Sanusi Lamido Sanusi

Sanusi Lamido Sanusi: Who He Is

Abbas A. Dikko

Barely three weeks ago, newly confirmed CBN governor, Sanusi Lamido Sanusi, stepped-in to replace Chukwuma Soludo for a five year term period, many Nigerians, might have expected as usual, writers/columnists to throw-light on who Sanusi is, a one time Executive Director, UBA Plc and until his appointment, immediate past Managing Director, FBN Plc, not good enough. Negligibly or otherwise, that was never given any serious thought, reason why I took the challenge with my little knowledge of the personality in question to acquaint interested Nigerians about who he is and what would likely be the out-come of his stewardship.

Prior to his confirmation, many who know little or nothing about Sanusi, misconstrued him as one of those of the north being favoured by one of the north, even in the Senate, that was the rumour being peddled by those from the other divide. Alas, that notion had been evidently debased by the character in question, at his screening for confirmation by the Senate Committee of the Whole; competence was matched with intellectualism and financial professionalism that buried speculations and regional sentimentalism. Not enough, certain segment of the society too, were cynical that he may not cross the hurdles simply because, National Planning Minister and that of Finance inclusive of the candidature of the Apex bank itself, came from the same state of origin.

Merit, robustness, professionalism and, of course, tradition were never taken into cognizance but rather, nepotism and political idiocy. Happily, Sanusi was able to prove his mettle and today, stand the substantive governor of the premier financial institution. I digress from the original report to first address what became a subject of debate before the confirmation and, the likely comments and conclusion that may trail the appointment in the near future.

Now to the main issue “Who Sanusi Is” well, I have the rare privilege to read/listens to the remarks of financial experts whom on the course of their professional works might have dealing or the other with him, that apart. For those opportune to know the true and other side of him including this writer were in a state of fuddle knowing full well, his ideological believe but now in what Ishaq Moddibo Kawu described as shock therapy capitalism.

One imagine in the first place, how the two parallel concept could concur and work together as a team to remove our economy from the shackle of despondency? We all know that the system and all its policies are a bye product of western imperialism distinct in orientation and believe with the present navigator of our Apex bank, known to be a reformist. Here, I never mean to doubt his capability on the job no, he garnered the requisite ability, exploits, integrity and managerial sagaciousness to squarely handle our monetary policies, check-mate its excesses that would significantly contribute to make our economy a whole again.

However, for the benefit of those who knew nothing about the new CBN governor, Sanusi is an amalgam of royalty, social critic and, a religious enthusiast, a hard nut to crack that cannot compromise neither agree to bend the rule or play to the gallery. Therefore, how does one expect, he would be able to blend with the beneficiaries of the shock therapy capitalist economy, agree with chief executives of commercial banks that allowed their institutions to be the conduit pipes for laundering and siphoning our monies abroad, abuse of human dignity in labour and sharp practices that has today, become an etiquette in the banking industry?

Surely, Sanusi would swiftly put into action measures that would gradually return our commercial banks to its traditional functions, regulate interest rate that would facilitate easy access to facilities more especially, to the productive sub-sector that would stimulate growth, reduce to a level, up-surging phenomenal increase in unemployment, price instability and hyper-inflation. Though, he had confirmed it that the collapse of our capital market was inevitable, nonetheless, I trust, remedies would be put forward to bounce-back the money market that has become a cemetery to millions of Nigerians who ignorantly, wrongly and innocently considered it in the past to be a safe haven for investment.

Here, I must candidly not forget to add our booming property market that has today, become another arena for economic activity, taking into account, same commercial banks are the financiers. Pre-cautionary measures should be put in place to at least, remedy any eventuality in order to safeguard its collapse, the financial institutions, shareholders/investors funds and the general public. Convincingly and taking into note, his background, collective actions I believe would religiously and explicitly be under-way to revitalize our monetary economy without fear of uncertainties or minding whose oz is gore.

Similarly, the possibility of the two parallel ideologies to come together for the interest of the power that be, very much hangs in the air. Sanusi is independently minded, that was predicated at his confirmation, without fear of jeopardizing his chances, defined where he stands which, was contrary to the strategic policy implementation framework of the Yar’Adua’s administration. Without mincing words, he was unequivocally categorical that ‘in his own view’ seven point agenda should be downsized to between two or three; power and critical infrastructure, speaking more the minds of millions of concern Nigerians.

Day one in office, there seems to be a lighter bout between our fiscal policy makers and of course, the new man superintending our monetary policy. Five days after his confirmation and outright advise of cutting down seven point agenda to two, President Yar’Adua declares; I wont, these indeed, are part of the fears we are allaying. Although, differences are natural but, the manner to resolving them, more complex, especially with a left-wing element of Sanusi’s caliber whose interest is just and egalitarian society where all thrive base on equity and fairness, therefore, if this continue which, I believe it may, what benefit would accrue to our already battered economy?

As a risk management expert, known to have, to use the words of Mohammed Haruna in his Wed May 20, write-up that Sanusi was one among those on the offensive, supported former despotic president Olusegun Obasanjo to pay-off Paris clubs debts as I quote verbatim, ‘we should pay it even if it means emptying the reserve before the locusts return for a second helping.’ Definitely, the recent Minister of Finance’s indication of likelihood of external borrowing to mitigate the untold effect of the world financial crunch on our budget would face a cross-fire debate between the new Head of the central bank and our policy implementers.

Obviously, these are the kinds of differences one envisage may keep on recurring in the management of our already weak economy and of course, the kinds of problems one wonder how the new henchman of the Apex bank would single handedly and effectively within the confine of powers conferred on him, tackle in order to once again, jump-start the economy?

In due course, our over decades of central banking operation and nation’s monetary policy would witness a revolutionary transformation. But, would Sanusi survive long enough to effect a change, considering his antecedents or compromise to play to the gallery against decade of his ideological stand? We remain patiently and interestingly watching!