Sanusi Lamido Sanusi: The Banker in our time

Presently, the name, Sanusi Lamido Sanusi is the most pronounced name not only by the lips of several Million Nigerians residing here 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 places in different banking institutions: while at the same time costing the Federal Republic of Nigeria huge amount of money ,tens of Billions of United States Dollars, its credibility and integrity. Sanusi  Lamido Sanusi took his  decision to prevent bank collapse and rescue tens of thousands of Nigerians and other employees, from suffering job loses.

Sanusi  Lamido Sanusi  is now in Sierra Leone to save another  group of banks of Nigerian descent which have characterized the banking sector with admirable dynamism.

These banks were somehow   experiencing confidence crisis, from their numerous customers, because they were with the notion that these banks were supervised by the Central Bank of Nigeria.

Addressing a battery of Sierra Leonean news men/women in Freetown the capital of Sierra Leone Thursday afternoon, Lamido used his tact and wit to restore banking confidence to these banks and their customers, which 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 said they 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.  

Within a period of ten years in Kenya, more than fifty Commercial Banks collapsed, causing anguish among depositors in the country.

Most of these banks were only established in Nairobi the capital city from 1998 to 2008, a series of unexplained reasons have resulted in billions of Kenyan shillings lost with some depositors committing suicide.

Is this the scenario we want to see occurring in Nigeria today?

What happened in Kenya might have occurred in Nigeria if the Present Central Bank Governor Sanusi Lamido Sanusi had kept quiet and pay lip service to his employer, ignoring the issue. said a visiting economist from the UK.

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 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.

Apparently, some ill disposed individuals wish to kill this goose, for their personal reasons. There is clearly a dangerous and hidden agenda existing underneath.

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.

The question that is on the lips of millions of Nigerians is: was the central bank Governor wrong to carry out his professional duties?

Was he also wrong to sack few bank chiefs and handed them to the anti graft commission in a bid to help facilitate the payment of loans and ultimately salvaged the situation, instead of huge number of Nigerians losing  jobs, if the banks had collapsed?

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.

Little wonder, that major world channels including BBC, CNN,SKY NEWS, ALJAZEERA and other continental channels always make reference to Nigeria’s banking sector as an example.

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 Lamido Sanusi’ is a unique character. His action remains very rare. He refused to follow the broad path to destruction, and instead chose the road that is less travelled by: and it made all the difference.  

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