Icheoku asks, if Professor Chukwuma Soludo's tenure at the Central Bank of Nigeria manifested such a "dedicated service and uncommon sense of duty", why then was he not re-appointed? Why was his contract not renewed, after-all his deputy, Mr. Babatunde Lemo's was re-appointed to another term of five years? The answer, it would seem, was that the Hausa-Fulani controlled bureau` de change operators in Nigeria wanted him out; and hence put an unbearable pressure on the knee-jerk bloody President Umaru Musa Yar’Adua, who snapped and had to replace him. In a letter of "commendation" sent to the now ex-governor of Central bank of Nigeria, Professor Chukwuma Soludo, President Umaru Yar'Adua wrote “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.” Icheoku says the need for Soludo distinguished services is now that the world financial ship is still in turbulent waters and not in an utopia distant chasm future which may never come, especially in today's Nigeria where Ali Baba and the forty thieves are holding sway? Further, what is so "glorious" about one's tenure coming to an end, when a renewable appointment was not specifically renewed; whereas that of his deputy was renewed? If there is anybody who had a glorious run in the eyes of the sick man of Katsina, it is that deputy governor of central bank, who was signed up again for another five years but definitely not Soludo, who had been shown the way out. Who is really fooling who in Nigeria and when will the proverbial Nigerian chicken ever come home to roost? In as much as Icheoku does not really care about who runs the central bank of Nigeria or in any other way, be-grudge President Umaru Yar'Adua's prerogative to appoint whosoever he pleases to any office in the land, including that of central bank of Nigeria governor; we however object to the continued running of things aground by the Hausa-Fulani hijackers of Nigeria? Nigeria has been in the doldrums all these years due to their excessive, stubborn and fanatical hold on power; and the evidence on the ground does not justify this their obstinate death-hold on power? Also Soludo's stay at central bank once again proved that some people are definitely better at running things?
As Chukwuma Soludo is forced out of the central bank, Icheoku asks him not to walk with a fallen crest but to walk tall, with his head high, because he left indelible prints in Central Bank of Nigeria. His stellar performance as governor of Central bank of Nigeria for the past five years, has debunked some nay-sayers who said that Nigeria's problems are intractable. What Soludo did at the central bank proved these theorists wrong, as it established that problematic Nigeria has a solution, if only the right people are allowed to run things therein, undisturbed. Madam Okonjo-Iwealla proved it; current information minister Dora Akunyili added impetus thereto while at NAFDAC and Professor Chukwuma Soludo has now stamped a seal of performance-ability of and by particular people from certain part of Nigeria? His performance confirmed beyond doubt that some people are uniquely gifted with the can-do attribute and given a chance, can deliver on any given assignment. The good news however is that a financial genius like Soludo will not be in the unemployment market for so long; as some appreciative and reasonable country or financial institution will snatch him up very soon. Where is Okonjo-Iwealla today? What about Obiageli Ezekwesili and the list will soon add up with an inevitable Soludo's elevation to a position, somewhere within the world financial circle?
Any reasonable government would have renewed Soludo's appointment without hesitation; especially in view of the fluidity of the world financial situation, which is still threatening many economies of the world, including that of Nigeria. Why change the horse mid-stream and not let the steady hand on the tiller navigate the waters for just five more years? Big deal? Also why not reward his effort and as a tribute for his courageous reformation of the banking industry in Nigeria, renew his appointment to show that the nation appreciated the work he did these past five years? Without Soludo's foresight, which provided Nigeria with the safe parachute in which it landed during this dire financial times, what would have become the fate of its financial system; may be it would have since gone belly-up? But no, he worked tirelessly for an ungrateful Nigerian government which thinks through its butt, and which would allow politics of north and south dichotomy to interject itself in such a high valued government position like the central bank governor? And who says it will soon be uhuru for Nigeria? Please bring up some other topic!
Be that as it may, the Hausa-Fulani north has yet again snagged another key entity, the central bank of Nigeria and no one is talking about federal character? What a subjective term, that only comes to play when issues based on real-performance ability is at stake and the north hides their incompetency thereunder? It does not matter to the north that it now occupies virtually every major institutions of Nigeria, from presidency to senate-presidency to defence to agriculture to finance and now to central bank and the list goes on and on? Our beef is not necessarily against the north but on the compliant Nigerians who merely tag along to the wishes of these mallams without voicing any objection to their dictates? It is unfortunate that Soludo's tenure was not renewed and regrettably the Nigerian financial system may suffer as a result; as it might soon possibly unravel given that the north usually reverses policies just for the heck of it? President Umaru Yar'Adua has reversed many of Olusegun Obasanjo's without proffering any himself, their aboki style? 
Anyway, Icheoku, while wishing Soludo well and appreciating him for a successful run at the Central bank, congratulates Sanusi Lamido Aminu, the new point-man designate; and also wish him well! His confirmation is assured, as President Umaru Yar'Adua will always get what he wants from the also north-controlled senate! What a country, that runs on life-support that always sees things first in the prism of north and south; and not necessarily on the merits of the ground evidence? We are not saying that Sanusi Lamido Aminu is not qualified, no, our reasoning is that Professor Chukwuma Soludo's tenure should have been renewed under the circumstance of the prevailing turbulent world financial environment; which he has successfully managed very well so far. Why change a winning team just because of partisan and tribal consideration; and because the mallams said so and as always, will get what they want as owners of Nigeria? President Umaru Yar'Adua is just despicable and a hack partisan of the lowest cadre. Talk about a fanatical maniac, who unabashedly factors in religion and geography in all his considerations and you tell me that Nigeria will be ok?
Anyway, Icheoku, while wishing Soludo well and appreciating him for a successful run at the Central bank, congratulates Sanusi Lamido Aminu, the new point-man designate; and also wish him well! His confirmation is assured, as President Umaru Yar'Adua will always get what he wants from the also north-controlled senate! What a country, that runs on life-support that always sees things first in the prism of north and south; and not necessarily on the merits of the ground evidence? We are not saying that Sanusi Lamido Aminu is not qualified, no, our reasoning is that Professor Chukwuma Soludo's tenure should have been renewed under the circumstance of the prevailing turbulent world financial environment; which he has successfully managed very well so far. Why change a winning team just because of partisan and tribal consideration; and because the mallams said so and as always, will get what they want as owners of Nigeria? President Umaru Yar'Adua is just despicable and a hack partisan of the lowest cadre. Talk about a fanatical maniac, who unabashedly factors in religion and geography in all his considerations and you tell me that Nigeria will be ok?
Senate yesterday confirmed the nomination of the former Managing Director of First Bank Plc, Mr. Lamido Sanusi as the new governor of the Central Bank of Nigeria (CBN).
ReplyDeleteThe confirmation of Sanusi as the 10th governor of the 50-year-old nation’s apex bank by Senate, brought an end to the anxiety over his nomination.
Attempts on the floor of the Senate yesterday to nail Sanusi by some senators who insisted that his appointment was a violation of the principles of federal character, was aborted by the Senate President David Mark who ruled that Sanusi was ‘not responsible for the implementation of Federal character’
Senator Ikechukwu Obiora had earlier written President Umaru Yar’Adua that it would amount to a violation of section 14 of the 1999 Constitution for him to nominate Sanusi who according to him come from the same Kano state with the incumbent finance minister Alhaji Murtar and his national planning counter part Dr Samsudeen Usman
But attempt to raise the issue by Obiora and others on the floor of the Senate was foiled by Mark who insisted that it was not in the place of the new CBN governor to implement the law of federal character.
But Sanusi in his brilliant outing yesterday told the Senate that he would rather concentrate on policies that would further consolidate the gains of both the fiscal and monetary policies of his predecessor in office. He promised to build on Soludos legacies to further restore public confidence in the banking sector.
He said Prof. Soludo had left a lasting legacy for the banking sector even as he said he would still keep an eye over the consolidated banks to prevent further distress in the industry.
"I think this country should thank him (Soludo) 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."
He said the former CBN governor was right in his recent decision to devalue the naira, adding that such policy was necessary as at that time to further protect the economy.
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 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.
On the inflation rate, Mr. Sanusi said: "We have inflation pressures from a number of problems. In our own inflation index for example, I think we do have the highest component of food among all the people in the World. Nigeria where you have food crisis, when food prices goes up, inflation rises. Inflation was 16 per cent in December, by April it come down to 13 per cent. That has been fuelled partly the depreciation of the value of the naira which has its own costs, even though that has been mitigated by the low cost of transport.
On the exchange rate, the CBN governor Sanusi said: "Every major currency has lost value and the naira strengthened from about 135 to the dollar to about 117 over five years before the adjustment in prices. That adjustment was absolutely necessary irrespective of what other policies were there which are now being reversed. The truth was with Oil prices coming down from 147 dollars to under 50 dollars, our foreign reserve situation was at risk, and if your salary is halved, you have to cut down on your expenditure.
CBN: Soludo’s Crime is his Igbo Root
ReplyDeleteWould Professor Chukwuma Soludo have been denied re-appointment as Governor of Central Bank of Nigeria (CBN) if he did not, ‘unfortunately’ come from Igboland? KlinReports is sure that were Soludo an Alhaji Ibrahim or a Chief Komolafe, he would have been re-appointed for a second term of five years, like his deputy, Babatunde Lemo. (Picture left, Soludo; Right is Sanusi, his possible replacement)
Or, what else could have prevented President Umaru Musa Yar’Adua from re-appointing Soludo, especially, in the face of his acclaimed superlative performance as CBN Governor? Answers to these posers are not hard to fetch, please! Soludo has to be put down because of his Igbo descent. It’s just as simple as that!
This is why KlinReports chose to cull a commentary on this subject matter from a friendly news website, www.icheoku.com, for our readers world-wide. No other piece can be more clinical and factual than this down-to-earth commentary on ‘SOLUDO’S FORCED EXIT…‘ by Icheoku:
- www.klinreports.com
On Nigeria’s Delicate Ethnic Balance
ReplyDeleteSimon kolawole Live!, Email: simonkolawole@thisdayonline.com, 06.07.2009
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The appointment of Mr. Sanusi Lamido Sanusi as governor of the Central Bank of Nigeria (CBN) has, yet again, raised questions on the sensitive nature of public appointments in Nigeria. Sanusi, a Fulani from Kano, was picked by President Umaru Musa Yar’Adua to replace Prof. Chukwuma Soludo, an Igbo from Anambra State. Many had expected Soludo to be given another term, having been celebrated locally and internationally in the last five years. When THISDAY reported the choice of Sanusi as Soludo’s successor, I got phone calls and text messages from people who wondered why Yar’Adua was “hell-bent on Northernising federal appointments”.
Quite a number of people, mostly Southerners and Middle Belters, kicked. They made their point quite passionately. Let’s be clear about something: religion and ethnicity instigate the highest form of emotion in us. We tend to automatically queue up behind our own: Muslims behind Muslims, Christians behind Christians, Northerners behind Northerners, Southerners behind Southerners. If a Muslim breaks out of the mould, he gets accused of “playing to the gallery”. But to the Christian, that Muslim is just being “objective”. If a Yoruba fails to toe the Yoruba line, he is a “bastard”; but to the Igbo, the man is “detribalised”.
I have keenly observed the pattern of reactions to the appointment of Sanusi. The South says it is unjust to put people from the Katsina-Kano axis in charge of the nation’s economy in “absolute disregard” of the principle of Federal Character. The North says it doesn’t matter because Southerners held those position in the last Administration. The exit of Soludo was also seen, either rightly or wrongly, as a punishment for “marginalising” the North with the consolidation policy and the removal of Arabic signs from some naira denominations.
In a newspaper interview last Friday, the Northern Patriotic Front (NPF), headed by one Alhaji Ali Abacha, said pressure was mounted on Yar’Adua by “formidable Northern groups and power brokers” to drop Soludo because his policies, especially on the foreign exchange, “were not favourable to the North”. Hear Abacha: “Soludo introduced some policies that were too harsh for the North. 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.”
By implication, Sanusi is now expected to formulate policies that would favour the North. This, I dare say, is nonsense. It is an insult on Sanusi. I have followed Sanusi’s career for quite a while and I have no doubt whatsoever that he merits his appointment. However, when you listen to all these Abachas, you cannot but be nauseated. It is an insult on the rest of Nigeria to say because a policy did not favour a particular zone, then Soludo had to go. This sort of mentality is what has bred animosity between the North and the South over the years and you do not want to go into that backward trend again.