Great article by Chidi Amuta on the many flip flops of the Kano Prince called SLS, ever so foolishly worshipped by Nigerians. . . .

Opinion of a Novice!

Did you read the article at all? I am sure you did not!

I did and there's nothing spectacular about it!

He has not said anything! He's just attacking the personality of a Nigerian.

In his own words- lengthy rambling write up!!!

Great write-up there. Amuta should realise that Sanusi's regime that has brought a great widening of the gap between the official and black market rates of foreign exchange is deliberate. Who are the greatest beneficiaries? Who are the main dealers in forex in Nigeria.? Soludo did much to close that gap in order to stop round tripping but that was one of the numerous sins the North had against him, viz , killing the forex business of many Alhajis. We clearly know whose agenda Sanusi is pursuing. But it is unfortunate that such a high profile public servant will pursue a sectional /religious agenda. His arguments to support religious banking keep moving from mundane to pedestrain of dropping names of Igbos as investors to Anambra state as a beneficiary to saying that it was Soludo that started it. And so what? He came in with so much appearances of purism but the chicks have come home to roost. He has bared his fangs and we can hear clearly the lyrics of his music not just the beats. I hope Southern and Christian public servants do not choose to also tow their religious and ethnic lines else, we are going to have a Nation in shambles. Sanusi should retrace his steps. Power is transient and he has only a few more months to the end of his tenure. Let his supporters not cry foul if his successor begins programmes that appear to favour his people or region or religion as he is setting the precedent.

baslone:

I did and there's nothing spectacular about it!

He has not said anything! He's just attacking the personality of a Nigerian.

In his own words- lengthy rambling write up!!!

Well he said alot, and since you are a Sanusi enthusiast, you should be concerned about these -


For instance, Sanusi is reported to have said that the weak banks in the system have until September to recapitalize or be liquidated. No one in their right mind will continue to leave their deposits in these banks after that comment as September approaches. Yet these banks are supposed to raise additional capital! There was also an open expression that if foreign buyers cannot be found for these weak banks, they may be nationalized! It is difficult to reconcile between Sanusi’s avowed nationalistic fervor and his initial willingness to auction off the weak banks first to foreign interests. And for the leader of a CBN in a country that subscribes to free market rules to threaten nationalization of so many banks even as a fall back position speaks volumes.

And -

Beyond the man’s personal style, the effects of his reforms on the economy are self-evident. We see severe curtailment of lending and the resultant shrinking of the economy. We see job losses everywhere: the banking sector, trade and commerce, manufacturing, oil and gas, real estate and even telecommunications, all of which were growth sectors before Sanusi’s ascension.  There has followed a corresponding decline in standards of living and an increase in begging among even dignified looking Nigerians.

As we speak, the Naira’s value has reportedly remained stable in the books of the CBN. But following the pegging of foreign currency allocations to BDCs at $250,000 per week, a severe shortage of foreign currency in the parallel market has forced the exchange rate to nearly N170 to the dollar by last week. In the last two weeks, some days witnessed three consecutive declines in the value of the naira in the parallel market. To professional economists and bankers (the same people who have systematically wrecked the economy) this may not mean much.

And -


The central bank under Sanusi is reportedly venturing into areas that were hitherto alien to central banking. Not even the commercial banks have been so daring as to want to go directly into these: poultry, independent power supply, real estate buying, procurement and distribution of ATMs etc.  There is an increasing incursion into areas of social service and commercial ventures that no CBN should be found looking at. Who is going to regulate the CBN if the regulator becomes an operator?

Address these!