Nigerian Bank Governor restores confidence in Sierra Leone
Central Bank Governor of the Federal Republic Nigeria Lamido Sanusi has on his visit to Sierra Leone restored confidence in Banks operating here and controlled or partly owned by Nigerian citizens as the institutions are working within the ambits of the law and are not operating contrary to rules and regulations.
In welcoming Mr. Lamido Sanusi at State House, President Ernest Koroma described the visit as “timely” and assured him of Sierra Leone’s cooperation in the process of giving a full briefing of the Nigerian financial situation.
According to President Koroma, the Bank Governor’s proactive step of visiting the country would send the right signals to the world that Banks in Sierra Leone conduct their affairs properly. “This further gives the opportunity to strengthen the Memorandum of Understanding between the Central Bank of Nigeria and the Central Bank of Sierra Leone,” the president noted.
President Koroma also informed the visiting Bank Governor that a good number of Nigerian owned banks are operating in Sierra Leone “in helping in building up our country’s financial capacity.”
Accompanied by his Deputy, Sarah Aladi, Bank Governor Lamido said they chose to come to Sierra Leone first to share the details of what’s happening in Nigeria in order to reassure Sierra Leoneans that the banks in Nigeria are safer and stronger. “The actions we took were geared towards averting a major crisis,” he noted, even as he pledged the commitment of the Nigerian parent banks to professional operations in Sierra Leone and to “work with the Bank Governor of Sierra Leone for cross-border solutions in support of growth and development in Sierra Leone.”
The Bank Governor assured the government and people of Sierra Leone that there is no illegal activity being undertaken by banks operating in Sierra Leone with Nigerian ties.
Presently, the name, Sanusi Lamido Sanusi is the most pronounced name not only by the lips of several million Nigerians residing in the Federal Republic of Nigeria, but also Africans, Europeans, Asians and Americans, because he stood firm to traverse the dark side of Governance with illumination .
The name Sanusi Lamido Sanusi became topical almost two months running not because he is the Nigeria Central Bank Governor, but because he chose to travel by the road less travelled, by taking a very decisive action to expose the excesses of his colleagues in the banking sector at the instance of the Federal Republic of Nigeria.
He deliberately opened a can of worms, by exposing illegal banking transactions that were taking place in different banking institutions which, it has been reported, was costing the Federal Republic of Nigeria huge sums of money consisting of billions of US Dollars, as well as that nation’s credibility and integrity. Sanusi  Lamido Sanusi took his  decision to prevent a bank collapse and thereby rescue tens of thousands of Nigerians and other employees, from suffering job loses.
Unlike in Nigeria where Sanusi  Lamido Sanusi was in full force in targeting banking officials engaged in nefarious deals, he is in Sierra Leone for a totally different reason.
“The Federal Bank Governor  is now in Sierra Leone to save another  group of banks of Nigerian descent which have characterized the banking sector with admirable dynamism rather than engaging in illicit affairs.
Following the visit of the Federal Bank Governor, Nigerian owned banking institutions in Sierra Leone and their numerous and potential depositors and customers have  somehow had a raise in confidence.  The bankers are also experiencing confidence from their numerous customers, because they were with the notion that these banks were supervised by the Central Bank of Nigeria and not here in Sierra Leone.
Addressing a battery of Sierra Leonean journalists in Freetown the capital of Sierra Leone Thursday afternoon, Mr. Sanusi used his tact and wit to restore banking confidence to these banks and their customers, which had earlier became affected by the development in Nigeria..
Governor Sanusi Lamido Sanusi of the Central Bank of Nigeria said it is good for all to note, that the Nigerian Banks operating in Sierra Leone are Sierra Leonean banks and not Nigerian Banks.
“They are licensed by the Central Bank of Sierra Leone and not the Central Bank of Nigeria,” he stated emphatically.
He said these banking institutions are governed by the rules of Sierra Leone and supervised by the Central Bank of Sierra Leone.
Governor Sanusi said all the said Nigerian Banks operating in Sierra Leone are regulated and monitored by the Central Bank of Sierra Leone and not by the Central Bank of Nigeria.
He said these banks might be owned and managed by Nigerian nationals in and out of Sierra Leone and having their Headquarters in Nigeria, but that does not imply that they are owned by Nigeria or referred to as Nigerian Banks.
These pronouncements have actually restored customer confidence and calmed the stormy sailing activities of these banks.
The essential function of the Central Bank of Nigeria like any other Central Bank is to supervise, monitor and regulate.
Among many other Central Banks in the world, it is on record, that the Central Bank of Nigeria today remains outstanding to have rescued such a huge number of commercial banks operating within its domain that were on the verge of collapse.
Governor Lamido Sanusi has  shown that the central bank is such  a veritable institution to an extent that it is the goose that lays the golden egg.
 The danger is that money laundering and other criminal banking activities will want to be the order of the day. But with Governor Sanusi Lamido at the pinnacle of the apex bank, such acts will no longer be the order of the day in Nigeria.
It is interesting to note that majority of well meaning Nigerians across the world, Governments and peoples of development orientation inside and outside the Federal Republic of Nigeria are lauding the efforts of the Central Bank Governor of Nigeria, for taking a bold step to touch the so – called untouchables in the Nigerian society. This move has apparently put the image of Nigeria in a very high rating. Internally, it has swollen the popularity of the ruling government among the voting populace.
It is on record, that Nigeria’s Central Bank is the only Bank from Africa that has done such a rescue operation like what happened in the UK and USA.
Governor Sanusi has already won admirers in Sierra Leone where his no nonsense approach has been seen as an example worth emulating.
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