SANUSI LAMIDO SANUSI, THE NEW CBN HONCHO?
Once again, it suited them and the phraseology is that "Sanusi is not responsible for enforcing federal character principle"? With this sarcastic remark, and acting in accordance to an Arewa template, the midget of Oturkpo and Nigeria Senate president, David Mark stifled all reasonable effort made by Senator Ikechukwu Obiora to question the qualifications of Sanusi Lamido Sanusi for the job of governor of Central Bank of Nigeria; as well as the concentration of nearly every other juicy and choice positions in the north? Senator Ikechukwu Obiora just wanted to know whether federal character principle is now dead in Nigeria but David Mark will not let him, being part of the northern conspirators? This latest appointment was in crass disregard to the tripod arrangement-based federal character principle, whereby appointments in Nigeria are made to reflect evenly on the diversified geographical entities comprised therein? This is the existing understanding of all Nigerians, upon which the country had held together all these years despite all manners of provocations, intimidation, discrimination and outright brigandage by a certain section of the polity. It was based on this arrangement that David Mark even found himself occupying the Nigerian senate presidency? What he didn't say during his ascendancy to the senate president is now ok; just because he is from the north and his Arewa Consultative Forum decreed so? Icheoku says it is a big joke, the entity called Nigeria; and its politics, a mere northern convenience of "when it suits them"? But we must acknowledge, albeit reluctantly, that the northerners are the most savvy, adroit and astute political group of people in Nigeria; and they are good at homogenising their viewpoints and objectives. Simply stated, they are political professionals? But regrettably, the Igbos of Nigeria are still playing in the minor league of Nigeria politics, awaiting possible elimination, unless they fine-tune their politics and very soon, too! How did this happen that Chukwuma Soludo lost out in this power-struggle with the north; and why was pressure not mounted by every right thinking sons and daughters, east of the Niger to avert this aberration and save Soludo's job? Why did the people not rise up in unison, in support of the lone-effort of Senator Ikechukwu Obiora to checkmate this shameless arrogation of all that is something to themselves, by the northerners? Where was Ike Ekweremadu or is his vice presidency of the senate merely titular? Where was Oha-n-eze? Where were the five governors of the South East? Where was oxygen-nose Vincent Ogbulafor, the ceremonial chairman of the PDP? Or was he not a disciple of the all powerful former chairman, 1978 Ali Must Go? Where were everybody, anybody and even somebody that Soludo was left alone in this fight, high and dry, before finally succumbing inside the belly of the beast? He was literally speaking, chewed and spit out by the authorities in Aso Rock? Peradventure, power will someday shift and Icheoku will like to see these mallams, especailly the midget of Oturkpo, David Mark complain about any federal character principle For the umpteenth time, Icheoku wants to reiterate that we do not have any beef with governor Sanusi. We are merely pointing at the oddity that is Nigeria; and how some people from certain parts of the country are toying with the collective psyche of all Nigerians, especially their continuing to see themselves as one people? The issue of federal character has been rubbished drastically under DV President Umaru Yar'Adua's government and this is what is ticking us off on the wrong side; just in case you must know? Also it will interest you to note that Sanusi, 47, is the son of a former emir of Kano, and a graduate of economics from Ahmadu Bello University, Zaria. He also studied Arabic and Islamic Studies at the International University of Africa in Khartoum, Sudan between 1991 and 1997; thus "qualifying highly" for the coveted governorship of the Central Bank of Nigeria? When compared with the first class brain, PhD in economics fellow, that he just replaced, then you get an idea on why Icheoku is raving mad? But be that as it may and in deference to what now is and has become, Icheoku appreciates the tone so far set by Sanusi and pray he will live up to his words. We like his observation that "he will consolidate the gains of both the fiscal and monetary policies of his predecessor in office. That he shall build on Soludos legacies to further restore public confidence in the banking sector". We noticed that Sanusi poured encomiums on Soludo, stating "I think this country should thank him for a tremendous work job well done. I think he was a very good governor. I think the CBN under his leadership has improved more. I think he has established a foundation on which we are to build." Icheoku says, unlike a typical Nigerian, Sanusi also acknowledged the lasting legacy for the banking sector left by Soludo; and for this, we particularly appreciate him for being so magnanimous, in a Nigerian society of near-total "bring-him-down" syndrome? We must say that it is very unusual for a Nigerian to say good complimentary things about his predecessor in office; for this, we commend Sanusi while stating, what a fresh start and a breath of Caribbean air his statements are? The Central bank of Nigeria governor Sanusi further observed, that Nigeria "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 plant, 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". Icheoku says, this summation is simply brilliant and hopefully, the Generators-Mafia of Nigeria will allow him have his way to persuade President Umaru Yar'Adua to turn the page and declare his power emergency? Again, we extend our congratulations to Sanusi, on his new dig! All hail the Governor of Central Bank of Nigeria!
Once again, it suited them and the phraseology is that "Sanusi is not responsible for enforcing federal character principle"? With this sarcastic remark, and acting in accordance to an Arewa template, the midget of Oturkpo and Nigeria Senate president, David Mark stifled all reasonable effort made by Senator Ikechukwu Obiora to question the qualifications of Sanusi Lamido Sanusi for the job of governor of Central Bank of Nigeria; as well as the concentration of nearly every other juicy and choice positions in the north? Senator Ikechukwu Obiora just wanted to know whether federal character principle is now dead in Nigeria but David Mark will not let him, being part of the northern conspirators? This latest appointment was in crass disregard to the tripod arrangement-based federal character principle, whereby appointments in Nigeria are made to reflect evenly on the diversified geographical entities comprised therein? This is the existing understanding of all Nigerians, upon which the country had held together all these years despite all manners of provocations, intimidation, discrimination and outright brigandage by a certain section of the polity. It was based on this arrangement that David Mark even found himself occupying the Nigerian senate presidency? What he didn't say during his ascendancy to the senate president is now ok; just because he is from the north and his Arewa Consultative Forum decreed so? Icheoku says it is a big joke, the entity called Nigeria; and its politics, a mere northern convenience of "when it suits them"? But we must acknowledge, albeit reluctantly, that the northerners are the most savvy, adroit and astute political group of people in Nigeria; and they are good at homogenising their viewpoints and objectives. Simply stated, they are political professionals? But regrettably, the Igbos of Nigeria are still playing in the minor league of Nigeria politics, awaiting possible elimination, unless they fine-tune their politics and very soon, too! How did this happen that Chukwuma Soludo lost out in this power-struggle with the north; and why was pressure not mounted by every right thinking sons and daughters, east of the Niger to avert this aberration and save Soludo's job? Why did the people not rise up in unison, in support of the lone-effort of Senator Ikechukwu Obiora to checkmate this shameless arrogation of all that is something to themselves, by the northerners? Where was Ike Ekweremadu or is his vice presidency of the senate merely titular? Where was Oha-n-eze? Where were the five governors of the South East? Where was oxygen-nose Vincent Ogbulafor, the ceremonial chairman of the PDP? Or was he not a disciple of the all powerful former chairman, 1978 Ali Must Go? Where were everybody, anybody and even somebody that Soludo was left alone in this fight, high and dry, before finally succumbing inside the belly of the beast? He was literally speaking, chewed and spit out by the authorities in Aso Rock? Peradventure, power will someday shift and Icheoku will like to see these mallams, especailly the midget of Oturkpo, David Mark complain about any federal character principle For the umpteenth time, Icheoku wants to reiterate that we do not have any beef with governor Sanusi. We are merely pointing at the oddity that is Nigeria; and how some people from certain parts of the country are toying with the collective psyche of all Nigerians, especially their continuing to see themselves as one people? The issue of federal character has been rubbished drastically under DV President Umaru Yar'Adua's government and this is what is ticking us off on the wrong side; just in case you must know? Also it will interest you to note that Sanusi, 47, is the son of a former emir of Kano, and a graduate of economics from Ahmadu Bello University, Zaria. He also studied Arabic and Islamic Studies at the International University of Africa in Khartoum, Sudan between 1991 and 1997; thus "qualifying highly" for the coveted governorship of the Central Bank of Nigeria? When compared with the first class brain, PhD in economics fellow, that he just replaced, then you get an idea on why Icheoku is raving mad? But be that as it may and in deference to what now is and has become, Icheoku appreciates the tone so far set by Sanusi and pray he will live up to his words. We like his observation that "he will consolidate the gains of both the fiscal and monetary policies of his predecessor in office. That he shall build on Soludos legacies to further restore public confidence in the banking sector". We noticed that Sanusi poured encomiums on Soludo, stating "I think this country should thank him for a tremendous work job well done. I think he was a very good governor. I think the CBN under his leadership has improved more. I think he has established a foundation on which we are to build." Icheoku says, unlike a typical Nigerian, Sanusi also acknowledged the lasting legacy for the banking sector left by Soludo; and for this, we particularly appreciate him for being so magnanimous, in a Nigerian society of near-total "bring-him-down" syndrome? We must say that it is very unusual for a Nigerian to say good complimentary things about his predecessor in office; for this, we commend Sanusi while stating, what a fresh start and a breath of Caribbean air his statements are? The Central bank of Nigeria governor Sanusi further observed, that Nigeria "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 plant, 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". Icheoku says, this summation is simply brilliant and hopefully, the Generators-Mafia of Nigeria will allow him have his way to persuade President Umaru Yar'Adua to turn the page and declare his power emergency? Again, we extend our congratulations to Sanusi, on his new dig! All hail the Governor of Central Bank of Nigeria!
Sanusi Assumes Office As CBN Governor
ReplyDeleteBy David Agba Snr Correspondent, Abuja
Forty seven-year-old Lamido Sanusi on Thursday mounted the saddle as Central Bank of Nigeria (CBN) Governor, a smooth transition from being First Bank Managing Director.
Officials of CBN corporate affairs confirmed his arrival in Abuja, to take over from Deputy Governor, Ernest Ebi, to whom Chukwuma Soludo handed over before his exit on Monday.
Sanusi would also hold meetings with top management, including Deputy Governors and departmental Directors, who would brief him on the state of affairs to enable him get a grip on his tasks.
The Senate unanimously confirmed his appointment on Wednesday after nearly four hours of grilling which left the Senate hopeful of him doing a good job as CBN Governor.
The screening provided insight into the thinking of Sanusi on a variety of issues, including inflation, interest rates, Naira re-denomination, foreign exchange, financial regulation, consolidation, economic blue-print, and the payments system.
He said "re-denomination is done after you've conquered inflation. We've not reached that stage yet."
A risk expert, Sanusi believes in closer supervision of the financial institutions, stressing that markets should be properly regulated.
"If you have a market economy and there are not enough checks and balances, you'll have a market running out of control."
His position on the economic blue print of the government is instructive, saying infrastructure is the first item that needs tackling.
"My view is that until we address the infrastructure 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 plants. We produce crude oil, we import refined petroleum products.
"If we can set up power plants and set up our refineries, their multiplier effects on the economy and on growth will be amazing. If we don't do that we cannot grow."
The usual suspects are cashing in to rattle sabres and generally constitute themselves into a nuisance as a bargaining chip for something untoward. This is their stock in trade and is to be expected. The President knew that Soludo's tenure was going to expire on May 29. He ought to have sent the name of a replacement for such a vital post at least a month in advance.
ReplyDeleteThe president of the United States, Barack Obama was commendably fast off the block in nominating a replacement for the departing Supreme Court Justice David Souter. It has since been well known that the Obama administration has candidates lined up and vetted to send forth if any crucial openings occur. In the case of David Souter's retirement, President Obama had hardly any notice at all about the impending retirement. President Yar'Adua on the other hand had all the notice in the world about when Soludo's fixed tenure would end. It is a shame he was not pro-active.
What is as nauseating as it is unacceptable is the intellectual and moral dishonesty involved in the self-serving anti Sanusi campaign. Those involved in this dirty enterprise might care to recall as the Next on Sunday so sensibly pointed out last Sunday that " ...under the former President, the finance minister (Ngozi Okonjo-Iweala), the CBN governor (Soludo), the chief economic adviser to the president (Osita Ogbu), the chief of due process in procurement (Oby Ezekwesili), the chief of the privatization agency (Irene Chigbue), the director general of the stock exchange (Ndidi Okereke-Onyuike), the chairman of the Securities and Exchange Commission (John Edozien) and so forth, all had the same ethnic background."
A stress test of the 'banks' will reveal something rather untoward. This is why some people who might be having useful discussions with the Economic and Finance Crimes Commission (EFCC) and the director of public prosecutions are very disturbed. Frankly, I can't say I blame them. What normal human being wants to get off the gravy train?
Furthermore, a stress test of some the banks could lead to the dissolution of their boards and a government-led re-capitalisation. Here we can see that there is a lot more in play than meets the eye. Again, here we are in complete agreement with the editorial of Next on Sunday which correctly pointed out that "....we need a new CBN chief appropriate for these dire economic times, one who would be more alert to recklessness by large financial institutions, who pays more attention to risks that may endanger our economic health, who removes the vulgar flamboyance now clearly attached to the office, and whose reputation for straight dealing and integrity will inevitably make it easier for a necessary cleanup of our banking system to commence."
It is however ironic that the federal character purveyors are being hoisted by their own petard. The debilitation of the system becomes obvious by the day. Those who have long championed this iniquitous system are now becoming its victims. How the revolution devours its own!Unfortunately, Yar'Adua himself has not been of great help. He has foisted an image of insularity, and inward-looking parochialism. There is a lot of ammunition which can be used against him on this front. Since the inception of his administration a general impression has been allowed to take root that appointments have been generally skewed towards a section of the country. This is now being seized upon as a weapon to use against an otherwise inspired nomination. This is the sort of unintended(?) hassle the federal character process brings forward. The day must soon come when a few key offices of state requiring proven technical capacity and preparation will have to be insulated from the federal character logjam. We must face up to the reality that as society becomes more complex and talent even more scarce the federal character bugbear will have to be reinvented.
...Again, Federal Character Tension Mounts In Abuja
ReplyDeleteFrom Martins Oloja (Abuja Bureau Chief)
THE impact of the performance of the new Central Bank Governor, Sanusi Lamido Sanusi, at the Senate screening last week had fizzled out by the weekend.
Reason: Tempers of political leaders and observers have been rising in Abuja over what some of the distraught persons called "brazen northernisation of Nigeria's public service offices."
This grumbling over national question is crystallizing, as some political leaders, even within the ruling party, are still smarting that most of the notable ministries, including the Petroleum Resources, Agriculture and Water Resources, Finance, National Planning, Federal Capital Territory, Works and Housing, Justice, among others, have gone to the North.
But in the North itself (where there are 19 States and three geopolitical zones) there are loud complaints that most of the jobs are going to only a few northern States, especially Kano, Katsina, Bauchi and Kaduna.
The renewed agitation over national question, which resurfaced last March as top vacancies existed in the federal public service, was exclusively reported in The Guardian of March 15 and 22.
Then that the Yar'Adua administration was said to be gathering intelligence on where the likely successors of Ms Amal Pepple, current Head of Service; Mr. Mike Okiro, Inspector-General of Police and Prof. Chukwuma Soludo, then CBN Governor, would come from.
Last week, successor to Soludo, Sanusi Lamido Sanusi, a noted "risk management" expert, emerged from the mainstream of the banking sector.
But Sanusi's sheer brilliance at the televised Senate screening was overshadowed by hushed talks at the Senate chambers about the curious domination of the finance, military and security sectors by indigenes of Kano State and, indeed, the North.
The Finance Minister, Dr. Mansur Muhtar; the National Planning Minister, Dr. Shamsudeen Usman (formerly finance minister); Sanusi Lamido Sanusi, CBN Governor; National Security Adviser (NSA), Major-General Abdullahi Sarki Mukhtar (rtd), and Chief of Army Staff, General A. Dambazau, all hail from Kano State.
The Chief Economic Adviser to the President is Malam Tanimu Yakubu Kurfi from Katsina State. In the same vein, the current Accountant-General of the Federation (appointed by Obasanjo) is from Gombe State.
Minister of State, Remi Babalola, insisted that the seven-point agenda is vital to economic transformation, and the government would pursue the Millennium Development Goals (MDGs) and Vision 2020 that would make Nigeria one of the 20 largest economies.
ReplyDeleteSanusi had said at his job interview with Senators last week that infrastructure is critical to the actualisation of the agenda, and until it is tackled the country will not solve problems.
He maintained that "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."
But Adeniyi explained that sourcing power or gas could not be divorced from the Niger Delta question, just as other issues such as physical and food security could not be ignored.
"Even at that, paying more attention to power and infrastructure does not mean you have to neglect the Niger Delta, because if you do, the power agenda would be dead on arrival.
"I know that power is central to everything, and so does (Yar'Adua), and that is why he is taking the Niger Delta situation very seriously - because without tackling that problem, we will not have power after we have made so much investment in turbines.
"I am also aware that once the current negotiations with the owners of about 3,000 trailers on the Lagos-Ibadan Expressway are concluded, hopefully within the next few weeks, the company which recently won the concession of the Lagos-Ibadan Expressway will commence work. Many others lined up for concession will follow".
"(Yar'Adua) said at the time those trees were planted years ago and with probably billions of Naira spent to nurture them, someone must have known that the airport road was designed for 10 lanes.
"Yet, they erected NEPA (electricity) poles and planted trees very close to the four-lane road such that to extend the road now, you have to cut down those beautiful trees and the power poles will have to be relocated. That episode alone tells a story about our nation."
Besides, he noted, "the dredging of River Niger, which has been so much talked about since independence, will also be undertaken this year. The contractors have mobilised to the site and are just waiting for the water level to rise. The dredging will start next month with expectation that it will be completed before December.
"Last week Tuesday, (Yar'Adua) held a meeting with the Governors of the eight states along the River Niger channel, which is more than 500 kilometres - Niger, Kogi, Edo, Delta, Anambra, Imo, Rivers, and Bayelsa - on the benefit derivable from the project not only to these states but the entire nation and the West African sub-region."
"I am not sure that is what Sanusi meant. He was talking of focus and prioritisation. The new CBN governor knows that the seven-point agenda presents a multi-pronged development platform.
"The issues and challenges are not mutually exclusive. No doubt, power sector is the number one priority of this administration. All resources are channeled to power sector solution. How do we attain the MDGs and the National Vision 2020 without focusing on human capital, national security, food security, and wealth creation?" he queried.
"The bottom-line is transformation of poverty to prosperity. We are all on the same page (with Sanusi) on the welfare of Nigerians."