I have decided to start this thread with the objective of educating myself on SLS. Many posters in this section and commentators in society at large often refer to him as brilliant. But I remain unconvinced; I am yet to understand why he is referred to as brilliant. Could it be that many think he is brilliant because he is very outspoken and eloquent?

I will introduce certain topics at random times depending on whether a certain topic has been discussed at length. I will start with his academic and professional qualifications comparing with Central Bank Governors in other countries. I will subsequently change the tone to other topics such as the Banking Reform Exercise in 2009, Islamic Banking, Quantitative Easing to bail out troubled banks, etc. I crave your indulgence by requesting that you only comment on the topic at hand or a previous topic and not pre-empting the future topics. Contributors are encouraged to mention topics concerning SLS that they would like to discuss

I want contributors to share their views on this important personality, his actions, and policies in a respectful manner. My next posts will be on his profile, I will then share the profiles of a couple of other Central Bank Governors.


To set the tone, lets look at the functions of a Central Bank

The Main Functions of a Central Bank
1. Credit Control
2. Monopoly of note issue
3. Custodian of Cash Reserve of Commercial Bank
4. Bankers, Agent and Adviser to the Government
5. Custodian of Nation’s Reserve of International
6. Lender of The Last Resort
7. Clearing House Function

Appointment – Meritocracy or Nepotism

Sanusi Lamido Sanusi, honored by several organisations as Nigeria’s Man of the Year 2010, was born on 31 July 1961. His father was a Permanent Secretary in the Ministry of Foreign Affairs in the 1960s. (His grandfather, Alhaji Muhammadu Sanusi, was an Emir and Islamic scholar in Kano, the commercial powerhouse of northern Nigeria).

1. CBN Governor
2. Group MD, First Bank (6 months)
3. Area Manager, Icon Limited
4. Bsc Economics, ABU 1981
5. MSc Economics, ABU 1985
6. Executive Director Risk and Management Control, First Bank
7. Economics Lecturer, ABU 1983-1985
8. Arabic and Shariah, 1991-1997 – African International University, Sudan


Sanusi had only been a banker for 12 consecutive years before he was nominated by Yaradua for the position of CBN Governor. Infact he had only been Group Managing Director of First Bank for 6 months before he was confirmed by the Senate in June 2009. How did Nigeria get a 48 year old CBN Governor who only had 12 years of experience? How was SLS able to secure a position as a principal manager in a bank after 6 years of being structurally unemployed and so soon after finishing his Islamic studies in Sudan?

Sanusi delivered or wrote the following articles over the last few years
1. Institutional Framework of Zakat: Dimension and Implications.
2. Basic Needs and Redistributive Justice in Islam – The Panacea to Poverty in Nigeria.
3. The Hudhood Punishments in Northern Nigeria: A Muslim Criticism
4. The Shari'a Debate and the Construction of a 'Muslim' Identity in Northern Nigeria: A Critical Perspective
5. Democracy, Rights and Islam: Theory, Epistemology and the Quest for Synthesis

Now these articles and papers were no doubt solid papers but Sanusi has not written any economic papers of note. Islamic scholars or economists may commend him for those Islamic articles but a solid Central Bank Governor is an expert on Macroeconomics. Let us look at the profiles of some other CBN Governors. I have chosen Ben Bernanke of the US and Agustín Carstens of Mexico to provide some balance.

Sanusi is a joke really. His mismanagement of the economy, tripling of unemployment and martial-brigade approach to central banking bespeaks a primitive barbarian. He knows nothing about central banking, he is all flash, but you see, the world loves a flasher, thats why he's clearing awards even abroad. In terms of substance, he is zero, and he has actually done a great deal of harm to the Nigerian Economy. He had no blue print for his so called reform and everything is just as the spirit moves him. that's no planning, that's no regulation, he just wakes up and does stuff as he pleases. this is the mediocrity that is celebrated in Nigeria, sadly.

Simply mediocre! Islamic banking is not genius and i don't see it working in phucked economy like this Nigeria.

I had previously on this forum indicated my view of the handling of the Bank MDs removal and the so called "bail out". . . these represented a shocking approcah to financial sector regulation and gross illegality in terms of the "bail out". . . .

Excerpts -

There are two cardinal aspects of this mess that the CBN Governor got disastrously wrong. You see, when laws, regulations and procedures are laid down, the purpose is to avert anarchy. If we continue to act with disregard for regulations, we will continue to be a disjointed and directionless society. That forms the plank for the emergence of a failed state.

The two critical bits that Sanusi got wrong: Regulatory Discretion & Procedure and Approprition of Public Funds.

If you are familiar with the Fundamentals of Regulatory Oversight in any industry, you will be aware that the cardinal function of the Regulator is to guarantee a healthy industry and in so doing, the Regulator has various tools of intervention. The tools are to be excercised progressively in such a manner that correction of anomalies is effected with minimal disruption to the system. The ultimate sanctions are only reserved for irreversible situations and even at that ONLY after the application of intermediary measures which have failed.

Sanusi did not apply any intermediary measures whatsoever before wielding the big stick and he failed to note the likely ripple effects of loss of local and international confidence and run on deposits that attend such public shows of regulatory might.

It is therefore clear that as a Regulator he acted hastily, and without discretion, which is scandalous considering that this is a post he has held for less than two months. Clear measures availed him in taking gradual steps to correct the anomalies.

Furthermore a Regulator must be impartial - and in this he has manifestly failed by implicitly giving the other banks more time to tidy up their books while dragging the first lot into the mud.

The Second major point is Appropriation of Public funds.

Under the Constitution of Nigeria ALL FUNDS - HOWEVER SOURCED, PRODUCED OR DERIVED, accrue FIRST, AND AUTOMATICALLY TO THE CONSOLIDATED FEDERATION ACCOUNT, AND NO FUNDS MAY BE WITHDRWAN THEREFROM WITHOUT APPROPRIATION FOR SUCH PURPOSE BY THE PARLIAMENT (NATIONAL ASSEMBLY).

Accordingly, once monies are printed (which is at all events a questionable approach to creating wealth) such monies accrue first to the Federation Account and must be appropriated before being touched at all.

Sanusi made two infantile arguments in his attempt to evade this. He stated that it was not an expenditure but a loan. This is irrelevant because the Constitution does not make a distinction. It states that ALL monies must be appropriated before being withdrawn. Thus it does not matter what you are withdrawing the money for: it must be appropriated before being withdrawn. Secondly he stated that the money was not from the Federation Account. What a laugh - the law states that ALL monies should go to that account!

His action sets a very dangerous precedent: In future the CBN Governor may print trillions of naira and disburse as he pleases since in his argument, its a loan. So perhaps he can print 100 trillion naira and give out as loans without the proper process of legislative approval? Also, if the other banks he is still auditing are found to need help, what will he do? Go back to his back yard and print more billions?

Aside from the illegality pointed out above, as an economist he should be aware that such reckless printing of monies is a key cause of inflationary trends within the economy.

Recall that both the US and UK effected similar bail-outs last year at the height of the recession. It may interest you to know that in both societies the actions were carried out by the Central Banks through Acts of Parliament.

So you see, my dear brother - we cannot carry on with our scattered, gra-gra approach to doing things just any how in this country.

Gray Beard:

Sanusi is a joke really. His mismanagement of the economy, tripling of unemployment and martial-brigade approach to central banking bespeaks a primitive barbarian. He knows nothing about central banking, he is all flash, but you see, the world loves a flasher, thats why he's clearing awards even abroad. In terms of substance, he is zero, and he has actually done a great deal of harm to the Nigerian Economy. He had no blue print for his so called reform and everything is just as the spirit moves him. that's no planning, that's no regulation, he just wakes up and does stuff as he pleases. this is the mediocrity that is celebrated in Nigeria, sadly.

can you tell me if Sanusi the joker is not way off better than soludo the unserious mouse when he was there

@ Gray beard, Deep Sight, and Seanet02

Good points but a bit premature. Lets discuss his educational and professional antecedents first. We will get to other topics such as his banking reform and Islamic Banking soon.


Now, I will present the Bios of some other Central Bank Governors

Ben Bernanke - Federal Reserve Chairman
1. Tenured professor at Princeton University  (chair of the Department of Economics there from 1996 to September 2002)
2. Member of the Board of Governors of the Federal Reserve System.
3. Chairman of President George W. Bush's Council of Economic Advisers
4. Chairman of the United States Federal Reserve
5. Director of the Monetary Economics Program of the National Bureau of Economic Research
6. Editor of the American Economic Review
7. B.A. in economics summa cumlaude in 1975 – Harvard University
8. Doctorate in Economics from MIT 1979

Publications
Bernanke has written several books on macroeconomics and microeconomics
1. Bernanke, Ben S. (June 1983). "Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression".
2. Bernanke, Ben S.; Blinder, Alan S. (September 1992). "The Federal Funds Rate and the Channels of Monetary Transmission".
3. Bernanke, Ben S.; Gertler, Mark; Watson, Mark (May 27 1997). "Systematic Monetary Policy and the Effects of Oil Price Shocks". C.V. Starr Center for Applied Economics.
4. Bernanke, Ben S.; Laubach, Thomas; Mishkin, Frederic S.; Posen, Adam S. (2001). Inflation Targeting: Lessons from the International Experience.
5. Bernanke, Ben S. (2004). Essays on the Great Depression.
(Description, TOC, and preview of ch. 1, "The Macroeconomics of the Great Depression"
6. Abel, Andrew B.; Bernanke, Ben S.; Croushore, Dean (2007). Macroeconomics (6th ed.).
7. Frank, Robert H.; Bernanke, Ben S. (2007). Principles of Macroeconomics.

Agustín Carstens - Governor, Bank of Mexico
1. Secretary of Finance (2006 – 2008)
2. Treasurer, Bank of Mexico
3. Director-General of Economic Research (in charge of designing the Bank's economic policy with governor Guillermo Ortiz Martínez in the aftermath of the Tequila Crisis and the Russian default crisis)
4. Chief of Staff of chairman Miguel Mancera
5. Deputy Managing Director, IMF (2003-2006)
6. Former Chairman Banco Nacional de Comercio Exterior SNC
7. Former Governor Inter-American Development Bank
8. Master's degree, Economics University of Chicago (1983)
9. Doctorate in Economics University of Chicago (1985)

Economic Views
He identifies five characteristics of business cycles in emerging economies that distinguish them from those in industrialized nations[12]:
1. Business cycles in emerging economies are strongly tied to those in industrialized nations.
2. Cycles in emerging economies are more volatile
3. Volatility of emerging economies can be affected by additional factors that don't affect industrialized economies, such as price fluctuations
4. Rapid capital outflows made possible under corporate globalization can have severely harmful effects on emerging economies
5. Emerging economies are subject to the problems associated with exchange-rate regimes
Carstens claims that the solution to these problems is for emerging nations to[12]:
1. Adopt more open trade and investment regimes
2. Allow market control of interest rates
3. Ensure that their banks are robust enough to handle severe macroeconomic changes
4. Enact structural changes such as central bank autonomy, privatization of production, reduced regulations over labor markets, and reduced dependence on foreign savings

Publications
1. Emerging Markets Are Ready to Lead – Financial Times, 2001
2. Building a New International Financial Framework
Aspen Institute, Spain, May 30, 2011
3. Towards a Stronger, More Effective IMF - Peterson Institute for International Economics, Washington DC, June 13, 2011

^^^ Perhaps its more apt to weigh him against former Nigerian CBN Governors or Governors of Central Banks in other third world countries.

Deep Sight:

^^^ Perhaps its more apt to weigh him against former Nigerian CBN Governors or Governors of Central Banks in other third world countries.

I have deceided to compare him with Agustín Carstens of Mexico (which is equally a developing country). Other CBN Governors equally had more experience than SLS but I decided to ignore them because I believe that Nigeria has a pool of economists and bankers that have stronger pedigrees than the pool that CBN governors are chosen from. Let us look at the profiles of candidates who should be heading Nigeria's Central Bank.

Charles Soludo

Academia

Dr Soludo has been visiting scholar at the International Monetary Fund, the University of Cambridge, the Brookings Institution, the University of Warwick and the University of Oxford and a visiting professor at Swarthmore College (USA). He has also worked as a consultant for a number of international organizations, including The World Bank, the United Nations Economic Commission for Africa, and the United Nations Development Programme.[1][2][3][4][5]

Soludo is a core professional in the business of macroeconomics. He obtained his three degrees and then professorship at the University of Nigeria in Nsukka, Enugu State. He graduated with a First Class Honors degree in 1984, an M.Sc. Economics in 1987, and a Ph.D. in 1989, winning prizes for the best student at all three levels.[1][5][6]

He has been trained and involved in research, teaching and auditing in such disciplines as the multi-country macro econometric modeling, techniques of computable general equilibrium modeling, survey methodology and panel data econometrics, among others. Soludo studied and taught these courses at many Universities, including Oxford, Cambridge and Warwick. He has co-authored, co-edited and authored about ten books on this subject matter.[6]

In 1998 Soludo was appointed to the position of professor of economics at the University of Nigeria; the next year he became a visiting professor at Swarthmore College in Swarthmore, Pennsylvania, US.[1]

Government

Soludo joined the federal government in 2003. Prior to his May 2004 appointment to the bank chairmanship, he held the positions of Chief Economic Adviser to former President Obasanjo and Chief Executive of the National Planning Commission of Nigeria.[1] In January 2008, in a speech to the Nigerian Economic Society, he predicted consolidation in the private banking industry, saying "By the end of 2008, there'll be fewer banks than there are today. The restructuring of the banking industry has been attracting funds from local and foreign investors, which have increased banks' ability to lend to customers".[7] He hopes to see Nigeria become Africa's financial hub,[8] and considers microfinance important to the federal government's economic policies.[9]

Publications

1992
"North-sorth macroeconomic interactions: Comparative analysis using the MULTIMOD and INTERMOD global models", Charles Chukwuma Soludo, Brookings discussion papers in international economics, Brookings Institution (1992)

1993
"Implications of alternative macroeconomic policy responses to external shocks in Africa", Charles Chukwuma Soludo, Development research papers series, United Nations Economic Commission for Africa, Socio-Economic Research and Planning Division

(1993)
"Growth performance in Africa: Further evidence on the external shocks versus domestic policy debate", Charles Chukwuma Soludo, Development research papers series, United Nations Economic Commission for Africa, Socio-Economic Research and Planning Division (1993)

1994
"The Consequences of U.S. Fiscal Actions in a Global Model with Alternative Assumptions about the Exchange Regime in Developing Countries”, Ralph C. Bryan and Charles Chukwuma Soludo. Chapter 13 in David Currie and David Vines, eds., North-South Linkages and International Macroeconomic Policy, Cambridge: Cambridge University Press for the Centre for Economic Policy Research. (Brookings Discussion Paper in International Economics No. 103. Washington, DC: Brookings Institution, February 1994.)

1995
"Macroeconomic adjustment, trade, and growth: Policy analysis using a macroeconomic model of Nigeria", Charles Chukwuma Soludo, AERC research paper, African Economic Research Consortium (1995) ISBN 9966900268 ISBN 978-9966900265

1998
Soludo, Charles Chukwuma (1998). Macroeconomic Policy Modelling of African Economies. Acena. ISBN 9782114294.

1999
"Our Continent, Our Future: African Perspectives on Structural Adjustment", T. Mkandawire and C.C. Soludo, Council for the Development of Social Science Research in Africa, Dakar, 1999, in Journal of Sustainable Development in Africa, 1:2, 1999.

2002
"African Voices on Structural Adjustment: A Companion to Our Continent, Our Future", Edited by Thandika Mkandawire and Charles C. Soludo. At least three editions: IDRC/CODESRIA/Africa World Press 2002, ISBN 0-88936-888-0, 280 pp.; Paperback, ISBN 978-0-88936-888-0 Jan 2003; Africa World Press 2003, ISBN 0865437793
Okonjo-Iweala, Ngozi; Charles Chukwuma Soludo and Mansur Muhtar (2002). The Debt Trap in Nigeria: Towards a Sustainable Debt Strategy. Africa World Press. ISBN 1592210015.

2004
"The Politics of Trade and Industrial Policy in Africa: Forced Consensus", Edited by Charles Chukwuma Soludo, Michael Osita Ogbu and Ha-Joon Chang, Africa World Press (January 2004), ISBN 159221164X, ISBN 978-1592211647 (Also International Development Research Centre, ISBN 1592211658)

2006
"Potential Impacts of the New Global Financial Architecture on Poor Countries", Edited by Charles Soludo, Musunuru Rao, ISBN 9782869781580, 80 pages, 2006, CODESRIA, Senegal, Paperback

http://en.wikipedia.org/wiki/Charles_Soludo

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Fantastic profile for Soludo; it is evident from that profile that Soludo equally exposes SLS lack of educational and professional depth. Profile aside, SLS has come in to clean some of the mess created during Soludo's tenure. I believe that SLS was correct to take action but I disagree with his methods. We will get to that later.

Thanks

Subscribed and watching . . .

I will start with his academic and professional qualifications comparing with Central Bank Governors in other countries.

Such a comparison as you plan on doing will be biased.

The economic environment and landscapes (society) in which SLS is serving and that of the two CB Governors you mentioned are in opposite extremes regarding parity.

To be fair, compare SLS with his predecessors in that position (in Nigeria).

Also, I do want to mention that a criticism of his rapid rise must not be on aspect of academic or tenured appointments alone but as well on his competence to lead and shape changes that transform.

Karl Rove, former White House Chief of Staff to President Bush was a college dropout. His highest level of academic achievement was a high school diploma. Yet, he succeeded, inspite of huge unpopularity for the President, to get him re-elected for additional 4yrs.

Let's start focusing on capabilities and competencies for getting jobs done, get away from academic credentials.

The credential is important, and Nigerians ought to be proud of what we have achieved in that regard. Per 1,000 population we have one of the highest density of post-secondary level graduates in the world.

At this time in our development, we should start mixing expectations and demanding for competency in addition to credentials.

Generally, I like the vision in your threads and what you hope to accompish with it. I'm following the discourse.

Katsumoto:

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Fantastic profile for Soludo; it is evident from that profile that Soludo equally exposes SLS lack of educational and professional depth. Profile aside, SLS has come in to clean some of the mess created during Soludo's tenure. I believe that SLS was correct to take action but I disagree with his methods. We will get to that later.

Thanks

You're supposed to be evaluating whether SLS is 'Brilliant' or 'Mediocre'. i fail to see how a comparison of his certificates and postgraduate degrees is a reasonable test of 'brilliance' or 'mediocrity'.
Please retain the decency to at least edit the misleading title of this topic.

texazzpete:

You're supposed to be evaluating whether SLS is 'Brilliant' or 'Mediocre'. i fail to see how a comparison of his certificates and postgraduate degrees is a reasonable test of 'brilliance' or 'mediocrity'.
Please retain the decency to at least edit the misleading title of this topic.

I think I'll differ there.
It is fair to examine his qualifications and experience. This is, after all, the nation's top banking job.
To understand the man better, it's helpful to look at his background and antecedents.
Just my two cents.

texazzpete:

You're supposed to be evaluating whether SLS is 'Brilliant' or 'Mediocre'. i fail to see how a comparison of his certificates and postgraduate degrees is a reasonable test of 'brilliance' or 'mediocrity'.
Please retain the decency to at least edit the misleading title of this topic.

You are right that evaluating his certificates is not a reasonable test of brilliance or mediocrity. The discussion is not limited to academic pursuits. I stated in my first posts that his actions and policies would also be evaluated. His brilliance or mediocrity can show in policies and actions. We will get to those soon enough.

Thanks

AjanleKoko:

I think I'll differ there.
It is fair to examine his qualifications and experience. This is, after all, the nation's top banking job.
To understand the man better, it's helpful to look at his background and antecedents.
Just my two cents.

Precisely

Negro_Ntns:

I will start with his academic and professional qualifications comparing with Central Bank Governors in other countries.

Such a comparison as you plan on doing will be biased.

The economic environment and landscapes (society) in which SLS is serving and that of the two CB Governors you mentioned are in opposite extremes regarding parity.

To be fair, compare SLS with his predecessors in that position (in Nigeria).

Also, I do want to mention that a criticism of his rapid rise must not be on aspect of academic or tenured appointments alone but as well on his competence to lead and shape changes that transform.

Karl Rove, former White House Chief of Staff to President Bush was a college dropout. His highest level of academic achievement was a high school diploma. Yet, he succeeded, inspite of huge unpopularity for the President, to get him re-elected for additional 4yrs.

Let's start focusing on capabilities and competencies for getting jobs done,  get away from academic credentials.

The credential is important, and Nigerians ought to be proud of what we have achieved in that regard. Per 1,000 population we have one of the highest density of post-secondary level graduates in the world.

At this time in our development, we should start mixing expectations and demanding for competency in addition to credentials.

Generally, I like the vision in your threads and what you hope to accompish with it. I'm following the discourse.

Macroeconomic policy (which is the main job in Central Bank roles) is for eggheads. Your academic qualifications must be solid and you must have written many peer reviewed articles and books. Its like saying that research or professors shouldn't have solid academic credentials.

Thanks for contributing

AjanleKoko:

I think I'll differ there.
It is fair to examine his qualifications and experience. This is, after all, the nation's top banking job.
To understand the man better, it's helpful to look at his background and antecedents.
Just my two cents.

Then we are agreed that Yar'Adua (as a University graduate and Phd holder) is tied with GEJ as the best President/Head of State Nigeria has ever produced?

Just kidding.

Dat shows d default, competence + credentials = effective management. I tink sls lacks just one. Competence + no or little credentials = irrational management. Wel, poster go ahead, i'm stil watchin and yet to b convinced

texazzpete:

Then we are agreed that Yar'Adua (as a University graduate and Phd holder) is tied with GEJ as the best President/Head of State Nigeria has ever produced?

Just kidding.

This thread, as i understand it, seeks to examine Sanusi's performance so far as CBN governor.
If we were evaluating UMY or GEJ, I suppose we must carry out the same exercise, i.e. examine their background and antecedents. It's only fair.

Brilliant
Where is the record that shows SLS has ever been brilliant in his life?
A Kano prince who is marginally intelligent will obtain admission into any university just by asking. He wouldn't even need to do anything special to graduate from any Nigerian university. No professor would like to be held responsible for failing a Kano prince for sure. This is important, because at the time he was supposed to be studing economics at ABU, he was also very active politically. I don't want to imagine how many important classes he must have missed despite obtaining a BS in economics.

His billiance or lack thereof would have been better tested by enrolling in standard universities where his family influence would have played no direct role to influence his class room grades, I mean school in UK, US, and even Egypt. He carefully avoided classic western education where his IQ and "briliance" would have been better estimated.

dankol:

Dat shows d default, competence + credentials = effective management. I tink sls lacks just one. Competence + no or little credentials = irrational management. Wel, poster go ahead, i'm stil watchin and yet to b convinced

I am not too sure about the competence angle. Anyone with professional experience will tell you that if you are unemployed for one year, you lose your skills. SLS was away from employment for 6 years. If he was studying something related to his original discipline, one would argue that the information would still be fresh. By going to study Islamic studies for 6 years, he would have lost most of his skills.

One thing I credit SLS with is that he is BOLD which is crucial in management.

naijaking1:

Brilliant
Where is the record that shows SLS has ever been brilliant in his life?
A Kano prince who is marginally intelligent will obtain admission into any university just by asking. He wouldn't even need to do anything special to graduate from any Nigerian university. No professor would like to be held responsible for failing a Kano prince for sure. This is important, because at the time he was supposed to be studing economics at ABU, he was also very active politically. I don't want to imagine how many important classes he must have missed despite obtaining a BS in economics.

His billiance or lack thereof would have been better tested by enrolling in standard universities where his family influence would have played no direct role to influence his class room grades, I mean school in UK, US, and even Egypt. He carefully avoided classic western education where his IQ and "briliance" would have been better estimated.

Very interesting comment. To add to this, he hasn't written any papers that would leave him open to criticism. Instead we have these Islamic papers that do not have many professionals that can critique it.

<Quote>Macroeconomic policy (which is the main job in Central Bank roles) is for eggheads. Your academic qualifications must be solid and you must have written many peer reviewed articles and books. Its like saying that research or professors shouldn't have solid academic credential</quote>


In that case compare SLS to past "eggheads" that have been in that position.

On the issue of competency/credential mix, I was talking generally as an industrially evolving society.

A construction enginner will be applying hands-on skills. His credential gets him the job, but his/her performance review need to take account of competency, instead of looking back to which university he/she graduated from and at what grade.

Negro_Ntns:

<Quote>Macroeconomic policy (which is the main job in Central Bank roles) is for eggheads. Your academic qualifications must be solid and you must have written many peer reviewed articles and books. Its like saying that research or professors shouldn't have solid academic credential</quote>


In that case compare SLS to past "eggheads" that have been in that position.

On the issue of competency/credential mix, I was talking generally as an industrially evolving society.

A construction enginner will be applying hands-on skills. His credential gets him the job, but his/her performance review need to take account of competency, instead of looking back to which university he/she graduated from and at what grade.

Engineering is one of those disciplines where professional competency is more important that qualifications. That is why Germany and Japan lead the US.

We can compare SLS with past CBN governors and we can also compare him with Governors in other developing nations.

texazzpete:

Then we are agreed that Yar'Adua (as a University graduate and Phd holder) is tied with GEJ as the best President/Head of State Nigeria has ever produced?

Just kidding.

Quite unlike the presidency, the CBN governor's qualification is very technical, not necessarily political.
He is our chief economist-per se.
If a company, a society, a group is looking for say a chief surgeon, they will first look for some one who is technically competent, academically based, and philosophically oriented to the company goals, then attach smaller importance to marital, religious, and hobby aspects of their applicant's cv.
In SLS case, it seems that for some political reasons, the 'whole nation' forgot to emphasize technical competence first before philosophical/religious considerations.

In terms of reputed brilliance, Sanusi is certainly not in the class of Bernanke, Iweala and even our local champion Soludo, Overhyped? Absolutely not! Every single accolade he's won as CBN governor, he's earned so take nothing away from him and your insinuating that his being made First Bank MD after just 6yrs was down to favoritism is laughable. You really think a PLC with a track record as First banks wld risk placing a mediocre at the helm of its affairs? Remember we r talkin about the MD that is saddled with running the day to day affairs of the org not the Chairman of the Board! About being mediocre, now thats going too far.
Sanusi may not have the qualifications of the Bernankes of this world but he certainly knows his onions and in the area of risk management, Favoured or not he succeeded in carving a niche for himself while he was in the banking industry such that he was reputed to be one of the very best in the country so give him some credit.
We are always wowed by qualifications and perceptions so i'm not surprised Sanusi is getting bashed so often and most times, his paper qualifications are pointed to as evidence of his ineptitude and his accomplishments scorned at while we just cant wait to roll out the drums for our 'Harvard trained technocrats'. I bet u wld not dare using the word mediocre if he had a Harvard degree under his belt.
The job of the CBN Governor of a developing country as ours requires; understanding of what a developing economy entails, strong personal morals and guts to drive u through, if u can prove that Sanusi is lacking any of these then i'll agree he's mediocre. addled with running the day to day affairs of the org not the Chairman of the Board! About being mediocre, now thats going too far.
Sanusi may not have the qualifications of the Bernankes of this world but he certainly knows his onions and in the area of risk management, Favoured or not he succeeded in carving a niche for himself while he was in the banking industry such that he was reputed to be one of the very best in the country so give him some credit.
We are always wowed by qualifications and perceptions so i'm not surprised Sanusi is getting bashed so often and most times, his paper qualifications are pointed to as evidence of his ineptitude and his accomplishments scorned at while we just cant wait to roll out the drums for our 'Harvard trained technocrats'. I bet u wld not dare using the word mediocre if he had a Harvard degree under his belt.
The job of the CBN Governor of a developing country as ours requires; understanding of what a developing economy entails, strong personal morals and guts to drive u through, if u can prove that Sanusi is lacking any of these then i'll agree he's mediocre.

Watching

wesley80:

In terms of reputed brilliance, Sanusi is certainly not in the class of Bernanke, Iweala and even our local champion Soludo, Overhyped? Absolutely not! Every single accolade he's won as CBN governor, he's earned so take nothing away from him and your insinuating that his being made First Bank MD after just 6yrs was down to favoritism is laughable. You really think a PLC with a track record as First banks wld risk placing a mediocre at the helm of its affairs? Remember we r talkin about the MD that is saddled with running the day to day affairs of the org not the Chairman of the Board! About being mediocre, now thats going too far.
[b]Sanusi may not have the qualifications of the Bernankes of this world but he certainly knows his onions and in the area of risk management, [/b]Favoured or not he succeeded in carving a niche for himself while he was in the banking industry such that he was reputed to be one of the very best in the country so give him some credit.
We are always wowed by qualifications and perceptions so i'm not surprised Sanusi is getting bashed so often and most times, his paper qualifications are pointed to as evidence of his ineptitude and his accomplishments scorned at while we just cant wait to roll out the drums for our 'Harvard trained technocrats'. I bet u wld not dare using the word mediocre if he had a Harvard degree under his belt.
The job of the CBN Governor of a developing country as ours requires; understanding of what a developing economy entails, strong personal morals and guts to drive u through, if u can prove that Sanusi is lacking any of these then i'll agree he's mediocre.      

SLS was made Group MD by Muttalab senior despite not having the necessary experience. Do you also know that the same Muttalab is the Chairman of JAIZ Bank, the Islamic Bank that SLS has been promoting in Nigeria and in other places around the world? Does that not smack of nepotism?

SLS may be an expert on Risk Management but that is a very minor aspect in economics. It doesn't even fall under Macroeconomics which is what being a Governor is all about.

I am still waiting for someone to state his macroeconomic antecedents or argue that being astute in Macroeconomics is not necessary to function effectively as a CBN Governor.

wesley80:

In terms of reputed brilliance, Sanusi is certainly not in the class of Bernanke, Iweala and even our local champion Soludo, Overhyped? Absolutely not! Every single accolade he's won as CBN governor, he's earned so take nothing away from him and your insinuating that his being made First Bank MD after just 6yrs was down to favoritism is laughable. You really think a PLC with a track record as First banks wld risk placing a mediocre at the helm of its affairs? Remember we r talkin about the MD that is saddled with running the day to day affairs of the org not the Chairman of the Board! About being mediocre, now thats going too far.
Sanusi may not have the qualifications of the Bernankes of this world but he certainly knows his onions and in the area of risk management, Favoured or not he succeeded in carving a niche for himself while he was in the banking industry such that he was reputed to be one of the very best in the country so give him some credit.
We are always wowed by qualifications and perceptions so i'm not surprised Sanusi is getting bashed so often and most times, his paper qualifications are pointed to as evidence of his ineptitude and his accomplishments scorned at while we just cant wait to roll out the drums for our 'Harvard trained technocrats'. I bet u wld not dare using the word mediocre if he had a Harvard degree under his belt.
The job of the CBN Governor of a developing country as ours requires; understanding of what a developing economy entails, strong personal morals and guts to drive u through, if u can prove that Sanusi is lacking any of these then i'll agree he's mediocre. addled with running the day to day affairs of the org not the Chairman of the Board! About being mediocre, now thats going too far.
Sanusi may not have the qualifications of the Bernankes of this world but he certainly knows his onions and in the area of risk management, Favoured or not he succeeded in carving a niche for himself while he was in the banking industry such that he was reputed to be one of the very best in the country so give him some credit.
We are always wowed by qualifications and perceptions so i'm not surprised Sanusi is getting bashed so often and most times, his paper qualifications are pointed to as evidence of his ineptitude and his accomplishments scorned at while we just cant wait to roll out the drums for our 'Harvard trained technocrats'. I bet u wld not dare using the word mediocre if he had a Harvard degree under his belt.
The job of the CBN Governor of a developing country as ours requires; understanding of what a developing economy entails, strong personal morals and guts to drive u through, if u can prove that Sanusi is lacking any of these then i'll agree he's mediocre.

Can we leave the sentiments aside, and look at the topic with objectivity?

Thanks for this thread.

Imo, naijaking1 has hit it on the head. How on earth should we know he is brilliant (and by brilliant, I mean raw brainpower)? We have no real way of knowing this. No independent 3rd party evaluations, no standardized exams, no outstanding papers, not even excellent writings on the internet.

So what is the basis for claiming he is brilliant?

As an aside, I have a problem with the way the CBN head was chosen. Now, Soludo is no Bernanke and probably not even a Carstens (I don't know enough about this latter guy to say.) But he is probably amongst the best we have in Nigeria at this point in time, no?

So why not appoint the best you have, for such a critical position like CBN head? This is the danger with things like federal character. Nobody is going to let federal character be the principle by which they chose a brain surgeon. . . you look for the best brain surgeon you can find! Because if you don't, you increase the chance of you dying in the surgery. So why would anyone do this for the CBN governor?

Katsumoto:

SLS was made Group MD by Muttalab senior despite not having the necessary experience. Do you also know that the same Muttalab is the Chairman of JAIZ Bank, the Islamic Bank that SLS has been promoting in Nigeria and in other places around the world? Does that not smack of nepotism?

SLS may be an expert on Risk Management but that is a very minor aspect in economics. It doesn't even fall under Macroeconomics which is what being a Governor is all about.

I am still waiting for someone to state his macroeconomic antecedents or argue that being astute in Macroeconomics is not necessary to function effectively as a CBN Governor.

In a country where people take responsibility for their actions, Umaru Muttalab will be held responsible for imposing SLS on the nation.

why the fvk did this get moved to the business/money section? Wtf is wrong with these mods?