CBN In Sanusi’s Hand, How Safe?

Tunde Fagbenle This ‘contribution’ to the vitriolic debate on the prospect of Mr. Lamido Sanusi succeeding Mr. Chukwuma Soludo as Governor of Central Bank is “after the fact” since the “young man” has already assumed office, after bedazzling our interrogating Senate with his brilliance. But nonetheless, the issues that troubled the minds of those opposed to his candidature, in particular issues that border on his ethno-religious bigotry, hence his unsuitability for the critical office, remain troubling, demanding to be allayed lest the current of his tenure is bound in shallows and his every policy in militating suspicion. The Yoruba are not happy with Lamido Sanusi. No, that will be too sweeping and wrong since I am Yoruba and cannot claim to be particularly unhappy with him. More correctly, many in the “political leadership” of the Yoruba are not happy with him. That’s on the one hand. On the other hand, many of the Christia...Read the full article.

[eire]

The key issue here is that the Nigerian constitution stipulates a single constitutional authority in Nigerian, to support another legal framework in such a secular society amounts to treason. The least punishment being such a person loses their right to serve the entirety of the Nigerian nation in any capacities such as the Governor of the Central bank - Sanusi is a sharia advocate who should be explaining his advocacy of sharia in multi-ethnic Nigeria but he is instead politically rewarded with the leadership of Nigeria's national bank. What an Irony!

On qualification, ethnicity aside, Sanusi is NOT the calibre of people like Adamu Chiroma or Rilwanu Lukman, he neither has enough experience nationally and internationally to be the voice of Nigeria's financial institution! Five months as the MD of First bank and a directorship in risk management is not far reaching.

And, if he is indeed intelligent as you give him credit for he will not marry 4 wives and have 12 children in a country that is over populated and struggling with social amenities.

Many of his actions show a lack of social literacy and a disregard for certain nationalistic tenets. Education is not the only determinant of intelligence, his actions so far has proves he lacks common sense in many aspects of his life.

Going my this man's antecedents, he will not have been nominated in a serious developing country let alone allowed to face the Senate of America. The president will have suffered politically for such a wrong choice!

[DaBishop]

Originally Posted by eire

The key issue here is that the Nigerian constitution stipulates a single constitutional authority in Nigerian, to support another legal framework in such a secular society amounts to treason. The least punishment being such a person loses their right to serve the entirety of the Nigerian nation in any capacities such as the Governor of the Central bank - Sanusi is a sharia advocate who should be explaining his advocacy of sharia in multi-ethnic Nigeria but he is instead politically rewarded with the leadership of Nigeria's national bank. What an Irony!

On qualification, ethnicity aside, Sanusi is NOT the calibre of people like Adamu Chiroma or Rilwanu Lukman, he neither has enough experience nationally and internationally to be the voice of Nigeria's financial institution! Five months as the MD of First bank and a directorship in risk management is not far reaching.

And, if he is indeed intelligent as you give him credit for he will not marry 4 wives and have 12 children in a country that is over populated and struggling with social amenities.

Many of his actions show a lack of social literacy and a disregard for certain nationalistic tenets. Education is not the only determinant of intelligence, his actions so far has proves he lacks common sense in many aspects of his life.

Going my this man's antecedents, he will not have been nominated in a serious developing country let alone allowed to face the Senate of America. The president will have suffered politically for such a wrong choice!

I never thought I would be defending Sanusi's private choices...but the above is what we do not need in any nation...Naijerya, Odua, Biafra or Arewa!

Where does the constitution say you cannot have an Islamic degree and be in government...Where is the legal violation...and REGARDING FEDERAL CHARACTER...

... did we just write that or was it operative when Ngozi was Finance and Soludo Governor CBN...

Regarding his wives and children...when you see newspaper stories that the man is fighting his wives in his house of confusion..AND IT AFFECTS HIS JOB, ask him to resign....for now many governors are content with a plethora of mistresses in many cities...and a former head of state (President?) had no respect for a lady's marital status in his advances...

Now I am not just an ordinary Christian, I am a self-confessed tongue talking...demon casting...born-again DaBishop...FYI

[Auspicious]

Originally Posted by DaBishop

I never thought I would be defending Sanusi's private choices...but the above is what we do not need in any nation...Naijerya, Odua, Biafra or Arewa!

That, coming from the above commentator, is truly rich considering some of his recent comments about "the Yoruba Nation". Oh well, for many of us, it's always easier to see others' fault than ours.

Auspicious.

[Namio]

Sometimes I think our imported religious belief dent our better judgment. If you want to criticize the man, do it on his experience and competence not some religion you hardly know enough about.

[DaBishop]

Originally Posted by Auspicious

That, coming from the above commentator, is truly rich considering some of his recent comments about "the Yoruba Nation". Oh well, for many of us, it's always easier to see others' fault than ours.

Auspicious.

Noted...and ignored

[Auspicious]

Originally Posted by DaBishop

Noted...and ignored

And so he 'ignored' by responding, muahahahahahaha!

Ani Olofo ni iwo Bishoobu yii, Olofo gbaa.

Auspicious.

[ajis15]

Sir,

I read the article you refered in your writeup. Mr. Sanusi is a typical Northerner from the so called conservative North. They see Yorubas as a threat to the advancement of their selfish agenda and they treat everybody with contempt. I do not see how this guy is the most qualified person to occupy the position of Central bank Governor. Where is the experience, the qualification, even in the position he occupied before becoming the Governor, he got their through the retrogressive quota system. I believe there are more than 1000 Southerners who are more than qualified to be Head of Risk Management, talk less of being the MD of FB. It's very unfortunate that this is what one Nigeria has become. Ojukwu saw the light in 1960, the Yoruba leadership that he disparaged in his article deserve what they are getting. If we had followed and towed Ojukwu line and have these people stay in their North we would not have this mediocre dictating our lives.
There is one painful thing about the so called core North that our Yoruba leadership and the South as a whole are not paying attention to. When the scion of conservative North comes to power, they prefer to work with the renegades in the South and delibrately ignore the progressives. I saw that in Balewa, Shagari, Buhari and now Yardua. Yes, the man is right, the Yoruba leadership are yet to wake up.

[DaBishop]

Originally Posted by ajis15

Sir,


There is one painful thing about the so called core North that our Yoruba leadership and the South as a whole are not paying attention to. When the scion of conservative North comes to power, they prefer to work with the renegades in the South and delibrately ignore the progressives. I saw that in Balewa, Shagari, Buhari and now Yardua. Yes, the man is right, the Yoruba leadership are yet to wake up.

It will be helpful if you can identify who these 'renegades in the south' are and who are the progressives and what qualifies one to be a 'renegade' or 'progressive' in your opinion. Thanks.

[ajis15]

Originally Posted by DaBishop

It will be helpful if you can identify who these 'renegades in the south' are and who are the progressives and what qualifies one to be a 'renegade' or 'progressive' in your opinion. Thanks.

DaBishop:

Tell me what is Yardua doing with the likes of Ibori?

[DaBishop]

Originally Posted by ajis15

DaBishop:

Tell me what is Yardua doing with the likes of Ibori?

Paying them back...by protecting their rear-ends for bankrolling his campaign with money they stole from you...

You still have not answered what makes one a 'renegade' or 'progressive' so we can all learn.

[mynija]

"You still have not answered what makes one a 'renegade' or 'progressive' so we can all learn"---Yes ..ajis15 name 10 progresives and 9 more renegade according to your own defination and I can bet you if there is any difference in them when it comes to looting and official stealing...waiting

There are absolutely no progressives in Nigeria or in the history of Nigeria(except those brave enough to stage coups). The only ones who claim to be able to spell the word 'progressive' live outside Nigeria and can only be true progressives if all the noise made in foreign countries can be parroted in Nigeria. . . in front of Aso Rock. Till then, welcome to the land of renegades.

Is Yaradua a "progressive"?

In Nigeria, there are no progressives, we only have renegades.(born and bred in the curse of it all)

Even me 'kpa kpa' na ogbonge renegade.

Progressive ko, re-brandsive ni.

Who dash yanga 'tolo-tolo'.

Abeg Sanusi chop ya own shiiiare, make somebodi else come chop jare.

[abdulmumin]

Sanusi Lamido Sanusi's appointment ast the CBN governor is a fait accompli.

How his degree in Islamic Studies and Shariah Law and his believing in the oneness of Allah (God Almighty), praying 5 times a day, fasting during the Islamic month of Ramadhan, paying Zakat and performing the Hajj impairs him from the discharge of his duties as the CBN governor is what I just cannot fathom. I most certainly would need some education on this.

Mr Fagbenle is upset at the barbs thrown at the Yoruba political leadership by SLS. Face it Mr Fagbenle, SLS spoke the truth. He shot at Yoruba leadership, Igbo and Hausa elites alike. As a matter of fact he held the Yoruba and Hausa leadership responsible for the Nigerian malaise and I daresay he is very correct.

SLS is not a very popular man because he speaks the truth which we of course know is bitter. As the Yorubas would say, 'otito koro'.

[Onari]

Originally Posted by ajis15

DaBishop:

Tell me what is Yardua doing with the likes of Ibori?

Ajis15,
Tell me the difference between Yaradua and Ibori? Are they not birds of the same feather? If your answer is yes, then your question is irrelevant, if not please educate me further.

Thank you

[nezie]

Look, you guys should face the real issues imposed by the military dictators and which have practically wasted many generations of Nigerians.

How do we entrench true fdedrealism in Nigeria where every Nigerian citizen is equal to the other? How do we deflate the overbloated central government for the benefit of this multiethnic country? How do we restructure Nigeria so that every federating unit is made to develop on its pace based on its cultural and religious beliefs? How do we restore this country to fiscal federalism? etc.

By the time you shout much about shari'a, Hausa/Fulani, Yar'adua this Yar'Adua tha,t the next thing they do is hand over to another mallam general in the army and they will take us on another donkey years of military dictatorship.

[emj]

Originally Posted by eire

And, if he is indeed intelligent as you give him credit for he will not marry 4 wives and have 12 children in a country that is over populated and struggling with social amenities.

Many of his actions show a lack of social literacy and a disregard for certain nationalistic tenets. Education is not the only determinant of intelligence, his actions so far has proves he lacks common sense in many aspects of his life.

Going my this man's antecedents, he will not have been nominated in a serious developing country let alone allowed to face the Senate of America. The president will have suffered politically for such a wrong choice!

Eherm, wat has his having 4 wives and 12 children got to do with competence? Does that not show u that the man is more than able to perform...being a good manager of his home.

And who told you that we have to go by some other developing country's yardstick? This is a unique country called Nigeria with it's own needs and rules...wat nationalistic tenets are u talking about? You also went on to say he lacks common sense...is common sense no longer common...drat?

Abegy my friend look very well b4 u leap.....tank/thank u

[What?]

Sanusi is not forthcoming about his relationship with his wives but he certainly seems to have a lot to say about economic policy.
Interview with Financial Times
http://www.ft.com/cms/s/0/9b5955c4-5...44feabdc0.html

Excerpts-

FT: So in six to eight weeks you feel you’ll be in a much more confident position to really understand the scale of the margin loan problem?

Lamido Sanusi: Yes I think so. I will. In the interim we’ll be looking at the various options of how to handle them.

FT: But it sounds like you are not planning to make those figures public immediately upon completing the exercise?

Lamido Sanusi: I may actually. It depends on what communication strategy is adopted. I certainly would expect that long before December we begin to apply prudential accounting standards and we will continue to increase the disclosure requirements for banks. Even before IFRS we will decide what we think banks should disclose from June and from September when they publish their accounts and what information they should make public.

FT: It sounds like you are planning to impose more stringent disclosure regulations quite soon?

Lamido Sanusi: Yes, we should be able to have full-blown disclosures by the time the financials end in December.

FT: If this audit reveals that some bank executives have been cooking the books, if you like, you will take action to remove them from their posts?

Lamido Sanusi: Not just this audit -- if at any point in time I have reason to believe that a bank chief executive is not fit to be chief executive I will remove him.

FT: What’s your gut feeling? Do you think that in the next few months we’ll see a few bank chief executives leaving their jobs?

Lamido Sanusi: I would rather not say anything about that. I would rather wait for the results.

FT: If though there are some banks that have sustained so much of a loss that they can’t survive, what will happen to them?

Lamido Sanusi: My intuitive feeling is that there isn’t any bank that cannot survive in one form or the other, either in the form of getting some of the stronger banks to put in equity and merge with them or inviting foreign banks and letting them agree the conditions for them to invest capital and management and revive the bank. Fundamentally, these banks have large branch networks, they’ve got huge investments in infrastructure, they’ve got a wide and diversified customer base, they’ve got therefore access and potential for growth. Banking remains fundamentally an attractive business, and for that reason there is always the possibility of finding some solution.

FT: It sounds from what you are saying like there is a strong chance that there may be more consolidation in the sector as the extent of the losses at some banks become known?

Lamido Sanusi: That’s my feeling, that there will be consolidation, that’s what I think.

FT: How many banks would you like to see in Nigeria?

Lamido Sanusi: I don’t have a target. My sense is that we might end up with fifteen banks.

FT: So you would open the possibility that a foreign bank would acquire a Nigerian bank outright?

Lamido Sanusi: That’s the law, those are the laws that we have in Nigeria.

FT: Have you been approached by any foreign banks who are seeking to take a position in Nigeria?

Lamido Sanusi: I have not met any foreign bank.

FT: But it sounds like your vision for the sector then is perhaps, again, a different one from your predecessor who came out a few times and did make statements about limits on foreign ownership. You are sounding like you would prefer to open the field very much to foreign players?

Lamido Sanusi: I think my vision has always been different from my predecessor’s. We’re two different people. On this particular matter, my view has always been different.

Look at this way, if you look at the register of many banks, you’ve got shares that are owned by nominees. Now I don’t know who these nominees are. And I believe under the laws in which they are set up, the nominees are not obliged to disclose the persons behind them. So if as governor of central bank I am okay to have a bank owned by nominees and I don’t know who owns them, why wouldn’t I be comfortable with a bank owned by a Barclays, or HSBC or China Construction Bank, who I know? For me it’s a no-brainer.

At the end of the day, the bank takes on the character of its owners. The greater transparency I have in the ownership of a bank, the better run that bank will be.

FT: Isn’t the problem that the policy has been up to now to peg the Naira to the US dollar and having this pegged currency to some extent restricts your room for manoeuvre in terms of monetary policy?

Lamido Sanusi: I don’t think we’ve ever had a peg. There’s been stability. It’s been a managed rate in order to manage expectations because of the large amounts of imports. There has been an attempt to have some semblance of stability. I think we had a situation in which it was very clear that the stability around the band that we had was not sustainable given where oil prices were. We are very fortunate that there seems to be a reversal, I don’t know how sustainable that is.

But we need to understand that the exchange rate in Nigeria has been a sensitive issue primarily because the elites take an interest in it. The elite who have to buy dollars to pay their children’s school fees abroad, who go on summer holidays, who want to go and get medical care in the UK, who want to attend conferences abroad. But imagine what a three-, four- five hundred basis point reduction in interest rates does in terms of the consumer and their ability to buy cars, to build houses, to finance consumer demand, for factories to recruit and grow. The interest rate is far more important than the exchange rate, but because the exchange rate is tied to elite and political interests it takes on a great space. Part of our job is also to try and communicate with data and with logical arguments that it is impossible to eat your cake and have it and sometimes you may just have to be willing to allow the Naira to move in order to preserve your foreign exchange if there’s a problem with your inflows. On the other hand, it’s also important to remember that if we are able to attract foreign investment then the Naira is strengthened anyway.

Has the President been informed about all of this???

We all know the man can speak big-big grammar like most Nigerians. How did his help him through his banking career? What actions have backed them up in the past? All these will not make a difference if all this experience is reduced to petty thievery and money laundering behind closed doors. Business as usual.

Please oooh......Having 3 or 4 wives and 12 children have ever thing to do with competence. The reason Nigeria remains a beggarly nation. Any man struggling to keep 4 women satisfied in any given week will definitely not be competent enough to manage an establishment like CBN. Why is Nigeria where it is today? If he is not praying 5 times a day, he is struggling with who to sleep with every night in the Lagos harem or Kano branch. The CBN coffers may just suffer after all.

Even Ahmadinejad has only one wife(a mechanical engineer) with only 3 children(1 daughter-electrical engineer) 2 sons studying engineering).

Haba.

Nigerians, all for bigmanism and rubbish will keep saddling the nation with indolent dependents(mostly illiterate) who just want to breed children all over the place without contributing meaningfully.

Just my opinion. No responsible man irrespective of religion or culture can come out in this day and age to tell the world he has 4 wives. Only retarded folk(men and women) can engage in such practices. Never a true professional.

First of all, this dude should have declared his assets for Nigerians to see, when he under went "clearance" by the SSS.

[FSU]

Originally Posted by abdulmumin

Sanusi Lamido Sanusi's appointment ast the

Mr Fagbenle is upset at the barbs thrown at the Yoruba political leadership by SLS. Face it Mr Fagbenle, SLS spoke the truth. He shot at Yoruba leadership, Igbo and Hausa elites alike. As a matter of fact he held the Yoruba and Hausa leadership responsible for the Nigerian malaise and I daresay he is very correct.

Bottomline in quote and boldened; being the truth, the whole thruth and nothing but the truth. Both groups should therefore be expunged from Niger space. Where is that guy advocating a Yoruba-Benin Republic coalescence?