But I was taken aback when our new CBN governor who I like because of his performance at the National Assembly when he was interviewed for confirmation. He had impressed me. But the very combative way he carried out his first major assignment shocked me. He said he would take on some people in the banking sector. He is a public officer. He is not a politician. Therefore, in performing official duties in a very neutral way – he should be professional. There should be no emotion. He should not display either anger or joy about what he is doing. It is not a personal thing. You are doing your job like a public officer, which is what he is. But for him to permit himself to threaten some people is unfortunate. That is capable of prejudicing the quality of his decisions. People will wonder whether he is being professional or maybe in the course of his career, he might have come across some of these executives. Maybe they have had a clash before and now he is in position of a public office he wants to get back at them. It is unfortunate. His action may be absolutely right. But the way he has carried it out in my view has prejudiced that action. It has made people question the sincerity and the legitimacy of his decision.

Secondly, he said he preferred to sell institutions. Again, he is not the one to decide what happens to those banks. It is a collective responsibility. The shareholders have a stake in this matter. The NDIC that insures deposits has a stake and then the Board of the CBN. He is not the board of the CBN. He is the governor. It is the board, in consultation with these people who will decide what happens to the banks. He said it as if he owns the CBN. He has all the powers that the banking Act conferred on the CBN. He is not the CBN. He is the governor. He is very important in CBN, but he is not the whole of the CBN. His language makes me very convinced about his perception. This is my view about his style, language and approach. I cannot comment extensively on the content of what he said because I have not seen the report.

There is another aspect I want to comment on. They talk about debtors being taken to court. Again, I don’t understand what is going on. A debtor can only be taken to court if he broke the law in the process of contracting the loan. That is if he committed a criminal offence. Owing money itself, no matter how long it is, is not a criminal offence

naijaking1:

If it quacks like a duck, swims like a duck, walks like a duck, and takes over other people's properties(banks) like a duck; it is a duck

davidylan:

these banks are private banks, why is Sanusi selling them? To whom? the same thieves from the north who looted the treasury? I pity southern nigeria.

davidylan:

Bank of the north, Unity bank, Societe Generale . . . all failed - where was the CBN to forcibly take them over and sell them?

candylips:

Wrong they are not private banks. they are Public banks. (PLC) with most shareholders beign the general investment public

sjeezy8:

The guy is going to sell them to the northerners

The Banking Act empowers the Central Bank to remove from office banking executives who in their opinion, when such fact is well established, is responsible for the distress of their institution. That is what it seems the Central Bank is doing.

I have read that. But, there is no basis for making such assertion. Yes, he said he will sell these banks but he has not said to anybody from the North. You cannot impute that motive that since he said he would sell, he was surely going to sell to certain people in the country