The CBN Governor said he would quit after his first term in an interview with the London-based banker magazine.

Central Bank of Nigeria Governor Sanusi Lamido Sanusi may have foreclosed the possibility of a second term in office after the expiration of his term next year.

Sanusi was quoted in an interview with the London-based Banker Magazine as saying he had completed his assignment at the apex bank and would not be seeking a second term in office.

He said critics of his tight monetary policy had forgotten how unstable the nation’s financial system was just three years ago.

Though perceived to be controversial, Sanusi, who took over from Prof. Chukwuma Soludo as the apex bank’s governor on June 3, 2009, is believed to be in good standing for re-appointment by President Goodluck Jonathan given his impressive record in office as CBN governor in the past four years.

In spite of his achievements in office, earned from efficient management of the banking and financial sector issues since 2009, Sanusi said he was not keen about retaining the job after the expiration of his first tenure in June 2014.

Analysts point out that re-appointment for any CBN governor is subject to the prerogative of the president.
Soludo, Sanusi’s predecessor in office, was not re-appointed for a second term by late President Umaru Yar’Adua despite his much-touted impressive records.

“I will not be offering my services for a second term. The job is extremely demanding. I don’t think it’s something that I would like to do for 10 years. I also think I have certain skills and a temperament that are suitable for a certain phase. I’m a crisis central banker. I came at a time of crisis.

“I consider my job to have been to fix the crisis and restore stability, and to make sure we did that in such a way that no bank failed, no depositor or creditor lost money and fiscal costs (were minimised), which is why we tried to get the banks themselves to bear the costs,” the CBN governor told the magazine.

Several attempts made Saturday to speak with Sanusi did not materialise, as he didn’t pick up the phone when THISDAY called.

But in a response to an email enquiry, the CBN governor directed our correspondent to see the interview in the website of the Banker Magazine.

The response read: “You can check the Banker Magazine yourself. Maybe the interview is on their website. Whoever wrote the article is quoting something.”

As CBN governor, Sanusi had initiated a chain of reform processes shortly after he came on board in 2009, as signs of systemic failure in the banking industry became manifest.

A joint audit undertaken by the CBN and Nigerian Deposit Insurance Corporation (NDIC) confirmed the fears of some industry watchers who had raised the alarm that some bank chiefs were merely cooking their books at a time banks were posting incredible results.

Consequently, a number of bank chief executives including former managing director of Oceanic Bank International Cecilia Ibru, Erastus Akingbola of the defunct Intercontinental Bank Plc, Francis Atuche of Bank PHB and Barth Ebong of Union Bank were sent packing and prosecuted for opaque financial transactions.

Other bank chiefs affected included Okey Nwosu of Finbank Plc, Ike Akinkuotu of Equitorial Trust Bank, Charles Ojo of Spring Bank Plc and Sebastian Adigwe of Afribank.

The banks were offered to new investors, a process that saw to a new wave of mergers and acquisitions in the nation’s banking industry.

In the process, Access Bank merged with Intercontinental Bank, First City Monument Bank acquired Finbank, Sterling took over Equitorial Trust Bank, while Ecobank Transnational acquired Oceanic Bank to swell the portfolio of Ecobank Nigeria Plc, its Nigerian affiliate.

Three other banks, which could not meet up with the CBN time-table –Afribank, Bank PHB and Spring Bank – lost their licences and in their ashes emerged three bridged banks namely Mainstreet Bank Limited, Keystone Bank Limited and Enterprise Bank Limited, respectively.

Sanusi’s most impressive achievement since coming to office has been salvaging Nigeria’s banks after their 2009 crisis.

Today, their capital adequacy ratios average more than 20% and non-performing loans, which had soared, are back below 5%.

The CBN governor said there had been a transformation from banks merely buying government bonds and funding blue-chip companies to now focusing on what he calls “the middle part of the economy, where growth happens and jobs are created.”

This middle part of the economy involves industries such as agriculture and manufacturing, which have long been neglected by lenders.

“The DNA of the entire sector has been changed,” he said.

“If you spoke to the bank CEOs, you would find a shared understanding that the banking industry needs to return to its raison d’être, which is to be an intermediary of savings into the real economy.

“We’re not where we want to be. But the days when banks shied away from or didn’t see this as a core function are gone.”
source: http://theeconomistng..com/2013/03/sanusi-i-dont-need-second-term_6053.html

Do you think Mr. Sanusi has done well as CBN Governor? What is your assessment of his banking sector reforms?


















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Say same also,afta al d billions coded enriched.

He knows that Gej will never re-appoint him again,after all the atrocities he has committed in d sector.
Pls go and rear nama.

Itoroetti :
He knows that Gej will never re-appoint him again,after all the atrocities he has committed in d sector.
Pls go and rear nama.

But Sanusi is said to be in good terms with the President and the 'almighty' prime minister Okonjo Iweala.

I applaud this move. Sad that no matter what any nigerian says or does the rest of his country men will condemn it. Had he said he wants another term he will be a villian and 'sit tight', if he says he doesn't he's a thief and has committed 'atrocities'. It's very unfair.

He explained he came to do a job that is now over. This is commendable. When whites say they don't want a second term in their countries, or ride bikes to work, you same people will celebrate them and say they want humble leaders hat behave civil. When someone black makes a civil discussion, you'll attack him.

I personally think Sanusi has done relatively well with his intervention in the banking crisis. Nigerian banks now know it is not business as usual.






















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