Soludo Makes Way For Sanusi

Kenneth O. Eze

 

It is different strokes for different folks for the former helmsman at the Central Bank of Nigeria (CBN) whose tenure expired a fortnight ago. Prof Chukwuma C. Soludo was ‘fired’ with a commendation letter by the President, Umaru Yar’ Adua, while his deputy, Tunde Lemo, was recommended for a second term in office.

 

The President waited for Soludo’s tenure to expire, as if in deference to his exceptional performance, before formally asking the Senate to expeditiously consider his nominee for CBN Governor, Sanusi Lamido Sanusi. By his letter to the Senate, on the matter, Yar’Adua urged the upper legislative chamber to expeditiously consider Sanusi’s nomination. A call they heeded by swiftly confirming Sanusi on Wednesday June 3, 2009.

 

The request for expedited action was received with ire across the nation, his nomination, for some inexplicable reasons, coming after the expiration of the former Governor’s tenure. In the same vein, the president requested the Senate to renew the appointment of Lemo for a second term as deputy governor of the CBN.

 

This move by the President was not totally unexpected. It only confirms the fears of many that government cannot be trusted to decide matters of national and international importance on merit. How does the world come to terms with the fact that in the last few weeks the President sent one of his trusted Ministers to eulogise Soludo, while having sealed his fate as Governor of CBN?

 

Yar’ Adua’s letter to Soludo relieving him of his post reads: “As your tenure as Governor of the Central Bank of Nigeria comes to a glorious end, I write on behalf of the government and people of Nigeria to place on record our debt of gratitude to you for your dedicated service and uncommon sense of duty over the past five years.”

 

He bared his mind further, “I am confident that your worthy antecedents in the CBN and in prior appointments in the service of our nation remain sources of inspiration to an entire generation.”

 

Wishing Soludo well in his future endeavours, he indicated that he may still have plans to assign him to other national duties. He wrote: “As I wish you even more astounding successes in the years ahead, it is my fervent hope that you will readily avail us of your distinguished service when the need arises in the future.”

 

Because the President could not act, when he should have, Soludo handed over the reins at CBN to Ernest Ebi, deputy governor (corporate services), the most senior of the four deputy governors. An action taken in compliance with the CBN Act, Ebi acted as the governor untill the clearance of Sanusi by the Senate.

 

Sanusi who had been on this plane for 47 years, was uprooted from First Bank of Nigeria, where he was Group Managing Director. A saddle he mounted in January 2009.

He was educated at St. Anne’s Primary School, Kakuri, Kaduna and Kings College, Lagos. He got his B. Sc. in Economics from Ahmadu Bello University (ABU), Zaria in 1981 and the Masters degree also in Economics, from the same university in 1983.

In 1991, he proceeded to the International University of Africa, Khartoum, Sudan, where he read Sharia and Islamic Studies.

 

He began his working career as a Graduate Assistant in Economics Department of ABU from 1983 to 1985, from where he joined Icon Limited (Merchant Bankers) as senior officer.

 

Sanusi resigned from the company in 1991 to pursue his studies in Arabic Studies. He returned to the banking industry in May, 1997, when he joined United Bank for Africa (UBA) as a principal manager in the Credit Risk Management Division.. He rose to become the Deputy General Manager in January 2002 and General Manager in March 2005.

 

The new CBN chief joined First Bank on September 5, 2005, as Executive Director, Risk and Management Control, a post he held until January 1, this year, when he emerged the bank’s group managing director and chief executive officer.

 

The history of the Governorship of the apex bank reveal that it was led at different times by the following: Aliyu Mai-Borno (Borno, 1963-1967), Clement Isong (Akwa-Ibom, 1972-1975), Adamu Ciroma (Yobe, 1975-1977), Ola Vincent (Lagos, 1977-1982), Abdulkadir Ahmed (Bauchi, 1982-1993), Paul Ogwuma (Abia, 1993-1999), Joseph Sanusi (Ondo, 1999-2004), and Soludo (Anambra, 2004 till May, 2009).

 

Apart from Yuguda, others earlier tipped for the office were the present Minister of National Planning, Shamsudeen Usman (Kano), who was former Deputy Governor of the CBN and immediate past Minister of Finance; Mailafia Obadiah (Nasarawa), an economist and a former Deputy Governor of CBN; and Mohammed Hayatudeen (Borno).

The immediate constituency on the issue, the banking sector, is still discussing the development in hushed tones. M2 contacted few corporate affairs managers of Nigerian banks who wondered what direction Sanusi’s governorship will take.

 

People are wondering why the Presidency opted to force a character like Sanusi into the big shoes Soludo left at the CBN. Noting that both are Economists and academics, save that the present Governor taken time off his banking duties at Icon Ltd in 1991to pursue a course of study in the International University of Africa, Khartoum, Sudan, majoring in Sharia and Islamic Studies.

 

Some ACAMB executives contacted thought it was too early in the day to comment on the matter, positing that the body would meet to speak in one voice at the right time.

Only time will tell the wisdom in replacing Soludo with a man whom many predict would struggle to fill the gap. This is a pertinent issue considering the present economic climate does not call for experimentation.