But is it wise to give the job of CBN governor to a politician at this trying moment ? Particularly, Yuguda is an angry politician who may justifiablly be having some sort of persecution complex after he was mercilessly frustrated out of the People`s Democratic Party,PDP by the Adamu Muazu regime in Bauchi state.Yuguda  later won the governorship election  on the platform of All Nigerian People`s Party,ANPP.He is reported to be getting set to return to the PDP soon.Will a man of this political mix be dispassionate in the discharge of his duties as Governor of CBN when critical decisions are to be made?

Even more ,is Yuguda getting the job because of his experience as a banker or because of his closeness to the president which makes him not just an in-law but a political crony and a lackey perhaps?These are the issues to contemplate before a  dyed -in -the wool politician, president`s in-law and crony is saddled with job which should be going to man who has great intellect, attractive banking skills,experience and independent mind.Was he truly a great banker? Did he make any special contribution to the sector?Answers to the questions should guide the presidency.No one can remove the fact that he was a prominent banker before veering into politics.Is he the best man for the job at a  time like this? Maybe.But on the face of it, his profile should be a source of worry.
 

 As Soludo`s   tenure which has been characterised by flip-flops draws to a close , it may serve the nation better not to give the job to a successor simply because he is the president`s in law and crony.It is a serious job that needs  men of great ideas at  this period of global economic crisis.No one has heard any ground breaking ideas from Yuguda about how to rescue Nigeria from the global financial melt down.So what special qualification is making the president  attempt to pluck him from his job as Bauch state governor now to the arduous task  of Governor , Central Bank of Nigeria, CBN?

If the post must go to a northerner, then an independent- minded banker like Sanusi Lamido Sanusi of First Bank should be a better choice for this age.Sanusi  is brilliant,independent minded and he apparently possesses the wealth of experience for the job.Importantly, he is not a politician.

Read our earlier story on Soludo`s Lobby:

SOLUDO LOBBIES TO SAVE HIS JOB

Are you surprised that the much- speculated sacking of Chukwuma Soludo governor ,Central Bank of Nigeria , CBN has not materialized  yet ? This is  an exclusive insight into  why   

Posted Sunday October 5, 2008

BY DANLAMI NMODU

Chukwuma Soludo, governor of  the  Central Bank of Nigeria seems adept at weathering a storm.A few months ago, it appeared like his days at the helm of affairs at the apex bank were over.Even  Daily Trust newspaper once quoted him as saying  his days were numbered .Tales about his looming exit were fueled by the change in government from former President Olusegun Obasanjo to President Umaru Musa Yar`Adua and the series of changes that have followed afterward.

Contrary to that strong speculation about his exit Soludo has  however been sitting pretty and has even grown evidently more confident as he struts across  lecture circuits from the north  to south .Newsdiaryonline has learnt that Soludo`s confidence may have been boosted by the strength of his lobby to save his job .``The man lobbied seriously `` were the words of one of the CBN chief`s  allies.

It has been  learnt that Soludo`s lobby team include  men who have the ears of the president Umaru Musa Yar`Adua.A source said some of those Soludo lobbied to save his job include one  Inuwa Baba who is in the protocol office in the presidency .He also worked  under former president Olusegun Obasanjo whose regime appointed Soludo as governor of  CBN.Baba is believed to have worked closely with late  Shehu Musa YarAdua , elder brother of President Umaru YarAdua .Baba is believed to be Soludo`s  bossom friend and he may have come in handy in the lobby to save him from Yar`Adua`s long knife, at least for now.

It  was also learnt that the CBN governor has been lobbying James Ibori, the former governor of Delta state to put in some words before the president.Ibori`s influence within the YarAdua presidency is no longer in doubt. Though he is being prosecuted by the Economic And Financial Crimes Commission,EFCC  for alleged looting of delta state treasury, he has remained a constant visitor to president YarAdua.It is even believed that he was instrumental to the sack of Nuhu Ribadu as chairman of the EFCC.A former commissioner in Ibori`s government is now one of YarAdua key official staff in the presidency.So it may not be any surprise that Soludo is intensifying his lobby through the former  Delta state governor.

There are others believed to have been intervening to avert Soludo`s sack.A source named Governor peter Obi and other. According to the source`` the governor of his (Soludo`s) state, Peter Obi has also been useful in the lobby. There are also words making the round that one of the prominent emirs in the north has been lobbying for him but  I don`t really know how deeply the emir is involved``

While the lobby to save his job intensified, Soludo himself has taken some steps that close watchers of his travails say exemplify a well- crafted  attempt to appeal to all parts of the country especially the north .It is believed that some northerner quarrel with Soludo`s prescriptions for Nigeria`s economy during Obasanjo`s reign especially the recapitalization  which required banks to have N25 billion capital base.The fact that no ``northern `` bank was able to keep its identify is  being  used against Soludo. To survive  what some northerners call the  “Soludo onslaught”, banks in the north went into forced marriages thus losing their identities .The ailing Bank of the North  had to lose its identity  as it joined a marriage  of strange bedfellows  to survive .

Obviously, handlers of Soludo`s image makeover  have been conscious  of the damage this perception may have done to him.This may have explained why he has been giving lectures in the north about the parlous state of the northern economy, In all he is now coming across as a  guru who cares about the north as well.At one of such lectures in Kaduna, Soludo said poverty is a northen phenomenon .That lecture  few months ago drew some critical acclaim for its forthrightness .Hear the comment of a northerner about Soludo`s lectures about the north:``You know during Obasanjo`s regime he(Soludo) seemed to have no business with the north.Now the tide has changed so he is trying to swim with the tide by appeasing the northen public.`` .

Newsdiaryonline also learned that Muhammed Alhaji Yakubu,  the former gubernatorial candidate of the People`s Salvation Party in Kogi State  was the man who facilitated Soludo`s lecture in Kaduna.Alhaji-Yakubu  who  is one of the emerging northern Turks is currently   the Youth leader of the Northern Union . How far that lecture in Kaduna  will help Soludo  remains to be seen, because Tanimu Yakubu who is Yar`Adua`s chief economic adviser has been reported in the media as eyeing Soludo`s job.And  .Tanimu, as he is fondly called is really very close to the president. Even more, his influence in the presidency is believed to be growing  as newsdiaryonline  reported earlier..

The best Soludo appears to be doing these days in public - while his underground lobby trudges on- is to key  into the unfolding debate on the financial crisis in the United States as its aftermath ripples across the globe.The  latest public lecture by the governor of the apex bank  was  at the Thisday Town Hall meeting in Abuja. He  used the occasion last Friday to issue a timely warning for all the stakeholders in Nigeria`s economy to join forces to avert the spread of the financial crisis rocking the world now .Said Soludo in Abuja"Here in Nigeria, we need a coordinated action as stakeholders and regulators. We must come together and provide the needed fillip to protect our financial system from the crisis ravaging the rest of the globe.''

Signs of trouble for the CBN chief began early in the days of the Yar`Adua regime as  the new president appointed Dr Shamsudeen Usman who was Soludo`s deputy at the CBN as the minister of Finance. That was presumed to be a warning signal that the governor of the apex bank should expect some stormy times ahead .And  to say the least, unlike the rollercoaster ride Soludo had with Obasanjo`s regime , the CBN chief has had to battle against  unexpected challenges .Initially, he ran into trouble for allegedly announcing the redenomination of the Naira which the presidency later reversed .At that point it became apparent that rough times had in deed began for Soludo. Not  long afterwards, reports began to emerge about the some questionable investment of Nigeria`s funds in Africa  Finance Corporation, AFC.A presidential probe was instituted and it has recently submitted its reports. The report of that panel is believed to have indicted Soludo.And many expect the hammer of tha president to fall.So far nothing has happened perhaps owing to the protracted lobby.But another watcher believes that aside from Soludo`s lobby, the  Soludo question  may have been overtaken by more urgent matters which may have inadvertently conspired to save him ; or so it seems at least for now.                                                                                     

And  now the story by Leadership:
Yar’Adua Tips Yuguda For CBN Governor
By Our Correspondent                 Leadership
March 1st, 2009
President Umaru Musa Yar'Adua has tipped his son-in-law, Governor Isa Yuguda of Bauchi State, as the next governor of the Central Bank of Nigeria. The current CBN governor, Prof. Chukwuma Soludo, will complete his tenure in May, this year. The presidency is said to be buzzing with lobbyists for Soludo’s seat. But LEADERSHIP SUNDAY learnt that Yar'Adua is favourably disposed to anointing his son-in-law Yuguda as the next CBN chief.

Also, Tanimu Yakubu, currently the president’s chief economic adviser, may be made chairman of the Power Holding Company of Nigeria (PHCN). Yakubu would still retain his current position, if he eventually becomes the PHCN boss. That becomes a combined honour for him.

A curious aspect, however, is that Rilwan Babalola, minister of power, who until his appointment as minister was Yakubu’s special assistant, should have been chairman of PHCN, being the supervising minister.

Kola Adesina, who is a director with Sahara Oil and Gas Limited and a close friend of Yar'Adua’s, has been appointed vice chairman of PHCN.

Yuguda is currently the arrow head of Yar'Adua’s major economic think-tank - the advisory committee on the global economic meltdown.

Yuguda was a banker of note before going into politics. He was the MD/CEO of Inland Bank, substantially owned by Bauchi State. The bank eventually became First Inland Bank after consolidation. It is now known as Finbank. From there, he moved on to NAL Bank as the managing director also. During Obasanjo’s first term, Yuguda was the minister of aviation.

He became governor of Bauchi State in 2007, after a bitter political battle between him and the former governor of the state, Ahmed Muazu. Bauchi was hailed as one of the few places where the 2007 election was viewed as transparent; consequently, Yuguda triumphed over the PDP and formed an ANPP government. This was seen as a feat, considering that the PDP machinery was a formidable force to overcome in many parts of the country.

Since he became governor, Yuguda has been enmeshed in a battle of wits with his predecessor. He recently married the president's daughter in a move that, many believe, was intended to checkmate his opponents. Plans are already under way for him to join the ruling PDP. In a recent interview, he said that he was only forced to leave the PDP by the party’s former helmsman, Ahmadu Ali, and other gladiators. Currently, Yuguda is dealing with the religious crisis that rocked Bauchi last week. He has since blamed his political opponents for the crisis.