Sanusi Wont Seek A 2nd Term As CBN Governor

Nigerian central bank Governor Lamido Sanusi, who rescued the banking industry from near- collapse four years ago, said he won’t renew his contract when it expires in 2014.

Sanusi, who has led the bank of Africa’s biggest oil producer since June 2009, said it was never his intention to stay longer than one term. He was speaking in an interview with CNBC Africa in Abuja, the capital. Appointed in the midst of a debt crisis, Sanusi, 51, fired the chief executives of eight lenders within four months of taking office after an audit found evidence of mismanagement and reckless lending. He’s pushed for stability in the currency and helped bring inflation down below 10 percent, while at the same time antagonizing lawmakers by criticizing their spending and courting controversy for his outspoken views, most recently on China’s role in Africa.That quality of character, that boldness is a quality that will be difficult to find amongst policy makers in Nigeria,” Bismarck Rewane chief executive officer of Financial Derivatives Co., a Lagos-based business adviser, said by phone today.

Sanusi led the Monetary Policy Committee in increasing the benchmark interest rate by six percentage points to a record 12 percent from September 2010 to October 2011 to bolster the currency and curb inflation. Bond Yields

The government should name his replacement soon to help ease investors’ concerns and manage the transition, said Samir Gadio, an emerging-markets strategist at Standard Bank Group Ltd. In 2009, former President Umaru Yar’Adua didn’t name Sanusi as a replacement to Chukwuma Soludo until two days before his term ended.

The naira fell 0.2 percent to 158.95 per dollar by 3:32 p.m. in Lagos, taking its decline this year to 1.8 percent, according to data compiled by Bloomberg. Yields on Nigeria’s $500 million of Eurobonds due January 2022 fell 10 basis points, or 0.1 percentage point, to 4.23 percent.

“He has a strong personality and a lot of people invested in the country just because of the personal relationship and the trust in Sanusi, and the confidence that Sanusi inspires,” Gadio said by phone from Lagos, the commercial capital China’s Role

More recently, he criticized China’s role in Africa, saying it’s contributing to “deindustrialization and underdevelopment” in the world’s poorest continent. Africa must shake off its “romantic view of China” and see it as a competitor that’s “capable of the same forms of exploitation as the west,” Sanusi wrote in the London-based Financial Times on March 11.

The Chinese government said it was concerned and dissatisfied with the comments, Xinhua reported on March 14, citing Hua Chunying, spokeswoman for the Foreign Ministry.


src: http://www.bloomberg.com/news/2013-03-20/nigeria-s-central-bank-governor-won-t-seek-second-term.html

He's very open minded. Maybe he has a plan to contest as Govnor in 2015

k.fako:
He's very open minded. Maybe he has a plan to contest as Govnor in 2015

i hope so too

No body will consider him. He should start packing, before he comes up with 5000 naira note again. Make him go wait for traditional title.

Despite his over bearing attitude at times, he stands out from the stinking morass Nigeria has become
Thankfully, he's his own man, unlike some people who are still consulting with 'god' and their 'people' before deciding to contest for the top job in the land whilst their body language shows they will

k.fako:
He's very open minded. Maybe he has a plan to contest as Govnor in 2015

Governor?!
No, seeing he has enough visibility to contest for president straight up

Lol, isn't that when his term ends?

Whether he seeks it or not, it's not his option, it's whether Nigeria wants to retain him.

Who cares. Isn't he the man who wanted to introduce #5000 note? Who needs his 2nd term

Good riddance ....wait sef...not so fast..his tenure, which was fraught with allegations of misconduct,ought to be reviewed...all in due time sha

who give's a damn...mek him give way for potential graduate...al dis old cargos occupying office with grey hair,mek una resign begin dey enjoy pension and gratuity...
GIVE WAY FOR OUR GOOD YOUNG,DYNAMIC GRADUATES TO HELP NIGERIA WITH MODERN IDEAS....PLS

And so??

i wish him well in his future endeavors.

5th

Stale news.

He is probably gearing up for 2015 as well.

Sanusi, nobody needs you beyond June 2014,prepare your luggage against the date and leave.

Better

k.fako:
He's very open minded. Maybe he has a plan to contest as Govnor in 2015

Possibly, if he turns out to be a thief too.

We need people like him though

Nice move, perhaps to prepare for 2015.
My only problem with him is he's arrogant and sometimes thinks he know all.

Smart guy. President Goodluck should follow this bold example. he should not seek a second term and he should say so now, so that everyone can concentrate on governance.

I think say na this evening self! 2014 too far joor.

Thank God he is going cos that man almost wanted to turn me a poor man untill I overpowered him.

After that what? Politics? Religion? We dey wait sha?

As a royal prince,his eyes are on the emirship of Kano,but oga at the top Ado Bayero no gree kaput

Obviously not from junky sahara reporters.

Why not now..? 2014 is too far jor.

If only the unlettered Dr. in Aso Rock posseses half of the intelligence,charisma,foresight,doggedness and integrity of Sanusi Lamido Sanusi,things wouldn't have been this bad and the future wouldn't appear absolutely bleak. We will sorely miss a world-class man who will never be jiltery talking to Christaine Amanpour!

He knows that the existence of nigeria beyond 2014 is uncertain. At least he can be the governor ACB(arewa central bank) in the new sharia republic. I really feel for him since ado bayero is still on the throne. Likely to be jobless for a long time.

[color=#550000][/color] Make the Man comot on time na< na only him.aah

Posted on NVS three years ago. Still stand by it since not much has changed: SLS for Aso Rock ably supported by BRF and Amaechi. Thank God APC will be a more robust platform than the choices available back then.

The Dream Team

Having seen the rest how about taking a look at the best? In critiquing the various ‘progressive’ and retrogressive candidates that have thrown their hats into the ring of Nigeria’s 2011 presidential combat I have consistently been asked what options I would advocate if I see so little good in all that have declared so far. Some interlocutors have insinuated that I am one of those who can only see what is wrong with ideas on the table while being unable to propose viable alternatives. Others have hinted that maybe our nation that is aborning lacks the stuff of greatness so we should be content with any old (or young) blowhards and rascals that deign to insult us with their candidacy.

Just this week we read about the retired Army General who insists on planting himself in our national consciousness on the basis of a decades old deal between him, another perennial candidate who has already had a nine year stab at mismanaging the nation and the late unlamented goggled one. We learnt that the deal was that presidential stints would be ‘zoned’ among the trio till death parts them from Nigeria. Some older versions of the story said the partners in crime actually reprised Macbeth and Banquo’s encounter with the three witches and even as Macbeth was driven to regicide they have been driven since then with only one yet to sate his boundless ambition. To ice the cake this two time ‘intelligence’ chief told us he is also protecting the honour of his niece who his rival’s daughter cuckolded. On such weighty considerations he threw his hat into the presidential ring!

Another lout tells us that since he once crippled the economy, with the naira’s exchange rate signposting his good work, and also institutionalised corruption while wiping out the middle class; he should be allowed to do it again and swears on his dead wife’s grave that he will spend only one term this time. Last time he swore on the Koran the nation was brought very close to the grave.

An upstart and a knave tells us his years as ‘anti corruption’ czar, when he only managed to jail a few enemies of his principal in addition to some expendable fellows, is all he needs to win our hearts and votes for the big job. He has since promised us, in a verbatim interview posted on Sahara Reporters, ‘free and fair’ education! But he tells us he is young and the change we need.

Sundry other jokers like the purveyor of the rag (banned in my home) that showcases the houses that corruption built and the ceremonies that graft paid for have insisted that when those that trouble naija are being counted they must not be left out. In all it has been quite a motley crowd not excepting the incumbent who has somehow convinced himself and those who say he is the solution that Nigeria can solve its myriad of problems and make up for the last, wasted 50 years without purging himself of corruption and tackling the phenomenon frontally in the polity.

While any of these last eleven candidates might keep the oil flowing from the Delta or keep the soldiers in the barracks they unfortunately cannot get my juices flowing or cause me to make the trip to the polling booth. I refuse to be part of the eternal and infernal charade that has kept us backsliding and marching on the spot for five decades. If we cannot get saints to run our nation can we at least get competent rogues the way most other countries do most of the time? And Nigeria is filled with both zealous and competent even if saints are few and far between. Awolowo was recognised as one such posthumously but God is merciful and we today have at least three individuals on the national stage who have shown the good stuff they are made of and are even of the right generation. Enter, stage left: Sanusi Lamido Sanusi, Chibuike Rotimi Amaechi and Raji Babatunde Fasola.

My dream team that will not only get me voting but will actually have me dancing in the street and putting my money where my mouth is would be SLS as Presidential candidate, CRA as running mate with BRF backing up the duo as prospective Attorney General. Before I am crucified by partisans I hasten to explain my sequence. I presume of course that the overall quality of the team cannot be contested by anyone who has observed our nation in the last three years.

In my view the root, and one and only, cause of our national malaise is corruption. Corruption that has become so endemic that we effortlessly top global corruption indexes year after year while patriots and foreign friends alike despair the nation will ever escape its deathly grasp. If corruption were tackled power, roads, education, health and all else will almost effortlessly fall in place because the problem with all those sectors has not been the lack of funding or plans but the matter of course comprehensive looting of every dime voted to make things better at every level of government.

It follows logically then that to turn this nation around, to rouse Nigeria from terminal decline, we must quickly and totally extirpate corruption. Obviously this cannot be done without scaring sanity and morality back into those that bestride the public space. The only way to do that and undo the habituation of a half century of accommodating corruption is stringing up at the least several hundreds of the worst offenders. Several thousand of the next worst lot should be tossed into Kirikiri maximum security prison which should be preserved in its current insalubrious state even when all other prisons get their much delayed makeover in the New Nigeria. All significant offenders should lose every last kobo stolen from our sweat and natural blessings. And that is why SLS is the one fit to top this bill. Only he has had the cojones in recent times to insist that egregious crooks should be lined up at the Bar beach and shot. He has been condemned by those I consider fellow travelers of the looters for being so unbankerlike in his statements but our nation is overdue some plain speaking and plain dealing. In addition to his will to confront corruption without giving any quarter he has also shown himself quite a broadly focused economic manager with the various interventionist policies and funds he has established for reindustrialisation, agriculture, power sector etc. If all CBN governors before him had shown such moral rectitude alongside intervening well beyond the ordinarily rarefied air of the banking halls our fate wouldn’t have been near as sorry as it has become. Definitely SLS for president.

CRA was dealt a challenging hand in Rivers State right from his stolen party nomination to the state of the polity when he eventually, via audacious judicial petitioning, secured power. To have brought peace to Rivers already scores him very high. To have gone further by bringing Rivers out of the infrastructural and financial pit his predecessor dumped it in took unusual leadership savvy. To have gone further yet by caging the ‘irrepressible’ chop-I-chop interests in the state absolutely sets him apart and makes him an ideal alternate to SLS. Veeps are after all not just deputies but potentially and frequently alternates to their principals. If a person doesn’t deserve the presidency then he doesn’t deserve the veepeeship either.

I hope BRF’s partisans have managed to come this far with me despite their disappointment. Fasola actually had an easier row to hoe than either of the other two but his performance hasn’t been as stellar as it could have been. While CRA had to recover from the deficits of his predecessor and outmaneuver those who would prefer that state money be shared, BRF’s tenure was preceded by eight years that weren’t an entire loss so he did not have to build Lagos from scratch yet his vision and his delivery haven’t quite been as inspiring as Amaechi. He has allowed entrenched interests to hold him hostage. While SLS has had to swim among banking sharks from even before he was appointed (we hear someone devoted billions to stop his appointment from happening) and has had to save investors from their own greed and stupidity with hardly one percent agreeing with his diagnosis of the financial crisis much less his deployed cures, BRF quickly won a devoted fan club within and beyond our national borders. Such popularity should have enabled him to be bolder in vision and action but that hasn’t been the case. However he remains a quite competent SAN who has shown competence in public affairs and passable commitment to the common weal so he should fit in very well as the Attorney General, arrow head of the do or die battle against corruption in our land.

And that is my dream team. No, I don’t expect this team or anything remotely like it to ever come to power in my dear nation but I can dream. In the meantime please don’t wake me from my dream with the noisome pestilence that passes for a campaign to transform Nigeria. This month we woke up to find we now have a trillionaire in our midst. He made his money from exclusive import licenses, duty waivers and the power of the cartels he formed in cement and other essentials. With his benchmark set I warn my compatriots that the next set of thieves voted into power shall not be content to steal just billions but will all now aim to join our ‘number 1 industrialist’ at the pinnacle of wealth. Since our spavined economy doesn’t generate so much money we can expect anyone they can lay hands on to be sold into slavery to raise sufficient funds. I kid you not. Wish us all luck in Babylon.

Jona and Sanusi don plan to do Sambo over-head by 2015.

Na waoh!