Between Sanusi's Megalomania And The
Evil Spirit At The Mint
By
Theophilus Ilevbare
theophilus@ilevbare.com
Central
Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi, the volcano as
he is now fondly called in some quarters, had a quick succession of
eruptions in the past few weeks as he made good use of the autonomy
of the CBN to fire his salvo of economic policy razzmatazz, not
sparing anyone from the legislature to the hardest hit, the civil
servants, calling for 50 percent reduction of federal workers and
other apparatus of government, as a means of reducing the cost of
governance. His diagnosis was right but his prescription not just
defective but insolent with a sprinkling of megalomania.
The CBN Boss, with an uncanny reputation for hitting up the polity,
had in the past stirred the hornet’s nest with issues such as the
contentious Islamic banking debate that polarized the Nation along
religious lines, his aborted N5, 000 note introduction. He
facilitated the donation of N100 million on behalf of the CBN to
victims of the Boko Haram menace in his state of origin, Kano,
attracting criticism from the media and the National Assembly,
adamantly maintaining it was not the first time the CBN will be
assisting victims of disasters. He had bitter run-ins with the
National Assembly for calling for a reduction of their salaries and
emoluments by at least 25 percent. The law makers had at a point
muted a review of the CBN Act to strip the CBN governor of his
autonomy.
Widespread reactions trailed his latest comments that Nigeria cannot
make any meaningful progress, economic growth or develop
infrastructure if it continued with a recurrent expenditure of 70
per cent. He was pummeled from all sides. The organized Labour and
the NLC described the ‘loquacious’ CBN governor as a ‘hollow
economist’ and one whose policy proposal is anti-people and ruinous
to the Nigerian economy. The Labour therefore called for his
immediate sack. His familiar foes, the law makers were not left out
in pouring vitriolic attack, describing him as an ‘economist of
turbulence’. A deluge of opinion from Nigerians joined the discourse
that ensued.
Discarding Sanusi’s recommendation in total would be throwing the
baby away with the bath water, certain aspects of Sanusi’s comments
need be given a serious thought. Truly the executive and other
apparatus of government must reduce its overhead cost by even more
than 50 percent, the profligacy in government must stop, though
Sanusi failed to add this. Nigerians had almost forgotten that
Jonathan’s inauguration ceremony alone gulped about 5billion.
Investigations revealed that the President and his entourage have
spent not less than N3.35bn on foreign trips since 2010. Nigeria, a
country without a Nigeria carrier spends an estimated N9.08bn
annually on the Presidential Air Fleet of 10 aircrafts which is the
third largest fleet, in queue behind commercial airlines with Arik
Air the largest in the country with 23 aircrafts. How about the
billions allocated for ‘refreshment’ in the Presidential Villa? The
recent N2bn budget for the construction of the Vice-President’s
official residence and another N2.2bn for a banquet hall for the
President are landmark achievements of a government renowned for its
culture of profligacy. This legacy of waste, impunity and fleecing
of our commonwealth by past and present administration at all levels
of government is what the CBN governor should be talking about.
There is also the monster of corruption that needs to be tackled
headlong. Indeed the private sector should be engaged to handle
industrialisation and manage government owned businesses, the local
governments and civil service should as a matter of urgency be
repositioned for better service delivery. Inasmuch as the CBN
governor’s submission was correct, in some areas, his implementation
strategy is defective.
The dust of Sanusi’s latest controversy had not settled when news
broke of the theft at the Mint! Nigeria Security Printing and
Minting Company, NSPMC, is currently embroided in the mysterious
disappearance of N2.1 Billion in N1000 denominations from the watch
of its officials. Though there are conflicting figures of the
missing sum but it is inconsequential, a theft of N20 at the mint, a
place meant to be secured and immune to theft, should be considered
a serious dent on the image of Nigeria, an all new level of fleece
now extended to the stealing of newly minted notes.
The CBN governor as the head of the company board, scurried to a
meeting with the board of the Mint company to investigate the
magical disappearance of such colossal sum. The outcome so far has
been the order to proceed on leave with immediate effect handed to
the chief executive and the head of security of the NSPMC.
Contrary to reports of absence of Close Circuit Television Cameras
known as CCTV at the NSPMC, investigation revealed the in-house
administration of security of the premises and products is detailed,
strict and computerised. Both physical and Materials’ security of
the premises is ensured through the use of the most up-to-date
electronic surveillance equipment, supported by adequate and
well-trained security staff. Attributing the ease with which the
funds developed wings to the absence of CCTV is a ploy to cover up
the circumstances and personnel behind the brazen robbery.
The resurgence of sleaze in a sensitive place where banknotes are
minted with top-notch security gadgets, is unimaginable, condemnable
in strong terms and a mystery that must be unraveled. Regrettably,
it is coming at a time when government officials are still
protesting the Transparency International corruption index of the
county. Nigerians hope it is not swept under the carpet again as the
appropriate authorities must do more than the usual response of
invitation for questioning by the House of Representatives, Police
and the EFCC.
The Minister of state for Power, Hajiya Zainab Kuchi was quoted as
saying evil spirits were preventing Nigeria from achieving
sustainable electricity, she also recommended exorcism – “We must
resolve to jointly exorcise the evil spirit behind this darkness”.
It became obvious other sectors needed exorcism as well. The
disappearance without trace of a sum that would have needed three
bullion vans to move presents a quintessential scenario where evil
spirits are at work. The earlier we collectively start to exorcize
these powers that be the better.
Nigerians will not forget in a hurry how Mallam Sanusi teamed up
with the duo of Dr. Ngozi Okonjo-Iweala and Mrs Deziani Alison-Madueke
to remove fuel subsidy, partially, in January 2012. The National
Assembly through its findings discovered that whereas N245 billion
was appropriated in 2011 for fuel subsidy, the Central Bank
illegally paid out N2.3 trillion to the NNPC and other fuel
importers on the recommendation of the Federal Ministries of Finance
and Petroleum Resources. The CBN at a time paid about N20bn ($133m)
for a piece of land, originally owned by a government agency, NITEL,
to build “a world class conference centre”. It would have been
expected that in line with his recommendations, the workforce of the
CBN should have been pruned down from 5,022 but instead within three
years of his assumption in office the CBN employed about 1,000
people. It is also public knowledge that last year the CBN spent
N300 billion, no where close to N150billion of the National
Assembly. In the light of the misdeeds of Mallam Sanusi Lamido
Sanusi, his call for the sack of civil servants as a way of
improving the economy and the recent theft at the Mint, he must
realize that the light that shines farthest must first shine
brightest at its base.
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