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Farewell,
Soludo; welcome, Sanusi |
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By Orji Kalu
[Okalu@orjikalu.com]
Saturday, June 13, 2009
newsdiaryonline.com |
The confirmation of Mr. Sanusi Lamido
Sanusi last week as the Governor of
Central Bank of Nigeria (CBN) marked the
end of an era and the beginning of a new
one that is filled with hope and
optimism. The quick confirmation of
Sanusi by the Senate was also a vote of
confidence in his ability to perform.
Sanusi is not new to the fiscal
environment. In fact, he has trodden the
corridors of the financial sector like a
colossus since he joined the banking
sector over two decades ago. His tenure
at Diamond Bank as an executive director
was one characterized by monumental
achievements and far-reaching
innovations. Those familiar with the
operations of the banking industry know
that to occupy the sensitive position of
executive director, Risk Management, in
a big bank as First Bank from where
Sanusi joined the Central Bank as
governor, was no mean task.
I had it on good authority that those
who occupy the position must have
extraordinary intelligence and candour.
And I think Sanusi fits the description.
He has shown from the many accolades he
has garnered since he joined the banking
sector that he is well-equipped
mentally, psychologically and
cognitively to steer the ship of the
nation’s financial industry.
His coming at this critical time of our
national development and global
financial meltdown is a divine design to
right the wrongs of the past and put
Nigeria on the course of sustainable
recovery and growth.
I am sure many people do not know the
antecedents of the new Central Bank
helmsman: He is a courageous and
ebullient reformer. He showed this
unique characteristic during the reign
of the late General Sani Abacha as Head
of State. In fact, his fearless
criticism of the policy direction of
that administration brought him into
conflict with it and led to his
incarceration for one year in the gulag.
So, it was not surprising that he fired
the first salvo at his screening as
governor of CBN. He said it without any
fear of contradiction that the 7-point
agenda was a bit parlous. Even though
the Presidency fired back with equal
intensity and seriousness, that was not
sufficient enough to douse the confusion
his assertion had generated.
Without sounding immodest, Sanusi’s
appointment was the best appointment
President Umar Musa Yar’Adua has made
this year. His choice of Sanusi, despite
the outcry from some sections of the
country, shows his commitment to rebuild
our country and create the enabling
environment for growth and development.
I am excited that Sanusi is stepping
into the shoes of Soludo - one of the
finest brains in the financial business.
Contrary to public speculations, Soludo
did not get a second term because of
incompetence or misadministration.
He served out his tenure without any
blemish. In fact, President Yar’Adua
made this position clear in his
thank-you letter to him. Since it is the
prerogative of Mr. President to make
such appointments, then who are we to
question his wisdom in not reappointing
Soludo? The undeniable truth is that
Soludo performed creditably and showed
unequalled statesmanship, patriotism,
and integrity throughout his tenure as
governor. His handling of sensitive
fiscal matters like the banking sector
recapitalization exercise of 2005 has
elevated him to higher heights. That
Nigerian banks are surviving today under
the intense challenges and pressures of
the global meltdown is a clear
indication that Soludo has high acumen
and pro-activity required in the
ever-competitive global financial arena.
Critics may say or write whatever they
like.
But the achievements of Soludo will
continually stir them in the face. The
worth of a man is measured by his
accomplishments. And if that is the
case, then we say with our voices high
that Soludo came, saw and conquered. It
will not be out of place to state that
he survived under the devious plots of
Obasanjo without getting his fingers
burned. Only a few persons could attain
this mark. Some of his colleagues in
other strategic positions allowed
themselves to be used and dumped by
Obasanjo. And they suffer the
repercussions today. This is a big
lesson for our leaders.
There is no doubt whatsoever that
posterity will judge Soludo well as one
of the best things to have happened to
Nigeria. At the time he assumed office
in 2004 Nigeria’s financial sector was
in a total mess. He took the bull by the
horns by introducing stringent measures
to stem the gliding of the nation into a
huge financial crisis. The measures are
accountable for the fairly stable
financial environment we have today.
I know President Yar’Adua as a man who
will never cheapen himself by succumbing
to the machinations of armchair critics
whose only stock-in-trade is blackmail.
I do not think the administration of
Yar’Adua is as bad as some people paint
it. It may have its shortcomings but
they are not enough as to derail the
administration. What the administration
requires at this crucial period of our
national life is the cooperation of the
people. The support of the people is
paramount to the survival of any
democratic government since power
revolves round the people - the real
custodians of power.
I am pained that the mass of the people
are allowed to suffer varied degrees of
deprivation, especially in the midst of
plenty. Whatever will promote the
welfare of the people will always
attract my endorsement. This is why I am
totally in support of Sanusi’s
appointment. He possesses the
steeliness, simplicity and uprightness
of an astute administrator. These
characteristics are symptomatic of the
followers of Aminu Kano – the leader of
the Talakawas – who led a simple and
self-sacrificing life. And Sanusi
remains an ardent believer in the
political philosophy of Aminu Kano.
Something in me tells me that Sanusi
will pay attention to the welfare of the
common people of Nigeria who have
suffered unmerited neglect and
deprivation for quite some time. His
approach to tackling the current
economic problems of the country shows
an interesting pattern. This pattern
certainly deviates from the status quo.
By this I mean that his strategy is
people-centred and pragmatic.
What many people may not know is that
Sanusi is not a man anybody can lead by
the nose or push around anyhow.
Understandably, he has set the tone for
what his policy direction should be.
This was why he did not hesitate to make
his position known from the outset.
I hear some people say that his
criticism of the 7-point agenda of the
current administration at the senate
screening exercise would jeopardize his
appointment. But this line of argument
has since been consigned into the
dustbin where it rightly belongs, going
by the speed with which he is already
going about his duty. I foresee a
situation where the Central Bank of
Nigeria will come up with new economic
agenda that has the capacity of
transforming the economy of Nigeria.
Nevertheless, let us take a look at
these similarities.
Soludo’s surname begins with letter S –
the same as Sanusi’s. There are six
letters in Soludo and the same number in
Sanusi. Both men are intellectually
sound and share the same philosophy
about Nigeria’s fiscal policies. What
about their ages? There isn’t much gap,
both are young and enterprising. Are
these mere similarities or just divine
ordering or what?
Of significant mention is the fact that
out of the governors of the Bank
appointed since inception, First Bank of
Nigeria has produced two in the persons
of Joseph Sanusi and now Lamido Sanusi.
Whichever way you look at it, Lamido
Sanusi is ready to make the difference.
All we need do is support him.
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