request your permission to use your wonderful analysis above on some other forum? Not cyber.

Unfortunately the Igbos are busy antagonizing the Yorubas, because they see them as rivals instead of focusing on the problems that confront us all.

RAHIM
Jun 5, 2009, 06:16 PM
Dear Villagers,
After observing many posters here turn this issue of non-qualification on the part of Sanusi to be appointed CBN governor to one of tribal politics and trading of insults i.e. one section of the country being called incompetent and do-no-gooders, I just want to add the following points:

As CBN governor, most Nigerians are of the opinion that Chukwuma Soludo did well and I ascribe to this school of thought but I would like to believe that his tribe or creed is irrelevant to his performance while in office. Other people from that region have been appointed to positions of power and have abused that office. The same argument could be raised in favour of Fashola, Ribadu, etc (really hard to pluck out names of leaders that have stood out in Naija).

The leadership of our country are the ones that are morally bankrupt, and have failed us, not the Igbos, Hausas, Yoruba, Ijaw, Ibibio, etc and that's the reason why wherever you go in Nigeria, North, South and East the story is all the same. Its is poverty and people scrapping to survive and the people representatives from the local govt chairmen, governors, senators are taking the people for a ride despite the resources available to them and that is why it is a struggle to pick up any bit of excellence amongst the aforementioned individuals.

Tribal profiling will not take us anyway. A poor and oppressed man is poor and oppressed irrespective of tribe or religion, all that' individual seeks is freedom and prosperity and it will not matter to him who delivers. Sanusi being the governor if CBN can only benefit me as a Nigerian ‘iff’ he performs and the WHOLE NATION feels a positive impact so to me, it doesn’t matter the tribe of these so called appointees. To all the local champions and tribalist, if you can start criticising from our local communities outwards all the way to the top, it will be easy to deduce that it is not one tribe that is pulling the country backwards, it is the so called ELITE.

Just my thought…

Mikky jaga
Jun 5, 2009, 06:39 PM
Please go right ahead my brother and thanks for the compliment. Your analysis and insight and that of others have also helped shape my consciousness on this forum. We rub of ideas from one another.

But seriously, we have a huge problem on our hands, some Nigerians just don't get it,and it is sad. I hope it does not cost us lost years and many regrets before we realize.

Katamps, before you get carried away by the compliments from Tonsy, remember this fact. OBJ is the sole architect of the present predatory regime we have in place in Nigeria today. Like he did in 1979 when he enthroned mediocrity in our body polity with his declaration that the best may not win, his quest for self preservation has pushed him into foisting Yaradozer on the Nation. The appointment of Sanusi and the statement of Abacha on the issue has shown that OBJ has pushed Nigeria hundred years backwards again.

There is no way OBJ can be divorced from the action or inaction of Yaradua, just like Tinubu cannot be denied assciation with the successes of Fashola. For anyone to even secretly wish for a third term for OBJ means the person does not understand who the wily fox was. The present regime is a continuation of OBJ legacy. Like he himself said when asked to comment on Yaradua's political reform agenda, he said: he could not see any reform taking place in Nigeria. It is still the same do or die politics. Yaradua is just OBJ minus his brash approach to issues.

tonsoyo
Jun 5, 2009, 08:34 PM
Katamps, before you get carried away by the compliments from Tonsy, remember this fact. OBJ is the sole architect of the present predatory regime we have in place in Nigeria today. Like he did in 1979 when he enthroned mediocrity in our body polity with his declaration that the best may not win, his quest for self preservation has pushed him into foisting Yaradozer on the Nation. The appointment of Sanusi and the statement of Abacha on the issue has shown that OBJ has pushed Nigeria hundred years backwards again.

There is no way OBJ can be divorced from the action or inaction of Yaradua, just like Tinubu cannot be denied assciation with the successes of Fashola. For anyone to even secretly wish for a third term for OBJ means the person does not understand who the wily fox was. The present regime is a continuation of OBJ legacy. Like he himself said when asked to comment on Yaradua's political reform agenda, he said: he could not see any reform taking place in Nigeria. It is still the same do or die politics. Yaradua is just OBJ minus his brash approach to issues.


Mikky,
You have apparently not been able to read and understand Katampe's position within context.
It looks like your blind hatred for OBJ has rendered you incapable of making an objective assessment of his ears. This has been the only area of my constant disagreement with you on this forum.

Dapxin
Jun 5, 2009, 08:51 PM
Mikky,
You have apparently not been able to read and understand Katampe's position within context.
It looks like your blind hatred for OBJ has rendered you incapable of making an objective assessment of his ears. This has been the only area of my constant disagreement with you on this forum.

Its not difficult to objectively construe the position Katampe took. At best, Katampe sums up the situation, predictable as it all was - the Nigerian tragedy.

What anyone mustn't do is attempt to dissociate Yaraduanism from the original architect, blind hatred or not.

Only from that moment on, can we proceed with further suffering 'contextualisations' which does even seem more laughable going with the recent idea that Ibori is the next VP of the federal republic.

For emphasis: there is no guarantee that were Obj to actually be in charge of Nigeria in actuall reality <he still is, in theory>, I dare he would have made the same decisions Yaradua is making<or being made on Yaradua's name>, except that he wouldnt have been dying as well on the other side as the clock ticks by.

tonsoyo
Jun 5, 2009, 08:54 PM
Dear Villagers,
After observing many posters here turn this issue of non-qualification on the part of Sanusi to be appointed CBN governor to one of tribal politics and trading of insults i.e. one section of the country being called incompetent and do-no-gooders, I just want to add the following points:

As CBN governor, most Nigerians are of the opinion that Chukwuma Soludo did well and I ascribe to this school of thought but I would like to believe that his tribe or creed is irrelevant to his performance while in office. Other people from that region have been appointed to positions of power and have abused that office. The same argument could be raised in favour of Fashola, Ribadu, etc (really hard to pluck out names of leaders that have stood out in Naija).

The leadership of our country are the ones that are morally bankrupt, and have failed us, not the Igbos, Hausas, Yoruba, Ijaw, Ibibio, etc and that's the reason why wherever you go in Nigeria, North, South and East the story is all the same. Its is poverty and people scrapping to survive and the people representatives from the local govt chairmen, governors, senators are taking the people for a ride despite the resources available to them and that is why it is a struggle to pick up any bit of excellence amongst the aforementioned individuals.

Tribal profiling will not take us anyway. A poor and oppressed man is poor and oppressed irrespective of tribe or religion, all that' individual seeks is freedom and prosperity and it will not matter to him who delivers. Sanusi being the governor if CBN can only benefit me as a Nigerian ‘iff' he performs and the WHOLE NATION feels a positive impact so to me, it doesn't matter the tribe of these so called appointees. To all the local champions and tribalist, if you can start criticising from our local communities outwards all the way to the top, it will be easy to deduce that it is not one tribe that is pulling the country backwards, it is the so called ELITE.

Just my thought…


RAHIM,
I do not know where you get this assessment from.
Efforts have been made by those who did not support the removal of Soludo on this forum to argue only on the basis of qualification alone without including tribal sentiments. Until that educated Almajiri posted a report by one Abacha (ANOTHER ABACHA! CHINEKE!) on why Soludo has to go, why, because his well acclaimed consolidation is not acceptable to the North!

Now tell me who has made the origin of Sanusi an issue? Even though we all know that Soludo was not removed because he was incompetent or for a better hand, but because a section of the country is not comfortable with his progressive posture. They preferred regressive, I did not say so, that Abacha did! Read the interview, he thinks Soludo was too sophisticated for the North, that is why he had to go.

They prefer a CBN Governor who will be preoccupied with how a Sokoto farmer gets his fertilizer, like CBN is an extension of Ministry of Agriculture. No wonder your brilliant Sanusi went before the Senate to talk that jargon about Kuta farmer.

Do you now know why his tribe is in issue or you still want to keep your head buried in the sand?

tonsoyo
Jun 5, 2009, 09:10 PM
Its not difficult to objectively construe the position Katampe took. At best, Katampe sums up the situation, predictable as it all was - the Nigerian tragedy.

What anyone mustn't do is attempt to dissociate Yaraduanism from the original architect, blind hatred or not.

Only from that moment on, can we proceed with further suffering 'contextualisations' which does even seem more laughable going with the recent idea that Ibori is the next VP of the federal republic.

For emphasis: there is no guarantee that were Obj to actually be in charge of Nigeria in actuall reality <he still is, in theory>, I dare he would have made the same decisions Yaradua is making<or being made on Yaradua's name>, except that he wouldnt have been dying as well on the other side as the clock ticks by.

Dapxin,
I am not surprised that this is coming from you, because you are Mikky's siamese twin brother when it comes to OBJ. You both are incapable of objective analysis, that in itself is another tragedy of Nigeria. When well lettered people like you guys refuse to be reasonably objective for reasons best known to you.
I do not like OBJ either!

Why not turn around and blame it all on IBB because he conspired with Abubakar and Danjuma to give us OBJ himself, OBJ did not give us himself, neither would he have been our first choice.

You remember how they robbed the South of a voice when Danjuma said "you cannot be the. King and the Kingmaker" saying the North would determine who gets it in the South.

Now tell me why your blame should not be extended beyond OBJ himself? You guys are just being clever by the half.

RAHIM
Jun 5, 2009, 09:22 PM
RAHIM,
I do not know where you get this assessment from.
Efforts have been made by those who did not support the removal of Soludo on this forum to argue only on the basis of qualification alone without including tribal sentiments. Until that educated Almajiri posted a report by one Abacha (ANOTHER ABACHA! CHINEKE!) on why Soludo has to go, why, because his well acclaimed consolidation is not acceptable to the North!

Now tell me who has made the origin of Sanusi an issue? Even though we all know that Soludo was not removed because he was incompetent or for a better hand, but because a section of the country is not comfortable with his progressive posture. They preferred regressive, I did not say so, that Abacha did! Read the interview, he thinks Soludo was too sophisticated for the North, that is why he had to go.

They prefer a CBN Governor who will be preoccupied with how a Sokoto farmer gets his fertilizer, like CBN is an extension of Ministry of Agriculture. No wonder your brilliant Sanusi went before the Senate to talk that jargon about Kuta farmer.

Do you now know why his tribe is in issue or you still want to keep your head buried in the sand?


No i don't know why his tribe is an issue and my head is not buried in the sand. I can't be bothered to go back and quote what everyone has been saying, but it is there for everyone to see. People seem to be fixed on the fact that the man studied ''sharia'' and for that he is not qualified but i don't know him, and i don't know if he's qualified or not, neither do i care who is the governor of CBN, president of Nigeria, as long as that person does a good job.

A statement made by ''Abacha'' or whoever is not binding on me as a Northerner. First of all, i never elected or asked to be represented by any of these people that are supposed to be speaking on my behalf. I am a rational person and someone's view or extremism CANNOT be superimposed on me. Every clown seeking relevance will start silly associations and groups but it doesn't mean they speak for me, most times they are pursuing their own agenda. So if you want to throw insults on a tribe or region based on the actions of some of them, then you might as well not complain on racial profiling but then it all your choice to make.

If your head is out of the sand, you might just get my point.

Dapxin
Jun 5, 2009, 09:24 PM
Now tell me why your blame should not be extended beyond OBJ himself? You guys are just being clever by the half.

First, we are saying the same thing on many fronts.

Its our start off point that is different.

We are adding a bit of detail, and you are arguing that we suspend that for the sake of context.

Either way, none of us takes a regrettable position.

+

I dont like seeing this as a north south thing, especially where Obj is concerned -he is incapable of using his brainz for the collective good any better than the worst of them his idi0tic friend up north anyways... well I berrer be a siamese twin there.

If you say we should trace it all down the line, its so easy and I am sure you will see obasanjo's full cup down down down the line - the clown and cr00k that he is.

Until we find the will and method to either shoot him and the rest of his pack (if we ever will), lets just all suffer our tragedy in full without glossing over the essential detail of it.

I dont see where I have a deficiency of objectivity there. at all at all.

gwobezentashi
Jun 5, 2009, 09:52 PM
@ Mallam Rahim,

Some try to be clever here in their racism and use all manner of sleight of hand tactics to mask their true motives. We have smoked them out into the open often times and hear all manner of generalisations. Katampe has now introduced his own definition of northern Nigeria. Very soon, he will tell some people that they are not Nigerians at all.

You have done well by seeing through it all. Unfortunately it doesn't get any better here but in a twisted way they wonder why Nigeria does not get better with inhabitants like they. See NVS as a microcosm of the Nigerian society and then you start to understand how some people could never do well there or anywhere for that matter regardless of what they pretend to be here.


Aluta!


Gwobezentashi

tonsoyo
Jun 5, 2009, 10:59 PM
[QUOTE=RAHIM;361168]No i don't know why his tribe is an issue and my head is not buried in the sand. I can't be bothered to go back and quote what everyone has been saying, but it is there for everyone to see. People seem to be fixed on the fact that the man studied ''sharia'' and for that he is not qualified but i don't know him, and i don't know if he's qualified or not, neither do i care who is the governor of CBN, president of Nigeria, as long as that person does a good job.

RAHIM,
You see, I do not really know how to react to your above.
You do not care who the CBN Governor is, or if he is qualified or not and yet you wrote"as long as that person does a good job". Are you listening to yourself at all?

Well that is the difference between you and those that have expressed concern on the issue, they care if the person is qualified or not, so hold your peace.

Igboamaeze
Jun 5, 2009, 11:10 PM
@ Mallam Rahim,

Some try to be clever here in their racism and use all manner of sleight of hand tactics to mask their true motives. We have smoked them out into the open often times and hear all manner of generalisations. Katampe has now introduced his own definition of northern Nigeria. Very soon, he will tell some people that they are not Nigerians at all.

You have done well by seeing through it all. Unfortunately it doesn't get any better here but in a twisted way they wonder why Nigeria does not get better with inhabitants like they. See NVS as a microcosm of the Nigerian society and then you start to understand how some people could never do well there or anywhere for that matter regardless of what they pretend to be here.


Aluta!


Gwobezentashi



------------------

aaaa-bbbb-oooo-kkkk-iiiiii.

Dis grama wey u de voloo for dis komom filezi, e get as e vii oo. Kai, tekam iizii mallam.

Ok. We don si am say u get am por komputa. zay u zavi use am por intanet. Kukuma zay you zavi voloo vigi grama.

Hava mallam...

Igboamaeze
Jun 5, 2009, 11:11 PM
------------------

double post. Deleted...

Igboamaeze
Jun 5, 2009, 11:35 PM
Sanusi quoted from the most elementary texbooks on Risks. Soludo's faith was sealed since he announced the denomination of the naira. The so called parallel or blackmarket currency exchange trade is dominated by Hausa people. The capitalisation of the banks destroyed the mega income being made by a few influential Hausa who owned those banks that were not better than the money changing man on Broad st, lagos. Obasanjo's economic policy was seen to have worked against parasitic Hausa who would purchase the dollar a 35 naira from central bank in IBB-Abacha days and sell it for 120 naira.
Tonsoyo is 100% correct. Sanusi would ensure we return to that miseconomic era. The Naira, would witness a further spiral fall in the face of economic downturn and much lower government revenue from the sale of crude oil. Black market activities would be on the rise for the chosen individuals.
There would be further attempts to stifle entrepeunership. Monopolies that made people like Dangote mega-rich would be encouraged for the benefit of few individuals. Sanusi is bad news for the hardworking people of Nigeria.

----------------

Otunba,

I disagree to disagree with you on this one. I know you realise how big the practice you mentioned there is. Glad to know that you that Dangote is Nigeria's champion rent seeker. More on that whenever it comes up for discussion in future.

In the meantime, I like Mr. Sanusi's intellectual bent regardless of whether it is on Sharia law or Islamic history. For the first time in my recollection, a Northern candidate for a public office can lay claim to intellectual competence. I have read his opinions on socio-political issues way back in Nigerian Dailies. I must say that he has got some depth.

You need to visit Avuza(Abuja) and see Ribadu's people in action.
You may be tempted to think twice about this contraption that we call Nigeria. If they can replace most of them with people like Sanusi, I will be more than relieved.

Let's give Sanusi a chance to prove himself. Let's see if he can be the Governor of Central Bank of Nigeria or the Governor of the Central Bank of the North. Let's see if Arabic language will return to Naira. Let's see what he does with consolidation (to be honest, I am neither a fan of consolidation nor that of redomination)

Happy weekend and avoid too much owambe...

RAHIM
Jun 5, 2009, 11:54 PM
[QUOTE=RAHIM;361168]No i don't know why his tribe is an issue and my head is not buried in the sand. I can't be bothered to go back and quote what everyone has been saying, but it is there for everyone to see. People seem to be fixed on the fact that the man studied ''sharia'' and for that he is not qualified but i don't know him, and i don't know if he's qualified or not, neither do i care who is the governor of CBN, president of Nigeria, as long as that person does a good job.

RAHIM,
You see, I do not really know how to react to your above.
You do not care who the CBN Governor is, or if he is qualified or not and yet you wrote"as long as that person does a good job". Are you listening to yourself at all?

Well that is the difference between you and those that have expressed concern on the issue, they care if the person is qualified or not, so hold your peace.


Wrong again Sir. If qualification denotes performance, then we don't have a problem in Nigeria because some people that are qualified and even competent on paper, have failed woefully in the performance of simple and mundane tasks but yet engage in boot-licking and god-fatherism...and that is the reason why i hope for performance from whomsoever occupies such offices. You just need to have a look of the CV's of some of the people running the country i.e. senators, ministers, etc and there you have your answer.


p.s. next time why don't you just speak for yourself than trying to propagate opinions for people whom you have just met in the village.

Auspicious
Jun 6, 2009, 12:18 AM
..People seem to be fixed on the fact that the man studied ''sharia'' and for that he is not qualified..

This is NOT true - no, no, no!

I stand amongst those who referenced his 'sharia credentials' as the only advanced formal education he has to offer (that is, beyond his BSc and MSc in Economics) to fill the post of Governor of Nigeria's Central Bank.

In doing so, never did I reference his ethnicity. But I questioned the breadth and depth of his professional exposure in the global sense. I did so while noting that anyone who occupies a position as senstitive as that of the head of any responsible nation's Apex Bank, in addition to local academic laurels, would do well to have garnered professional experience which others in similar positions elswhere gain through professional interaction on the local and especially the global level.

That is what most people here are talking about - that is, besides what some of us see as the ill-advised removal of a man who has probably performed far better than any of his predecessors in the same role.

I have seen worse ethnic wars on this Forum. Besides the misguided utterances of an ignorable few - along with the ignorant articles some others posted (like that Abacha one), this thread has not degenerated into anything close to ethnicity-nurtured brouhaha...which is a good thing.

Auspicious.

RAHIM
Jun 6, 2009, 12:41 AM
This is NOT true - no, no, no!

I stand amongst those who referenced his 'sharia credentials' as the only advanced formal education he has to offer (that is, beyond his BSc and MSc in Economics) to fill the post of Governor of Nigeria's Central Bank.


[
That is what most people here are talking about - that is, besides what some of us see as the ill-advised removal of a man who has probably performed far better than any of his predecessors in the same role.

Auspy,
Fair enough, my mistake there really because i should have said some, definitely some but not all.

I really ascribe to the school of thought that Soludo should'nt have been removed based on his performance that is obvious to everyone except the ones who decided tto phase him out. This is why it is so painful to see silly posts by someone refering to that act as a ecision of the whole North (as a body of decision makers). The elite and power brokers made their choices, am not one of them so can't be held responsible for their actions. As they say ''Not in my name''.

Auspicious
Jun 8, 2009, 03:19 PM
+

Besides that I didn't see any reason for a re-appointment, I have my reservations about the newly-appointed Governor of the nations apex bank.

Wops! :eek::mad::eek:

MUCH BELATED CORRECTION - The above should have read:

"Besides that I didn't see any reason for a REPLACEMENT".

My bad.

Auspicious.

busanga
Jun 8, 2009, 05:55 PM
The fact - of the 31-yr old - is misleading. To add to the 'mystery', he's not even completed his law degree. What he may lack inlengthy experience, he does in an excellent track record and a talent for attention to detail. He's also co-authored a book: 'Delivering on debt relief', see: http://books.google.com/books?id=vr2Lm0Zn3CkC&dq=Delivering+on+debt+relief&printsec=frontcover&source=bn&hl=en&sa=X&oi=book_result&resnum=4&ct=result|

There're articles in the American media (online, of course) detailing why he's excellent for this job. Sanusi's track record on economics/finance and professional stuff like that is light, quite very much so too. There's no way to get around that inconvenient fact.

.

Which track record does the 31 years old have aside from serving in Hillary Clinton's campaign? In fact, you speak of writing a book- well that is what you do when you write a thesis or dissertation.

And if you call 20 years experience light, well why don't you seek a job as First Bank CEO and see how you going to get it on the basis of a really light record..

busanga
Jun 8, 2009, 05:58 PM
There is no doubt this guy is very articulate and a good communicator, well he would be a good campaigner and politician, do I think he would make a good CBN Governor? The answer is no.

Number one Risk Managers do not make good Operation and Credit Managers, skill required to be a successful CBN Governor. .

The jury is still out on that. I remember when Obasanjo appointed Soludo, many said academicians like him do not make good CBN Governors. We shall see...Moreover, regulation is the first assignment of CBN. That is a complete fit for the auditing and internal regulation functions of risk managers. Keeping a lid on inflation and managing fiscal policy is of course another operational focus of CBN and I don't think risk managers are any less qualified to do this job than other specialists in the financial sector.



Number two, I just read his well articulated problems with Nigeria, especially the issue of infrastructure, as posted by Busanga, but I did not see just one specific strategy on how he intend to tackle all those things he said as the CBN Governor. He even declined to state what he would do differently from Soludo, is that not ridiculous? Then why remove Soludo? Just to fill a quota? He has only succeded in reeling back to us things we have always known from our High School Economics and Agricultural Science classes, in a well embellished manner. No single advanced structural solution offered.

When did the work of the CBN governor extend to finding economic or social solutions to political problems? The problem with your argument is that it is not Lamido's place to give solutions to problems whose solution is already widely known but we've lacked political will to tackle. for all your battle cry for Soludo, how many solutions to the infrastructure problem did Soludo profer? Not that I expect him to, because it is simply not his function! Naija for show.

P.S: Of course, according to Auspicous, one has to serve the enemy which is World Bank and IMF to be considered of international experience, and global wealth of knoweldge to man the CBN. Rubbish! By far, the most courageous CBN governor Nigeria had- never had such experience. I speak of Ahmed under IBB who refused to bend to IBB corrupt will. Remember the clown under Abacha who had all roads leading to the Bretton wood guys? yeah, the same guy that allowed Abacha to literarily loot the CBN. Save me the international experience.

busanga
Jun 8, 2009, 06:07 PM
Sanusi quoted from the most elementary texbooks on Risks. Soludo's faith was sealed since he announced the denomination of the naira. The so called parallel or blackmarket currency exchange trade is dominated by Hausa people. The capitalisation of the banks destroyed the mega income being made by a few influential Hausa who owned those banks that were not better than the money changing man on Broad st, lagos. Obasanjo's economic policy was seen to have worked against parasitic Hausa who would purchase the dollar a 35 naira from central bank in IBB-Abacha days and sell it for 120 naira.
Tonsoyo is 100% correct. Sanusi would ensure we return to that miseconomic era. The Naira, would witness a further spiral fall in the face of economic downturn and much lower government revenue from the sale of crude oil. Black market activities would be on the rise for the chosen individuals.
There would be further attempts to stifle entrepeunership. Monopolies that made people like Dangote mega-rich would be encouraged for the benefit of few individuals. Sanusi is bad news for the hardworking people of Nigeria.

Paranoia , Paranoia, Paranoia...of course, the ethnic sentiments and stereotypes are well expressed. I pray we can get rid of this mentality from our country. May be when this generation passes away. Speaking of monopolies, how did Soludo's consolidation exercise prevent monopolies? Did it in fact not create rich king pins like Otedola and Dangote?

I can see that the festival of ethnic sentiments rain supreme on this thread, but in the not too distant future I see a generation of Nigerians that wish for only one thing: development for their country based on democracy. We need NOT institute third-termers, and confessed riggers (like El Rufai) to get development. We can have it both ways- if only we work hard at it. That is for you katampe.

As for Obugi who suddenly came out of his cave, I see that he only noticed an insult to an entire tribe when his "tribe" was insulted. What happened to the sneer insults on Northerners on this thread often obfuscated behind so many words, and tolerated by many? I say we need to turn a new page as Nigerians.

busanga
Jun 8, 2009, 06:18 PM
Mikky,
You have apparently not been able to read and understand Katampe's position within context.
It looks like your blind hatred for OBJ has rendered you incapable of making an objective assessment of his ears. This has been the only area of my constant disagreement with you on this forum.

Can you itemize for me one good deed of OBJ that had overaching visionary impact on the body polity called Nigeria. Don't come back with petty achievements, give me something Nigerians will remember in 200 years aside from the grandest rigging in Nigeria's checkered electoral history. Thanks.

Zuma
Jun 8, 2009, 06:33 PM
The chicken has finally come home to roost.

The problem with Nigeria and Africa as a whole. 99% riddled with holes shot from the guns held by masquerading closet ethno-phobes and pacifists. You can't help but perceive their scents all over Nigeria and on NVS, even with their dangerous smiles and carrot-stick meanderings. Everything a typical Nigerian does, has some touch of "closet" ethnic preservation agenda at the expense of the other, at the detriment of the whole country.

What an incurable disease.

The reason we have leaders like Yaradua operating the way he has been operating for the past 2 years or more. ALL his predecessors had the same agenda. The status-quo has been long established.

Putting Nigeria first has always been a no-after-thought, even with hollow-sounding 'Kumbaya' songs being sung in the open, while having 'candlelight' dinners with others or even after the best of romantic encounters. The heart is always the window to the soul.

A closet ethno-phobe is ALWAYS worse than an overt ethno-phobe. The reason Nigeria will NEVER see any thing called progress. The closet ethno-phobes are sly as the foxes, always on the sidelines when it comes to matters of National concerns, but always watchful to maintain that 'upper hand', while operating behind the scenes as key 'saboteurs' for the circus shows comprising of the 'world-series' exercise of shameful shows of vain-glory at best. You can smell them, and the stench is not a pretty one. On the other hand, you have the less harmless ethnic pacifists, wearing their badges of dishonor in the game of show concerning ethnic superiority as offensive or defensive members of the football team of tribal warfare as established by the previous generations, and handed down from their ancestors all in the name of history.

When does the treachery end? When would Nigerians see past the ethnic rivalry?

Perhaps when the leopard changes his spots? But can leopards change their spots? I don't think so.

Who loses?

Nigeria of course. Always. While the best of the youths become incapacitated in the face of nothing but the constant schematic principle of nepotic 'godfatherism', aka "Federal Character".

busanga
Jun 8, 2009, 06:48 PM
Amen to that Zuma. I am very well assuming that the same people sniping Sanusi for taking time off to study Islam (on his own dime I must emphasize), have not read his published works that makes the power that be in the Islamic establishment uncomfortable especially when it comes to women rights, terrorism and poverty. Indeed, if Sanusi had gone to study theology the same folks will prolly say this additional knowledge should give him godly perspective and less prone to stealing . You smell double standards? :D

dem
Jun 8, 2009, 06:48 PM
Can you itemize for me one good deed of OBJ that had overaching visionary impact on the body polity called Nigeria.

Soludo :arrow: CBN + Okonjo Iweala :arrow: Fiscal Policy = Middle Class ++ ?

busanga
Jun 8, 2009, 06:52 PM
Soludo :arrow: CBN + Okonjo Iweala :arrow: Fiscal Policy = Middle Class ++ ?

And OBJ will be remembered for creating middle class in Nigeria? Are you smoking from that expired gbana again?:)

Who gets a prize for doing his job? Management and leadership are two vastly different things. OBJs regime managed fiscal policy but did not lead on it (while totally bungling economic, social and political policies) . Indeed, many things made fiscal policy become actionable, like having a reserve to manage or act upon. For example, what did OBJ have to do with the rising price of crude oil that allowed the reserve swell during his term? Explain that away...

Of course, I can write a book on how OBJ made Nigeria lose billions of dollars by not tackling the Niger Delta crisis once and for all thereby losing us billions not just in foreign exchange from crude oil sales, but jobs in that region, means of livelihood, human beings wasted (10 000 of them) and foreign investments scared of.

For every one thing OBJ pretends to do, he takes 10 away! That was his problem. Selfish goat as he is.

Reformulate....

Auspicious
Jun 8, 2009, 07:00 PM
The problem with Nigeria and Africa as a whole. 99% riddled closet ethno-phobes and pacifists..blah-blah-blah

I 'a-zume' you imagine yourself as belonging to the minute 1% non-pacifist/ethno-phobe amongst Nigerians and Africans. The problem with sweepingly judgemental (preach-down/look-at-me-I-am-politically in-correct") comments like yours is that it undermines whatever good intent behind your comments.It is very misguided for anyone - you included - to barge in and lampoon people en-masse like you have just done or wont to do of recent here.

Contrary to your ill-advised generalizations, the typical African or Nigerian man out there simply wants to get by - to live and let live as he has done for centuries like any other human being on Earth. Unfortunately, the few rich and powerful ones within the society prey on his vulnerabilities, just as the Colonial Overlords did in their hey days, setting brothers against brothers to protect their rulership. And what next? Brothers like you come on board to lampoon the victims.

Pele o, perfect Nigerian. 'E be like say all that sparring with your SuperEgo buddy has left an obvious impact, otherwise you wouldn't read/sound so much like he does.

Auspicious.

busanga
Jun 8, 2009, 07:03 PM
I 'a-zume' you imagine yourself as belonging to the minute 1% non-pacifist/ethno-phobe amongst Nigerians and Africans. The problem with sweepingly judgemental (preach-down/look-at-me-I-am-politically in-correct") comments like yours is that it undermines whatever good intent behind your comments.It is very misguided for anyone - you included - to barge in and lampoon people en-masse like you have just done or wont to do of recent here.

Contrary to your ill-advised generalizations, the typical African or Nigerian man out there simply wants to get by - to live and let live as he has done for centuries like any other human being on Earth. Unfortunately, the few rich and powerful ones within the society prey on his vulnerabilities, just as the Colonial Overlords did in their hey days, setting brothers against brothers to protect their rulership. And what next? Brothers like you come on board to lampoon the victims.

Pele o, perfect Nigerian. 'E be like say all that sparring with your SuperEgo buddy has left an obvious impact, otherwise you wouldn't read/sound so much like he does.

Auspicious.

Very convenient! That is a lie Auspy, and you know it. Ethnic and tribal rigmarole as displayed on this thread dominates the Nigerian political discourse especially in private. Seeking to squelch the discussion as your comment portends to do with colorful grammar and grandstanding does not advance the debate. The parochialism displayed on this thread, not the least from you, has been indeed extremely disappointing. If we want to advance public discourse, we must all condemn all types of tribal or religious stereotyping. It destroys our soul and is no less detrimental than the racism we all perceive when we deal in the West: real or imagined. You know I say it as it is, feel free to get back at me. It is all done in love. Thanks!

dem
Jun 8, 2009, 07:17 PM
And OBJ will be remembered for creating middle class in Nigeria? Are you smoking from that expired gbana again?:)

Who gets a prize for doing his job? Management and leadership are two vastly different things. OBJs regime managed fiscal policy but did not lead on it (while totally bungling economic, social and political policies) . Indeed, many things made fiscal policy become actionable, like having a reserve to manage or act upon. For example, what did OBJ have to do with the rising price of crude oil that allowed the reserve swell during his term? Explain that away...

Of course, I can write a book on how OBJ made Nigeria lose billions of dollars by not tackling the Niger Delta crisis once and for all thereby losing us billions not just in foreign exchange from crude oil sales, but jobs in that region, means of livelihood, human beings wasted (10 000 of them) and foreign investments scared of.

For every one thing OBJ pretends to do, he takes 10 away! That was his problem. Selfish goat as he is.

Reformulate....

I'm not smoking anything you haven't smoked:p

OBJ is not my cup of tea, but credit must be given where it is due. His wasn't the first time crude oil boomed in Nigeria; what happened to the Middle Class then?

If during his time, the deplection and improvishment of the middle class has continued as has been the case for decades, fingers would have been rightly pointed at him. So why deny him credit for some of the things he actually did right?

Anyway, you asked for one example, and I gave you it.

But na wah for you sha. On the one hand, you want people to not engage in petty ethnic baiting, yet you want to deny a man his dues for his larger sins. Doesn't square.

Auspicious
Jun 8, 2009, 07:18 PM
Sanusi quoted from the most elementary texbooks on Risks. Soludo's faith was sealed since he announced the denomination of the naira. The so called parallel or blackmarket currency exchange trade is dominated by Hausa people. The capitalisation of the banks destroyed the mega income being made by a few influential Hausa who owned those banks that were not better than the money changing man on Broad st, lagos. Obasanjo's economic policy was seen to have worked against parasitic Hausa who would purchase the dollar a 35 naira from central bank in IBB-Abacha days and sell it for 120 naira.
Tonsoyo is 100% correct. Sanusi would ensure we return to that miseconomic era. The Naira, would witness a further spiral fall in the face of economic downturn and much lower government revenue from the sale of crude oil. Black market activities would be on the rise for the chosen individuals.
There would be further attempts to stifle entrepeunership. Monopolies that made people like Dangote mega-rich would be encouraged for the benefit of few individuals. Sanusi is bad news for the hardworking people of Nigeria.

And I approve the above message 100%!

Say it loud, Brother! To hell with the blackmail of ethnophobia by Busanga and a few others here. The above are statements of fact. The suffocating hatred that we see extended towards the tenureship of Charles Chukwuma Soludo is simply nurtured by the fact that the stranglehold of powerful oligarchs who dominated the banking industry et al had been threatened by some of his responsible policies, which had done more good for Nigeria than bad under his stewardship as Governor of the Central Bank.

Some of us know what the knocks of failure sounds like on the door. We heard it prior to Umaru Yar'Adua's ascendancy to the throne. But since we were told it was the best we could hope for given what the then scenario was, we sat back to see how it would play out, giving him the benefit of the doubt. Today, our worst fears of yesterday are being confirmed by his abject inefficiency as President. Except Lamido Sanusi turns out as unpredictable as Nuhu Ribadu did under his handlers in the last dispensation, his tenure will only reverse the successes under Soludo.

Auspicious.

tonsoyo
Jun 8, 2009, 07:20 PM
Busanga,
I see that you have populated this thread with half-baked arguments, your arguments lack depth and are not grounded in current affairs or historical facts. Too pedestrian.

What I see is a man desperate to be seen as a detribalized Nigerian, thereby ignoring the very foundation of Nigerian problems. I do not have the time for you now.

I shall be back to give you a lesson on why we continue to get it wrong in Nigeria.

busanga
Jun 8, 2009, 07:20 PM
Auspy,

As a proof that this ethnic diatribe is getting way out of hand especially on the internet consider the following statement on Olusegun Obasanjo's wikipedia page that I just edited:


Revelations are also emerging about the massive corruption perpetrated by the largely Yoruba- and Hausa-dominated cabinet under Obasanjo.

How for God sake did this make it way to Wiki? You seriously think this was written by a non-parachial Nigerian. Well I edited it and it now reads:


Revelations are also emerging about the massive corruption perpetrated under Obasanjo.

Of course, I don't expect it to be there for too long before one ethnic jingoist reverts it. Very sorry

busanga
Jun 8, 2009, 07:22 PM
Busanga,
I see that you have populated this thread with half-baked arguments, your arguments lack depth and are not grounded in current affairs or historical facts. Too pedestrian.

What I see is a man desperate to be seen as a detribalized Nigerian, thereby ignoring the very fiundation of Nigerian problems. I do not have the time for you now.

I shall be back to give you a lesson on why we continue to get it wrong in Nigeria.

Cheap shots and name calling. You don't have time to engage in debates, but you have time to insult? When will you grow up?

P.S: By the way, I am not desperate to be detribalized Nigerian. I am a Nigerian by virtue of who I am. If you have any problem with asking my country men to aspire to an higher ideal, then take a hike and stop wasting your keyboard tap because you won't convince me otherwise.

busanga
Jun 8, 2009, 07:24 PM
I'm not smoking anything you haven't smoked:p

OBJ is not my cup of tea, but credit must be given where it is due. His wasn't the first time crude oil boomed in Nigeria; what happened to the Middle Class then?

If during his time, the deplection and improvishment of the middle class has continued as has been the case for decades, fingers would have been rightly pointed at him. So why deny him credit for some of the things he actually did right?

Anyway, you asked for one example, and I gave you it.

But na wah for you sha. On the one hand, you want people to not engage in petty ethnic baiting, yet you want to deny a man his dues for his larger sins. Doesn't square.

Credit for what? Credit for what exactly my friend? I asked (Tonsoyo, I did ask and not you; but you chose to gbeborun)for a long term success for which a President will be remembered in 200 years, and you gave me appointing CBN governor? The same governor that was largely undone last week? You are a clown and you know it. :razz:

busanga
Jun 8, 2009, 07:28 PM
And I approve the above message 100%!

Say it loud, Brother! To hell with the blackmail of ethnophobia by Busanga and a few others here. The above are statements of fact. The suffocating hatred that we see extended towards the tenureship of Charles Chukwuma Soludo is simply nurtured by the fact that the stranglehold of powerful oligarchs who dominated the banking industry et al had been threatened by some of his responsible policies, which had done more good for Nigeria than bad under his stewardship as Governor of the Central Bank.

Some of us know what the knocks of failure sounds like on the door. We heard it prior to Umaru Yar'Adua's ascendancy to the throne. But since we were told it was the best we could hope for given what the then scenario was, we sat back to see how it would play out, giving him the benefit of the doubt. Today, our worst fears of yesterday are being confirmed by his abject inefficiency as President. Except Lamido Sanusi turns out as unpredictable as Nuhu Ribadu did under his handlers in the last dispensation, his tenure will only reverse the successes under Soludo.

Auspicious.

Blackmail? No sir. Why will I need to blackmail the blackmailers? When attacking the qualifications of a qualified man will not do, the ethnic jingoists have only the fear card to play. There is no living proof that Sanusi will be any worse or better than Soludo. The master they both serve are as inept, but it is way too early to determine how the next 5 years will pan out (in the area of monetary policy where the CBN rains supreme) except if such analysis is rooted in bias. What we can agree on is that Soludo did a fine job, and Sanusi is more than qualified. Any other analysis is purely speculative. I rest my case.

Zuma
Jun 8, 2009, 07:31 PM
Reaching for my bottle of "Salignac". . . .for some inspiration.

Speaking of references to ethnic 'innuendos' made in threads 2 years ago or older. Let us just call it the 'SATAMAYOR' syndrome. I guess the "White" American males will forever remain 'embittered' by remarks made 8 years ago by a Hispanic 'racist' female.

Better to be silent and thought a fool. . . than to utter a word/type a stroke and clear all doubts.

Such is life. We should all be prepared for that 'SATAMAYOR' moment of judgment or reckoning.

I also had a dream that Dele Giwa interviewed OBJ, the Balogun of Owo from the grave, concerning this fellow called Yaradua foist on Nigerians like a dead albatross.




Dele Giwa: Sir, many Nigerians are quite disturbed that you chose Yaradua of all people to be the next Nigerian president after you, knowing fully well that he is 'not well'. Do you have any reservations sir?

B.O.O: (Adjusting his agbada in the classic 'iwu-ru-wu-ru' fashion with the typical incurable 'wayo cough' as the arch-divinity of corruption signature tune) then he musters a reply.

Exclamation: Arggggggggggggggggh!. . . .O!. . . . kpaghaaaaaaaaaaaaaaaa!. . . . O! I Pity Nigerians.
Is anybody well?
Even me myself, I am not well 'kpa kpa'.
Who is well?
Are you well?
No body is well.

The tree planted by OBJ is bearing diseased fruits. Who wants to eat them?

tonsoyo
Jun 8, 2009, 07:33 PM
Cheap shots and name calling. You don't have time to engage in debates, but you have time to insult? When will you grow up?

P.S: By the way, I am not desperate to be detribalized Nigerian. I am a Nigerian by virtue of who I am. If you have any problem with asking my country men to aspire to an higher ideal, then take a hike and stop wasting your keyboard tap because you won't convince me otherwise.

Oh yeah? I wonder what you mean by "insult" an argument that closed it eyes and mind to the very basis of Nigeria's problems is an half-baked argument, that is merely descriptive and not insultive.

Too bad we sometimes have to say it the way it is.

busanga
Jun 8, 2009, 07:35 PM
Oh yeah? I wonder what you mean by "insult" an argument that closed it eyes and mind to the very basis of Nigeria's problems is an half-baked argument, that is merely descriptive and not insultive.

Too bad we sometimes have to say it the way it is.

Second response, and no engagement? What happened to sound reasoning? The basis of Nigeria's problems is ethnic jingoisms as displayed by you and your cohorts on this thread. Nothing more, nothing less. Two wrongs does not make a right, unless you are doing algebra. You cannot accuse Yaradua of appointing Sanusi based on ethnic considerations, while critiquing the man's qualifications with tribal and religous slights.

dem
Jun 8, 2009, 07:38 PM
Credit for what? Credit for what exactly my friend? I asked (Tonsoyo, I did ask and not you; but you chose to gbeborun)for a long term success for which a President will be remembered in 200 years, and you gave me appointing CBN governor? The same governor that was largely undone last week? You are a clown and you know it. :razz:
I am a clown? Lol!

Perhaps you never meant for your question answered in the 1st place. You know, just one of those drinking time throwaway challenges. But that is ok.

I wasn't aware that there is a policy in this world that could be formulated and could never be undone for 200 years. Even apartheid was over-written.

But if you want to convince yourself that OBJ did nothing at all - especially the revival of the middle class in the last 10 years; if you find some personal succour in that, then so be it.

Later.

busanga
Jun 8, 2009, 07:39 PM
I am a clown? Lol!

Perhaps you never meant for your question answered in the 1st place. You know, just one of those drinking time throwaway challenges. But that is ok.

I wasn't aware that there is a policy in this world that could be formulated and could never be undone for 200 years. Even apartheid was over-written.

But if you want to convince yourself that OBJ did nothing at all - especially the revival of the middle class in the last 10 years; if you find some personal succour in that, then so be it.

Later.

Man mi, you are like a student that provided the right answer to a question that was never asked. When I used to mark WAEC scripts, you know what I scribble on such answer sheets? CLOWN!:biggrin:

P.S: If indeed you insist that creating the middle class is something OBJ did, can you tell me what exactly OBJ did in achieving this? What were the set of policy thrusts that he pursued that created the middle class? And what hard data do you have to suggest this middle class would not have emerged in the absence of such policies that were the original creation of Obasanjo. Thanks for at least trying.

By the way, if you had said something along the line of creating the super-rich class, at least that is not arguable. Problem is, it is not achievement that he will be praised for 200 years time. And who said 200 years achievements don't exist? Ask Thomas Jefferson. Ask Abraham Lincoln . If those are too distant for you, ask Pa Awolowo on whom we are still reaping the benefits of decades past policy thrusts.

Auspicious
Jun 8, 2009, 07:49 PM
Very convenient! That is a lie Auspy, and you know it!

Speak for yourselves and yourselves alone, Mr. Busanga, or hold your goddamn peace. If it is selfish ethnic perversions influence the personal thoughts or ideas of you and your friends of like minds, then simply say and stick with it instead of assuming that "99% (of Nigerians and Africans )" are simply nurtured by suchunfortunate thinking.

Grand-standing, nay "colorful grammar", speaks to the posturing of the commentator whom my comments addressed (Zuma) FAR BETTER than it does me! First, I was not the one who mounted the stage, scathing tongue and all, to preach-down on 99% of Africans, declaring that they are mostly hypocrites - unlike him, who is I presume belongs to the remaining 1%.

If that isn't grand-standing, I don't know what else it is. But you would conveniently omit all that, prefering to focus on my "colorful grammar" while indicting me of "parochialism" - a word that I just had to go look-up for its meaning. It is pity that the accusation of pariochialism is the best that you can advance. Yours is akin to a thief alleging racism after he was caught stealing.

People are very justified to be very doubtful about the possibility of CBN Governor Lamido Sanusi's success in his new role, period! As an educated man who has been privileged to to be enlightened beyond the confines of his heritage, you should know and appreciate where some of us are coming from - that it takes far more than what Lamido Sanusi posseses to run a nation's reserve bank!

I don't need to be lectured by you or anyone on how to discourage ethnic stereotyping on this Forum as my record here speaks for me. Generalizations about 99 percent of Nigerians is just as bad as any little stereotype of any people. If we don't like CNN talking about Nigerians as career frauds, people like you and Zuma should do your part by shedding the need for misguided generalizations too! :rolleyes:

Auspicious.

tonsoyo
Jun 8, 2009, 07:51 PM
Second response, and no engagement? What happened to sound reasoning? The basis of Nigeria's problems is ethnic jingoisms as displayed by you and your cohorts on this thread. Nothing more, nothing less. Two wrongs does not make a right, unless you are doing algebra. You cannot accuse Yaradua of appointing Sanusi based on ethnic considerations, while critiquing the man's qualifications with tribal and religous slights.

Your previous arguments were not rooted in current affairs or historical facts, now logic just took flight in this one.

Yeah, two wrongs does not make a right...self-serving argument. What happens when that one wrong is continously perpetuated and we continue to get wrong results? But the moment the wronged party seeks to complain, you jumped up to say two wrong does not make a right, in the sense that only one party should have the monopoly of wrongness.

For your information (-) + (-) = +

You are almost forcing me to react now, I will come back and address you in details later.

Osibinaebi
Jun 8, 2009, 08:09 PM
For your information (-) + (-) = +

.

TONSOYO,:D:D:D:D:D:D
The above is wrong in all ramification of science, or is there a logic for it in law. Meanwhile i am with BUSANGA on this issue all the way, Zuma started the ethnic angle and you; TONSOYO came on his side but disagreed with him when the Bisi guy at ADB was mentioned all because he was from your neck of the wood i presume. Zuma used the same indices he used in rubbishing other to rubbish him, you agreed with his submission on others but rejected that on Bisi... so a'int it obvious what dictates you analysis

Auspicious
Jun 8, 2009, 08:10 PM
Blackmail? No sir. Why will I need to blackmail the blackmailers? When attacking the qualifications of a qualified man will not do, the ethnic jingoists have only the fear card to play..

Yes, that's what I said: BLACKMAIL.

It is blackmail, when others pose justifiable questions about a man's background, and the best you can advance (as I said in my last comments) is the notion that "A-ha, they are being 'parochial' - they are playing the ethnic card".

The education and exposure which I know you roundly possess should automatically elevate your quality of debate FAR above that ludicrous level you're clinging to. It is beneathe you, Busanga, and it is absolutely disappointing, if not plain shameful.

It is as ludicrous, as I said, as the thief who claimed racism was the reason behind his arrest after he was caught red-handed stealing another man's property.

What is parochial in "attacking the qualification" of Lamido Sanusi if indeed his qualification falls below the standards of the office he occupies in the view of those are attacking this same qualifcations of his? How did that ever arrive at "playing the ethnic card"?

Indeed, the person playing the ethnic card most aggressively here is YOU, someone who should know better by virtue of your academic and social background.

Nobody is denying that Lamido Sanusi is very well educated. In fact, I think he is very well educated. But is he seasoned enough to be Gorvernor of our Central Bank? What are his achievements? Where are his successes? Precisely, how exposed is he to the dialectics of international finance to which every national bank chief has been exposed to?

Those are the legitimate and justified questions that people are asking. But, rather than you finding it in you to debate them on merit, you are reaching lazily for the ethnic-card to defend the man - a man that some of us do agree is an intelligent man nevertheless. If you cannot defend his qualifications, simply step-aside for someone who has what it takes to do so!

Auspicious.

Ewuro
Jun 8, 2009, 08:21 PM
Paranoia , Paranoia, Paranoia...of course, the ethnic sentiments and stereotypes are well expressed. I pray we can get rid of this mentality from our country. May be when this generation passes away. Speaking of monopolies, how did Soludo's consolidation exercise prevent monopolies? Did it in fact not create rich king pins like Otedola and Dangote?

I can see that the festival of ethnic sentiments rain supreme on this thread, but in the not too distant future I see a generation of Nigerians that wish for only one thing: development for their country based on democracy. We need NOT institute third-termers, and confessed riggers (like El Rufai) to get development. We can have it both ways- if only we work hard at it. That is for you katampe.

As for Obugi who suddenly came out of his cave, I see that he only noticed an insult to an entire tribe when his "tribe" was insulted. What happened to the sneer insults on Northerners on this thread often obfuscated behind so many words, and tolerated by many? I say we need to turn a new page as Nigerians.

Do you understand the meaning of that word 'paranoia'. You are indeed the mega-paranoid. This is because you ignore facts. It is not an opinion that the biggest majority of the supposedly illegal black market currency trade are Hausa people. Look man, I am very careful with my choice of words. I do not confuse facts with opinions like you do. Hausa people and not the whole northerners engage in illegal currency trade.
We have a situation where the minister for oil is from the North. The Igbo central bank governor is being replaced by a man who had barely managed any significant oufit in his life. In fact he was made the head of First bank a few months ago to prepare him for his current role just because he is hausa.
The military, the oil sector and the finance sector of the country are being controlled by an ethnic sector of the country.
Only a fool would not raise questions about this fraud.
On which planet are you? There is no multi-ethnic, multi-religious or multi-cultural state where people would not be wary of ethnic/sectarian injustice.
Do you think the Irish and the IRA would achieve some measure of progress in their demand for justice without actions?
Do you think the west lothian question by the scots are just a plaything?
If your fear of being labelled names is debarring you from seeking fairness that is your problem.
UMYA is pursuing a most dangerous ethnic agenda. We all need to develop backbones and strength to tell him and the people he represents that his behaviour is not only acceptable, it is very dangerous.
The children of the other ethnic groups that are made disadvantaged and degraded would only see the perpetrators as eternal enemies.
Where would that leave your ridiculous 'ideals' about a country where we would not have talk like this? Wake up man!

Ewuro
Jun 8, 2009, 08:38 PM
Yes, that's what I said: BLACKMAIL.

It is blackmail, when others pose justifiable questions about a man's background, and the best you can advance (as I said in my last comments) is the notion that "A-ha, they are being 'parochial' - they are playing the ethnic card".

The education and exposure which I know you roundly possess should automatically elevate your quality of debate FAR above that ludicrous level you're clinging to. It is beneathe you, Busanga, and it is absolutely disappointing, if not plain shameful.

It is as ludicrous, as I said, as the thief who claimed racism was the reason behind his arrest after he was caught red-handed stealing another man's property.

What is parochial in "attacking the qualification" of Lamido Sanusi if indeed his qualification falls below the standards of the office he occupies in the view of those are attacking this same qualifcations of his? How did that ever arrive at "playing the ethnic card"?

Indeed, the person playing the ethnic card most aggressively here is YOU, someone who should know better by virtue of your academic and social background.

Nobody is denying that Lamido Sanusi is very well educated. In fact, I think he is very well educated. But is he seasoned enough to be Gorvernor of our Central Bank? What are his achievements? Where are his successes? Precisely, how exposed is he to the dialectics of international finance to which every national bank chief has been exposed to?

Those are the legitimate and justified questions that people are asking. But, rather than you finding it in you to debate them on merit, you are reaching lazily for the ethnic-card to defend the man - a man that some of us do agree is an intelligent man nevertheless. If you cannot defend his qualifications, simply step-aside for someone who has what it takes to do so!

Auspicious.

Thank you very much Auspy. If I had read you earlier, I would not have bothered with my latest post.

Felix
Jun 8, 2009, 08:43 PM
It is very interesting the way you guys preach patriotism of the most vile nature whenever issues related to institutionlaised racism as practised by the Nigerian government and targeted towards eastern Nigeria is raised. I dont see you pointing out obvious cases of government neglect and strigent policy attack on a people which has been going on for almost half a century. But when the same people dares to push back or at least complian about that which is obvous, skillfull posters whose mindset have always been staemed in ethnic hatred will be the ones to jump out of their skins to alert the public of the presence of so called tribalists! Lets make it clear; there is nothing special to the South East that can be found in Soludos policies while at CBN. If one is against his replacement, it is because there seem to be clear ethnic undertones to the sack and to also point out the dangers such whimsicall attack to a particular part of the Nigerian state portends to a people in "their country" and not because he represents a group because he never did! If folks here want us to avoid discussing that fact while they as usaull twaddle with some intellectual masturbations(a favourite pastime for men removed from reality) ,well, I have news for you; It will be an uphill task to convince your readers to accept that stark lie that the best financial thinkers in Nigeria as at today come from Kano! We are not all that naive!!!

My only post here, which was just a link to a newspaper article was tagged tribalistic by one eternally/appalingly loquacious poster and as usual his band of "heritage defenders" has tagged along on that premix to rain insults. So what is my fault? That I drew the attention of viallgers and readers alike on this thread to the scarry rants of a leader of a northern interest group, beating his chest like a saharan ape as he boasts of pilling up pressures on Yaradau to remove Soludo because according to him , Soludos policies were anti-northern! The man who made the statement has NOT denied those gaseous rants as we speak.But rather than calling him out on it and weighing the omnious signs that such represents, desperate attempts have been made to provide him with enough escape route! Infact his boasts were termed "ignorant" and "pedestrian" while for having the temerity to just post it here villager felix was branded as usaual by the same gang as a tribalist and crucified accordingly! I dont discuss in a vaccum! It amounts to nothing, like I always say, but theorising on nonsenses to debate an issue without relating it to the politcal currents that dictate politics/policies in any given society..Tribalism is the dorminat evil in Nigerian politics and in Yaraduas appointments , ethnic profiling and tribal bondings have been a costant decimal! I am not yet convinced that on Soludo and Lamido, this was not the case !

It makes you want to know who are the triblaist??? The ones who WILL NEVER see any injustice metted out to a particullar section of a country , no matter how mind boggling but will desperatetly preach to them to overlook that all in a bid to biuld one emberassing utopian state!? You remind a noisy bunch of starry eyed fake nationalists that a significant section of the country has been locked out of power for 50 years and that this is a recipe for disaster, "patriots" say; "deal with it".. When some of us pointed out that it is only the Sout East that has 5 states while others had 6 and 7 , we were called tribalists who always complained.., we were reminded as if we are tone deaf that what matters is not the quantity of states but quality, never mind that the preachers are not rejecting their unfair share of comatose states! When we took out time to point out the fact that what this meant in pratical terms is that the SE has fewer numbers of governors, fewer numbers of senators and House of representative members arguing for their case in Abuja, fewer number of local governments we were shouted down by deranged patriots and reminded that political office holders are nothing but jobbers in Nigeria anyway! When we alerted emergency Nigerians that this injustice also meant that fewer amount of revenue is going to the east, a zone that ranks amongst the highest both in population and in contributing to the center, we were serenaded with patriotic songs ala North Korea as the benefit of giving without receiving is drilled into our humble skulls! When we raised the fact that intentionaly the Federal Government has destroyed south east roads, we were termed parochial.

All these are coming from a set of people desperate to dramatise their fake credential as Nigerian patriots! The same people who uphold an ethnic king as a paragon of virtue for the simple reason that he fought for their ethnic enhancement while neglecting the fact that he killed millions elsewhere are the ones now who have imposed on themselves the duty of exermining and confirming Nigerian patriots and dressing them with matching badges accordingly! Jokers!. So let me ask; if a patriot can always defend his ethnic base, while finding it hard to defend the wanton neglect of other parts of the country, what/who is he? A parochial patriot!? :p I will agree with you guys not to discuss the ethnic/tribal angle to this topic/sack/replacement if any of you can take the challenge and prove to this village that this appointment, just like Yarduas previous "community sharing formular for federal appointments" was devoid of ethnic/religoues/parochial or sectional sentiments! If you cant do so , just hold your peace as some of us have been forced to become realists and not empty optimists.

busanga
Jun 8, 2009, 08:53 PM
Speak for yourselves and yourselves alone, Mr. Busanga, or hold your goddamn peace. If it is selfish ethnic perversions influence the personal thoughts or ideas of you and your friends of like minds, then simply say and stick with it instead of assuming that "99% (of Nigerians and Africans )" are simply nurtured by suchunfortunate thinking.

Grand-standing, nay "colorful grammar", speaks to the posturing of the commentator whom my comments addressed (Zuma) FAR BETTER than it does me! First, I was not the one who mounted the stage, scathing tongue and all, to preach-down on 99% of Africans, declaring that they are mostly hypocrites - unlike him, who is I presume belongs to the remaining 1%.

If that isn't grand-standing, I don't know what else it is. But you would conveniently omit all that, prefering to focus on my "colorful grammar" while indicting me of "parochialism" - a word that I just had to go look-up for its meaning. It is pity that the accusation of pariochialism is the best that you can advance. Yours is akin to a thief alleging racism after he was caught stealing.

People are very justified to be very doubtful about the possibility of CBN Governor Lamido Sanusi's success in his new role, period! As an educated man who has been privileged to to be enlightened beyond the confines of his heritage, you should know and appreciate where some of us are coming from - that it takes far more than what Lamido Sanusi posseses to run a nation's reserve bank!

I don't need to be lectured by you or anyone on how to discourage ethnic stereotyping on this Forum as my record here speaks for me. Generalizations about 99 percent of Nigerians is just as bad as any little stereotype of any people. If we don't like CNN talking about Nigerians as career frauds, people like you and Zuma should do your part by shedding the need for misguided generalizations too! :rolleyes:

Auspicious.
Bla bla bla..Auspy speak to the winds..and the answer is sure blowing there. When CNN speaks, I always thought it sends shivers up your legs? When did you start seeing CNN in the negative light? :D

busanga
Jun 8, 2009, 08:58 PM
Yes, that's what I said: BLACKMAIL.

It is blackmail, when others pose justifiable questions about a man's background, and the best you can advance (as I said in my last comments) is the notion that "A-ha, they are being 'parochial' - they are playing the ethnic card".

The education and exposure which I know you roundly possess should automatically elevate your quality of debate FAR above that ludicrous level you're clinging to. It is beneathe you, Busanga, and it is absolutely disappointing, if not plain shameful.

It is as ludicrous, as I said, as the thief who claimed racism was the reason behind his arrest after he was caught red-handed stealing another man's property.

What is parochial in "attacking the qualification" of Lamido Sanusi if indeed his qualification falls below the standards of the office he occupies in the view of those are attacking this same qualifcations of his? How did that ever arrive at "playing the ethnic card"?

Indeed, the person playing the ethnic card most aggressively here is YOU, someone who should know better by virtue of your academic and social background.

Nobody is denying that Lamido Sanusi is very well educated. In fact, I think he is very well educated. But is he seasoned enough to be Gorvernor of our Central Bank? What are his achievements? Where are his successes? Precisely, how exposed is he to the dialectics of international finance to which every national bank chief has been exposed to?

Those are the legitimate and justified questions that people are asking. But, rather than you finding it in you to debate them on merit, you are reaching lazily for the ethnic-card to defend the man - a man that some of us do agree is an intelligent man nevertheless. If you cannot defend his qualifications, simply step-aside for someone who has what it takes to do so!

Auspicious.

Auspy, I say rubbish. The man is qualified educationally no doubt. He has 20 years of experience in Nigerian Banking system, something Soludo never possessed and I never saw you raise an eyebrow. I submit that international experience as a prerequisite for national appointment is an exhibition of colonial mentality. How many international experience does Bernanke have? Was he not a mere political hack for the Bush economic team in the White House? Where outside America did Bernanke serve? Indeed, the only basis to say if Sanusi's experience squares up is by looking at his predecessors. He squares up well with 20 years practical banking experience, and a graduate degree in Finance. You speak of being intelligent, but your mantra of achievement does not square up. Achievement of what? A man was the CEO of one of the biggest banks in Nigeria, and he is not experienced to run the central bank? Man, take a piss. You are being profoundly bias, and the root of it is patently obvious to those that have observed the angle you have insisted on pursuing in this thread.

Auspicious
Jun 8, 2009, 09:04 PM
Bla bla bla..Auspy speak to the winds..and the answer is sure blowing there. When CNN speaks, I always thought it sends shivers up your legs? When did you start seeing CNN in the negative light? :D

Besides that you're derailing from the issue, Busanga, you know just as well as I know that I did NOT submit a single word that would give you or any reader of my last comments any impression that I see CNN in "negative light" (even as I acknowledge that the cable channel is imperfect).

I did not say it,

I did not infer it,

I did not allege it.

Yours is a figment of your imagination, Brother.

Auspicious.

busanga
Jun 8, 2009, 09:10 PM
Hausa people and not the whole northerners engage in illegal currency trade.

Yeah...am sure, Auspy agrees with you. This kind of blanket ethnic stereotyping mixed with falsehood is what I pointed to that egg pin and he keeps up the blurb. Well for your information, the parallel market is not illegal. Policy makers in Nigeria routinely refers to the parallel market and aim for convergence. The reason why they exist is a failure of leadership- Nigerian leadership: North or South. The failure to align social policies with economic realities since our nation achieved independence.


We have a situation where the minister for oil is from the North.

And how did it change the price of crude oil? How better was the Efik man or Ondo man because Obasanjo was minister of oil while we jumped from one fuel scarcity to another under his 8 years misrule? Man, you need understanding.


The Igbo central bank governor is being replaced by a man who had barely managed any significant oufit in his life. In fact he was made the head of First bank a few months ago to prepare him for his current role just because he is hausa.

Laughable. He was long on the Exco of First Bank before he became CEO. Any exco member of any big bank in Nigeria is qualified to be CBN governor. You don't need to be CEO of a Bank to lead within any big organization like First Bank. Do I rule out the possibility of your conspiracy? NO. But even if its true, Sanusi 6 months experience as CEO can in no way undermine his 30 years post graduate education, or 20 years practical banking experience.


The military, the oil sector and the finance sector of the country are being controlled by an ethnic sector of the country.
Only a fool would not raise questions about this fraud.
Well question it in a forum you prefer. But I never saw you complain when Obasanjo's economic team was dominated by the South Eastern part of the country. See?


On which planet are you? There is no multi-ethnic, multi-religious or multi-cultural state where people would not be wary of ethnic/sectarian injustice.
Do you think the Irish and the IRA would achieve some measure of progress in their demand for justice without actions?
Do you think the west lothian question by the scots are just a plaything?
If your fear of being labelled names is debarring you from seeking fairness that is your problem.
UMYA is pursuing a most dangerous ethnic agenda. We all need to develop backbones and strength to tell him and the people he represents that his behaviour is not only acceptable, it is very dangerous.
The children of the other ethnic groups that are made disadvantaged and degraded would only see the perpetrators as eternal enemies.
Where would that leave your ridiculous 'ideals' about a country where we would not have talk like this? Wake up man!
The children of ALL ethnic groups have long been disadvantaged in Nigeria. The elites do not recognize tribal affinity. The presence of Yoruba criminals in Abuja does not enhance the wealth of the average Yoruba man. Same is true for Hausa or Igbo. Until we gain this understanding as ALL people, then we labor in vain. When we all recoil to our ethnic shells, and identify by such primitive labels we are the sole losers. We the people. And you say you are educated?

busanga
Jun 8, 2009, 09:13 PM
Besides that you're derailing from the issue, Busanga, you know just as well as I know that I did NOT submit a single word that would give you or any reader of my last comments any impression that I see CNN in "negative light" (even as I acknowledge that the cable channel is imperfect).

I did not say it,

I did not infer it,

I did not allege it.

Yours is a figment of your imagination, Brother.

Auspicious.

Ha, my imagination ke? I thought you just fore sworn CNNs coverage of the Nigerians you so easily defend from allegations of rampant parochialism. It amounts to have your head buried in the sand like an ostrich to say that tribalism and parochialism have not played a far prominent role in destroying Africa and undermining our welfare in the recent past as you insinuated in your bogus response to Zuma. From Uganda to Kenya to Liberia to Rwanda, Congo and Burundi and to Sudan, Nigeria and Sierra Leone , tribalism and religious parochialism have consumed millions of lives. You can engage in the percentage game, 99% or whatever percentage: what I know is a fact is that Zuma was right in calling you and your tribal warlords on this thread out. Dress it up in nice garbs, it still stinks!

By the way, I do expect you to continue getting high fives and back slaps on this thread from your band of ethnic warlords. What is true is that it is only a matter of time before y'all turn on yourselves. Bunch of ethnic jingoists. :D

Auspicious
Jun 8, 2009, 09:29 PM
Auspy, I say rubbish. The man is qualified educationally no doubt. He has 20 years of experience in Nigerian Banking system, something Soludo never possessed and I never saw you raise an eyebrow..

Like those far-right conservatives on America's Faux News Network (who appear to be incable of debating issues without standing sense and reality on its head), you too appear to have acquired a curious taste for arguing from a corrupted stand-point. And all these came about just recently, for, in the past, you were one of the most credible debaters on these boards. Anytime you opine on an issue, I used to be like "Wooooooooord!".

But not anymore. It now looks like the Busanga of those days may have gone with the wind. Today, what we have is a corrupted version of the Busanga we used to know; it is now the Busanga who appears to have mastered the art of arguing like a Chukwumerije would back in the days he served under that gap-toothed buffoon from Minna. This Busanga, unlike the old one, is on the path to becoming a genius at revisionism.

I don't mean to make this about you. But I make these charges with good reason; it is self-evident to anyone reading your disingenuous misrepresentation of others' comments here. When we tell those who care to listen about the importance of having a man who has both local and foreign executive exposure in the financial world (especially in this age of globalization) as head of the nation's Apex Bank, you respond with ludicrous charges of "colonial mentality".

When we tell you that we need someone with a wide berth of executive experience that is as deep as it is wide, you respond with Sanusi's 20 years as a banker. Then I wonder, if by your standards, our family friend at the Ajilosun Road Branch of First Bank, Ado-Ekiti, qualifies to be the Central Bank Governor. Afterall, he too has, in addition to almost 20 years of working experience with the Bank, his BSc and MSc in Economics. And for jaara, he is a Deacon at his local church!
And on and on it goes, from accusations of ethnophobia to parochialism.

Indeed, gone are the days when Busanga was Busanga!

Auspicious.

busanga
Jun 8, 2009, 09:32 PM
Typical of you Auspy. Attack the messenger not the message. I need not stand on issue or any other with you. Only Busanga can speak for Busanga. How does speaking for a man duly qualified by all independent standards (education or experience in banking) amount to corruption? Oh, I guess crowing an election rigger a progressive like your compatriot Tonsoyo did El-Rufai is so clean, it demands a medal of honor :D Speaking of Fox News Channel, that is how you sound now with the primordial attack on my person. It stinks and you need help! C'est Finis.

busanga
Jun 8, 2009, 09:38 PM
I don't mean to make this about you. But I make these charges with good reason; it is self-evident to anyone reading your disingenuous misrepresentation of others' comments here. When we tell those who care to listen about the importance of having a man who has both local and foreign executive exposure in the financial world (especially in this age of globalization) as head of the nation's Apex Bank, you respond with ludicrous charges of "colonial mentality".

Auspicious.

Look here son, until you show me when this your "local and foreign executive experience" became a standard for appointing CBN governor, then just put up and shut up in peace. Soludo did not have foreign executive experience; except you don't know what executive experience is. In fact, I remember critiques of Obasanjo in 2004 picking up on Soludo's pure academia background, and boy did Soludo disappoint them. Neither did the 13 CBN governors before Sanusi have international executive experience as you claim. Where did this foreign requirement come from if not from some colonial mentality? Were you not on this board defending Barack Obama for President of United States with no drop of business experience or executive in government experience? By the way, Sanusi has more executive experience than Barack Obama had before he took on fixing America, and his new job does not even include running GM or Citi Bank! Anyone can make anything of experience as John McCain did, but it is judgment that matters. I can only tell where a man's out from what proceeds out of his mouth. On that count, Sanusi is a okay until he proves otherwise. Save me.




When we tell you that we need someone with a wide berth of executive experience that is as deep as it is wide, you respond with Sanusi's 20 years as a banker. Then I wonder, if by your standards, our old family friend old at the Ajilosun Road Branch of First Bank, Ado-Ekiti, qualifies to be the Central Bank Governor. Afterall, he too has, in addition to almost 20 years of working experience with the Bank, both his BSc and MSc in Economics. And for jaara, he is a Deacon at his local church!

Auspicious.

Your old family friend will be a fit to manage Aso Rock chapel. Of course, Goodluck with attendance! I mean, literally Goodluck. :D

tonsoyo
Jun 8, 2009, 09:38 PM
Auspy, I say rubbish. The man is qualified educationally no doubt. He has 20 years of experience in Nigerian Banking system, something Soludo never possessed and I never saw you raise an eyebrow. I submit that international experience as a prerequisite for national appointment is an exhibition of colonial mentality. How many international experience does Bernanke have? Was he not a mere political hack for the Bush economic team in the White House? Where outside America did Bernanke serve? Indeed, the only basis to say if Sanusi's experience squares up is by looking at his predecessors. He squares up well with 20 years practical banking experience, and a graduate degree in Finance. You speak of being intelligent, but your mantra of achievement does not square up. Achievement of what? A man was the CEO of one of the biggest banks in Nigeria, and he is not experienced to run the central bank? Man, take a piss. You are being profoundly bias, and the root of it is patently obvious to those that have observed the angle you have insisted on pursuing in this thread.


You get on my nerves when you write stuff like this. How dare you talk about Bernanke like that? He is a genius. He won Spelling Bees at 6, he got 1590 in SAT out of possible 1600, he got his first degree from Harvard in Economics and got his PhD from MIT in Economics. He taught Economics at Stanford, he was the Chair of that Dept at Princeton.

He already served on the Board of Governors of Federal Reserve Bank for about three years before he was appointed the Chairman.

Why would you need further international exposure if you are a major player in the USA?
The USA Ivy League Colleges is the marketplace of major world economic policies, to them it is practical experience. The country itself is the playground for global economic activities.

How dare you compare Bernanke's experience to Sanusi's?

The whole journey of Sanusi through the banking system was aided by his ethnic background. His sojourn at the First Bank was mere internship, as the anointed Prince to CBN top job.

It is annoying that you keep talking about his 5 months apprenticeship at 1st Bank. Damn it!

busanga
Jun 8, 2009, 09:47 PM
Why would you need further international exposure if you are a major player in the USA?

See why I knew colonial mentality rule your likes?

Now answer this question, "Why will you need further international exposure if you are a major player in Nigeria?" to regulate the Nigerian Banking Industry..emphasis on Nigeria

Is the CEO of Nigeria a major player in Nigeria's banking industry? If he is, why then does he need some made up international experience? International experience at what exactly?

Which top Chinese , Brazilian and Russian financial chief has this US or International experience you all cry about on NVS like it is a need?

Is the CBN governor of Nigeria involved in any diplomacy? Why will international experience be a need to manage a monetary system so disconnected from the world like Nigeria?

I have so many questions, I only hope you take your time to answer one of the above and hope you don't only deepen my impression this is all games to you.

Speaking of Education of course you realize, Soludo had his Bachelors, Masters and PHD from a Nigerian University i.e. UNN. In fact , most of his professional experience was also at that university: writing papers and formulating models much like Bernanke until he was discovered by that Anti-Christ called Obasanjo. Did that in anyway devalue his meritorious contribution? And boy, when you speak of Genius that Bernanke is, take a listen: Sanusi earned his masters (yes, from one of Nigeria's foremost schools in the same league as UNN) at 21 , how does that not make for a reasonably brilliant mind I can vouch for considering his scholarship which is public record?

Sup Colomentals? Fashola went to UNIBEN and didn't need a damn international experience to creditably manage our biggest and far most complex state. Y'all should get off your high stinking horse!

Auspicious
Jun 8, 2009, 09:47 PM
You get on my nerves when you write stuff like this. How dare you talk about Bernanke like that? He is a genius. He won Spelling Bees at 6, he got 1590 in SAT out of possible 1600, he got his first degree from Harvard in Economics and got his PhD from MIT in Economics. He taught Economics at Stanford, he was the Chair of that Dept at Princeton.

He already served on the Board of Governors of Federal Reserve Bank for about three years before he was appointed the Chairman.

Why would you need further international exposure if you are a major player in the USA?
The USA Ivy League Colleges is the marketplace of major world economic policies, to them it is practical experience. The country itself is the playground for global economic activities.

How dare you compare Bernanke's experience to Sanusi's?

The whole journey of Sanusi through the banking system was aided by his ethnic background. His sojourn at the First Bank was mere internship, as the anointed Prince to CBN top job.

It is annoying that you keep talking about his 5 months apprenticeship at 1st Bank. Damn it!

Give it up, T.

Allow Busanga to marinate in the juice of his own Opata. When he begins to compare Bernake's experience to Sanusi's, you know very well that continuing this exchange with him is as hopeless as it is an absolute waste of time.

There's nothing more for me to contribute to this thread.

Signing Out,

Auspicious.

busanga
Jun 8, 2009, 09:53 PM
Give it up, T.

Allow Busanga to marinate in the juice of his own Opata. When he begins to compare Bernake's experience to Sanusi's, you know very well that continuing this exchange with him is as hopeless as it is an absolute waste of time.

There's nothing more for me to contribute to this thread.

Signing Out,

Auspicious.

Auspy, only you is stewing in your own juice. When did international experience become a barometer for any national bank chief? I see you have dodged that simple question even after asking it for the umpteenth time and here you make out like a bandit? :2love:

In fact, you still cannot show me where Soludo had his own international executive experience, or any of Sanusi's predecessors. You are just making stuff up, and you know it!

Zuma
Jun 8, 2009, 09:59 PM
TONSOYO,:D:D:D:D:D:D
The above is wrong in all ramification of science, or is there a logic for it in law. Meanwhile i am with BUSANGA on this issue all the way, Zuma started the ethnic angle and you; TONSOYO came on his side but disagreed with him when the Bisi guy at ADB was mentioned all because he was from your neck of the wood i presume. Zuma used the same indices he used in rubbishing other to rubbish him, you agreed with his submission on others but rejected that on Bisi... so a'int it obvious what dictates your analysis

lol. . . .well, well, well. I say the ethnic chickens have finally come home to roost.

Thank you very much at least for exposing the other 'ethnic' angle on this thread that has no cure on either NVS, Nigeria or Africa. I was not going to bring it up for fear of a major thread derailment as has happened in the last few pages. At least, I choose to aim at some form of consistency in the analysis of the 'flaws' of the federal character agenda or lack thereof, while advocating that there was no need for Charles Soludo to be removed to appease the "Northern" aggrieved. All candidates were subject to the same scrutiny. . . including Charles Soludo whom I initially discredited till I looked at his resume closely and his work for 5 years as being a CBN governor.

You just never know.

Yes, I started the ethnic angle as presented to me by Yaradua's 7-Point agenda in appointing the next CBN governor after Charles Soludo. It is very obvious that Yaradua was hell-bent on appointing a Northerner, so why should I not object? Especially where Sanusi is not the most qualified for the job? It just proves to me that, on account of the ethnic jingoists who never wish Nigeria any good, they would rather have Charles Soludo out, and if not "Bisi". . . .Sanusi must be it. Business as usual.

Not for the man with the best portfolio but for the most comfortable to protect ethnic interests.

Sorry, I will always go for the man with the best portfolio regardless of where he comes from in Nigeria. The most qualified Nigerian is NOT Sanusi. But that is not my business now is it?

Let the band play on I say.

busanga
Jun 8, 2009, 10:03 PM
It is my belief that we as a country will have to decide how far we will pursue this Federal Character crap, which I detest as much as I hate the elites that use it to manipulate public opinion. But to now destroy credible appointees on the basis of this principle, after you criticized the principle before when it did not favor you (in education et al) is trying to have it both ways. I will not have it. Let us be consistent.

Auspicious
Jun 8, 2009, 10:07 PM
It is my believe....

Shopona Oooooooooo!

http://www.blogcdn.com/www.autoblog.com/media/2009/01/car-accident-tree-wrap.jpg

busanga
Jun 8, 2009, 10:11 PM
Shopona Oooooooooo!

http://www.blogcdn.com/www.autoblog.com/media/2009/01/car-accident-tree-wrap.jpg

You still obviously have a lot of growing up to do :lol:

tonsoyo
Jun 8, 2009, 10:14 PM
See why I knew colonial mentality rule your likes?

Now answer this question, "Why will you need further international exposure if you are a major player in Nigeria?" to regulate the Nigerian Banking Industry..emphasis on Nigeria

Is the CEO of Nigeria a major player in Nigeria's banking industry? If he is, why then does he need some made up international experience? International experience at what exactly?

Which top Chinese , Brazilian and Russian financial chief has this US or International experience you all cry about on NVS like it is a need?

Is the CBN governor of Nigeria involved in any diplomacy? Why will international experience be a need to manage a monetary system so disconnected from the world like Nigeria?

I have so much questions, I only hope you take your time to answer one of the above and hope you don't only deepen my impression this is all games to you.

Speaking of Education of course you realize, Soludo had his Bachelors, Masters and PHD from a Nigerian University i.e. UNN. Did that in anyway devalue his meritorious contribution? And boy, when you speak of Genius that Bernanke is, take a listen: Sanusi earned his masters (yes, from one of Nigeria's foremost schools in the same league as UNN) at 21 , how does that not make for a reasonably brilliant mind I can vouch for considering his scholarship which is public record?

Sup Colomentals? Fashola went to UNIBEN and didn't need a damn international experience to creditably manage our biggest and far most complex state. Y'all should get off your high stinking horse!

Busanga,
You must be related to Baba Suwe. Why don't you go and look at the profiles of those people before yo come here to make your unfounded conclusions.

Enough international exposure should be a major consideration for anybody to become the Governor of our CB. Do you realize how ridiculous you sounded when you said our monetary system is far disconnected? You cannot even say that o Benin Republic, every counntry's monetary system has its own impact either negatively or positively in global economy.

Let us even assume that we are so disconnected, must we perpetuate the disconnection by keep appointing people that lacked exposure? What is your point?

Soludo has the least experience of the former Governors, but what he lacked in practical banking experience was compensated for by sound academic credential in Economics, international exposure and a demonstrated understanding of solution to Nigeria erstwhile chaotic banking system even before he was appointed.

For your information, Soludo as an Economic Adviser to Obasanjo had already proposed the consolidation. Maybe Obasanjo would have extended Chief Joseph Sanusi's term if he had executed it, but he was dragging his feet, because he believed it should be done in phases. So when Obasanjo brought Soludo in, he did not bring him to experiment, but to execute already packaged idea by him. Soludo already proved himself before the appointment, he earned it!

Will you stop clowning around by comparing what is taught at Uniben and UNN with Havard and Princeton?

busanga
Jun 8, 2009, 10:17 PM
Busanga,
You must be related to Baba Suwe. Why don't you go and look at the profiles of those people before yo come here to make your unfounded conclusions.

Enough international exposure should be a major consideration for anybody to become the Governor of our CB. Do you realize how ridiculous you sounded when you said our monetary system is far disconnected? You cannot even say that o Benin Republic, every counntry's monetary system has its own impact either negatively or positively in global economy.

Let us even assume that we are so disconnected, must we perpetuate the disconnection by keep appointing people that lacked exposure? What is your point?

Soludo has the least experience of the former Governors, but what he lacked in practical banking experience was compensated for by sound academic credential in Economics, international exposure and a demonstrated understanding of solution to Nigeria erstwhile chaotic banking system even before he was appointed.

For your information, Soludo as an Economic Adviser to Obasanjo had already proposed the consolidation. Maybe Obasanjo would have extended Chief Joseph Sanusi's term if he had executed it, but he was dragging his feet, because he believed it should be done in phases. So when Obasanjo brought Soludo in, he did not bring him to experiment, but to execute already packaged idea by him. Soludo already proved himself before the appointment, he earned it!

Will you stop clowning around by comparing what is taught at Uniben and UNN with Havard and Princeton?

You are are here clowning my friend. Soludo had the least Banking experience, and he did perform. So what is to say that someone with far more banking experience than Soludo won't?

On this International exposure crap, I see your team has again changed the goal post at the middle of the game. First it was International EXECUTIVE experience. Now it is exposure. Man, gimme a break. The man is qualified.

Speaking of Harvard and Princeton, if that made a difference Nigeria will be El Dorado today. With those foreign educated criminals that have stolen and robbed us dry since independence? God help us to have understanding and get to the real source of our problems which is our own lack of vision.

Auspicious
Jun 8, 2009, 10:20 PM
You still obviously have a lot of growing up to do :lol:

Abi o, thank God for long life ahead..

Hopefully, like me, you aren't too close to expiration date.

Auspicious.

Zuma
Jun 8, 2009, 10:38 PM
I 'a-zume' you imagine yourself as belonging to the minute 1% non-pacifist/ethno-phobe amongst Nigerians and Africans. The problem with sweepingly judgemental (preach-down/look-at-me-I-am-politically in-correct") comments like yours is that it undermines whatever good intent behind your comments.It is very misguided for anyone - you included - to barge in and lampoon people en-masse like you have just done or wont to do of recent here.

Contrary to your ill-advised generalizations, the typical African or Nigerian man out there simply wants to get by - to live and let live as he has done for centuries like any other human being on Earth. Unfortunately, the few rich and powerful ones within the society prey on his vulnerabilities, just as the Colonial Overlords did in their hey days, setting brothers against brothers to protect their rulership. And what next? Brothers like you come on board to lampoon the victims.

Pele o, perfect Nigerian. 'E be like say all that sparring with your SuperEgo buddy has left an obvious impact, otherwise you wouldn't read/sound so much like he does.

Auspicious.

So what do you think OBJ and Yaradua by extension is doing evidenced by the appointment of Sanusi Lamido? Unifying Nigerians? I would want to think you are smarter than that. Has the ethnic agenda of 'splitting tribal hairs' changed for the past almost 50 years?

Lampoon the victims? Am I not one of the victims? I doubt you have followed this thread from the beginning. No need to get all flustered. Just attempt to see or understand the different angles presented on this thread 'objectively'. If you look at Yaradua and his whole plan for Nigeria currently, you would realize sooner or later that we are all 'victims', like Busanga is trying to make you understand.


Speak for yourselves and yourselves alone, Mr. Busanga, or hold your goddamn peace. If it is selfish ethnic perversions influence the personal thoughts or ideas of you and your friends of like minds, then simply say and stick with it instead of assuming that "99% (of Nigerians and Africans )" are simply nurtured by suchunfortunate thinking.

Grand-standing, nay "colorful grammar", speaks to the posturing of the commentator whom my comments addressed (Zuma) FAR BETTER than it does me! First, I was not the one who mounted the stage, scathing tongue and all, to preach-down on 99% of Africans, declaring that they are mostly hypocrites - unlike him, who is I presume belongs to the remaining 1%.

If that isn't grand-standing, I don't know what else it is. But you would conveniently omit all that, prefering to focus on my "colorful grammar" while indicting me of "parochialism" - a word that I just had to go look-up for its meaning. It is pity that the accusation of pariochialism is the best that you can advance. Yours is akin to a thief alleging racism after he was caught stealing.

People are very justified to be very doubtful about the possibility of CBN Governor Lamido Sanusi's success in his new role, period! As an educated man who has been privileged to to be enlightened beyond the confines of his heritage, you should know and appreciate where some of us are coming from - that it takes far more than what Lamido Sanusi posseses to run a nation's reserve bank!

I don't need to be lectured by you or anyone on how to discourage ethnic stereotyping on this Forum as my record here speaks for me. Generalizations about 99 percent of Nigerians is just as bad as any little stereotype of any people. If we don't like CNN talking about Nigerians as career frauds, people like you and Zuma should do your part by shedding the need for misguided generalizations too! :rolleyes:

Auspicious.

Generalizations hold true if the same principles of nepotism and godfatherism plaguing Nigeria and Nigerians still ring true in 2009. So where do you base objects of your 'faith'? If you claim to understand that it takes far more than what Lamido Sanusi possesses to run the nation's reserve banks, then why are we on opposite sides of the camp if not for reasons other than the adequately prescribed 'grand-standing' on your part?

You are entitled to describe me in any term of your choice. The main issue here is glaring for all to see. The fact that Yaradua did not pick the most qualified Nigerian for the CBN governorship, but based on ethnic sentiments. FACTS!

This is my main gripe on this thread, and I have long got over that. The deed has been done. But stating the fact about colonial masters pitching one brother against the other, I wonder why you do not think Yaradua and his policies are doing just the same thing? Take a good look at this thread in case you missed it.

You are deviating from the main points of this thread.

Questions.
(1) Did Yaradua pick the most qualified man for the CBN governorship?
(2) Did ethnicity play a major role in the appointment of Sanusi Lamido as CBN governorship and should we not comment on it even where we cannot do anything about it?

Just simple questions that concern me as a Nigerian. I cannot summarize any concreteness on your part regarding the topic of this thread judging from your lengthy key strokes so far, besides agreeing with Tonyoso( for whatever his position may appear to be) or antagonizing myself or Busanga for absolutely no reason.

Just stick with the thread please.

Carrygo
Jun 8, 2009, 10:43 PM
Yaradua’s recent appointment doesn’t surprise me. He is an excrement of the Nigerian system. He has no conception about how a private economy operates, being a product of the oil patronage/distribution system. He is locked in a primitive, fundamentalist prison of existence. He looks upon the CBN with all the rage of a conquering ethno-religious jihadist and sees a territory inhabited by southern infidels - that must be brought under subjection. Is it a stretch to imagine that some of the policies introduced by Soludo will be rolled back by Sanusi Lamido?

Auspicious
Jun 8, 2009, 10:49 PM
+

Hi, Zuma.

Apologies for any untoward language I may have applied towards you.

I think I understand where you are coming from, but I detest ANY form of generalizations about any group of people for any reason - especially when it is dispatched with such air of holy-moly disconnect with which you dispatched yours. That was the only issue I had with your post, talking about 99% of Nigerians and all.

Auspicious.

Zuma
Jun 8, 2009, 11:05 PM
Soludo has the least experience of the former Governors, but what he lacked in practical banking experience was compensated for by sound academic credential in Economics, international exposure and a demonstrated understanding of solution to Nigeria erstwhile chaotic banking system even before he was appointed.

For your information, Soludo as an Economic Adviser to Obasanjo had already proposed the consolidation. Maybe Obasanjo would have extended Chief Joseph Sanusi's term if he had executed it, but he was dragging his feet, because he believed it should be done in phases. So when Obasanjo brought Soludo in, he did not bring him to experiment, but to execute already packaged idea by him. Soludo already proved himself before the appointment, he earned it!



I am glad you know all this. More than we can say for the others with over 35 years in chop chop economics from International loan sharks from Paris club and the likes.

Now tell us about the 'sound' academic foundations of the other candidates. Please ABU does not count!

Experience can only count if it is a positive one. What kinds of reforms have the others brought to Nigeria while serving in African Developement Banks? Does it show in the Nigerian economy? What is the basis of the accolades given to people like Sanusi Lamido and "Bisi" for example? I don't see anything tangible as it affects Nigerians. That is my point.

We are told that Sanusi 'rescued' one UBA bank branch in Kano but we cannot find any abracadabra economic policies he used so we can apply it to the same UBA branches all over Nigeria.

Now what was that all about?

Zuma
Jun 8, 2009, 11:09 PM
+

Hi, Zuma.

Apologies for any untoward language I may have applied towards you.

I think I understand where you are coming from, but I detest ANY form of generalizations about any group of people for any reason - especially when it is dispatched with such air of holy-moly disconnect with which you dispatched yours. That was the only issue I had with your post, talking about 99% of Nigerians and all.

Auspicious.

Thanks.

Remember we are talking about the political arena?

No holy moly air intended at all. Just look at Nigeria and tell me if the generalizations do not hold true. ALL our leaders have had an ethnic agenda at the expense of ALL Nigerians. In the final analysis, the basis for the generalization is that all have failed. Name one politician alive that actually had Nigeria as a beloved country. NONE! That is where my generalization comes from. We are not in the position of power so remain uncorrupted. No telling what any of us would do when faced with the same treacherous choices deeply entrenched in tribalism.

Yaradua proves it at every waking moment for a sound reality check so we do not forget.

All past and present Nigerian leaders are still dancing the same tune. Even on this thread. . . you can only imagine what would happen if some of us are given the opportunity to rule Nigeria for one day. Myself included.

Scary thought.

Auspicious
Jun 8, 2009, 11:21 PM
+

Ref Zuma @ #201:

PS: Busanga isn't trying to get me to understand NADA.He hasn't appealed to any positive sensibilities of mine in almost all the comments he has posted as far as this thread is concerned. And that's that - moving on.

PSS: I had posted this before I saw your last post directly above.

I see you are trying to convince me that Umaru Yar'Adua is up to no good. You needn't try to convince me; I share that view as well. I am also of the view that not only has he achieved virtually nothing since he came to power, but he also hasn't shown that he has any concrete plan of his own (as the current President) for the immediate future. The most that we see, besides his only policy of wrecking whatever little progress his predecessor barely achieved, is his repetition of the boring mantra of the rule of law, along with his so-called "7-point agenda".

I am NOT blind to the fact that Umaru Yar'Adua did not pick the best brains FOR THE JOB with his choice of Lamido Sanusi as the Central Bank Governor. And, perhaps you did not know, but I stated so severally on this thread already - that is why I find it quite odd that you felt compelled to spell this out for me here. If indeed it was ethnic sentiments that is behind his choice of Sule Lamido as the Central Bank chief, I won't be surprised. But, call it what you want (ostriching, etc.), I usually am not always very comfortable with reaching for such charges for obvious reasons.

Still, I won't deny that the "owners" of Nigeria have arrived - again. But what is important - what stands out to me - is that Umaru Yar'Adua could have done better. Yet, I am not disappointed because it only measures up with the pathetic quality of leadership that I expected of him. The man is an insecure weakling - almost like a simpleton enslaved to his personal insecurities. I didn't know the day will come when I would look back on the Obasanjo Era with 'mixed feelings', for I hated the manner he, too, wasted immense oppotunities he had to burnish the image of Nigeria along with his image - again!

To continue with the issues you raised in your post. So, even if Yar'Adua aims to set brothers against brothers, must you play into his hands by making generalizations about us all, you included (or not)? I don't think so. You need to accept that your scathing generalizations about us all are indeed ill-advised. But it's okay even if you don't. And I never ever said we shouldn't comment about ethnic issues; what I said was that we should try not to generalize about a people's orientation - especially when we point down at others from our moral high-tables.

I did not deviate from the thread in any way. I simply responded to specific comments that you made - unless you want to submit here and now that I followed your deviation from the topic under discourse here. Anyways my position this remains that you could have made the very valid points that you sought to make without making authoritative (but erronously sweeping) generalizations about "99%" of Nigerians. And, by the way, you and Busanga appear to be working at cross-purposes from my stand-point, so I don't get how he helps support your position here.

Auspicious.

tonsoyo
Jun 8, 2009, 11:24 PM
Auspy, only you is stewing in your own juice. When did international experience become a barometer for any national bank chief? I see you have dodged that simple question even after asking it for the umpteenth time and here you make out like a bandit? :2love:

In fact, you still cannot show me where Soludo had his own international executive experience, or any of Sanusi's predecessors. You are just making stuff up, and you know it!

Yes international experience or enough exposure at the CEO level of a major bank should be a criterion.

I am sure you have heard terms like 'FOREIGN Reserve (emphasis on foreign) Balance of payment etc those are international economic terms, that is part os what a Central Bank Governor do.

For your information, Clement Isong made first class in Economics sponsored by Ford Foundation, had his Masters from Havard, worked as Economist for the US Federal Reserves, before he came to Nigeria, also served as the Secretary to CBN before he became the Governor. Ola Vincent was Vice-Presdent for African Development Bank for almost 7 years before he became CBN Governor, Abdul Kadir Ahmed was on the Board for about 5 years before he became the Gov. Paul Ogwuma was top boss at UBA and Union Bank for years before he became the Governor.
Chief Joseph Sanusi apart fron foreign work experience as Accountant, was CEO, Security and Exchange Commission, was executive Director in CBN in charge of Monetary for about 5 years, was a Deputy Governor at CBN, was MD UBA, (not Risk Manager) was MD First Bank.

Soludo beside academic excellence was Consultant to United Nation on many Economic issues.

Adamu Ciroma had the most ridiculous resume and he lasted only one year.

Get your facts right.

Auspicious
Jun 8, 2009, 11:36 PM
..you can only imagine what would happen if some of us are given the opportunity to rule Nigeria for one day. Myself included..

Tah! An interesting admission there! :lol:

At least you aren't clamoring to lead, so you can be excused for your ways.

But anyone in power has to answer for his performance in the line of his duties!

Auspicious.

Auspicious
Jun 8, 2009, 11:39 PM
..Is it a stretch to imagine that some of the policies introduced by Soludo will be rolled back by Sanusi Lamido?

Nope - no, it's NOT a stretch.

But for the Busangas amongst us,

"In Sanusi they Trust"

Auspicious.

busanga
Jun 8, 2009, 11:39 PM
Yes international experience or enough exposure at the CEO level of a major bank should be a criterion.

I am sure you have heard terms like 'FOREIGN Reserve (emphasis on foreign) Balance of payment etc those are international economic terms, that is part os what a Central Bank Governor do.

For your information, Clement Isong made first class in Economics sponsored by Ford Foundation, had his Masters from Havard, worked as Economist for the US Federal Reserves, before he came to Nigeria, also served as the Secretary to CBN before he became the Governor. Ola Vincent was Vice-Presdent for African Development Bank for almost 7 years before he became CBN Governor, Abdul Kadir Ahmed was on the Board for about 5 years before he became the Gov. Paul Ogwuma was top boss at UBA and Union Bank for years before he became the Governor.
Chief Joseph Sanusi apart fron foreign work experience as Accountant, was CEO, Security and Exchange Commission, was executive Director in CBN in charge of Monetary for about 5 years, was a Deputy Governor at CBN, was MD UBA, (not Risk Manager) was MD First Bank.

Soludo beside academic excellence was Consultant to United Nation on many Economic issues.

Adamu Ciroma had the most ridiculous resume and he lasted only one year.

Get your facts right.

You get your facts right. I am of the opinion that if it was your tribesman that had the same resume like Sanusi you will be here thanking heavens knowing your antecedents. In any case, I am willing to give Sanusi the opportunity to prove himself not that I really care since I don't see any governor be it Soludo or himself being effective under the current administration. But to crucify his appointment using ethnic theatrics as many of you have done on this thread is a shame. There is no voodoo to being an effective administrator, and I am very suspect as a young professional about people who carry this big stick called "experience". 20 years for God sakes is two decades! Common guys! And here, you are trying to make a case that risk managers don't make good regulators. Your ideas sounds laughable. I guess all risk managers in that country better thank their stars that Tonsoyo don't get to pick CBN governors else they will all be left pants hanging down when it comes to aspiring to the head of the nation's apex bank. Rubbish

tonsoyo
Jun 8, 2009, 11:41 PM
I am glad you know all this. More than we can say for the others with over 35 years in chop chop economics from International loan sharks from Paris club and the likes.

Now tell us about the 'sound' academic foundations of the other candidates. Please ABU does not count!

Experience can only count if it is a positive one. What kinds of reforms have the others brought to Nigeria while serving in African Developement Banks? Does it show in the Nigerian economy? What is the basis of the accolades given to people like Sanusi Lamido and "Bisi" for example? I don't see anything tangible as it affects Nigerians. That is my point.

We are told that Sanusi 'rescued' one UBA bank branch in Kano but we cannot find any abracadabra economic policies he used so we can apply it to the same UBA branches all over Nigeria.

Now what was that all about?

Unlike people like you I am an objective and an informed analyst. Have you seen Chief. Sanusi's resume? Are you trying to compare him to Soludo or what?

Let me tell you this straight up, experience is the number one that is considered for any position of responsibility, this is why I said of Soludo qualification 'COMPENSATED'

No matter what you guys may say about Obasanjo, he was a pro-active President, always willing to try new things, that is what Soludo got going for him. Obasanjo probably any of the past leader in Nigeria that would have given Soludo a trial.

Do not also forget that he removed his far more experienced kinsman to try Soludo. So shut up right there! Don't even try to push my being honest.

Bisi has you called him is also far more experienced than Soludo, if your conclusion from the verifiable truth is that I said so because he is a Yorubaman, then that is your problem.

Because I still went on to conclude that there is no reason to remove Soludo, you do not change a winning team.

Auspicious
Jun 8, 2009, 11:44 PM
Yes international experience or enough exposure at the CEO level of a major bank should be a criterion.

I am sure you have heard terms like 'FOREIGN Reserve (emphasis on foreign) Balance of payment etc those are international economic terms, that is part os what a Central Bank Governor do.

For your information, Clement Isong made first class in Economics sponsored by Ford Foundation, had his Masters from Havard, worked as Economist for the US Federal Reserves, before he came to Nigeria, also served as the Secretary to CBN before he became the Governor. Ola Vincent was Vice-Presdent for African Development Bank for almost 7 years before he became CBN Governor, Abdul Kadir Ahmed was on the Board for about 5 years before he became the Gov. Paul Ogwuma was top boss at UBA and Union Bank for years before he became the Governor.
Chief Joseph Sanusi apart fron foreign work experience as Accountant, was CEO, Security and Exchange Commission, was executive Director in CBN in charge of Monetary for about 5 years, was a Deputy Governor at CBN, was MD UBA, (not Risk Manager) was MD First Bank.

Soludo beside academic excellence was Consultant to United Nation on many Economic issues.

Adamu Ciroma had the most ridiculous resume and he lasted only one year.

Get your facts right.

Tonsoyo Baba!

I know we often strongly disagree (especially when YOU TOO are doing your 'wetin-you-carrey') but, Guy, may the Sun continue to shine kindly upon your vested Congos! (whatever that means, you get the drift!) .

Auspicious.

busanga
Jun 8, 2009, 11:45 PM
Nope - no, it's NOT a stretch.

But for the Busangas amongst us,

"In Sanusi they Trust"

Auspicious.

There you go silly personalizing the issue. Where did I say Sanusi is my savior. I don't do idol worshiping which is the stock in trade of your likes. From Ribadu to El Rufai, all you all do is idol worshiping- and once they mess up you make up excuses for them. And once it all tumbles down I have not said Sanusi is a shoe in, but I have said your likes should give the man a chance. If he fumbles, I will be the first to criticize him. But to come here and act as if a man of his education and exposure can simply not figure how to lead the CBN is mere theatrics in my opinion.

busanga
Jun 8, 2009, 11:47 PM
Tonsoyo Baba!

I know we often strongly disagree (especially when YOU TOO are doing your 'wetin-you-carrey') but, Guy, may the Sun continue to shine kindly upon your vested Congos! (whatever that means, you get the drift!) .

Auspicious.

Look at the clown. Where is your proof of International Executive Experience of Past CBN guvs? Or you just write crap that you know nothing about?

Auspicious
Jun 8, 2009, 11:49 PM
You get your facts right. I am of the opinion that if it was your tribesman that had the same resume like Sanusi ...Blah-Dee-Blah..

Eyaaah.

This guy's gas-tank is really on "Empty".

It is why he has ONLY ONE line of defense throughout this thread.

(TONSOYO: Pssss! I take it Soludo is your "tribesman"? :lol:)

Auspicious.

Zuma
Jun 8, 2009, 11:53 PM
+

Ref Zuma @ #201:

PS: Busanga isn't trying to get me to understand NADA.He hasn't appealed to any positive sensibilities of mine in almost all the comments he has posted as far as this thread is concerned. And that's that - moving on.

PSS: I had posted this before I saw your last post directly above.

I see you are trying to convince me that Umaru Yar'Adua is up to no good. You needn't try to convince me; I share that view as well. I am also of the view that not only has he achieved virtually nothing since he came to power, but he also hasn't shown that he has any concrete plan of his own (as the current President) for the immediate future. The most that we see, besides his only policy of wrecking whatever little progress his predecessor barely achieved, is his repetition of the boring mantra of the rule of law, along with his so-called "7-point agenda".

I am NOT blind to the fact that Umaru Yar'Adua did not pick the best brains FOR THE JOB with his choice of Lamido Sanusi as the Central Bank Governor. And, perhaps you did not know, but I stated so severally on this thread already - that is why I find it quite odd that you felt compelled to spell this out for me here. If indeed it was ethnic sentiments that is behind his choice of Sule Lamido as the Central Bank chief, I won't be surprised. But, call it what you want (ostriching, etc.), I usually am not always very comfortable with reaching for such charges for obvious reasons.

Still, I won't deny that the "owners" of Nigeria have arrived - again. But what is important - what stands out to me - is that Umaru Yar'Adua could have done better. Yet, I am not disappointed because it only measures up with the pathetic quality of leadership that I expected of him. The man is an insecure weakling - almost like a simpleton enslaved to his personal insecurities. I didn't know the day will come when I would look back on the Obasanjo Era with 'mixed feelings', for I hated the manner he, too, wasted immense oppotunities he had to burnish the image of Nigeria along with his image - again!

To continue with the issues you raised in your post. So, even if Yar'Adua aims to set brothers against brothers, must you play into his hands by making generalizations about us all, you included (or not)? I don't think so. You need to accept that your scathing generalizations about us all are indeed ill-advised. But it's okay even if you don't. And I never ever said we shouldn't comment about ethnic issues; what I said was that we should try not to generalize about a people's orientation - especially when we point down at others from our moral high-tables.

I did not deviate from the thread in any way. I simply responded to specific comments that you made - unless you want to submit here and now that I followed your deviation from the topic under discourse here. Anyways my position this remains that you could have made the very valid points that you sought to make without making authoritative (but erronously sweeping) generalizations about "99%" of Nigerians. And, by the way, you and Busanga appear to be working at cross-purposes from my stand-point, so I don't get how he helps support your position here.

Auspicious.

At least we agree on some key points which should matter the most.

This thread has shown a lot of divergence and convergence. Meaning, like civilized individuals we can agree to disagree. Our ideas are not always in harmony, but when we see what we can agree or disagree with, we point them out without much ado.

We do not always have to agree when we should not.

Okay, so we are clear on the reason for my generalization I would like to limit my generalizations to the political arena like I clarified in my previous posts. I will not refer to Nigerians in such general terms since you seem offended by it. Let me just state that 100% of Nigerian politics is based on tribalism, as practiced by the Nigerians at the helm of affairs.

Nigerian politicians only make up less than 5%(if that much of a measure) of the Nigerian population with far-reaching negative consequences for all including the politicians themselves.

If you read this thread again, you will understand why I also inferred that most Nigerians may be just as bad as the politicians who represent them.

I still do not understand where you stand on these issues. I shall keep reading to see if I can get it.

But we shall let the matter rest for now.




Yaradua’s recent appointment doesn’t surprise me. He is an excrement of the Nigerian system. He has no conception about how a private economy operates, being a product of the oil patronage/distribution system. He is locked in a primitive, fundamentalist prison of existence. He looks upon the CBN with all the rage of a conquering ethno-religious jihadist and sees a territory inhabited by southern infidels - that must be brought under subjection. Is it a stretch to imagine that some of the policies introduced by Soludo will be rolled back by Sanusi Lamido?

The hand has always been on the wall.

http://www.bloomberg.com/apps/news?pid=20601116&sid=auroPn7VTZxc&refer=africa


Virgin Atlantic in Talks to Sell Virgin Nigeria Stake, FT Says
By Andrew Shepherd

Aug. 19 (Bloomberg) -- Virgin Atlantic Airways Ltd. is in talks to sell its 49 percent holding in Virgin Nigeria, the Financial Times reported, citing Richard Branson, Virgin's president.

Virgin Atlantic's move follows a dispute with the Nigerian government over where to site the domestic operations of the unprofitable west African carrier, which Virgin set up in 2005, the newspaper said.

Virgin Atlantic claims the present government of Umaru Yar'Adua has not kept to a deal signed under former president Olusegun Obasanjo that allowed Virgin Nigeria to use the international terminal in Lagos, the commercial capital, for all services, the FT said.


What a president.lol There is nothing about Nigeria he takes seriously except it pertains to the Northern part of Nigeria. He cannot read or honor agreements with simple domestic economic policies concerning Virgin Nigeria. One can only imagine the state of the National reserves after his departure.

After all, he speaks good English, has a lot of political experience and all is well.

Zuma
Jun 9, 2009, 12:12 AM
Unlike people like you I am an objective and an informed analyst. Have you seen Chief. Sanusi's resume? Are you trying to compare him to Soludo or what?

Let me tell you this straight up, experience is the number one that is considered for any position of responsibility, this is why I said of Soludo qualification 'COMPENSATED'

No matter what you guys may say about Obasanjo, he was a pro-active President, always willing to try new things, that is what Soludo got going for him. Obasanjo probably any of the past leader in Nigeria that would have given Soludo a trial.



Do not also forget that he removed his far more experienced kinsman to try Soludo. So shut up right there! Don't even try to push my being honest.

Bisi has you called him is also far more experienced than Soludo, if your conclusion from the verifiable truth is that I said so because he is a Yorubaman, then that is your problem.

Because I still went on to conclude that there is no reason to remove Soludo, you do not change a winning team.

Experiences in 'kalo kalo' economics coupled with paid for hire certificates and degrees from ABU and institutes of adult continuing education in absentia in places like Sudan do not count. The only thing that Nigeria has to show for those kinds of experiences are running Nigeria into everlasting debt hell pits or catering to economic cash and carry bail-out banks on every street corner in Nigeria, especially in the Northern parts of Nigeria, as rip off conduits which impoverish the already socio-economically challenged Nigerian masses. What has all this experience done for Nigerians but champion corruption and elaborate money-laundering schemes?

All I can state at this point is you are quite a shifty fellow. I don't care if you are a Yoruba, Hausa, Bini, Igbo or Ijaw man. My point is that we have had enough of this 'tribal politics' like you are displaying here. Nothing objective about you in this case.

You were fine with all the criticisms till "Bisi" came into the picture and your true color came out. Please don't forget that OBJ in all his 'pro-activity' gave us this man called Yaradua too. How pro-active does one get? Yeah, he gave Soludo a chance, thank God for that. Now he gave us Yaradua, the Trojan Horse to wipe all that clean. What a Greek gift. One step forward and 10 steps backwards school of thought concerning 'pro activity'.

I repeat again for the last time, experience in 'cha cha' abracadabra economics does not count, especially with the absence of a verifiable academic background. How has Nigeria benefited measurably from all this 'experience' you are touting all over this thread. Experience only your clandestine 'insider-trading' psychology can dig up? What economic policies did these super experienced economists do for Nigeria other than run it down with external debt with corrupt scratch my back I scratch your back tombo bar fraternities? How has Nigeria benefited is all I want you to show me.

This Soludo's matter is a by-gone at this point. No need for to continue to banging our heads against concrete walls like some recovering drug-addicts, experiencing some form of withdrawal syndrome.

Like Busanga has stated, and I acquiesce, let us watch and see. That is the only thing we can do at this point.

I hope Nigeria does not go back to the era of 'failed banks'.

Over and out!:arrow:

DaBishop
Jun 9, 2009, 12:45 AM
http://www.bloomberg.com/apps/news?pid=20601116&sid=auroPn7VTZxc&refer=africa



What a president.lol There is nothing about Nigeria he takes seriously except it pertains to the Northern part of Nigeria. He cannot read or honor agreements with simple domestic economic policies concerning Virgin Nigeria. One can only imagine the state of the National reserves after his departure.

After all, he speaks good English, has a lot of political experience and all is well.

I know this President is a failed President, but do you think matters of contract and their executions are all his responsibility?

Does he have an indolent cabinet perhaps? Persons directly responsible for implementation? Should these adult 'bigmen' not be held responsible like...Minister of Aviation...commerce...Attorney General?

Is there ever gonna be division of labor like we saw in the past... where a Ribadu/Ngozi serving a corrupt OBJ tried his/her best in the circumstance?...Can any lazi Nigerian Bigman be ever responsible for anything?

My Question is what is stopping the 36 ministers/36 respective state governors from performing? Nepotism?

Zuma
Jun 9, 2009, 12:53 AM
I know this President is a failed President, but do you think matters of contract and their executions are all his responsibility?

Does he have an indolent cabinet perhaps? Persons directly responsible for implementation? Should these adult 'bigmen' not be held responsible like...Minister of Aviation...commerce...Attorney General?

Is there ever gonna be division of labor where a Ribadu/Ngozi serving a corrupt OBJ tried his/her best in the circumstance...Can any lazi Nigerian Bigman be ever responsible for anything?


Is that how true democracies are run? On auto pilot? Who is to hold them accountable if not the president. Who appointed the adult "big men"?

If the president can go after MEND with the so-called JTF, why can't he go after the corrupt 'big men' with the same JTF, his private army?

Definitely not the Nigerian people.

Well, now you can see the effects of tribal politics. Zero accountability.

DaBishop
Jun 9, 2009, 01:11 AM
Is that how true democracies are run? On auto pilot? Who is to hold them accountable if not the president. Who appointed the adult "big men"?



I will dare to extrapolate here and if I sound preachy, note that you asked me a direct question.

In Nigeria, because of the ill-advised federal character provision, and by virtue of the political arrangements in the current ruling party the PDP, the president has to have a nominee from each of the 36 states of the federation for Ministerial position....so the states each presented 'their best'.

Each Ministry is given a portfolio...that means you have duties and obligations within your appointment...like Aviation, Commerce and Justice are supposed to oversea contracts with Virgin Atlantic. I do believe that these 'bigmen' are paid salaries, live in a big house and have staff and a well furnished office. Within the government, those who are intelligent and creative and with a mind to work, will shine...always.

E.g. OBJ had a high number of these ministers, we have narrowed the performing ones to about 6 who are now known for their performance...could there be more...or we expect more to perform..they are individuals...abi?

Fashola was not the only governor mandated to serve, you know...

And the checks and balances were supposed to be provided by the NASS and state Assemblies in a democracy.

Zuma
Jun 9, 2009, 02:46 AM
In Nigeria, because of the ill-advised federal character provision, and by virtue of the political arrangements in the current ruling party the PDP, the president has to have a nominee from each of the 36 states of the federation for Ministerial position....so the states each presented 'their best'.

Within the government, those who are intelligent and creative and with a mind to work, will shine...always.

E.g. OBJ had a high number of these ministers, we have narrowed the performing ones to about 6 who are now known for their performance...could there be more...or we expect more to perform..they are individuals...abi?

Fashola was not the only governor mandated to serve, you know...

And the checks and balances were supposed to be provided by the NASS and state Assemblies in a democracy.

Very funny. What a democracy! In a system based mainly on tribalism and nepotism, how can the 36 states produce their best when the people never had the power to truly vote them in? Who dares to go against any appointment made by the president of Nigeria?

Sorry, Nigeria's case is unique. We have a dictatorship not a democracy. In a dictatorship, there are no checks and balances. Forget that NASS and the State Assemblies. Like everything else, you do not need to be qualified for any political office. Just belong to the right tribe and get a nod from the president after paying the correct dues away from public view.

Fashola is only one man and is yet to complete the job he has started for a full report card. Only time will tell, so all we can do is give him our support like we have been entrusted to give Sanusi Lamido. Too many non-functional abandoned projects all over Nigeria as history shows.

Let posterity be the judge as always.

DaBishop
Jun 9, 2009, 03:05 AM
Very funny. What a democracy! In a system based mainly on tribalism and nepotism, how can the 36 states produce their best when the people never had the power to truly vote them in? Who dares to go against any appointment made by the president of Nigeria?


Democracy of whatever hue, is run by persons...is ma point...Electing these persons and ensuring they represent you is your responsibility even in Africa...what is your solution is more of what I am interested in. Fashola has his mindset...knows what I think, and so does the governor of ma state...over to you.

busanga
Jun 9, 2009, 03:27 AM
Eyaaah.

This guy's gas-tank is really on "Empty".

It is why he has ONLY ONE line of defense throughout this thread.

(TONSOYO: Pssss! I take it Soludo is your "tribesman"? :lol:)

Auspicious.

Olodo...if only you can see beyond your nose. The point that has flies over your empty head and let me summarize here is as follows:

1. The President has absolute prerogative to chose whosoever he wishes to run the CBN

2. The President had a slate of candidate. All of which in my opinion are very qualified. This issue of qualification can be analyzed in three aspects as duly identified in this debates we had: A. Education B. Practical Banking C. Academia/Theoretical Practice .

2b. Beyond these obvious qualifications you have argued for international exposure, and I have argued for intellectual heft and someone with common sense. We might not see eye to eye on which should count more, but neither of us is the President.

3. The President went with one of his choices. May be not the most qualified but definitely qualified based on 2a above. Indeed, left to me the most important quality will be intellectual heft and someone with foresight and vision. From what I have read from Sanusi, and heard him say I can guess he possesses both.

4. It is left for the person so chosen to either meet, exceed or fall below expectation. I save my bullets for that moment


With you Auspy, the biggest problem I have with you on this thread unlike Tonsoyo and co whose interests are already well established (as tribal) is your inconsistency. I saw how you argued like your life depended on it that experience don't count but judgment does when you and I were flying the Obama banner against far more experienced foes in Hillary Clinton and John McCain to run an organization far more complex and genuinely distressed than the Central Bank of Nigeria. And here now, you try to poh-ooh two decades of experience on the basis of where it came from? International this, international nonsense.

Moreover, I think it stinks to high heaven for those who otherwise detest federal character to now oppose this appointment on that premise. It is either you are for the infamous federal character principle or you are not. No middle ground. I am firmly against it, and on that basis I see no basis to undermine this appointment on that premise.

Until you Auspy can prove otherwise that two decades of progressive experience in a field , rising from bottom to leadership level in the process does not count (or as no precedence in Nigeria) then I think you should put up and shut up for good. Have you even had 2 decades growing up? :D

dem
Jun 9, 2009, 08:15 AM
.....It now looks like the Busanga of those days may have gone with the wind.....you too appear to have acquired a curious taste for arguing from a corrupted stand-point. And all these came about just recently, for, in the past, you were one of the most credible debaters on these boards..... .Auspicious.

You're exaggerating again! Stop that.

RAHIM
Jun 9, 2009, 08:56 AM
May I request your permission to use your wonderful analysis above on some other forum? Not cyber.

Unfortunately the Igbos are busy antagonizing the Yorubas, because they see them as rivals instead of focusing on the problems that confront us all.

The problem here, I presume are the Northerners and therein, lies the evaporation of your credibility, and that is not saying you had any before. In your hurry to potray an entire tribe or region, or maybe you were just seeking an alliance, you have termed the North as the problem/enemy with Nigeria not considering all the issues at play. It is not rocket science to understand that you cannot hold South West responsible for the actions of Obj and same will apply to Yar'Adua vis-à-vis the North.




The whole journey of Sanusi through the banking system was aided by his ethnic background. His sojourn at the First Bank was mere internship, as the anointed Prince to CBN top job.

It is annoying that you keep talking about his 5 months apprenticeship at 1st Bank. Damn it!


This statement reminds me of a debate i had with some ''white dude'' on a football forum.

He claimed that black people have it so easy in England using Andy Cole as a reference point claiming that Andy Cole (Former Manchester United and England International) got the job as a football pundit ONLY because of his skin colour BUT my retort was, don't you think he got the job because he was a former Man Utd player, but no, all my ''white'' colleague could see was Andy Cole's race.

Yar' Adua may have appointed him to CBN because of his tribe ( I am even willing to concede that) but how can you justify a statement that his whole career in banking was aided by his ethnicity some 20 odd years?:source. It is very easy for one to throw accusations around that can't be proven and imo, it is a very unintelligent statement to make and you have so far shown that you lack any objectivity in your arguements.

p.s. Like i mentioned in another thread, I am opined to say that Soludo did a good job and should not have been removed in the first place.

tonsoyo
Jun 9, 2009, 01:09 PM
You get your facts right. I am of the opinion that if it was your tribesman that had the same resume like Sanusi you will be here thanking heavens knowing your antecedents. In any case, I am willing to give Sanusi the opportunity to prove himself not that I really care since I don't see any governor be it Soludo or himself being effective under the current administration. But to crucify his appointment using ethnic theatrics as many of you have done on this thread is a shame. There is no voodoo to being an effective administrator, and I am very suspect as a young professional about people who carry this big stick called "experience". 20 years for God sakes is two decades! Common guys! And here, you are trying to make a case that risk managers don't make good regulators. Your ideas sounds laughable. I guess all risk managers in that country better thank their stars that Tonsoyo don't get to pick CBN governors else they will all be left pants hanging down when it comes to aspiring to the head of the nation's apex bank. Rubbish

Stop clowning around Busanga, because what you put up here is nothing but bull-sh.it.

There is no way anybody with scanty resume of Lamido Sanusi could have emerged the Governor of CBN from my neck of the wood in the first place. What Sanusi has is what every regular banker in Nigeria has! Some Masters in Economis or MBA with some banking experience. A whole bunch of people with such experience as still Managers and even Asst. Managers in some cases all over Nigeria.
There is nothing specular about him other than being propped up the ladder as the eventual crown Princee of CBN.

Typical of losers, I see that you tried to make it about Tonsoyo above, I am not going that route with you. I'll continue to make it about incontrovertible facts.

tonsoyo
Jun 9, 2009, 02:09 PM
Experiences in 'kalo kalo' economics coupled with paid for hire certificates and degrees from ABU and institutes of adult continuing education in absentia in places like Sudan do not count. The only thing that Nigeria has to show for those kinds of experiences are running Nigeria into everlasting debt hell pits or catering to economic cash and carry bail-out banks on every street corner in Nigeria, especially in the Northern parts of Nigeria, as rip off conduits which impoverish the already socio-economically challenged Nigerian masses. What has all this experience done for Nigerians but champion corruption and elaborate money-laundering schemes?

All I can state at this point is you are quite a shifty fellow. I don't care if you are a Yoruba, Hausa, Bini, Igbo or Ijaw man. My point is that we have had enough of this 'tribal politics' like you are displaying here. Nothing objective about you in this case.

You were fine with all the criticisms till "Bisi" came into the picture and your true color came out. Please don't forget that OBJ in all his 'pro-activity' gave us this man called Yaradua too. How pro-active does one get? Yeah, he gave Soludo a chance, thank God for that. Now he gave us Yaradua, the Trojan Horse to wipe all that clean. What a Greek gift. One step forward and 10 steps backwards school of thought concerning 'pro activity'.

I repeat again for the last time, experience in 'cha cha' abracadabra economics does not count, especially with the absence of a verifiable academic background. How has Nigeria benefited measurably from all this 'experience' you are touting all over this thread. Experience only your clandestine 'insider-trading' psychology can dig up? What economic policies did these super experienced economists do for Nigeria other than run it down with external debt with corrupt scratch my back I scratch your back tombo bar fraternities? How has Nigeria benefited is all I want you to show me.

This Soludo's matter is a by-gone at this point. No need for to continue to banging our heads against concrete walls like some recovering drug-addicts, experiencing some form of withdrawal syndrome.

Like Busanga has stated, and I acquiesce, let us watch and see. That is the only thing we can do at this point.

I hope Nigeria does not go back to the era of 'failed banks'.

Over and out!:arrow:



I am sure you are trying hard to make a point, or maybe you think to youself that you are making some sense, but to me, you are not making any. As far as I am concerned you are just opening your mouth and closing it, no word is coming out.

You wrote that 99.9% of Africans are tribalistic, yet you are accusing those who think that an appointment as vital as CBN Governor should not be based on tribalism, when you are on the other hand agreeing with them that the appointment is tribalistic and that tribalism is bad. What exactly is your point? Or what are you NOT saying?

The last time I checked neither Soludo nor Lamido Sanusi is a Yoruba person. My only reference to your Bisi was when you said Soludo was the most qualified. And I quickly chipped in that your "Bisi" had more experience than Soludo, but that Soludo is already performing in that capacity, no need to change a wining team. That "Bisi" is more experienced than Soludo is a fact, he has been the Vice-President of ADB for several years, he was nominated to be the President, until Nigeria was politically voted out.


If you think it is OK for me to defend Soludo against Sanusi but wrong for me to say the obvious truth about "Bisi" as compared to Soludo because he is a Yorubaman, and of course, because you are Igboman, I say you are the worst of the undercover bigots, you may take a dive if you want. He is more experienced than Soludo whether you like it or not, period!

At least we know that your clownish brother Busanga is merely fooling himself by trying to force us to pretend that Yar'Adua is not Northernizing Nigeria, you are not even saying anything, under than being an undercover tribal apologist. Abeg comot make I see road.

Wonder shall never end, so I lost my right to say anything good about another Yoruba man because I am one?
Methink the common sense approach would have been for you to lay down Soludo's qualification side by side Bisi's . You took the tribal route and then turned around to accuse me of tribalism, nonsense. You did not accuse me of that since I have been defending Soludo.
It is even more pathetic that you cannot tell the difference between Chief Joseph Sanusi and Lamido Sanusi and you want us to take you serious?

tonsoyo
Jun 9, 2009, 02:35 PM
The problem here, I presume are the Northerners and therein, lies the evaporation of your credibility, and that is not saying you had any before. In your hurry to potray an entire tribe or region, or maybe you were just seeking an alliance, you have termed the North as the problem/enemy with Nigeria not considering all the issues at play. It is not rocket science to understand that you cannot hold South West responsible for the actions of Obj and same will apply to Yar'Adua vis-à-vis the North.




This statement reminds me of a debate i had with some ''white dude'' on a football forum.

He claimed that black people have it so easy in England using Andy Cole as a reference point claiming that Andy Cole (Former Manchester United and England International) got the job as a football pundit ONLY because of his skin colour BUT my retort was, don't you think he got the job because he was a former Man Utd player, but no, all my ''white'' colleague could see was Andy Cole's race.

Yar' Adua may have appointed him to CBN because of his tribe ( I am even willing to concede that) but how can you justify a statement that his whole career in banking was aided by his ethnicity some 20 odd years?:source. It is very easy for one to throw accusations around that can't be proven and imo, it is a very unintelligent statement to make and you have so far shown that you lack any objectivity in your arguements.

p.s. Like i mentioned in another thread, I am opined to say that Soludo did a good job and should not have been removed in the first place.


That quote was in direct response to a brilliant analysis by Katampe, and would not make a complete sense on this thread if taking out of context, except for mischievous purposes like you just did.

Let us face it, the only thing that qualified Lamido Sanusi was his Northern origin, you guys may bury your heads in the sand about that sacred truth, I am not.

What is more disturbing is that, he echoed the very thing that the Northerners have been complaining about. That consolidation did not favor the North, lesser categories of banks should be allowed. This tells me that his agenda would be Northern agenda. Why pretend about that?

busanga
Jun 9, 2009, 03:10 PM
Stop clowning around Busanga, because what you put up here is nothing but bull-sh.it.

There is no way anybody with scanty resume of Lamido Sanusi could have emerged the Governor of CBN from my neck of the wood in the first place. What Sanusi has is what every regular banker in Nigeria has! Some Masters in Economis or MBA with some banking experience. A whole bunch of people with such experience as still Managers and even Asst. Managers in some cases all over Nigeria.
There is nothing specular about him other than being propped up the ladder as the eventual crown Princee of CBN.

Typical of losers, I see that you tried to make it about Tonsoyo above, I am not going that route with you. I'll continue to make it about incontrovertible facts.

Laughable at best, clowning at worst. There are bunch of engineers with 35 years experience that are not CEOs of engineering companies, as much as there are bunch of 60 year old academicians that are not Vice Chancellors. Your argument makes no sense and is built on this premise that Sanusi is a beneficiary of a system wholly rigged in his favor: the same argument I hear white people makes about blacks in America everyday when we climb up the corporate ladder. Yes it must be Affirmative Action. Yes, it must be a hand down. We (blacks and may be young achievers) couldn't have been exceptional and earned it. Of course, it is built on hidden prejudice that is revealed as you spill more ink.

You see with you Tonsoyo I have no qualms..at least you make no bones about your prejudice. It is the hypocrites like Auspy I can't stand. In trying to obfuscate and separate Yaradua from Obasanjo you make a woeful error. Yaradua is the third term of Obasanjo you were seeking. Now own your property and stop acting like a kiddo. Have a great day!

busanga
Jun 9, 2009, 03:18 PM
What is more disturbing is that, he echoed the very thing that the Northerners have been complaining about. That consolidation did not favor the North, lesser categories of banks should be allowed. This tells me that his agenda would be Northern agenda. Why pretend about that?

The more disturbing thing is that you are a bloody liar. Where in the entire confirmation hearing did Sanusi say or near insunated that "consolidation did not favor the North"?

Problem is it appears you are believing your own lie. Fact of the matter is that many economists, and commentators (including Sanusi) believed consolidation made sense when it happened and it was the right policy move but cannot be an end to itself. No economy can truly grow and achieve its true potentials with just big banks (in fact a cursory look at what big powerful banks did to the world economy last year is a lesson learned). Credit Unions/Community Banks, development banking and micro finance are smaller vehicles that can be used to prop deepening of the financial system without endangering the broader system. If this serious policy critique is what you call allowing "lesser categories of bank", and you take serious issue with then I seriously doubt your chops.

Zuma
Jun 9, 2009, 03:40 PM
Democracy of whatever hue, is run by persons...is ma point...Electing these persons and ensuring they represent you is your responsibility even in Africa...what is your solution is more of what I am interested in. Fashola has his mindset...knows what I think, and so does the governor of ma state...over to you.


Democracy is run by true democrats not just persons. Elected by the people for the people not tribes.

. . . .And who is the governor of your state and what has he done so far? Do you have pictures to show us like Lagosians proudly display all over the world. I don't have any from my state of origin to impress you with. So show me yours.

My solution to the cancers tribalism and nepotism in Nigeria? If God cannot solve the problem, why look down to a mere mortal like myself? All I can do is comment what I have observed, till some form of divine intervention manisfests in us all for the better so we can put Nigeria first instead of sitting snuggly in our stuffy, counter-productive ethnic jumpsuits, while spewing forth garbage all over the cyber airways.

Zuma
Jun 9, 2009, 03:53 PM
I am sure you are trying hard to make a point, or maybe you think to youself that you are making some sense, but to me, you are not making any. As far as I am concerned you are just opening your mouth and closing it, no word is coming out.

You wrote that 99.9% of Africans are tribalistic, yet you are accusing those who think that an appointment as vital as CBN Governor should not be based on tribalism, when you are on the other hand agreeing with them that the appointment is tribalistic and that tribalism is bad. What exactly is your point? Or what are you NOT saying?

How does categorizing 99.9% of African tribalist transform to an endorsement of tribalism? Where did I agree to such terms according to you? I merely pointed them out, while criticizing the whole flawed process as used by Yaradua. That it is the status quo, does not make it right. All Nigerian politicians are crooks by the nature of the political framework being operated in a country like Nigeria. Does that make it a gift from the gods? Can you make inferences without beating about the bush please?


The last time I checked neither Soludo nor Lamido Sanusi is a Yoruba person. My only reference to your Bisi was when you said Soludo was the most qualified. And I quickly chipped in that your "Bisi" had more experience than Soludo, but that Soludo is already performing in that capacity, no need to change a wining team. That "Bisi" is more experienced than Soludo is a fact, he has been the Vice-President of ADB for several years, he was nominated to be the President, until Nigeria was politically voted out.

It is only in Africa that banks exist by the grace of God, like everything else. Banks only exist in Africa as money-laundering facilities. What else do the banks do? Any policies to grant the average Nigerian some credit, savings or loans? Before Soludo, all we had were failed banks on every street corner owned by politicians like Saraki and co duping people all over Nigeria with "Bisi's" economic policies and experienced banking portfolio.

Wrong! "Bisi" has nothing to show for his some 35 years of experience that has culminated on his rather un-meritorious state of servitude as the economic adviser to a dunce like Yaradua. So what economic policies has he enabled Yaradua formulate in the past 2 years as 'economic adviser' to a dunce? Just like the other candidates presented. That is my only summary to this whole thread. If anyone introduced the federal character of tribalism, it was handed down from OBJ to Yaradua. I asked you to show me his academic qualification for starters and you went on to give us some tale by moonlight insider information concerning the experiences at ADB and hogwash. Did this "Bisi" ever attempt JAMB? Show us.



If you think it is OK for me to defend Soludo against Sanusi but wrong for me to say the obvious truth about "Bisi" as compared to Soludo because he is a Yorubaman, and of course, because you are Igboman, I say you are the worst of the undercover bigots, you may take a dive if you want. He is more experienced than Soludo whether you like it or not, period!

Undercover bigot indeed! The last time I checked, they existed according to another villager as far back as 2 years ago on this website. Being an Igboman has nothing to do with this. Soludo, Igbo or not is the most qualified. He was the 8th CBN governor to be appointment and the only one who made some difference. Why should I not be proud of him? At least I am proud of some tangibility not some empty sham of an economist with nothing to show for 35 years. Only God knows how old he is.

Yes, I realize you noted he should not have been removed. Where we disagree is that you think he is not the most qualified because he does not have 35 years of bank-hopping experience like "Bisi" in cha cha economics without a leaving school certificate to show for his name. Not even a fake one. FACTS!



At least we know that your clownish brother Busanga is merely fooling himself by trying to force us to pretend that Yar'Adua is not Northernizing Nigeria, you are not even saying anything, under than being an undercover tribal apologist. Abeg comot make I see road.

Wonder shall never end, so I lost my right to say anything good about another Yoruba man because I am one?

Yes, I admit that I have my differences with Busanga's viewpoints, but I'd rather agree with his more objective views as I see them as without the usual 'ethnic' poison that has pervaded this thread with some posts made by you and some others for starters. Like I stated earlier, the appointment is already a done deal. Yaradua will continue to Northernize Nigeria. That is his agenda. What do you plan to do about it besides bicker with Busanga online? "Bisi" is still economic adviser and I bet you are satisfied with your 'second prize'?


Methink the common sense approach would have been for you to lay down Soludo's qualification side by side Bisi's. You took the tribal route and then turned around to accuse me of tribalism, nonsense. You did not accuse me of that since I have been defending Soludo.
It is even more pathetic that you cannot tell the difference between Chief Joseph Sanusi and Lamido Sanusi and you want us to take you serious?

Who wants to know the difference between Joseph Sanusi and Lamido Sanusi? What have they done for Nigeria? Sorry, I don't care for name dropping here and there. All I want to know is what good has come out of all the 'cha cha' economic experience you have been boasting about concerning some Nigerians on this thread.

I think you should go back and read this thread again. I did not accuse you of being tribalist until OSIBINAEBI pointed that out. I merely agreed with him since the cat had already been let out of the bag. I took the tribal route only when it came to the appointment of the CBN governorship, not because Soludo is an Igboman. Please read between the lines. OBJ had a tribal agenda, so does Yaradua. Of the list presented for the appointees for the CBN governorship, 7 were from the North(highly unqualified individuals) and 1 from the west who happened to be his current economic adviser(grossly incompetent for the past 35 years too , if I may add)

That is the main point here.

As for experience, I don't think you know what that entails. I have nothing from "Bisi" to show what kinds of experience he has had roaming around from bank to bank all over Africa without so much as a counterfeited WEAC/JAMB result, doing his master's bid as usual. You call that experience? The joke is on you sir.

busanga
Jun 9, 2009, 04:25 PM
Zuma, I am closer to your view than I should admit. But I think first thing first, let these bigots remove the log from their eyes first. Agenda or no agenda being pursued by Yaradua, it is wrong for any educated Nigerian to then distill this single candidate down to parochial terms. Indeed, I dare say none of them saw an agenda when capable Igbos dominated the financial portfolio under Obasanjo the godfather of the current maladministration of Yaradaua. It is Sanusi today, it could be you or I tomorrow. Indeed, we will see the same folks here fawning on how whites deny them their due credit in the West while the perpetrate the same mentality at home. What gives?

DaBishop
Jun 9, 2009, 04:32 PM
Zuma;

Democracy is run by true democrats not just persons. Elected by the people for the people not tribes.

And where are these persons from? Mars? Do they have two heads? Who gave them the right to preside over your affairs if you did not...and what steps are you taking or have you taken to retrieve these rights


. . . .And who is the governor of your state and what has he done so far? Do you have pictures to show us like Lagosians proudly display all over the world. I don't have any from my state of origin to impress you with. So show me yours.

When you are a newbie...you need read up on persons before you challenge them, my young man...When I lived in Nigeria, I lived and practiced in Lagos...I associated and argued about Nigeria with the person who makes you so proud of the pictures of Lagos...go ask him for we belong to the same school of thought regarding Nigeria...

I take active steps to meet with our 'rulers' whenever they visit to hear them, make suggestions and sometimes make them uncomfortable with ma probing question...I am not just an angry internet warrior...will not spill all the beans though...

Tell you what...I once was asked by a mutual friend to pick a former senate president from Dulles...he was blue when I was over with him...at the reception in his honor, he was visibly uncomfortable whenever I opened ma mouth...next time he is in the diaspora, he knows that his actions will be questioned by a concerned Nigerian...Hey, I did not worship him. Try that...any little helps...

This Senate President said I was young, I told him, persons less qualified than me in education, exposure and my then age (40) had been president...and messed ma country up...He asked me to come home...I said we do not all have to be in Nigeria at the same time to make things happen...I confronted him while he was still a top man in OBJ's cabinet.

I also met with Orji Kalu too...I was consulting with persons who wanted to help Nigeria...thought I could relate with him...asked him many questions...I am active...I do not regard these persons as 'Big men' or 'Very important Persons'...they are a bunch of individuals allowed a public trust, many of whom I despise because of the abuse...the impressionable will say oh he drops names...please how much lower can the Nigerian get? I also drove all the way to NY to meet with Fashola FYI to tell him what I think...now go ask him.

Now I ask you again...what have you ever done to these leaders to encourage them to serve you better?


My solution to the cancers tribalism and nepotism in Nigeria? If God cannot solve the problem, why look down to a mere mortal like myself? All I can do is comment what I have observed, till some form of divine intervention manisfests in us all for the better so we can put Nigeria first instead of sitting snuggly in our stuffy, counter-productive ethnic jumpsuits, while spewing forth garbage all over the cyber airways.

As an ambassador of God...and with the greatest respect to you...that is one of the most foolish statements I have read on this board...IMHO.

skanbroy
Jun 9, 2009, 05:01 PM
http://www.gamji.com/sanusi/sanusi.htm


Dr. Chu Okongwu, Simon Kolawole And Debt Relief: A Comment

By

Sanusi Lamido Sanusi

LAGOS, AUGUST 8, 2005

lamidos@hotmail.com





I have read Dr Chu S. P. Okongwu's article, "Bebt Relief? Nothing to Celebrate", published in Thisday Newspaper on Friday, July 22, 2005 and reproduced verbatim by the editors of The News magazine in their August 1 edition under the title "On the so-called debt relief obtained from the Paris Club". I had followed various criticisms-ranging from the sublime to the ridiculous-of the recent announcement of the Paris Club Debt Relief package by President Obasanjo and his Finance Minister, but refrained from making a comment. However, Dr Okongwu's voice is a weighty one that deserves consideration. Unfortunately, his intervention in this matter, while raising-or rather, restating-a number of intelligent and valid criticisms, ended up with dangerous arguments that merit a word of caution. These arguments have been compounded by other, more dangerous ones, written by ThisDay's bold columnist, Simon Kolawole. I had thought that the Finance Minister's intelligent response to Kolawole had addressed the major issues he had concerning debt relief. Unfortunately, I woke up this morning (8/8/2005) to read his back-page piece, rather uncouthly titled "Before I was Rudely Interrupted", which was filled with so much economic nonsense presented as intelligent analysis I had to make this intervention.



Dr Okongwu needs no introduction. He is a respected economist with antecedents in the World Bank and he was one of the king-pins of the economic reform programmes of the federal Government under General Babangida, in which he served in many capacities including Minister of planning and of Finance. Along with Dr Kalu Idika Kalu (from the IMF), Olu Falae and Alhaji Abubakar Alhaji (the notorious "Triple A"), Okongwu was one of the blue-eyed boys of the three sponsors of what, thanks to Joseph Stiglitz, we now refer to as the "Washington Consensus Policies", and these are the IMF, the World Bank and the Government of the USA. In other words, Dr Okongwu was directly responsible for Babangida's structural adjustment programme with all of the consequences of that obnoxious policy package-including but not limited to the massive devaluation of the national currency, collapse of governmental due process and credibility, huge disparities in income distribution, sale of national assets to a vulgar emergent class empowered through what Karl Marx called "Primitive Accumulation", the destruction of the economy's manufacturing base and decimation of the progressive middle classes, etc. I have elsewhere articulated my criticism of SAP from a theoretical perspective and will not repeat those arguments here.



Nigerians must not be allowed to forget who Dr Okongwu is and what policies his ministry pursued. In a sense many-but not all-of the major policy thrusts of the present economic reform team are aimed at cleaning up the mess that this country was thrown into by Chu Okongwu and his peers. We must always bear this in mind, when those who were the most willing tools of international finance capital pretend to speak with an air of patriotism and commitment to the national interest against their hitherto patrons. As stated by President Obasanjo in his speech to the National Assembly, Nigerian leaders, particularly between 1985 and 1995 "…signed all sorts of agreements with outrageous interest rates, squandered loans obtained in the name of development, drew down on foreign loans without executing any jobs, and in other cases stole or wasted such loans." Okongwu was a key member of the government responsible for all of this.



As mentioned earlier, Dr Okongwu's piece started with some valid criticism. Along the same lines as other critics like frontline journalist Mohammed Haruna, Okongwu asked valid questions as to what exactly the Paris Club has promised, vis a vis what the President and his ministers have been announcing. There is a difference between an invitation to negotiate debt relief and debt forgiveness; the offer of possible debt relief "up to Naples terms" is inconsistent with the same offer "on Naples terms". We are also not informed of the content of the Policy support Instrument the government is negotiating with the IMF and the stage of those negotiations. Clearly there are so many ifs and buts to the announcement, and Nigerians have a right to ask if we have in fact not been celebrating prematurely. The stock response from ministers so far has been that this is just about semantics but the deal is a done deal. Objections from Okongwu, given his inside knowledge of the World Bank and experience in dealing with creditors, give reason for pause. We need more clarification, preferably from the creditors themselves, and Government needs to give us more information on the "fine print", any "attached strings" and, in general, the salient aspects of the agreement. (Dr Mansur Muhtar, Director-General of the DMO, has started the good job of explaining these details to Nigerians in his reply to Okongwu.) It has also not helped the President's image that he has latched on to the seeming progress out of this impasse to justify his wasteful foreign jamborees. The performance convinced no one, and it was, to say the least, a display of political naivete and immaturity. Nigerians will judge for themselves if those trips were worth it, and making the tenuous link was totally unnecessary and counter-productive.



Before proceeding let me make a few clarifications. I am a strong critic of the Obasanjo government and in 2003 I went public with my endorsement of the Buhari candidacy. I believe the 2003 elections were massively rigged, the judiciary did not do Nigerians justice by upholding those results, and that the achievements of this government are far less than they could have been with better commitment and focus. However, criticism of government should always be fair, objective and principled. The economic reform team of this government is not perfect, and it has many flaws some of which I have discussed elsewhere and will still highlight below. However, that team is the one light at the end of the tunnel, the one hope that all hope is not lost for this country. Given our experience with Okongwu, Kalu and Co most Nigerian economists were skeptical as to the ideological commitment and patriotism of a team filled with World Bank employees and consultants. I was personally not convinced that Okonjo-Iweala could deliver. Over time my skepticism has given way to pleasant surprise, respect and even admiration and I will not shirk away from the critical responsibility of applauding the good even as we censure the bad.



To continue, Okongwu's intervention ended up as a fierce criticism of the government for "being too eager" to pay the debt he incurred. He suggests, in a manner surprising for a man of his stature and reputation, that "no one in the international financial community really expects these …debts to be paid off" and if we did nothing the debts would "die by semantics". He would rather that the huge oil windfall we have be kept, even though our history is that it will be wasted by the government or kept for the next crop of leaders to steal. Okongwu also refers to payment of arrears and past-dues as "up front" payments thus misleading the reader on an important component of all debt forgiveness. He does not see why we are "in a hurry" to free ourselves from the burden that has compromised our independence and mortgaged our future and he uses such uncomplimentary words as "scandalous" to describe the arrangement. He thinks that by doing this we are being made into "fools" even though SAP, the policy he championed, was the most foolhardy economic programme ever pursued by a Nigerian government.



The point is that to criticize the government for misrepresenting or exaggerating the commitment of the Paris Club is one thing, to deny that debt repayment-which is never painless-is desirable is another. Okongwu craftily combines both, and in this he finds able support in other Babangida associates like the journalist Muhammad Haruna and former Information Minister Tony Momoh. One wonders why it is that Babangida's supporters are not happy that we are paying off this debt. Obviously many would prefer that we keep the national reserves for him, since we do not know what the price of oil swill be if he comes to power in 2007 as planned. For this reason alone we should pray that all debt be paid off even if it means emptying the reserves before the locusts return for a second helping.



Nigerians must understand that debt write-off and repayment is a bold political step for the governments of the West. Writing off the national debt is not a free lunch. The citizens of western countries are paying taxes to fund their governments, and those governments gave loans to a country whose leaders stole the money. We have not punished those leaders. Instead they are our national heroes, elder statesmen and community leaders. We have made them ministers and governors and given them national honours. We are planning to bring them back into office in 2007. Why should the American or European citizen pay taxes to fund the corruption of our rulers and profligate lifestyles financed by larceny of the treasury. If we think of this fact alone, we will understand why debt-relief, if it materializes, will be a major achievement of the Obasanjo government which even those of us who are not his supporters should have the dignity to acknowledge and applaud in the interest of the nation and our own credibility.



This brings me to Kolawole's article referred to above, an obvious reply to Dr Okonjo-Iweala's earlier protest at his writings. Kolawole is a journalist for whom I have a lot of respect but his latest piece was a great disservice to his intellect. Take the first, rather sensational thesis he put up: there is in fact no debt-relief, because "the whole external debt stock discounted at 4% p.a comes to about the same amount ($12b) the Paris Club requires us to pay now for the offer to be valid". This argument was apparently given to Kolawole by one of his readers, described by him as "obviously a financial expert". With all due respect this dense argument shows the opposite of expertise in financial matters. I will explain.



The Present Value of $29billion owed by Nigeria today is $29billion. Period. It is rather dis-ingenious to discount it over 23 years and arrive at $12billion. Think of it this way. If we do not pay off the debt today, we will owe the Paris Club $29billion. Assuming Kolawole's rate of 4%, the creditors have an asset worth $29b paying 4% per annum over the next 23years on a reducing balance basis. If we pay $12billion today the creditors will have an asset that is just over 40% of the value of what they had, paying them the same rate of interest over 23 years. What Kolawole and his "expert" would have Nigerians believe is that the two streams are equivalent, which is the same as saying the $29billion is equal to $12billion. Now let us see where Kolawole went wrong. In his analysis he makes the implicit assumption that our $29billion debt stock will be interest-free for 23 years! That way, at the end of the period it will still be $29billion, the equivalent of $12billion today earning interest at 4%p.a over the period! In reality, as we know, this is not the case, and the future value of our debt stock is much higher that its present value. Using Kolawole's own numbers-which I have not cross-checked for accuracy, by the way-as a base, we would say that if $12billion today is worth $29billion(i.e $12b times 2.416) in 23 years at 4%, then $29billion will be roughly worth $70billion over the same period at the same rate. So, using this logic, the creditors are giving up $70billion for $29billion over the tenor of the loans. And Kolawole says this is nothing!



There are other weaknesses in Kolawole's argument. Debt is repaid from cash-flow and unfortunately for us in Nigeria, our cash-flow is dependent on a variable over which we have no control-the price of oil. Our capacity to repay debt is determined by the price of oil from time to time and indeed our debt crisis started when oil prices crashed in the early eighties. We cannot take it for granted that the high oil prices we are seeing due to an extraordinary international environment are sustainable over the long term. We had this situation during the first Gulf War with IBB in power. We all remember the circumstances under which the Nigeria correspondent of the FT of London was deported for asking questions about the windfall. We are yet to see the details of the Udoji report on those monies. If this government does not take advantage of the windfall and pay off the debt, as proposed by the likes of Kolawole and Okongwu, what is the guarantee that the next government will not just steal it the way the first windfall went?



A second flaw in the argument is the implicit assumption of low world interest rates. Not only did oil prices crash in the 1980s, interest rates sky-rocketed at one time reaching 22% in the US under Ronald Reagan. The annual debt service charge of $1billion we are looking at as affordable today could quadruple or quintuple if rates ever approach the 1980s levels. Now is the time to reduce the overhang and eliminate interest rate risk, while making sure that future contracts are properly structured with options such as caps and collars, or at least hedged against interest rate and third currency risks.



Kolawole's piece also contained glaring errors of fact. He argues, with an air of authority, that "Nigeria's Public Debt is 20% of her GDP" and compares this with figures from the US, UK, France, Switzerland, Japan and South Africa. Kolawole makes the strange argument that excessive debt is a sign of a robust economy and suggests that we should strive to be credit-worthy so we can borrow more, rather than repay the debt. The question whether debt repayment is one (albeit not the sole) component of sound economic policies that will lead to better credit rating is not addressed. In any case, the numbers given by Kolawole are simply false. We now all know that our external debt alone is in the region of $30billion. Total Public Debt is a combination of this number and gross domestic borrowing. We also know that our country's GDP is less than $50billion. So how on earth can our public debt be "less than 20% of GDP"? The fact is that as recently as 2001 the Public debt was already around 120% of GDP and this number has only come down slightly due to the high oil prices and moderation in domestic borrowing and deficit-financing, resulting from improvement in the management of the economy. But most estimates would still place the ratio as somewhere in the 90s.



I can go on and on but will stop here. The point is that journalists and writers must respect the intelligence of their readers and understand that we read columns to be educated and not misled. This government still has a long way to go to convince Nigerians of its seriousness and sincerity. Ideologically, the naïve faith in the market, the lack of preparation for market failure, the urge to display the public sector as corrupt and pretend that the private sector is not equally corrupt-all of these should be exposed and criticized by progressive Nigerians. Economic policies aimed at reducing subsidies, unraveling the welfare state, widening income distribution inequalities and increasing the suffering of our masses to fuel obscene profiteering must be resisted. However, we ought to applaud debt repayment/cancellation, due diligence and increased transparency, a fight against corruption and drug trafficking, and those steps taken by the likes of Okonjo-Iweala, Mansur Muhtar, Nasir el-Rufai, Nuhu Ribadu, Oby Ezekwesili and Dora Akunyili to improve our image as a nation and reform the economy and society.



Those of us who criticize the government also have a burden. We must not mislead Nigerians, we must not fabricate evidence and, as they say, "give a dog a bad name in order to hang it." To condemn debt-repayment, given all the damage done to the third world by debt is irresponsible. Okongwu, Kolawole, Haruna and Co should be big enough to rise above that.--------------------------------------------------------------------------------

tonsoyo
Jun 9, 2009, 05:03 PM
Laughable at best, clowning at worst. There are bunch of engineers with 35 years experience that are not CEOs of engineering companies, as much as there are bunch of 60 year old academicians that are not Vice Chancellors. Your argument makes no sense and is built on this premise that Sanusi is a beneficiary of a system wholly rigged in his favor: the same argument I hear white people makes about blacks in America everyday when we climb up the corporate ladder. Yes it must be Affirmative Action. Yes, it must be a hand down. We (blacks and may be young achievers) couldn't have been exceptional and earned it. Of course, it is built on hidden prejudice that is revealed as you spill more ink.

You see with you Tonsoyo I have no qualms..at least you make no bones about your prejudice. It is the hypocrites like Auspy I can't stand. In trying to obfuscate and separate Yaradua from Obasanjo you make a woeful error. Yaradua is the third term of Obasanjo you were seeking. Now own your property and stop acting like a kiddo. Have a great day!


Hehehehehehehehehhehehehe!
Hahahahaahahahahahahahahaha!

I know this is meant to be a joke and I just laughed. There is no corelation between the black people's argument you are making and the event in Nigeria. I work in the system and the truth is that you have to do a lot better than the average white guy to get the same position and to retain it and even the white people know this and aknowledges it.

The opposite is the case in Nigeria. Just go and compare the resume of every person that have emerged the CBN Governor from the North and the ones from the South, come back and tell the villagers your findings. You may want to tell me it is coincidence.

Not all qualified candidates will be VCs or CEOs I accept, but there is a problem when there is delibrate and conscious effort to slow down a system because a section of the country thinks it is too fast-paced or progressive for them and appointments are made to effect such regressiveness.

Maybe you forgot so soon what Jubril Aminu a serving Minister of Education said that if he had his ways he would slow down the education of the South for the North to catch up.

The rest is history, you know how Universities are randomly shut down and how our educatiion has gone to the dogs. Well the North did not catch up and the South has stopped moving forward. Here we go again!

Zuma
Jun 9, 2009, 05:03 PM
Zuma, I am closer to your view than I should admit. But I think first thing first, let these bigots remove the log from their eyes first. Agenda or no agenda being pursued by Yaradua, it is wrong for any educated Nigerian to then distill this single candidate down to parochial terms. Indeed, I dare say none of them saw an agenda when capable Igbos dominated the financial portfolio under Obasanjo the godfather of the current maladministration of Yaradaua. It is Sanusi today, it could be you or I tomorrow. Indeed, we will see the same folks here fawning on how whites deny them their due credit in the West while the perpetrate the same mentality at home. What gives?

At least OBJ with his ethic agenda of the real evil genius was smart enough to choose some qualified people in some seats of government. He cleverly operated mostly behind the scenes as the only bonafide minister of petroleum for 8 years unquestioned. What other way to divert attention from yourself than imposing a most incompetent human being like Yaradua on Nigerians. You are right, OBJ is the god father of the current maladministration. The most 'pro-active' president Nigeria ever had. Thank God he gave Soludo and some others a chance.

Yaradua makes no apology for his incompetence. Of course the madness continues. I recommend that Yaradua should make himself the minister of petroleum like OBJ did so he can really forget about the Northernization of Nigeria with all these his "Caliphate" appointments.

Zuma
Jun 9, 2009, 05:18 PM
And where are these persons from? Mars? Do they have two heads? Who gave them the right to preside over your affairs if you did not...and what steps are you taking or have you taken to retrieve these rights


You are claiming to be more pro-active and concerned about Nigeria than myself? You are no different from myself. Being an internet warrior is the 'in thing' now. Meet me on "Face Book" or "Twitter". Or you can do like Obama does prefer to handle issues . . . .protest via "Blackberry". Have you noticed that all we can do these days is type our grievances on the internet? We are all doing or parts I believe.


When you are a newbie...you need read up on persons before you challenge them, my young man...When I lived in Nigeria, I lived and practiced in Lagos...I associated and argued about Nigeria with the person who makes you so proud of the pictures of Lagos...go ask him for we belong to the same school of thought regarding Nigeria...

I take active steps to meet with our 'rulers' whenever they visit to hear them, make suggestions and sometimes make them uncomfortable with ma probing question...I am not just an angry internet warrior...will not spill all the beans though...

Some beans you have to spill here and there for sure, would be of the topmost quality. Tell us something new, that most of you living in the diaspora are actually financed by these same crooks with all your noise? While we wait for that bag of beans to be spilled, I am not in the habit of kissing @sses of failed politicians or old members of websites with absolutely no legacy to be imparted other than the status of 'has beens' and internet warriors like myself. Thank you. I would rather be an internet warrior, you may keep the rest of the accomplishments.


Tell you what...I once was asked by a mutual friend to pick a former senate president from Dulles...he was blue when I was over with him...at the reception in his honor, he was visibly uncomfortable whenever I opened ma mouth...next time he is in the diaspora, he knows that his actions will be questioned by a concerned Nigerian...Hey, I did not worship him. Try that...any little helps...

Some of us prefer to work undercover, thanks. When we have succeeded, we shall let you know. No need to blow trumpets of failed endeavors. You sound like an egomaniac. So, besides my role as an aggrieved internet warrior, I do not sound like the concerned Nigerian you claim to be? You have been busying yourself questioning your political guests without any results, so I can do the same as an internet warrior, by questioning Yaradua's motives and policies. Frankly, there is not ONE single Nigerian politician I would ever care to meet at the moment or in my life time. I leave that to you. At the end of the day we are both non achievers making noise on the internet.


This Senate President said I was young, I told him, persons less qualified than me in education, exposure and my then age (40) had been president...and messed ma country up...He asked me to come home...I said we do not all have to be in Nigeria at the same time to make things happen...I confronted him while he was still a top man in OBJ's cabinet.

I also met with Orji Kalu too...I was consulting with persons who wanted to help Nigeria...thought I could relate with him...asked him many questions...I am active...I do not regard these persons as 'Big men' or 'Very important Persons'...they are a bunch of individuals allowed a public trust, many of whom I despise because of the abuse...the impressionable will say oh he drops names...please how much lower can the Nigerian get? I also drove all the way to NY to meet with Fashola FYI to tell him what I think...now go ask him.

Now I ask you again...what have you ever done to these leaders to encourage them to serve you better?


Why are you trying to make this thread about you? Having met with the crooks in Nigeria, what changes have you facilitated yourself? Or are you just an party-going enabler? Why would I want to meet people who I do not respect? I don't understand your approach. Did you change their minds or you just felt good meeting them? Did Nigeria get any better with all your meetings with Fashola, Kalu and the 'big' shots in Nigeria's corrupt political climate?


As an ambassador of God...and with the greatest respect to you...that is one of the most foolish statements I have read on this board...IMHO.

Thank you. Replying your colorful post has given me more than enough technical problems for one day. Sorry, only God can save Nigeria at this point. Only divine intervention. Not that I am hopeful it would happen in my time.

Ewuro
Jun 9, 2009, 07:05 PM
Yeah...am sure, Auspy agrees with you. This kind of blanket ethnic stereotyping mixed with falsehood is what I pointed to that egg pin and he keeps up the blurb. Well for your information, the parallel market is not illegal.

Ewuro says:

If the blackmarket currency traders on broad street Lagos, Ojuelegba, sabo etc are not illegal, you should tell me also where they are registered under the company's regisration laws? Do they operate under any licence premises? Do they pay taxes to the relevant authorities?Mind you, I am not talking about bureaux de change.





Policy makers in Nigeria routinely refers to the parallel market and aim for convergence. The reason why they exist is a failure of leadership- Nigerian leadership: North or South. The failure to align social policies with economic realities since our nation achieved independence.



And how did it change the price of crude oil? How better was the Efik man or Ondo man because Obasanjo was minister of oil while we jumped from one fuel scarcity to another under his 8 years misrule? Man, you need understanding.



Laughable. He was long on the Exco of First Bank before he became CEO. Any exco member of any big bank in Nigeria is qualified to be CBN governor. You don't need to be CEO of a Bank to lead within any big organization like First Bank. Do I rule out the possibility of your conspiracy? NO. But even if its true, Sanusi 6 months experience as CEO can in no way undermine his 30 years post graduate education, or 20 years practical banking experience.

What do you call "experience"? A man got his driver's licence 10 years ago. He drives his car within Lagos from office to work and social events. Another man got his license 5 years ago. He got a job as a sales man driving to port-harcourt, Kaduna, Owerri and Ibadan. Who is the more experienced driver?
If somebody with all the qualifications had never had any major experience of runing a big outfit, how would you rate that person compared to the man that had been well tested and scaled the hurdles of policy initiatives and implementation?

Well question it in a forum you prefer. But I never saw you complain when Obasanjo's economic team was dominated by the South Eastern part of the country. See?


Is Obasanjo a South easterner? Was the military, FCT, Agriculture not dominated by Notherners? Was Ciroma not the Finanace minister in OBJ's first term? Was Ciroma not replaced by his wife in OBJ' cabinet? Obasanjo was very fair to every section of Nigeria in his appointments. Simple.


The children of ALL ethnic groups have long been disadvantaged in Nigeria. The elites do not recognize tribal affinity. The presence of Yoruba criminals in Abuja does not enhance the wealth of the average Yoruba man. Same is true for Hausa or Igbo. Until we gain this understanding as ALL people, then we labor in vain. When we all recoil to our ethnic shells, and identify by such primitive labels we are the sole losers. We the people. And you say you are educated?

Busanga, do you have any experience of operating a business? I ask this question because you expose yourself on this thread as someone who lacks basic understanding of business education. You also displayed crass ignorance about the dynamics and truism of ethnic politics in Nigeria and every multi-cultural society.

Did Obasanjo not distribute the offices fairly to all the ethnic groups in Nigeria? You and I can agree to blame Obasanjo for many other acts of omission or commission, he was fair to every group in his appointments.

Busanga, I have read you written some brilliant posts in the past, but your contribution on this thread fell far too short of the standard expected of WASC students which you claimed to have assessed in the past.

Mikky jaga
Jun 9, 2009, 07:22 PM
I was personally not convinced that Okonjo-Iweala could deliver. Over time my skepticism has given way to pleasant surprise, respect and even admiration and I will not shirk away from the critical responsibility of applauding the good even as we censure the bad.

The above quote coming from Sanusi explains why his elevation to the post of CBN governor has been greeted with so much skepticism. He now has the opportunity of proving cynics wrong as Okonjo Iweala proved him wrong.

All these criticisms are normal. And I have the right to think he was piloted to the CBN governorship by the feudal lords ruling Nigeria for their selfish reasons. He can either confirm this or prove me wrong. Let Sanusi get cracking. In a year or two (and that includes the 2011 elections), we will see clearly where he is headed.

DaBishop
Jun 9, 2009, 09:42 PM
Zuma

In engaging on these boards, we are quite aware that we have different backgrounds. There are also those who give but cannot receive. There are those who will ask us personal questions because they do not know us...When we answer, they may be shocked, so everyone speaks in some stupid code to have a semblance of humility. What is the big deal in confronting a Nigerian 'big man'. He is most likely a crook...anyway...think, where did all that oil wealth disappear to?

To refresh your now memory...This is what you had written here...


Democracy is run by true democrats not just persons. Elected by the people for the people not tribes.

. . . .And who is the governor of your state and what has he done so far? Do you have pictures to show us like Lagosians proudly display all over the world. I don't have any from my state of origin to impress you with. So show me yours.

My solution to the cancers tribalism and nepotism in Nigeria? If God cannot solve the problem, why look down to a mere mortal like myself? All I can do is comment what I have observed, till some form of divine intervention manisfests in us all for the better so we can put Nigeria first instead of sitting snuggly in our stuffy, counter-productive ethnic jumpsuits, while spewing forth garbage all over the cyber airways.

Note well what you wrote about Lagos...after asking me about ma state of origin. Note also that I omitted writing about ma state of origin...I had lived and worked in Lagos...all megalomaniac of little moi. Ma state of concern when I lived in Naija was Lagos because that was where I lived and did business...


so we can put Nigeria first instead of sitting snuggly in our stuffy, counter-productive ethnic jumpsuits, while spewing forth garbage all over the cyber airways.

Not nice for an underground progressive like you to seek to get personal. You wrote that only God can deliver Nigeria, I say no, and give you how you can engage the so-called 'big men'...now I cannot tell you how to encourage the few good men, because then I shall be 'licking behinds' according to you. Yet your activities are underground...I guess left to God.

Zuma
Jun 9, 2009, 10:10 PM
Zuma

In engaging on these boards, we are quite aware that we have different backgrounds. There are also those who give but cannot receive. There are those who will ask us personal questions because they do not know us...When we answer, they may be shocked, so everyone speaks in some stupid code to have a semblance of humility. What is the big deal in confronting a Nigerian 'big man'. He is most likely a crook...anyway...think, where did all that oil wealth disappear to?

To refresh your now memory...This is what you had written here...



Note well what you wrote about Lagos...after asking me about ma state of origin. Note also that I omitted writing about ma state of origin...I had lived and worked in Lagos...all megalomaniac of little moi. Ma state of concern when I lived in Naija was Lagos because that was where I lived and did business...



Not nice for an underground progressive like you to seek to get personal. You wrote that only God can deliver Nigeria, I say no, and give you how you can engage the so-called 'big men'...now I cannot tell you how to encourage the few good men, because then I shall be 'licking behinds' according to you. Yet your activities are underground...I guess left to God.


Fair enough. I guess we can keep doing our parts in our own little ways. This thread has outlived it's usefulness and in an attempt not to personalize issues anymore, let us just leave Sanusi to do his job. In about 2 years, I pray we come together on this same forum and revisit this issue.

I have left everything to God too, including my underground activities.

Thanks again.

Auspicious
Jun 9, 2009, 10:13 PM
All these criticisms are normal. And I have the right to think he was piloted to the CBN governorship by the feudal lords ruling Nigeria for their selfish reasons. He can either confirm this or prove me wrong. Let Sanusi get cracking. In a year or two (and that includes the 2011 elections), we will see clearly where he is headed.

Wooooooord!

Auspicious.

HolyPagan
Jun 9, 2009, 10:23 PM
I was personally not convinced that Okonjo-Iweala could deliver. Over time my skepticism has given way to pleasant surprise, respect and even admiration and I will not shirk away from the critical responsibility of applauding the good even as we censure the bad.
The above quote coming from Sanusi explains why his elevation to the post of CBN governor has been greeted with so much skepticism. He now has the opportunity of proving cynics wrong as Okonjo Iweala proved him wrong.

All these criticisms are normal. And I have the right to think he was piloted to the CBN governorship by the feudal lords ruling Nigeria for their selfish reasons. He can either confirm this or prove me wrong. Let Sanusi get cracking. In a year or two (and that includes the 2011 elections), we will see clearly where he is headed.

Bearing in mind that it was Nigerians, who were former technocrats from the World bank and IMF, that roped us into SAP, and consequently the untold damage it did to Nigeria's economy, I can very well understand the man's initial skepticism about another world bank technocrat as per Okonjo-Iweala.
After all it was Chu Okongwu and whats his name (I cant remember) who were supposed to be experts with experience of working for both the World bank and IMF that adviced Babangida/Nigeria, to adopt the SAP, and Nigeria has not recovered from that fatal error, till today.

olivetti
Jun 9, 2009, 10:47 PM
People were comparing oranges with apples - Sanusi Lamido Sanusi

By Esohe Iyamu and Musikilu Mojeed

June 9, 2009 10:50AMT


What are you most proud of from your time at First Bank - all the time you spent in First Bank as an executive director and the five months as the managing director?

A number of things. I always appreciated the manner in which I joined First Bank in the first place. I've always believed in life that you don't go out of your way looking for positions.

One of the things that impressed me most about the bank was that I just got a phone call asking me if I would consider the executive director position to come and fix the risk management system in the bank.

And given the kind of things that had been happening in Nigeria at that time, my thought was that we had reached a stage in the country where it was very difficult for one to be offered these positions without lobbying for them or struggling for them. And so it was a pleasant surprise.

But it was also then a burden and a challenge because people obviously had expectations of one and it was important to deliver on those expectations. So what I set out to do was to see if I could raise the profile of risk management in the bank, competing against myself because I'd done a lot of work in UBA for three years and I set myself the task of bring First Bank to that level. The kind of progress we made in terms of changing the way people looked at credit; the way people saw risk management, institutionalising processes and systems rather than individuals, reducing the quantum value of non-performing loans. Those were the greatest moments.

As MD, I took over on the 1st of January and when we did a comparative analysis of the figures, in December, First Bank, which by the way wants size as a competitive advantage, we were number three or four, depending on the index. Within three months, when you looked at the Central Bank data, we had moved to number one on the size indices - assets, naira liabilities, loans and advances. The only thing that had changes was that it made very clear to the staff that there was a new culture of performance -driven management and we would run a strict culture of meritocracy and your progress did not depend on how nice you were but on what results you produced. That was a major thing I was happy with.

I also picked up the First Bank - Ecobank transnational merger talks which had stalled and set them on track and was able to recruit some top professionals to start a process of corporate transformation. I think those initiatives, when completed, will go a long way to making the bank, not just the biggest, but the most profitable in the Nigerian financial services industry.

Why did the President nominate you for this position?

To be honest, I can only tell you the sense I got from my discussions with him. He had concerns over disclosure in the financial system, concerns over banking supervision, and he had concerns over the seeming lack of confidence in the financial system by external parties. He believed that somebody from within the banking system might have a better understanding of the kind of things that were wrong and be able to fix them. I don't know for sure . All I know is that I was invited, offered.

I feel honoured to have been selected for the role. The main thrust seems to be about a concern about the impact/financial stability of our system and the need to do a proper assessment of that so he can have a clear picture of what steps need to be taken to fix the issues.

You've heard the discussions about you, the Minister of Finance and the Minister of National Planning all being from Kano. How do you feel when those arguments were being bandied around?

I'm used to defending myself for my views, I'm used to arguing or debating issues. This isn't a matter for debate. I'm from Kano, it's a biological fact that was written on my birth certificate on 31st July 1961. Since that date, a lot has happened in my life. I've been to primary school, secondary school, university, I've gained employment, I've gained experience, I've built causes.

If anyone chooses to judge me not by the 48 years of education and work but by the one date on which I was born and the place I happen to be born, then there's nothing I can do about it. The Federal Character principle is something I believe in very strongly. It's not my place to defend the appointments made by government. I didn't appoint myself.

But frankly, and I say this not because I am the one involved. I think people were comparing oranges with apples. The CBN job is a five year appointment. The ministerial appointments are contingent - tomorrow, the President could decide to have a cabinet reshuffle and the minister could be from Benue or from Imo, so it doesn't make sense to me to link the appointment of a CBN governor with the posting of ministers.

Let's say the CBN governor is from Borno, do you then say that the President cannot appoint a finance minister from Borno. If you said that, where would you get that from? The constitution? Any laws? Any precedents? I honestly do not think that it was something I should get myself involved in.

If the fact of being from Kano disqualified me from being CBN governor, that was fine. Am I supposed to deny that I am from Kano?

Can you tell us which of the previous CBN governors that you admire the most?

The Central Bank has had a whole series of governors that have played major roles. Some of them, I was too young to assess. As a secondary school boy, Clement Isong was a name that was very much out there as CBN governor. AbdulKadir Ahmed was someone I had a lot of respect for - he had a reputation in the market for integrity and he also had very good deputy governors.

We've had some good deputy governors. Ola Vincent, Alhaji Otiti - highly respected individuals in terms of their sense of integrity. Victor Odozie who was a deputy governor - acquired a very strong reputation for his intelligence and his strategic thinking.

You made several comments at the senate with regards to the importance of power and infrastructure to the growth of the Nigerian economy. Are there specific examples you have in mind with regards to how the role of the Central bank governor can have a direct impact on power and infrastructure?

Yes, coming from a merchant banking background where I started, I know that sometimes, people want to do things but they don't know how to go about it.

For example, if the governor of Kano wants to improve power in Kano and he thinks gas is a good idea, the investment banker is the person who will look at these things and ask questions, put together a technical study - what would it take to bring gas to Kano and how much it would cost. And if you brought it, what kind of power plant, at what capacity would you need to have, and what demand would you need to have, for this to be a viable project.

With infrastructure, it is very easy to draw a false logical equivalence between what is a need and what is bankable. We all know that we need power but not all power projects are bankable. Some power projects have to be done by government in rural areas.

Others are bankable commercially. Part of what I see as the role for the CBN governor, with my experience in banking and my contact in government, is to do simple things like introducing the minister of power to the kind of international experts that can help him structure as is done in other parts of the world and then bring the banks to the table and say this is the kind of money the government wants you to put in.

A lot has been said about you being an Islamic scholar, that you've been to Sudan and some critics have said that you might end up Islamicising the CBN. What do you say to that?

Well, I don't know what they're talking about. Islamic studies is a field of knowledge. While I took courses in Islamic jurisprudence, an essential part of the disciplines, were disciplines that were taught in universities across the world. I got my first introduction to Western philosophy when I was in the Sudan - I read Plato and Aristotle in Arabic.

I got my introduction to post-modernism, Islamic mysticism and comparative religion, cultural studies in the Sudan. People have always asked me, why did I go to the Sudan? Why did I get a degree in Islamic studies? At the end of the day, we've got many things driving us.

First of all, I come from a very traditional family. My grandfather was an emir. On the maternal side, my mother comes from a family of chief imams. And part of our cultural priorities would be a thorough knowledge of the Islamic faith.

Having said that, I come from a family with a strong tradition for national service. People just don't know that. My father was one of the first twelve career diplomats recruited by the British for Nigeria in 1957. And he served as our country's ambassador to Canada, Belgium, China.

He went to Oxford, London School of Economics and Exeter. I come from a background that does not look like anything parochial or narrow minded. I went to a Catholic boarding primary school, I went to King's College, Lagos. The formative years of my life were formed in an environment that was very cosmopolitan and very nationalist in its outlook.

When governors in the north started implementing Sharia, I was seen by most Muslims as anti-Islam or anti-Sharia. If people just checked Google, they would see what I wrote about Sharia. I have nothing against Sharia and Islam obviously.

I have always held very strong views against the constant attempt by politicians to use religion for politics, so I would be the last to use religion in any kind of context and I've never used it. It is strange to me. People talk about me being from Kano, I have never had to defend myself on things like that.

I don't even see myself as a de-tribalised Nigerian. I call myself an untribalised Nigerian. I've never gone for narrow definitions and religious bigotry.

Can we have an insight into your immediate family?

My grandfather was the 11th Emir of Kano. My late father was a Ciroma, the closest you have to a crown prince before he died. Our families are traditionally very large families. I have 12 children. We come from very large family structures. My grandfather had over 60 children and I've got hundreds of cousins.

We have a traditional African extended family. It's something that I cherish. It's something that looks today for some people almost arcane or outdated, but it comes with a lot of advantages - the first being that you get to learn from a very early age, how to treat people who are not in your nuclear family as members of your family.

In a typical polygamous home, you learn to love your step mother as your mother, and you don't know anything called a half-brother and a half sister. In fact, in the Hausa language, there is no word for cousin. Your cousin is your brother, period.

From a very young age, it imbues people with a sense of the importance of a wider humanity beyond oneself and the ability to be unselfish in your dealings and all the skills necessary to survive in a complex social environment. You grow up in a polygamous home at times and the mothers aren't on good terms and the children don't care.

I run a polygamous home. I have three wives. I've had two living with me in Lagos for a long time, under the same roof. If you go to my house, you wouldn't know whose child.


We would like to know what your weaknesses are?

Hmmm. I think I have a temper. I think I could be more cautious in my choice of words in speech - perhaps I say too much at times, say more than I need to. It's something I need to watch as a Central Bank governor.

I think sometimes I'm a bit inflexible and I've got to realise that it's not in every situation that your view is always the correct one and if it is the correct one, it doesn't always have to prevail. You have to pick the issues that are really important and where there will be no compromises and those where a small compromise will not cost that much.

And as you go into the CBN governorship what are those top 3 things you will not compromise on?

I suppose I will not compromise on the basic autonomy of the Central Bank itself which I do not read as isolation. It just means the complete independence in the choice of instruments in the pursuit of its mandate. I probably will not compromise on my personal values if ever a situation arose. And I would not compromise on difficult decisions that need to be taken that might step on some powerful toes but which are necessary to clean up the system and improve it.

Do you relax?

Yes, I am actually a very relaxed person. I'm a very unserious person actually. Talk to people who work with me - I clown a lot. I'm sure you saw signs of it at the Senate - I was having fun, wasn't I? I swim.

What kinds of things do you want Nigerians to judge you with at the expiration of your tenure?

I would like to settle down and set out a clear plan and define clear targets. But if what I succeed in doing is improving regulation, improving transparency, improving risk management and therefore significantly reducing the risk of financial instability, that would be a major contribution.

I would also like to see how we can take further steps towards FSS 2020 and making Nigeria the financial hub for Africa.

http://www.234next.com/csp/cms/sites/Next/Money/Business/5422708-147/story.csp

busanga
Jun 10, 2009, 03:45 PM
Hehehehehehehehehhehehehe!
Hahahahaahahahahahahahahaha!

I know this is meant to be a joke and I just laughed. There is no corelation between the black people's argument you are making and the event in Nigeria. I work in the system and the truth is that you have to do a lot better than the average white guy to get the same position and to retain it and even the white people know this and aknowledges it.

The opposite is the case in Nigeria. Just go and compare the resume of every person that have emerged the CBN Governor from the North and the ones from the South, come back and tell the villagers your findings. You may want to tell me it is coincidence.

Not all qualified candidates will be VCs or CEOs I accept, but there is a problem when there is delibrate and conscious effort to slow down a system because a section of the country thinks it is too fast-paced or progressive for them and appointments are made to effect such regressiveness.

Maybe you forgot so soon what Jubril Aminu a serving Minister of Education said that if he had his ways he would slow down the education of the South for the North to catch up.

The rest is history, you know how Universities are randomly shut down and how our educatiion has gone to the dogs. Well the North did not catch up and the South has stopped moving forward. Here we go again!

There he goes..:clap:

Need I say more? He says Yaradua has an ethnic agenda, which might well have, but it does sounds like the pot calling the kettle black! The North this, the South that...which part of Nigeria has not contributed substantially to the decay we find ourselves today? We sure have a long way to go!

busanga
Jun 10, 2009, 03:47 PM
Busanga, do you have any experience of operating a business? I ask this question because you expose yourself on this thread as someone who lacks basic understanding of business education. You also displayed crass ignorance about the dynamics and truism of ethnic politics in Nigeria and every multi-cultural society.

Did Obasanjo not distribute the offices fairly to all the ethnic groups in Nigeria? You and I can agree to blame Obasanjo for many other acts of omission or commission, he was fair to every group in his appointments.

Busanga, I have read you written some brilliant posts in the past, but your contribution on this thread fell far too short of the standard expected of WASC students which you claimed to have assessed in the past.



It sure sounds like you have business education. It must have been a degree awarded at Yaba School of Yoruba Engineering. :lol:

The rest of your post simply lacks substance and it is not the best use of my time or energy responding to. They are not backed up by facts..mere innuendos

Auspicious
Jun 13, 2009, 06:44 AM
..It is the hypocrites like Auspy I can't stand.

Hypocrite, eh? What was the need for that now, Oga?

And when time comes, you'd lecture others about the ills of name-calling here.

Your standards really have fallen. You just couldn't help it.

I say, shame on you.

Auspicious.

Auspicious
Jun 13, 2009, 06:50 AM
+

http://www.ngrguardiannews.com/editorial_opinion/article01//images/gnlsect-logo.jpg http://www.ngrguardiannews.com/editorial_opinion/article01//images/gnlsection125.jpg

EDITORIAL
Appointing a Central Bank Governor
Friday, June 12, 2009 | LINK (http://www.ngrguardiannews.com/editorial_opinion/article01//indexn2_html?pdate=120609&ptitle=Appointing a Central Bank Governor)

IT was not so considerate for President Umaru Musa Yar'Adua to forward the nomination of the new Central Bank Governor, Mr. Sanusi Lamido Sanusi to the Senate only a few days to the Senate's scheduled recess. The President practically had two years to make up his mind not to re-appoint the then sitting CBN Governor Charles Soludo, to look all over the country for a worthy replacement and to submit same to the Senate in good time within the legislative calendar for proper confirmation screening to be carried out.

As it turned out, the disengagement letter to the outgoing apex bank governor and the nomination letter of his successor were dispatched on the same day. To prevent the apex bank being without a substantive head for an undue length of time - there was none for one day - the Senate was constrained to alter its normal process of screening such nominees by conducting an impromptu screening at the plenary following which the CBN governor-designate was confirmed. We commend the Senate for its forbearance and good sense of responsibility in this particular regard.

The President's tactics apparently placed the Senate under so much pressure that it could not fully address the charges of violation of Federal Character that had been raised in relation to the appointment of the new CBN Governor. The 1999 Constitution provides that appointments to top public positions should reflect the federal character of Nigeria. Sanusi comes from Kano in the Northwest Zone, which already has more than its fair share of government appointees under this administration.

Doubtless Sanusi is qualified to be Central Bank governor: those who know him are quite convinced that he will perform admirably at the apex bank. The country deserves nothing less. But the Yar'Adua government must watch out against what is now perceived to be an increasing lopsidedness and parochialism in federal appointments in favour of the political North. The trend is not good for the country because it could engender feelings of insecurity and protest.

To return to the CBN, the encomiums conveyed in the disengagement letter to Soludo were effusive and perhaps understandably so. But how did the economy fare during Soludo's tenure? When Soludo assumed office in 2004, he had the rare opportunity to actualise the NEEDS programme whose adoption he had anchored as Chief Economic Adviser to the Federal Government. However, despite the massive in-flows of foreign exchange that could have underwritten fast-paced economic transformation, the key NEEDS objective to put in place a private sector-driven economy that would generate seven million new jobs by 2007, could not be achieved.

Soludo succeeded, albeit through regulatory fiat, in fostering 25 (now 24) megabanks. But these banks are better known not for substantive lending for domestic production but for speculative trading in foreign exchange, which funds smuggling at the expense of the economy as well as facilitates destructive treasury looting and capital flight. The banks further precipitated the price crash in the capital market through unethical and incestuous loans which the apex bank failed to check. The CBN as a regulatory authority was largely ineffective as the banks brazenly engaged in unethical practices.

The CBN under Soludo as with his predecessors was undone by its inability, nay, unwillingness to end persistent excess naira supply in the financial system. As a result the country nurtures a fast growing national domestic debt that currently exceeds N3.3 trillion but which is not invested in any tangible projects through treasury bills and restructured bonds. Most of the megabanks owe their continued survival to the sinecure or bank subsidy inherent in paying 10-17 per cent interest annually to banks on account of the unjustifiable national debt. It is not sustainable.

At the end of Soludo's tenure, the productive sectors remained comatose with manufacturing capacity utilisation shrinking from the 56 per cent level recorded in 2004. Two, the naira exchange rate (which is officially fixed) was N133/US$1 in 2004, N118/$1 in 2007 and N146/$1 in May 2009 leaving the people further impoverished. Three, lending rates stayed in the unattractively high region of 20 per cent per annum except for blue chip companies throughout the Soludo years. Four, while the apex bank instigated the adoption of a new method of calculating inflation with a view to obtaining moderate results, inflation figures have fluctuated widely with the current level standing at about 15 per cent just as it was in 2004.

However, to Soludo's credit, following continuous media critique of fiscal and monetary policies, the CBN accepted to perform "the most important function of Central Banks everywhere, namely to issue legal tender currency and to defend its value". The ongoing practice since the 1970s entails printing naira equivalent CBN advances to cover Federation Account (FA) dollar receipts for government budgetary spending, an inappropriate and also illegal step that substitutes Federation Account dollar receipts with deficit financing with resulting persistent excess liquidity and high levels of budget deficits, which constitute the bane of the economy.

In its place it has been proposed to credit Federation Account dollar allocations due to the Federal and State (include local) governments into their Special Domiciliary Account with commercial banks of their choice through which they could truly monetise and convert (sans all abuses associated with official foreign exchange) any proportion of their dollar allocations into actual naira revenue using the dirty or managed floating exchange rate system that would help meet budget naira volumes. That way the baneful perennial liquidity surfeit and excessively high budget deficits will cease. That will quickly bring about conducive conditions for the private sector to actively play its allotted role of complementing government efforts and diversifying the economy.

Sadly, the Yar'Adua administration has brusquely suspended the implementation of this professionally sound and economically beneficial approach to infusing public sector dollar proceeds into the economy. Sanusi should take a second look at the proposed method.

Soludo was an articulate and outspoken CBN Governor. He changed the profile of an office that had been hitherto associated with reticence, if not conservatism and infused it with panache and dynamism. There is no doubt that he left the CBN better than he met it even if the Nigerian banking sector is not the healthiest in the world today. Lamido Sanusi has a huge task ahead of him, to ensure that the CBN becomes effectively an engine of growth and that more attention is now paid to microeconomics. Monetary and fiscal policies can only make sense not when they deliver artificial growth statistics, but when the difference that they make can be measured in terms of the quality of life. The slide of the Naira has had an unprecedented effect on inflation. This should be addressed. Nigeria also continues to run an import-dependent economy: what kind of policies would Sanusi's CBN articulate in this regard? The CBN must further assume a more efficient regulatory responsibility and whatever can be done to restore confidence in the banking sector would be most advisable.

Ishola Taiwo
Jun 13, 2009, 10:48 AM
Now, when one looks at this alleged intellectual prodigy who has just been appointed governor of CBN, one will find another manifestation of this strange reluctance to overcome the voluntary ailment that causes ones to sound off as ethnic champion every now and then. An ailment which, since its governing virus resides within the hypocritus synapse of the medulla (:D), enables them to don, on other occasions, the garb of that model Nigerian who is capable of dealing with and serving all component parts of the whole country without prejudice.

One can be generous (if misguided) and excuse those occasions where a person speaks from the heat of the moment; those types of occasions where what a person says (or writes) is in response to some hurtful (and very recent) event. What cannot ever be excused however, are bigotry-laden speeches that are calmly made after the speaker/writer has had several moments to contemplate the full ramifications of the words being spoken/written. Because, those kind of words are a true reflection of where a person stands intellectually.

After all, who would allow him/her self to be represented by utterances that do not reflect the true inner self?

In several of his writings, Sanusi Lamido Sanusi cannot resist the urge to attack the Yoruba. He refers to them in one paper as purveyors of "Area Boy Politics" - as if thugishness were a unique quality that was possessed by the Yoruba alone.

The "bane of Nigeria" might be corruption, incompetence and ethnic bigotry. But, the crucial and ever present factor that hampers the overcoming of these things is the unrelenting hypocrisy that so many seem to be unable to do without (especially when they are passing commentary on "the trouble with Nigeria").

What has happened to this world to cause the over-production of so many people who have no firm principles (or the tiniest iota of self-awareness)? People who now exist in such numbers that, more often than not, their voices will be the loudest when the subjects that are being discussed involve issues that require one to have firm, unrelenting principles first and foremost.

You hear them talk (as it were) and you think: Can you hear yourself? Do you ever hear yourself? And, more importantly, are you capable of coming out of yourself and listening to what you say as if you were the subject of your discourse? (This last is described as important because, being able to do this forms a part of the humane quality called empathy).

Ones who cannot overcome the distaste that they have for other ethnicities in Nigeria are not fit to lead any Central Government body.

And I will not give him the benefit of the doubt because, going by what he has revealed of his inner groundings, he is not prepared to give me the same. He has already decided what I am. I remind you of what he said before a lecture-theatre full of Germans:
"the Yoruba ethnic group has a long and notorious history of ethnic nationalism and bigotry. Repeatedly frustrated out of power in the center by more cunning, often underestimated northern politicians, the Yoruba have over decades built up a political agenda around a mythical Yoruba "race" that is the victim of machinations of the "Hausa-Fulani". Such groups as Afenifere and OoDua peoples' Congress are extremely parochial in the condescension with which they view other ethnic groups. Their political vitriol has, unsurprisingly, been somewhat tempered in the last six years with the emergence of a Yoruba as president of the country."

It is certain the above is the intellectual product of one who sees the Yoruba as being no more than an antagonistic collective. Why the hell then would any Yoruba freely recognise such a person as a leader?

And, even if we are so liberal and self-critical (:rolleyes:) as to admit that "but what he says is true!!" the question we then have to answer, while trying to be as liberal as we just recently were is that, would a similar statement also be true of other ethnicities in Nigeria? If the answer is "yes", then the other question has to be: then why pick out one ethnic group and identify them with these negative qualities? Why, if this is the unfortunate norm, should there be an attempt to turn one group into the scapegoat that has to pay for what all are equally guilty of?

The statement by Sanusi that was quoted above enough to identify him as being nothing more than a bigot and an eloquent hypocrite. As such, no person in his or her right mind should view his appointment with anything other than skepticism and caution.

RAHIM
Jun 13, 2009, 12:13 PM
Now, when one looks at this alleged intellectual prodigy who has just been appointed governor of CBN, one will find another manifestation of this strange reluctance to overcome the voluntary ailment that causes ones to sound off as ethnic champion every now and then. An ailment which, since its governing virus resides within the hypocritus synapse of the medulla (:D), enables them to don, on other occasions, the garb of that model Nigerian who is capable of dealing with and serving all component parts of the whole country without prejudice.

One can be generous (if misguided) and excuse those occasions where a person speaks from the heat of the moment; those types of occasions where what a person says (or writes) is in response to some hurtful (and very recent) event. What cannot ever be excused however, are bigotry-laden speeches that are calmly made after the speaker/writer has had several moments to contemplate the full ramifications of the words being spoken/written. Because, those kind of words are a true reflection of where a person stands intellectually.

After all, who would allow him/her self to be represented by utterances that do not reflect the true inner self?

In several of his writings, Sanusi Lamido Sanusi cannot resist the urge to attack the Yoruba. He refers to them in one paper as purveyors of “Area Boy Politics” - as if thugishness were a unique quality that was possessed by the Yoruba alone.

The "bane of Nigeria" might be corruption, incompetence and ethnic bigotry. But, the crucial and ever present factor that hampers the overcoming of these things is the unrelenting hypocrisy that so many seem to be unable to do without (especially when they are passing commentary on “the trouble with Nigeria”).

What has happened to this world to cause the over-production of so many people who have no firm principles (or the tiniest iota of self-awareness)? People who now exist in such numbers that, more often than not, their voices will be the loudest when the subjects that are being discussed involve issues that require one to have firm, unrelenting principles first and foremost.

You hear them talk (as it were) and you think: Can you hear yourself? Do you ever hear yourself? And, more importantly, are you capable of coming out of yourself and listening to what you say as if you were the subject of your discourse? (This last is described as important because, being able to do this forms a part of the humane quality called empathy).

Ones who cannot overcome the distaste that they have for other ethnicities in Nigeria are not fit to lead any Central Government body.

And I will not give him the benefit of the doubt because, going by what he has revealed of his inner groundings, he is not prepared to give me the same. He has already decided what I am. I remind you of what he said before a lecture-theatre full of Germans:

It is certain the above is the intellectual product of one who sees the Yoruba as being no more than an antagonistic collective. Why the hell then would any Yoruba freely recognise such a person as a leader?

And, even if we are so liberal and self-critical (:rolleyes:) as to admit that “but what he says is true!!” the question we then have to answer, while trying to be as liberal as we just recently were is that, would a similar statement also be true of other ethnicities in Nigeria? If the answer is “yes”, then the other question has to be: then why pick out one ethnic group and identify them with these negative qualities? Why, if this is the unfortunate norm, should there be an attempt to turn one group into the scapegoat that has to pay for what all are equally guilty of?
The statement by Sanusi that was quoted above enough to identify him as being nothing more than a bigot and an eloquent hypocrite. As such, no person in his or her right mind should view his appointment with anything other than skepticism and caution.


I think that it might be more helpful for your argument if you posted the whole article than quoting out of context so that we could also see all that he wrote before and after that statement.

Also, I could quote sections from his various articles in which he criticises both the North and the South-East thereby implying that if we are to judge his critique based on his writings, we will deduce that it is not reserved for only one section of the country.

Ishola Taiwo
Jun 13, 2009, 02:24 PM
I think that it might be more helpful for your argument if you posted the whole article than quoting out of context so that we could also see all that he wrote before and after that statement.

Also, I could quote sections from his various articles in which he criticises both the North and the South-East thereby implying that if we are to judge his critique based on his writings, we will deduce that it is not reserved for only one section of the country.

Since you are the one trying to prove that there can be a "context" in which describing an entire ethnic group as being one which "has a long and notorious history of ethnic nationalism and bigotry" can be OK, it seems to me that the burden of presenting the related passages in the said article that supports such a view rests on you.

What is noticeable about our so-called fair commentators and their subtly biased droppings is how even though they are always very careful to leaven their bigoted utterances with a few criticisms of their home-side, when it comes to that home-side, the criticism knows what sectors to target.

Therefore, ones like your Sanusi, while criticising his 'northern' brethren, will always make sure that he points the finger in a specific direction. However, when it comes to taking aim at others, the weapons of mass destruction are unleashed.

As for the one thanking you for the query, I am not surprised. "Game recognises game" as the saying goes. After all, this is the same person who said this on the 11th of July at 7.16pm here: (http://www.nigeriavillagesquare.com/forum/articles-comments/32708-sanusi-lamido-sanusi-confessions-stalker-9.html):


"How many times do the Igbos have to die for Nigeria? Choose the best in any field, you will find the Igbos there. Going as far back as the Nzeogwu coup, the Igbos did not display any form of cowardice when they executed their own part of the 'deal' courageously. We ALL know where the betrayal came from. Not from the Igbos definitely. The rotten seed sowed in the 60's have born rotten trees and fruits to this day.

Or, do we mention the Aburi Accord? Again, we know where the cowards come from.

The last straw that broke the camel's back was the "Biafra" war.

The fact that the Igbos do not want to be sacrificed again on behalf of the cowardice displayed by others, does not make them cowards. They have just learned to 'siddon look'. Judging by all the productivity garnered by notable Nigerians, it would interest you that they have been mainly Igbos.

It may interest you to note that the best governor till date in the history of Nigeria was Sam Mbakwe.
The best Senate president, you can choose between Okadigbo and Ken Nnamani.
Best CBN governor so far, need I mention Charles Soludo
Best finance minister, Dr. Okonjo-Iweala.
Best minister of Aviation(OBJ pally or not) Kema Chikwe(did not kill Nigerian citizens with plane crashes)
Best NSE boss Ndidi Onyuike(rubbished by the environment of course)
Best NAFDAC director, Akunyili(before she decided to play the real politics, can't say I blame her)


Now these people have made history with the limited opportunities they have had.
Please if at all, Nigeria is pulling the Igbo's down. Make a note of these corrections.
Now, give me the equivalent from other tribes in Nigeria.
I am not trying to make this a tribal thread as such but it does not take a genius to understand that for the past 10+ years of Hausa and Yoruba leadership, we have received nothing but corruption and incompetence.

We will not attempt to visit the Military era in Nigeria. I would like to pretend those years never existed in Nigeria's history.

Whenever a Northerner is at the helm of affairs, it is fair to say that Nigeria hits the 'rewind' button to the dark ages. FACTS!"



And this on Friday 12th July at 2.29pm here: (http://www.nigeriavillagesquare.com/forum/articles-comments/32741-those-hausa-people-those-igbo-people-those-yoruba-people-etc.html)

"Like it or not, ethnic bigotry is the main fabric of Nigerian woes. No matter how we try to forget, our leaders as dictators especially, have reminded us by their actions, for the past 50 years almost. The fact that people smile at you does not mean that their hearts are free from bigotry.

Ever heard of 'closet' bigots? The worst kinds.

All we can do is judge people as individuals if they have proven not to be bigots, you cannot speak for any given ethnic group in particular as a whole. When all we have had are Nigerian leaders who have fostered ethnic bigotry overtly or covertly, what would you expect others to think, say or do?

Until we have true leaders who recognize that ALL Nigerians should be treated as Nigerians, we would continue to have these sentiments. A reality that affronts your senses every waking moment of life. Preaching about the evils of ethnic bigotry will not solve the problems, we need to see evidence that Nigerians are not being marginalized by the leaders who impose themselves on us, at the expense of other Nigerians, irrespective of ethnic background.

Until we can afford a true democracy, ethnic bigotry remains the bane of Nigeria's failures as a supposed country.

It is real, do not be deceived."


Can you see the contrast in the two views that are represented by the passages above? This is a contradiction that exists within the same mind. The question is: how is this possible?

It is obvious that this Zuma and your Sanusi are cut from the same cloth. One denigrates other ethnicities by representing them as a monolith of evil practice while the other echoes the deed by raising its own chosen people above all else; assigning to them all the virtues, which of course means that the other ethnic groups must share the vices between themselves.

I repeat what I said before: The "bane of Nigeria" might be corruption, incompetence and ethnic bigotry. But, the crucial and ever present factor that hampers the overcoming of these things is the unrelenting hypocrisy that so many seem to be unable to do without (especially when they are passing commentary on "the trouble with Nigeria").

RAHIM
Jun 13, 2009, 03:28 PM
Therefore, ones like your Sanusi, while criticising his 'northern' brethren, will always make sure that he points the finger in a specific direction. However, when it comes to taking aim at others, the weapons of mass destruction are unleashed.




It is obvious that this Zuma and your Sanusi are cut from the same cloth. One denigrates other ethnicities by representing them as a monolith of evil practice while the other echoes the deed by raising its own chosen people above all else; assigning to them all the virtues, which of course means that the other ethnic groups must share the vices between themselves.


First of all, I was'nt having a go at you. I was just pointing to you that he (Sanusi) has not only criticised a particular section of the country as you have alleged, but the three major ones, rightly or wrongly depending on the subtlety of its interpretation.

I guess Zuma is always on station to defend himself but Sanusi is not MY Sanusi as you have said and I cannot even attempt to defend or protect his interests, so i just asked to maybe have all the article posted for objectivity. I have no personal relationship with him nor with Soludu but i hope he succeeds at the helm of OUR apex bank for the common good. I cannot even attempt to judge you, Sanusi or Zuma all I can seek for, are clarifications moreover, it is a forum and everything said or inferred is open to debate.

Ishola Taiwo
Jun 13, 2009, 03:59 PM
OK Rahim, he is not "your Sanusi", he is our Sanusi (a description which is actually accurate since one of my great-grandmothers was Fulani).

As for the article from which that quote was extracted: it was taken from something that Busanga posted here (http://www.nigeriavillagesquare.com/forum/articles-comments/32708-sanusi-lamido-sanusi-confessions-stalker-4.html#post362565).

Auspicious
Jun 13, 2009, 05:08 PM
Now, when one looks at this alleged intellectual prodigy who has just been appointed governor of CBN, one will find another manifestation of this strange reluctance to overcome the voluntary ailment that causes ones to sound off as ethnic champion every now and then. An ailment which, since its governing virus resides within the hypocritus synapse of the medulla (:D), enables them to don, on other occasions, the garb of that model Nigerian who is capable of dealing with and serving all component parts of the whole country without prejudice.

One can be generous (if misguided) and excuse those occasions where a person speaks from the heat of the moment; those types of occasions where what a person says (or writes) is in response to some hurtful (and very recent) event. What cannot ever be excused however, are bigotry-laden speeches that are calmly made after the speaker/writer has had several moments to contemplate the full ramifications of the words being spoken/written. Because, those kind of words are a true reflection of where a person stands intellectually.

After all, who would allow him/her self to be represented by utterances that do not reflect the true inner self?

In several of his writings, Sanusi Lamido Sanusi cannot resist the urge to attack the Yoruba. He refers to them in one paper as purveyors of “Area Boy Politics” - as if thugishness were a unique quality that was possessed by the Yoruba alone.

The "bane of Nigeria" might be corruption, incompetence and ethnic bigotry. But, the crucial and ever present factor that hampers the overcoming of these things is the unrelenting hypocrisy that so many seem to be unable to do without (especially when they are passing commentary on “the trouble with Nigeria”).

What has happened to this world to cause the over-production of so many people who have no firm principles (or the tiniest iota of self-awareness)? People who now exist in such numbers that, more often than not, their voices will be the loudest when the subjects that are being discussed involve issues that require one to have firm, unrelenting principles first and foremost.

You hear them talk (as it were) and you think: Can you hear yourself? Do you ever hear yourself? And, more importantly, are you capable of coming out of yourself and listening to what you say as if you were the subject of your discourse? (This last is described as important because, being able to do this forms a part of the humane quality called empathy).

Ones who cannot overcome the distaste that they have for other ethnicities in Nigeria are not fit to lead any Central Government body.

And I will not give him the benefit of the doubt because, going by what he has revealed of his inner groundings, he is not prepared to give me the same. He has already decided what I am. I remind you of what he said before a lecture-theatre full of Germans:


“the Yoruba ethnic group has a long and notorious history of ethnic nationalism and bigotry. Repeatedly frustrated out of power in the center by more cunning, often underestimated northern politicians, the Yoruba have over decades built up a political agenda around a mythical Yoruba “race” that is the victim of machinations of the “Hausa-Fulani”. Such groups as Afenifere and OoDua peoples’ Congress are extremely parochial in the condescension with which they view other ethnic groups. Their political vitriol has, unsurprisingly, been somewhat tempered in the last six years with the emergence of a Yoruba as president of the country.”

It is certain the above is the intellectual product of one who sees the Yoruba as being no more than an antagonistic collective. Why the hell then would any Yoruba freely recognise such a person as a leader?

And, even if we are so liberal and self-critical (:rolleyes:) as to admit that “but what he says is true!!” the question we then have to answer, while trying to be as liberal as we just recently were is that, would a similar statement also be true of other ethnicities in Nigeria? If the answer is “yes”, then the other question has to be: then why pick out one ethnic group and identify them with these negative qualities? Why, if this is the unfortunate norm, should there be an attempt to turn one group into the scapegoat that has to pay for what all are equally guilty of?

The statement by Sanusi that was quoted above enough to identify him as being nothing more than a bigot and an eloquent hypocrite. As such, no person in his or her right mind should view his appointment with anything other than skepticism and caution.

I will NEVER (stubbornly, albeit misguidedly) turn a blind eye when someone dares to grab the bull by the horn to call things/events as they are. The above from you, Eja, should cause us all - friends and 'enemies' of Lamido Sanusi alike - to pause for a moment of fair/balanced, objective, critical thinking.

I hope we are ALL up to it. I start by stating this: There is NO excuse for Bigotry - NONE!

Auspicious.