Armed with a full mandate from the President Umaru Yar'Adua, Arewa Consultative Forum and Northern Forum, Nigeria Central Bank governor, Mallam Sanusi Lamido Sanusi is marching on, moving ahead full-speed to dismantle what took Professor Chukwuma Soludo, PhD., five years to put together at the Central Bank of Nigeria?
Icheoku.com, in our earlier editorial on his appointment, especially the cavalier manner he was nominated and confirmed, pointed out that Mallam Sanusi Lamido Sanusi is on an Arewa assigned-mission at the central bank and it does not require a soothsayer to prove us right? Icheoku had postulated that he was solely put in the central bank for a reason, since his Masters degree in Islamic Studies does not make him most qulaified and suitable for the number one economic job in Nigeria? More-so he was replacing a PhD holder in economics in this position and as predicted, Nigerians are about to realize that the Hausa-Fulani of Northern Nigeria does not mean well for Nigeria?
It was the Islamist Muhammadu Buhari, during the hey-days of the then much-touted Aremu Olusegun Obasanjo so-called economic reforms, who said that those reforms are irrelevant as all it takes is just one day of power-switch to the north and every thing will be cancelled? True to type, these mullahs keep to their threats judging from the only thing the snail-speed government of Umaru Yar'Adua has accomplished - cancellation of virtually all that Olusegun Obasanjo toiled to put together? Now, the only recuperating Nigerian entity, its financial system managed by the Central Bank is once again being wheeled to the ER; as the arrow-head of Arewa Consultative Forum has engaged the gear, and in full throttle, his bulldozer is demolishing all that Chukwuma Soludo toiled for five thankless years trying to establish at the Central Bank? Who says that Nigeria stands a chance with these mullahs at the helm of affairs? Not Icheoku, and the evidence on the ground these past 49 years buttresses our position that the northern mullahs are not the solution to Nigeria traumatised!
The other day, Sanusi Lamido Sanusi threatened to sack Managing Directors of some Nigerian Banks who fails to meet certain benchmarks and you wonder which Nigerian Banks will have to loose their Managing Directors? Which of them made the list, especially the top five? While Nigerians are still waiting for this shoe to drop, Mallam Sanusi Lamido Sanusi has put some higly commendable policies of his predecessor, Chukwuma Soludo under his chopping block? Icheoku says, why try to fix something which has not broken; instead of formulating policies to augment what is already in place for continuity, this mallam is doing what comes naturally with their people of northern Nigeria, dismantle just to spite! We say, who can stop these mullahs from all this frequent 'one step forward, two steps backwards' jerking-motion which they continually subject Nigeria to? Really, if they do not want progress, no one is stopping them from just moving further away into the Sahara desert and live in their 19th century world of a lifestyle; but they must please leave the rest of other progressive minded Nigerians alone to chart their destiny in peace.
Sanusi Lamido Sanusi, made his threat during a recent interview with the Financial Times of London; saying that every bank executives who are found to have been “cooking the books” will be removed? And he has since commenced this his witch-hunting audit to unravel the bad-cooks? In Sanusi's own words, he said “I have launched it (the bank audit). What I would like to do is have CBN and NDIC to go into every bank, including those we don’t think have problems. Icheoku says, why treat a healthy patient? Here in red-ink is the key to the destination of whatever audit Sanusi & Co are undertaking; in Nigeria, such action always have their intended targets in mind before they begin. Remember Nuhu Ribadu EFCC and the delineation of who is innocent and guilty? Icheoku advises all Nigerian banks currently not under the vice-grip of the Northern mallams, to watch their backs as heads will certainly roll within their families as the northerners want it all and are proving unstoppable? What a greedy set of human-dregs these people are, who could careless that other people exist in Nigeria?
Now the mother of all northernization of the Nigerian financial system and upping his operation dismantle Soludo's legacy, Sanusi Lamido Sanusi has decreed the cutting of MPR to 6%, Liberalises interbank forex, end the chains on forex market and bring bureaux de change operations back into CBN trading? While reversing several key policies of his predecessor, Professor Chukwuma Soludo, Mallam Sanusi Lamido Sanusi announced the liberalizing of the inter-bank foreign exchange, reduction of the country’s benchmark interest rate from 8 percent to 6 percent, pegging lending rates and deposit rates to 8 percent and 4 percent respectively; the removal of all restrictions imposed recently on the foreign exchange market; and the direct participation of all Class ‘B’ Bureaux – de- Change in the CBN window and reduction of capital requirement for Class A Bureaux-de-Change from 500 to 250 million Naira.
Icheoku asks, what monetary problems are these changes meant to solve, protect or guard against; that they are being instituted so soon after Sanusi's coronation as the CBN governor? What has disproportionately impacted the Nigerian financial system that they require a dose of Sanuis's immediate vaccine as announced? The answer is none, which explains why Soludo was removed because Nigeria does not value achievers; Nigeria does not feel good if something defiles the odds and appears to be working? Nigeria does not celebrate success-stories but humiliates such ground breakers while glorifying the retrogressive elements therein. Ngozi Okonjo-Iwealla proved the naysayers wrong in the finance ministry and was removed without the simplest courtesy being extended to her? Same with Soludo and so manay other unsong heros of Nigeria. But were it NEPA or whatever nomenclature has replaced it, it is Nigeria typified; a land where nothing apparently works and no one touches the nincompoops running the place and providing Nigeria with perpetual darkness. For whose benefit is the present action of Sanusi one may ask? - definitely not the Nigerian economy, but the northern currency traders of Nigeria - the Hausa-Fulani? This is the core of Sanusi's mission and once again, the northern currency traffickers can thrive in their lackadasical fashion, regardless of the pangs of pain to be suffered by the Nigerian economy.
Icheoku says, Chukwuman Soludo barely survived his first term at the central bank, so we knew renewing his contract was a no brainier. He had stepped on certain toes when he went head-on to fix the problematic dual monetary policies hitherto operating in Nigeria? One regulated financial system for other Nigerians and another laissez-faire bureaux-de-change enterprise, owned by the Hausa-Fulani high and mighty and operated by the Hausa-Fulani talakawas? Soludo wanted to level the playing field but in doing so, so many Hausa-Fulani ex-generals, oil-bunkerers and cement re-baggers were effected as they saw the goose which laid their golden eggs being trampled upon by these brilliant fiscal policies. Soludo must pay a price, they decreed, and he was let go; despite his preminent qualification and the good work which he did at the central bank. Now their boy and a future oligarch Sanusi Lamido Sanusi has been put in the saddle with express instruction to right the 'wrongs' of Soludo and this mullah has sure set off to work! Only God knows how far back his policies will set Nigeria financial system back into the doldrums? Until then, pray that these mullahs will one day change their ways and remember that Nigeria is not their exclusive preserve; but that every Nigerian is in it for the common good! God save Nigerians from the Hausa-Fulani north!
Icheoku.com, in our earlier editorial on his appointment, especially the cavalier manner he was nominated and confirmed, pointed out that Mallam Sanusi Lamido Sanusi is on an Arewa assigned-mission at the central bank and it does not require a soothsayer to prove us right? Icheoku had postulated that he was solely put in the central bank for a reason, since his Masters degree in Islamic Studies does not make him most qulaified and suitable for the number one economic job in Nigeria? More-so he was replacing a PhD holder in economics in this position and as predicted, Nigerians are about to realize that the Hausa-Fulani of Northern Nigeria does not mean well for Nigeria?
It was the Islamist Muhammadu Buhari, during the hey-days of the then much-touted Aremu Olusegun Obasanjo so-called economic reforms, who said that those reforms are irrelevant as all it takes is just one day of power-switch to the north and every thing will be cancelled? True to type, these mullahs keep to their threats judging from the only thing the snail-speed government of Umaru Yar'Adua has accomplished - cancellation of virtually all that Olusegun Obasanjo toiled to put together? Now, the only recuperating Nigerian entity, its financial system managed by the Central Bank is once again being wheeled to the ER; as the arrow-head of Arewa Consultative Forum has engaged the gear, and in full throttle, his bulldozer is demolishing all that Chukwuma Soludo toiled for five thankless years trying to establish at the Central Bank? Who says that Nigeria stands a chance with these mullahs at the helm of affairs? Not Icheoku, and the evidence on the ground these past 49 years buttresses our position that the northern mullahs are not the solution to Nigeria traumatised!
The other day, Sanusi Lamido Sanusi threatened to sack Managing Directors of some Nigerian Banks who fails to meet certain benchmarks and you wonder which Nigerian Banks will have to loose their Managing Directors? Which of them made the list, especially the top five? While Nigerians are still waiting for this shoe to drop, Mallam Sanusi Lamido Sanusi has put some higly commendable policies of his predecessor, Chukwuma Soludo under his chopping block? Icheoku says, why try to fix something which has not broken; instead of formulating policies to augment what is already in place for continuity, this mallam is doing what comes naturally with their people of northern Nigeria, dismantle just to spite! We say, who can stop these mullahs from all this frequent 'one step forward, two steps backwards' jerking-motion which they continually subject Nigeria to? Really, if they do not want progress, no one is stopping them from just moving further away into the Sahara desert and live in their 19th century world of a lifestyle; but they must please leave the rest of other progressive minded Nigerians alone to chart their destiny in peace.
Sanusi Lamido Sanusi, made his threat during a recent interview with the Financial Times of London; saying that every bank executives who are found to have been “cooking the books” will be removed? And he has since commenced this his witch-hunting audit to unravel the bad-cooks? In Sanusi's own words, he said “I have launched it (the bank audit). What I would like to do is have CBN and NDIC to go into every bank, including those we don’t think have problems. Icheoku says, why treat a healthy patient? Here in red-ink is the key to the destination of whatever audit Sanusi & Co are undertaking; in Nigeria, such action always have their intended targets in mind before they begin. Remember Nuhu Ribadu EFCC and the delineation of who is innocent and guilty? Icheoku advises all Nigerian banks currently not under the vice-grip of the Northern mallams, to watch their backs as heads will certainly roll within their families as the northerners want it all and are proving unstoppable? What a greedy set of human-dregs these people are, who could careless that other people exist in Nigeria?
Now the mother of all northernization of the Nigerian financial system and upping his operation dismantle Soludo's legacy, Sanusi Lamido Sanusi has decreed the cutting of MPR to 6%, Liberalises interbank forex, end the chains on forex market and bring bureaux de change operations back into CBN trading? While reversing several key policies of his predecessor, Professor Chukwuma Soludo, Mallam Sanusi Lamido Sanusi announced the liberalizing of the inter-bank foreign exchange, reduction of the country’s benchmark interest rate from 8 percent to 6 percent, pegging lending rates and deposit rates to 8 percent and 4 percent respectively; the removal of all restrictions imposed recently on the foreign exchange market; and the direct participation of all Class ‘B’ Bureaux – de- Change in the CBN window and reduction of capital requirement for Class A Bureaux-de-Change from 500 to 250 million Naira.
Icheoku asks, what monetary problems are these changes meant to solve, protect or guard against; that they are being instituted so soon after Sanusi's coronation as the CBN governor? What has disproportionately impacted the Nigerian financial system that they require a dose of Sanuis's immediate vaccine as announced? The answer is none, which explains why Soludo was removed because Nigeria does not value achievers; Nigeria does not feel good if something defiles the odds and appears to be working? Nigeria does not celebrate success-stories but humiliates such ground breakers while glorifying the retrogressive elements therein. Ngozi Okonjo-Iwealla proved the naysayers wrong in the finance ministry and was removed without the simplest courtesy being extended to her? Same with Soludo and so manay other unsong heros of Nigeria. But were it NEPA or whatever nomenclature has replaced it, it is Nigeria typified; a land where nothing apparently works and no one touches the nincompoops running the place and providing Nigeria with perpetual darkness. For whose benefit is the present action of Sanusi one may ask? - definitely not the Nigerian economy, but the northern currency traders of Nigeria - the Hausa-Fulani? This is the core of Sanusi's mission and once again, the northern currency traffickers can thrive in their lackadasical fashion, regardless of the pangs of pain to be suffered by the Nigerian economy.
Icheoku says, Chukwuman Soludo barely survived his first term at the central bank, so we knew renewing his contract was a no brainier. He had stepped on certain toes when he went head-on to fix the problematic dual monetary policies hitherto operating in Nigeria? One regulated financial system for other Nigerians and another laissez-faire bureaux-de-change enterprise, owned by the Hausa-Fulani high and mighty and operated by the Hausa-Fulani talakawas? Soludo wanted to level the playing field but in doing so, so many Hausa-Fulani ex-generals, oil-bunkerers and cement re-baggers were effected as they saw the goose which laid their golden eggs being trampled upon by these brilliant fiscal policies. Soludo must pay a price, they decreed, and he was let go; despite his preminent qualification and the good work which he did at the central bank. Now their boy and a future oligarch Sanusi Lamido Sanusi has been put in the saddle with express instruction to right the 'wrongs' of Soludo and this mullah has sure set off to work! Only God knows how far back his policies will set Nigeria financial system back into the doldrums? Until then, pray that these mullahs will one day change their ways and remember that Nigeria is not their exclusive preserve; but that every Nigerian is in it for the common good! God save Nigerians from the Hausa-Fulani north!
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Christy 'Apena' Essien-Igbokwe , the wife of Jegede Shokoya of the New Masquerade and Nigeria's lady of songs is dead; she was 51years old. Although her family claimed that "brief Illness" killed her like so many Nigerians; Icheoku retorts that it was most likely AKwa Ibom voodoo and remote control that was used to arrest her. It is on record that she had fallen out with the governor of her native Akwa Ibiom State and have been having a relentless war for political turf with the governor? So who knows whether she was sacrificed to Ekpe cult or even Alusi-Okija as an offal; afterall African science is still very much alive and portent. May her soul rest in peace.
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