ola olabiy:

I can post 1001 links on risk management in macroeconomics

Ok we agree, just link it to SLS. 

ola olabiy:

^^^Academia. Presentation.

You and I can write all these 'books' from our studies, mate

But SLS hasn't written a single article like any of the above. Instead we have 6 articles all on Islam.

Katsumoto:

Ok we agree, just link it to SLS.

Haaaaaaaaaaha

You are right jare.
Sanusi don take 2 hours of moi life oo. Wetin I wan do before I no do. See me?

Make he com give me job na im remain.

Oya, gbami laago, Lamido.

@ ndu_chucks

I am sure you are capable of looking up the following:
- the Central Bank of Nigeria's website;
- word bank data indicator; and
- respectable foreign currency websites.

It's not magic.

Katsumoto:

Ok we agree, just link it to SLS. 

But SLS hasn't written a single article like any of the above. Instead we have 6 articles all on Islam.

Where are the articles? what do they say?

I don't like the way Jarus is promoting him on this forum. It smacks of ulterior motive.

One can easily read between the lines.

All I am doing is analyze things objectively.

No hidden agenda, at all.
I HAVE NO PROBLEM WITH iSLAMIIC BANKING

Islamic banking will Not work in Nigeria. Even, interest-based banking is NOT REALLY profitable without some malpractices let alone Islamic banking.

The German model, despite its benefits, is still fraught with danger.

My fear is, like many things that concern the North, it will be treated like a State bank or go bankrupt and eventually nationalized or bailed out by the FG. wHICH IS NOT FAIR.

Righton:

Where are the articles? what do they say?

I put this on the first page.

Katsumoto:

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.

ola olabiy:

I don't like the way Jarus is promoting him on this forum. It smacks of ulterior motive.

One can easily read between the lines.

All I am doing is analyze things objectively.

No hidden agenda, at all.
I HAVE NO PROBLEM WITH iSLAMIIC BANKING

Islamic banking will Not work in Nigeria. Even, interest-based banking is NOT REALLY profitable without some malpractices let alone Islamic banking.

The German model, despite its benefits, is still fraught with danger.

My fear is, like many things that concern the North, it will be treated like a State bank or go bankrupt and eventually nationalized or bailed out by the FG. wHICH IS NOT FAIR.

Well no one has been able to defend his limited educational and professional experience. For crying out loud, the CBN Governor only had 12 years experience before being given the top job in Banking. That screams of Nepotism to the high heavens. I am sure that there will be hundreds more Nigerians who have better qualifications.

I will be moving into Islamic Banking next. Just wait

Katsumoto:

I put this on the first page.

Well no one has been able to defend his limited educational and professional experience. For crying out loud, the CBN Governor only had 12 years experience before being given the top job in Banking. That screams of Nepotism to the high heavens. I am sure that there will be hundreds more Nigerians who have better qualifications.

I will be moving into Islamic Banking next. Just wait

Hehe, you have time on your hands man, Islamic Banking is just a big WASTE OF TIME; IT WON'T WORK.

Does anyone know if SLS is on Facebook? Hmm, let him recruit me as one of his "Junior" economic advisers, he needs a young blood on his team, trust me, I will advise him on your major economic concerns. Shoot, I will send my resume immediately, and, I know for sure pay isn't a problem, obviously I want to be paid in $$$$, hehe, if I get a job in his cabinet, I just need a week to clean up my desk and say goodbye, next week I'm in Nigeria waiting to give good advise to SLS on your behalf, 

This is a topic i would have loved to contribute from the very beginning, being an ardent commentator on SLS's incompetence, lack of foresight and abysmal disregard to economic fundamentals.Starting from his educational qualifications ,i think there is nothing much to discuss there when compared with other central bank governors the world over.We are yet to assess his performance during his undergraduate days and the grade he eventually graduated with.In terms of SLS being a lecturer at ABU, that is nothing extraordinary as far as northern universities are concerned.Any body can be lecturer in most northern universities and colleges of education.

I have always questioned the astronomical promotion of SLS from a mere head of Risk Mgt to the MD of one of Nigeria's premier bank.This unconventional promotion is typical of northern Nigeria.Remember the case of Ribadu and the rest.Sanusi's experience so far, taking into account his inconsistency as a banker, is not adequate enough to warrant his appointment as the cbn governor.But what can we say in a country where meritocracy has been sacrificed in the altar of mediocrity, quota system and ''i know you.''

Sanusi's handling of the nation's economy is the most unprofessional ever.During his reform of 2009 i wondered why Sanusi blew a mere administrative issue out of proportion.That was when i began to question his competence.The way and manner the whole reform was handled with so much noise, threat, road show and propaganda leaves one in doubt of SLS intentions and objectives.This man overheated the Nigerian economy in the face of the global meltdown, thereby making the impact much more severe.This is contrary to how Prof.Charles soludo handled his consolidation exercise.

SLS also printed the nation's currency to bailout banks without the approval of the national assembly.I could recall during US bailout, a lot of discussions went on.On the contrary SLS printed the nation's currency without any form of debate or approval.Does it mean SLS can also print our currency to send his numerous wives to Oshodi market?This question remains answered, but it goes to showcase SLS's incompetence and recklessness.

Someone here equated the knowledge of microeconomics to having good foundation in Risk Mgt.That person is joking as far as Nigerian universities are concerned.A typical graduate of economics in any Nigerian university does not know what risk mgt is, unless when exposed to further training or personal effort.So, saying that SLS is a Risk Expert because of his undergraduate training in microeconomics is baseless.He may have received training at the FBN which enabled him to discharge his duties at ease.The only time risk mgt was ever mentioned during my undergraduate days in Economics was in a statistics class and we did no much that mere standard deviation etc.

Let me wait and monitor the direction of this discussion as the posters has stated in order not to pre-empt the issues.

Was Sanusi not in UBA at a time?

Katsumoto:

I put this on the first page.

Well no one has been able to defend his limited educational and professional experience. For crying out loud, the CBN Governor only had 12 years experience before being given the top job in Banking. That screams of Nepotism to the high heavens. I am sure that there will be hundreds more Nigerians who have better qualifications.

I will be moving into Islamic Banking next. Just wait

Stop this! What experience are you talikng about?
He's good enough and qualified enough for the job.
12 years (not sure here), bsc and msc in economics, what else do you want.


Your thread, like others before it is meant to discuss Islamic Banking. You are just trying to mask and coat it in a well-designed way.

Guess what, I won't discuss Islamic banking with ya  

ola olabiy:

Stop this! What experience are you talikng about?
He's good enough and qualified enough for the job.
12 years (not sure here), bsc and msc in economics, what else do you want.


Your thread, like others before it is meant to discuss Islamic Banking. You are just trying to mask and coat it in a well-designed way.

Guess what, I won't discuss Islamic banking with ya  

So anyone that has a BSc and MSc in economics is qualified to be a Central Bank Governor? So basically, the hundreds of thousands with such qualifications are qualified to become Governors?

For a 48 year old, 12 years experience is rather insufficient. There are millions of 33 year olds with 12 years experience. If the standards are too low, then everyone qualifies. Remember supply and demand.

ola olabiy:

Stop this! What experience are you talikng about?
He's good enough and qualified enough for the job.
12 years (not sure here), bsc and msc in economics, what else do you want.


Your thread, like others before it is meant to discuss Islamic Banking. You are just trying to mask and coat it in a well-designed way.

Guess what, I won't discuss Islamic banking with ya  

Bsc and Msc in econs? I know bs is Islamic Studies not econs not sure about Msc. in econs either and 12 years and not even hands on practical experience isn't enough.

Just to clarify, traditional banks do hire quants. Bank of America does, for example. I have a classmate who got to the 2nd round with them. Not sure if he was made an offer, though.

Katsumoto:

So anyone that has a BSc and MSc in economics is qualified to be a Central Bank Governor? So basically, the hundreds of thousands with such qualifications are qualified to become Governors?

For a 48 year old, 12 years experience is rather insufficient. There are millions of 33 year olds with 12 years experience. If the standards are too low, then everyone qualifies. Remember supply and demand.

I know right, u see me I'm in my mid 20's I guess another 10years from now, i should be more than qualified to run the CBN, LLOL

ekt_bear:

Just to clarify, traditional banks do hire quants. Bank of America does, for example. I have a classmate who got to the 2nd round with them. Not sure if he was made an offer, though.

I know they do not, I misquoted on there I meant NOT in their commercial sector besides I was comparing Quants on Wall Street companies like investment banks / banks who hires them. Sorry bout the confusion.

Stop this! What experience are you talikng about?
He's good enough and qualified enough for the job.
12 years (not sure here), bsc and msc in economics, what else do you want.

No sir, i disagree that 12 yrs of non policy experience is enough to warrant his appointment as the cbn governor.Have you wondered why almost all Central bank governors world over are leading experts in the business of Macroeconomics with at least a Phd?Having a Msc Economics without strong research exposure does not even make you a good economists in the right sense of it, not to talk of someone in a non policy environment.

manny4life:

I know they do not, I misquoted on there I meant NOT in their commercial sector besides I was comparing Quants on Wall Street companies like investment banks / banks who hires them. Sorry bout the confusion.

Alright, perhaps they don't in the "commercial sector" (I don't know what this term means exactly, or how it differs from I guess non-commercial sector.) But BoA (and presumably some other banks) definitely hires quants.

I have had enough, guys.

I know how things work in Nigeria. Muslims (whether Yoruba or Igbo) will say yes to his policies but Christians will say know.

Then, ethnic interest - Yoruba, Hausa, Igbo.

I know, guys. And, that's why that country will remain a joke!

ekt_bear:

Alright, perhaps they don't in the "commercial sector" (I don't know what this term means exactly, or how it differs from I guess non-commercial sector.) But BoA (and presumably some other banks) definitely hires quants.

What it means is that BoA is divided into Commercial and Retail Banking, Securities and Investment, Mortgage, and one final one. All this types are segregated; in other words independent of each other. Commercial and Retail banking (deposits) IS NOT used to trade for Securities and Investments, Quants are hired if it's securities because that's what they specialize in (building risk models that can predict risk associated with securities). At the end of each quarter or annual, all sub groups will file their earning statements with HQ who files a consolidated financial statement.

Sanusi got Bsc Econ in 1981 and MSc in 1983
He lectured Econ in Abu between 1983 and 1985
He joined ICON (Merchant Bankers) in 1985
He left the bank between 1991 and 1997 to study in the Sudan (Arbic then a second BS in Shariah and Islamic Studies)
He joined UBA in 1997 and rose to become GM before joining FBN as ED

Righton:

Sanusi got Bsc Econ in 1981 and MSc in 1983
He lectured Econ in Abu between 1983 and 1985
He joined ICON (Merchant Bankers) in 1985
He left the bank between 1991 and 1997 to study in the Sudan (Arbic then a second BS in Shariah and Islamic Studies)
He joined UBA in 1997 and rose to become GM before joining FBN as ED

I included that experience as part of the 12 years I mentioned. 1997 to 2009 is 12 years but crucially, Sanusi had not headed any institution prior to his nomination as Governor.

ola olabiy:


I have had enough, guys.

I know how things work in Nigeria. Muslims (whether Yoruba or Igbo) will say yes to his policies but Christians will say know.

Then, ethnic interest - Yoruba, Hausa, Igbo.

I know, guys. And, that's why that country will remain a joke!

A beg leave story.

Righton:

Sanusi got Bsc Econ in 1981 and MSc in 1983( not true)
He lectured Econ in Abu between 1983 and 1985
He joined ICON (Merchant Bankers) in 1985
He left the bank between 1991 and 1997 to study in the Sudan (Arbic then a second BS in Shariah and Islamic Studies)
He joined UBA in 1997 and rose to become GM (not rue alos)before joining FBN as ED

SLS never completed requirements for Msc from any university
If he did, please post his master's desertation topic for us.

I'm already tired about this SLS issue, it's past 8pm, I have to go prep for work tomorrow but I'll be checking on the conversation from time to time, Please @Katsumoto, chamber 2 et.al please, you guys should go easy on SLS.

naijaking1:

SLS never completed requirements for Msc from any university
If he did, please post his master's desertation topic for us.

Maybe a non-thesis masters? Pure coursework + maybe some sort of cumulative examination at the end?

manny4life:


What it means is that BoA is divided into Commercial and Retail Banking, Securities and Investment, Mortgage, and one final one. All this types are segregated; in other words independent of each other. Commercial and Retail banking (deposits) IS NOT used to trade for Securities and Investments, Quants are hired if it's securities because that's what they specialize in (building risk models that can predict risk associated with securities). At the end of each quarter or annual, all sub groups will file their earning statements with HQ who files a consolidated financial statement.

Thanks for that breakdown.

@Katsumoto
Personal thanks for your effort to highlight this issue.
You'll be accused of working for the 'corrupt CEOs soon'.
You'll be accused of ethnic and religious bigotory, you'll be accussed of not brushing your teeth this morning, and you'll be accused of many other things, too bad to mention.
However, nobody will accuse you of not contributing your two cents to the best way to move the country and our people forward.
What could be more devastating to a country than placing an unqualified person at the head of their central bank

ekt_bear:

Maybe a non-thesis masters? Pure coursework + maybe some sort of cumulative examination at the end?

Sanusi has no Msc in economics, his masters was in Islamic studies. Period.

SLS's incompetence is becoming glaring as events unfold

naijaking1:

Sanusi has no Msc in economics, his masters was in Islamic studies. Period.

Hrm, you appear to be correct. I read the Wikipedia page which falsely claims he got a Msc in Economics, and cites the CBN website. However, on the website he only says this:

Sanusi Lamido Sanusi CON was born in Kano Northern Nigeria, on July 31, 1961. He obtained degrees in Economics and Islamic Law from the Ahmadu Bello University, Zaria and the International University of Africa, Khartoum. After teaching economics for two years at the Ahmadu Bello University, he started a banking career in 1985 with Icon Limited (Merchant Bankers) and later worked with the United Bank for Africa Plc and First Bank of Nigeria Plc.

http://www.cenbank.org/aboutcbn/TheBoard.asp?Name=Mr%2E+Sanusi+Lamido+Sanusi+%28CON%29&Biodata=lamido

So two questions:
1) How did this rumor of him having a MS in Economics come about? Did someone falsely claim it on his behalf? Or did he somewhere claim this?
2) How on earth did an ordinary economics graduate with no sort of advanced training in his field (either through schooling or work experience) become a CBN head?

Here is another profile:
http://www.cbnat50.com/central_bank/our_governor.shtml

Born on July 31, 1961, to a technocrat father, (Permanent Secretary, Foreign Affairs–1960s), Mallam Sanusi Lamido Aminu Sanusi is the grandson of a former Emir of Kano and Islamic Scholar, Alhaji Muhammadu Sanusi. He started his western education at St. Anne Primary School, Kakuri, Kaduna (1967-1972). He had his West African School Certificate at the prestigious King’s College, Lagos in 1977. He then proceeded to the equally prestigious Ahmadu Bello University, Zaria where he bagged a Bachelor of Science degree in Economics in 1981 and he did the course work for Master of Science degree in Economics with distinction in Monetary Policy in 1983. He earlier did his National Youth Service in former Gongola State (now Adamawa and Taraba States).

So did he receive this undergraduate degree in economics in 1981 or 1983? Did he receive this MSc in economics in 1983?

I'm kind of confused. And also puzzled about the inconsistencies. If anyone can find an official CV which lists dates and degrees, let me know.

2) How on earth did an ordinary economics graduate with no sort of advanced training in his field (either through schooling or work experience) become a CBN head?

My confusion too.But what can you say of a country where mediocrity is celebrated.

1983? Did he receive this MSc in economics in 1983?

My thinking is that he taught economics at ABU in 1983, nothing more.

If he graduated in 1983 and entered in 1977, then why did he take 6 years to finish a 4 year course? Or were there strikes and cancellations in Nigeria at that time too? 6 years to finish a relatively easy degree like economics (relative to something like engineering or hard science, at least. and I don't mean to offend any economics graduates, just being real here ) doesn't strike me as any example of intelligence.