mad nigerian:

The reason why there is no change.......

Inflation....fuelled by over-importation of the things we manufacture.....which means higher prices...which means higher inflation rates, So if we print more lower denomination notes we would end up pushing up the inflation to higher rates.

Don't blame Sanusi...blame the oil addicted economy.

Also, blame Joe Sani(CBN Gov from 2000-2006) for introducing N100, 200, 500 and 1000 notes.....which was not his fault anyways., because of inflation.

OAM4J:

Except that he dint fail like you but passed with with distinction. jk ... Anyways it really doesn't matter since he bought it, right?

I dont like you guys making me a Sanusi's spokesman and advocate, really I agree he made his mistakes like many others before him, but I think it's going too far describing him as "intellectually limited" simply because he doesn't share same ideology with Soludo on monetary policies. I think he did his best and deserves all the honors he got.

Afam4eva:
I think you're right. Elumelu iss a business man and won't be interested in taking up an administrative job such as the cbn governorship position especially based on the fact that he was reputed to have made over 100million dollars in one year alone. I doubt he would leave that to settle for a mushroom position. it doesn't befit his status.

PLEASE READ. BELOW - WHAT WAS WRITTEN ABOUT SANUSI


I have never heard of a thing more stupid or embarrassing than a governor of a central bank of Nigeria not understanding how revenue from crude oil is administered. Sanusi Lamido exposed his ignorance and shallowness after days to trying to snub the superior argument of smarter technocrats.

It is clear to me why the monetary policies of Nigeria under Sanusi Lamido have not helped improve the economy since he emerged as CBN governor. His over dependence on hot money to stabilize the currency, and his straight jacket, textbook copy and paste monetary policies has had many Nigerian economists scratching their heads. One of them has asked, ” where did Yar’Adua bring the man from?”

His arrogance and pride has made it impossible for him to learn from his subordinates in the Central Bank who are smarter and more experienced than him in monetary mechanics. Top officials of the bank say they miss the intellectual edge of past CBN governors, and deride the present as one who is only interested in publicity and speech making.

After watching the public embarrassment of the Central Bank of Nigeria today, I can confidently posit that Sanusi has run the CBN with faulty data, and has not been thorough in the discharge of his duties. There is every reason to believe that this CBN governor is over-hyped and over-rated, and blinds his inefficiency and dullness with public presentations and pirated publications, like the few for which he has been sued for plagiarism.

Sanusi Lamido Sanusi does not have the academic credentials to be governor of CBN and he knows he does not qualify. No wonder he is rushing out and not demanding a second term, he can’t be that lucky. The issue of Sanusi’s record in banking and monetary economics has been debated severally. Professor Peter Ekeh of the State University of New York at Bufallo wrote about Sanusi’s record saying:

The information we have on Sanusi’s preparation for his present position is sparse and unpublicized. We read that he did his undergraduate degree in Economics at Ahmadu Bello University, Zaria, graduating in 1981. We do not know in what area s of economics he specialized. It is traditional at that University to write a Research Essay in the final year. It would be important to know on what topic Lamido Sanusi wrote his essay. It is also good information to know what class of degree he earned to enable him to graduate from that University. The publicity piece on Sanusi on the Web site of Central Bank of Nigeria tells us that Sanusi took M. Sc. (Economics) courses, apparently without taking the degree at the end, although he is said to have obtained a distinction in Monetary Policy. Did he abandon the M.Sc. project? We are told that Sanusi returned briefly to teach at Ahmadu Bello University.

What subjects did he teach? These are elementary facts that should be available from a full curriculum vitae of the Chief Economist of the Federation. They are the sort of questions that any interviewing body would demand from any young academic who applies for the position of Lecturer or Senior Lecturer in any of our universities. In addition, we may demand to know from Nigeria’s Chief Economist whether he took any professional examinations in banking while he worked at ICON Limited (Merchant Bankers) and United Bank for Africa before he became the CEO of First Bank of Nigeria. Finally, it will be beneficial for our judgment of the qualifications of our national Chief Economist to gain information on whether his studies in Islamic Law at the University of Khartoum, Sudan, in the hiatus between his years at ICON Limited and UBA, were related to his banking profession. The Central Bank Web site informs us that Sanusi bagged a First Class degree in his Islamic Studies in the Sudan. These are not over-bearing or over-probing questions. We would know about such background of the Governors of the Central Banks of any other African countries from their curriculum vitae.

Perhaps more important is Sanusi’s publication record. Fortunately, in modern times several vehicles exist for accessing the records of anyone who has engaged in academic or professional publishing. For this exercise I have employed the liberal vehicle of Harzing’s Publish or Perish. The result for Sanusi Lamido Sanusi is distressing. He has ten papers listed. They come from such newspaper-grade media sources as www.gamji.com and Daily Trust. All of them are about Sharia, Islamic Law and women. None of them is about economics or banking. The Web site of Central Bank of Nigeria boasts that Sanusi has publications in learned journals, but none is listed. They surely do not appear in the public record.

While these questions from Prof. Eke may never get the answers they deserve, it is important to not that Nigeria has put up with its worst CBN governor in history. I can only compare Sanusi to Reserve (Central) Bank governor of Zimbabwe, Gideon Gono, who after a disastrous two term run, exited this year. Lamido Sanusi is a good man, but he is not smart enough an economist to run the CBN.

la furia:
Pleaseeeeee, jeopardising what, tell me, did the subsidy scam jeopardize the government? Look nothing will shake this government even if it is a trillion dollars corruption.
The question now is what happened to the 12b dollars that the government agreed is missing? Please answer the missing 12b dollars na, no you won't, you want us to concentrate on why Sanusi said it was 50b dollars instead 12b dollars abi.
Alright Sanusi will pay the price for misquoting, agreed o,. Now tell me who should be held responsible for the 12b dollars that is missing?

OAM4J:

PapaBrowne you are one of the posters I respect here especially when it comes to discussion on Economics matters, just admit you went too far describing him as "intellectually limited". If you had said he is not as good as Soludo in economics and monetary policies, I wouldn't have taken you up cos that would have been your personal opinion and preference. All his errors notwithstanding, no one who has ever listened to Sanusi should describe him as "intellectually limited", the guy is intellectually very sound and very intelligent.

adconline:

Yes bro I followed all ur argument against SLS. He's a disaster! He called for subsidy removal and then went ahead to tell us that never paid for petrol for fuel. He blamed the masses for demanding $€£ instead of Naira at Western Union locations; after he implemented Naira policy, dollar has appreciated over Naira by 11%. He's made banks and BDCs richer . They pay out to WU customers at N153/1$ while the same banks will ask you to go and buy $€£ from their BDC at N170/1$ with a N17 margin shared between BDC owners and the banks.
Same guy who went for a chieftaincy title a coupe of days after his senior management staff had perished in a plane crash. Same guy who blamed his staff when he plagiarized another person's work. He got the numbers wrong when he accused NASS. He got the numbers wrong when with NNPC. SLS is a man whose ego is bigger than that of Donald Trump; makes reckless statements without thinking and adding it through; lacks empathy and talks like a typical Naija politician.

PapaBrowne:

Inflation, importation or higher prices can never be the reason there is no "change". A taxi driver gave me a better answer when he said that the increased use of ATM which disburses only 1000 Naira denominations is responsible. His answer gave me a rethink. I initially assumed Sanusi might be doing this purposely. But the Taxi drivers submission simmered my opinions.

Julieccentric: Like you guys don't know Aig imokhuede of Access bank is been groomed for the position of CBN Governor. Make una dey look

naijaking1:

FYI, I didn't fail, and I made a choice, and most importantly, I don't claim falsely---unlike your idol! This issue of MSc has been brewing for the past 4 years, if any university had awarded the degree to Sanusi, he would have splashed it all over the internet by now!
Of course you and Jarus are the internet representatives of that evil and ignorant man parading himself an an economist.

PapaBrowne:

Sanusi's daddy's friend is the "owner" of first bank. Go figure. Sanusi was at UBA for a while before moving to first bank when Mutallab was chairman. Mutallab is the owner of Jaiz Bank which Sanusi wanted to fund with CBN money. Mutallab is the father of Nigerian underwear bomber.

OAM4J:

I know you didn't fail, I was only joking, you saw I wrote (jk). And I got your point, I did a number of MBA coursework which I passed with distinctions too but am not an MBA graduate cos I was majoring in something else.

But the main point I was on is that Sanusi shouldn't be described as "intellectually limited" Never! Msc Economics or not. Am sure you will also agree with me that intellect is not also limited to MSc and PhD Degrees and the coursework he did add up.

PapaBrowne:
By Intellectual limitation I refer to his knowledge in the specific field which is limited to a BSC in Economics. Most of his peers have much more than that. Soludo, his predecessor is a Prof who is studied in economics and is an intellectual icon in his field. There are many others from all tribes who are who have much more intellectual capacity than Sanusi in the field of economics.

If I am giving a choic between choosing Sanusi as President and choosing him as CBN governor, I will make him president ten times over making him CBN Governor., He is a brilliant man no doubt, but he has limitations intellectually in the field of economics and hence doesn't fit the job description.

PapaBrowne:

Sanusi's daddy's friend is the "owner" of first bank. Go figure. Sanusi was at UBA for a while before moving to first bank when Mutallab was chairman. Mutallab is the owner of Jaiz Bank which Sanusi wanted to fund with CBN money. Mutallab is the father of Nigerian underwear bomber.

Mayor_of_Lagos:

Yoruba man is the right man! Which other group in Nigeria run banks and investments and the economy and are savvy at managing fiduciary duties? Yoruba!

dejt4u: We need a yoruba man this time around

mad nigerian:

Look at it this way.

We are earning a lot of money from oil, and are using it to import a lot of goods we should be manufacturing......like Biscuits, toothpaste, and detergent....which are more expensive than the local goods....and which push up the prices.

This leads to increased inflation.

It costs a lot of money to print notes.

If Sanusi prints more lower denomination naira notes, he may make you and me happy....but to cover for inflation , he would have to print a very high number of these notes....which would increase CBN'S printing cots( especially now that most of our notes are printed abroad.)

Note that the cost of printing one N20= the cost of printing one N100= Cost of printing N1000.

When that happens, CBN has a choice. Either print more lower denomination notes.....and see increased costs thanks to inflation ...or print higher denomination notes and save money and cover for inflation.

Which is why I advocate that Nigeria stop relying on oil.....and start manufacturing most of the things we import.

Strong economies are not oil dependent. See here....http://www.nytimes.com/2012/03/11/opinion/sunday/friedman-pass-the-books-hold-the-oil.html?_r=0

Mayor_of_Lagos:

Yoruba man is the right man! Which other group in Nigeria run banks and investments and the economy and are savvy at managing fiduciary duties? Yoruba!

PapaBrowne:

These are not the functions of a CBN governor. Managing the monetary angle of of an economy is much larger that strength of dollar a d cashless policy. Sanusi's belittled the position because of his intellectual limitations.

dejt4u: We need a yoruba man this time around

Mayor_of_Lagos:

Yoruba man is the right man! Which other group in Nigeria run banks and investments and the economy and are savvy at managing fiduciary duties? Yoruba!

alaoeri: Charles Soludo - ibo
Sanusi - Hausa
Next CBN governor should be yoruba or else?

mad nigerian:

Look at it this way.

We are earning a lot of money from oil, and are using it to import a lot of goods we should be manufacturing......like Biscuits, toothpaste, and detergent....which are more expensive than the local goods....and which push up the prices.

This leads to increased inflation.

It costs a lot of money to print notes.

If Sanusi prints more lower denomination naira notes, he may make you and me happy....but to cover for inflation , he would have to print a very high number of these notes....which would increase CBN'S printing cots( especially now that most of our notes are printed abroad.)

Note that the cost of printing one N20= the cost of printing one N100= Cost of printing N1000.

When that happens, CBN has a choice. Either print more lower denomination notes.....and see increased costs thanks to inflation ...or print higher denomination notes and save money and cover for inflation.

Which is why I advocate that Nigeria stop relying on oil.....and start manufacturing most of the things we import.

Strong economies are not oil dependent. See here....http://www.nytimes.com/2012/03/11/opinion/sunday/friedman-pass-the-books-hold-the-oil.html?_r=0

alaoeri: Charles Soludo - ibo
Sanusi - Hausa
Next CBN governor should be yoruba or else?