By Adetutu Folasade-Koyi and Chesa Chesa, Abuja

President Umaru Yar'Adua on Monday announced, as speculated, the appointment of First Bank Managing Director, Lamido Sanusi, as the new Governor of the Central Bank of Nigeria (CBN).

He replaces Chukwuma Soludo, whose term of five years expired on May 29.

But National Assembly (NASS) sources confided on Monday evening that the nomination of Sanusi hangs in the balance, regardless of his clearance last week by the State Security Service (SSS) and the Economic and Financial Crimes Commission (EFCC).

Uncertainty pervades the economic cabinet of Yar'Adua as feelers from Aso Rock say he wants to tinker with the Federal Executive Council (FEC), in deference to the public outcry over his violation of the Federal Character Act, which stipulates that every state be represented in the federal cabinet.

He, however, seems to have made up his mind about Soludo, whom a source said would not be re-appointed if the hawks in Aso Rock have their way.

The source disclosed that Yar'Adua is considering "doing away with Finance Minister, Mansur Mukhtar, because of complaints in government circles over his style at the ministry.

[size=20pt]"The next available option for the Finance Ministry, is the Minister of State, Remi Babalola, representing Oyo State in the cabinet; but is ill and away on medical treatment abroad.[/size]

"One thing is for sure, Yar'Adua is sensitive to the yearnings of Nigerians that all his economic team should not come from Kano or Katsina State. That is why the Senate, as at 12 noon on Monday was still not sure of the confirmation of Sanusi" who is from Kano.

Even with that, Yar'Adua has requested the Senate to expeditiously confirm Sanusi, in a letter he sent on Monday to Senate President, David Mark, in which he also asked the lawmakers to confirm the renewal, for a second term, of the appointment of Babatunde Lemo as CBN Deputy Governor.

He wrote another letter to Soludo where he commended him for his dedication to service and asked him to make himself available for any future national assignment.

"As your tenure as Governor of the (CBN) comes to a glorious end," Yar'Adua said, "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.

"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.

"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."

Sanusi has experience of more than two decades in the banking industry, including at United Bank for Africa (UBA), where he spearheaded its drive to comply with Basel 2 capital adequacy requirements.

He will face a heady list of investor expectations - steering Africa's biggest oil producer and most populous nation through the global downturn, tightening banking supervision, and forging ahead with monetary policy reform.

Among analysts who welcomed his appointment is Razia Khan, Head of Africa Research at Standard Chartered, who said Sanusi would "bring to the table his experience as a banker and is in a position to tackle the issues facing the banking sector from the perspective of an insider well-acquainted with the current regulatory system."

Sanusi is expected to continue Soludo's banking reform, which created some of Africa's biggest financial services institutions, deepening the country's capital markets, and attracting a new wave of foreign investment.

"It is a welcome development for the market," noted Kemi Owonubi, Head of Research for Vetiva Capital Management, since "Sanusi has a background in risk management and I expect that he should continue with what Soludo has done."

But Yar'Adua's choice of Sanusi is against the clamour by the Igala Cultural and Development Association (ICDA) to have Jibrin Isa, an Executive Director of Afribank, replace Soludo.

A statement issued by ICDA Chairman, Mohammed Salihu, urged Yar'Adua to consider acceptability and balance in the geographical spread of positions, so as not to short change and cause grief for any section of the country.

"Taking into cognisance the need to reflect fairness, vibrancy, dynamism, and impeccable brilliance in this appointment, we, the ICDA, humbly appeal to the good conscience of (Yar'Adua) in appointing (Isa)," the statement added.

"Isa's choice of candidacy is premised on (his) vast years of experience in the banking sector, and his notch for steering revolution and transformation in all his places of work.

"Besides his enviable professionalism, we further appeal to (Yar'Adua) to consider the North Central zone in his choice of CBN Governor."

Salihu argued that despite the avalanche of professionals from the North Central in the banking sector and their contribution to the country, no one from the zone has been given a shot as CBN Governor.

http://www.independentngonline.com/news/tfpg/article01

Again with this Federal Scatterer nonsense.