First off, stealing never was, isn't and can never be corruption. At least as far as the law is concerned.
Secondly, the original statement was made by a former chief justice. Do some research, get an education.
To the topic-
We all agree that sanusi was completely independent in how he ran the cbn. At least till he was forced out (and most of us haven't got A CLUE) of just how corrupt he was.
But while independent, making decisions about the nation's fiscal policies, who can guess how much he spent DEFENDING the naira?
Anyone? Just guess, na.
$10 billion?
$20 billion?
$30 billion?
$40 billion?
...
What were the BENEFITS of all that money spent by him?
Oh, oh, before that-
How exactly did he defend the naira with dollars?!
Like merlin? Or jason bourne? Maybe he was our very own gandalf!
Sorry, no time to spoon-feed anyone.
If you don't know how to look for information...
Google is your friend.

What is your point?

You thinking is too advanced for Nairaland. Breaking it down wont help either.

It is no accident that Nigeria is a mess.

Kainene77:


What is your point?

To be clear, I'm not holding brief for gej. His blunders were as many as they were varied.
But.
There are independent agencies in our govt. Only the nass has oversight functions over them. Like the cbn, icpc, inec, etc.
We always blame gej for not saving- which he did anyway- without asking these agencies to account for their actions.
You cant spend tens of billions of dollars defending your currency and still expect the same reserves to increase.

aloeman15:
First off, stealing never was, isn't and can never be corruption. At least as far as the law is concerned.
Secondly, the original statement was made by a former chief justice. Do some research, get an education.
To the topic-
We all agree that sanusi was completely independent in how he ran the cbn. At least till he was forced out (and most of us haven't got A CLUE) of just how corrupt he was.
But while independent, making decisions about the nation's fiscal policies, who can guess how much he spent DEFENDING the naira?
Anyone? Just guess, na.
$10 billion?
$20 billion?
$30 billion?
$40 billion?
...
What were the BENEFITS of all that money spent by him?
Oh, oh, before that-
How exactly did he defend the naira with dollars?!
Like merlin? Or jason bourne? Maybe he was our very own gandalf!
Sorry, no time to spoon-feed anyone.
If you don't know how to look for information...
Google is your friend.

OP God bless you. I shudder when Nigerians accuse GEJ of depleting our foreign reserves when actually it was Sanusi as an independent CBN governor who squandered our Foreign reserves defending the naira.

Nigerians are indeed gullible.

I hope the OP is not one of those PDP warriors but the role Sanusi played in laying the foundation for the present currency problems is under-appreciated. I have been trying to find some of my old Nairaland posts at the time.

The CBN, off the top of my head and I stand to be corrected, spent $110bn over in currency management over 4 years.

That was a crazy amount of money as it left our forex reserves dangerously low in the evening of an oil price crash which, unfortunately, has now happened. Emefiele continued on the same path and has proven to be even more inept.

When people say OBJ left $60bn in reserves they fail to realise that most of that was CBN forex reserves and not OBJ's rainy day fund.

SLS brought in Jaiz Islamic Bank and funded it. Publish the Shareholders. SLS and Emefiele should be probed by NASS.

A bit more on this, here is an article I found re 2013 -

Central Bank of Nigeria (CBN) shelled out some $26.6 billion from the nation's external reserves to save the naira from devaluation last year, according to information on the apex bank's website.

CBN consequently sold about $26.6billion to currency dealers in 94 Foreign Exchange Dutch Auctions between January and December 2013.

Read more at: http://www.thenigerianvoice.com/news/133642/cbn-spends-266b-to-defend-the-naira.html

$26.6 billion was just for 2013. I felt at the time that given low reserves, it would make more sense to preserve forex even though that would mean Naira depreciation. Part of the reason for the Naira's sharp collapse is that it was artificially held up in the first place by Sanusi and Emefiele's rather generous and short-sighted use of forex when oil prices were higher. Once dollar inflow reduced due to lower oil prices, with no forex from the CBN to support the inflated Naira value, a sharp correction in price was inevitable.

It is important to revisit some of the things we did wrong before to avoid repetition in the future. Sadly, policy missteps are not studied objectively in Nigeria as ethno-religious politics clouds judgement.

omenka, passingshot, midonian, orlando owoh, egift, demdem, goke, donphilous, modath come see wetin awa learned emir take awa reserve do while supervising the ministry of forex.

Smh

http://emerge-ng.com/newsletter-editr/how-sanusi-put-the-naira-in-trouble/

The writer of this article already did some good expose.

Kainene77:


What is your point?

his point is dat sanusi lamido is corrupt n was booted out of CBN by GEJ wen it was discovered by d financial times dat he's engage himsef in financial rascality. remember d 100 million donation he unilateraly donate to kano bomb victims, plus oda illicit activities
d same man wasted d con3s international reserve defending d naira against dollar. na sanusi wey deplete nigeria's international reserve.

yaki84:
omenka, passingshot, midonian, orlando owoh, egift, demdem, goke, donphilous, modath come see wetin awa learned emir take awa reserve do while supervising the ministry of forex.

ah u dey call dis ones dem no get enough brain power to understand wetin op dey discuss. na daura economics dem sabi.

Our productivity level outside oil is crazily low and we had to defend it with excess or otherwise reserve fund. Sanusi isn't alone here . . . Iweala n others too are involved.

drss1:
his point is dat sanusi lamido is corrupt n was booted out of CBN by GEJ wen it was discovered by d financial times dat he's engage himsef in financial rascality. remember d 100 million donation he unilateraly donate to kano bomb victims, plus oda illicit activities
d same man wasted d con3s international reserve defending d naira against dollar. na sanusi wey deplete nigeria's international reserve.

That's why Buhari's fight against corruption without bringing in his fellow Fulani thief and image manipulator is a big joke.
Just like Buhari, Sanusi came into office pretending to be an angel, but when he was summoned to give account of his "donations" he quickly ran to a corrupt judge an obtained an injunction to stop the probe.
We have not forgotten.

naijaking1:


That's why Buhari's fight against corruption without bringing in his fellow Fulani thief and image manipulator is a big joke.
Just like Buhari, Sanusi came into office pretending to be an angel, but when he was summoned to give account of his "donations" he quickly ran to a corrupt judge an obtained an injunction to stop the probe.
We have not forgotten.

true talk.

The purpose of the thread was to help remove the scales from the eyes of either blind or paid supporters of buhari- mind you, they don't actually support the GOVT he's heading, just the one man.
Those who've robbed us blind or thrown away our commonwealth must be made to pay. Simple.
But beyond that, how does this govt expect anything other than what's happening now, when learning from the past seems entirely beyond them?!
How do you enforce forex restrictions without IMMEDIATELY carrying out MASSIVE infrastructural development?
Does a father tell his children that henceforth, they'll only eat what they grow themselves, without having prepared a farm he intends to harvest their next meal from?
When he immediately stops giving money for food, what are his children supposed to do?
When kachiku said last year that the nnpc would be the sole importer of petroleum products, did he tell anyone at his announcement if he had the capacity and how he planned to manage the logistics for the entire nation?
These form the most basic parts of statecraft- knowing what to do, seeking input from stakeholders and communicating your plans effectively.
But was there any attempt by him to confer- BEFOREHAND with those who'd garnered the experience he needed to succeed?
Meanwhile, fashola just exported his style of governance to the national stage-
Pay us more money so we can (hopefully) provide you with better services.
Heh.
Ignorance married pride and gave birth to incompetence...

aloeman15:
...
How do you enforce forex restrictions without IMMEDIATELY carrying out MASSIVE infrastructural development?
...

Would you rather have all the restrictions lifted and the nation brought to ground zero in a month?... Any suggestions?


I agree with the idea that soooooo much was being squandered by past governments to defend the Naira. I may not be an economist to know how these things work, but channelling those funds into massive infrastructural development should have been a better alternative instead of spending billions of dollars defending the Naira. Unfortunately today, the billions are no more and the Naira cannot be defended. Massive borrowing to support massive infrastructural development seems to be the option being taken now. Hopefully, it helps.

drss1:
his point is dat sanusi lamido is corrupt n was booted out of CBN by GEJ wen it was discovered by d financial times dat he's engage himsef in financial rascality. remember d 100 million donation he unilateraly donate to kano bomb victims, plus oda illicit activities
d same man wasted d con3s international reserve defending d naira against dollar. na sanusi wey deplete nigeria's international reserve.

A very lame attempt at playing the blame game. I suppose Emefiele should also be blamed for all the economic woes of the country today?... The military chiefs and police/civil defence chiefs should also be blamed for all the insecurity in the country today?

obailala:
A very lame attempt at playing the blame game. I suppose Emefiele should also be blamed for all the economic woes of the country today?... The military chiefs and police/civil defence chiefs should also be blamed for all the insecurity in the country today?

Yes.
They're to be held accountable.
If you can't elucidate what you're doing, why, when, how and exactly what results we should expect from you as well as a timeline for your policy implementation (also known as competence), then the question is-
Are you a trained, skilled professional, or just a hack with a 'make we see weda e go wok'?
This is where you see the difference between us and great nations.
Do they have any honor?
If you're given a job and things get worse under your watch without sound, fact-based reasons why, you resign. Keep your integrity intact.
Or you're forced out. And shamed. And prosecuted.
Examples abound.
These are the terms buhari's supporters thought he was going to establish in his govt. In the entire civil service and armed forces, only these few being 'persecuted' stole money?!
Haba alhaji...

989900B:
It is not as straightforward as y'all seem to make it.

You're right. There is not a single nation whose politics is straightforward.
This is usually because of all the wheeling and dealing that takes place due to vested interests.
All quite understandable.
Besides-
Who's asking for it to be?!
But when you can't give me any cogent reasons for economic hardship AND no light AND no fuel AND no security?!
Guy, come on.
Isn't it time to call a spade a spade?