My-take-on-the-media-hype-about-sanusi-as-a-person-and-his-so-called-banking-reforms
September 7, 2020 | News
MY TAKE ON THE MEDIA HYPE ABOUT SANUSI AS A PERSON, AND HIS SO-CALLED BANKING REFORMS
It is said that the best way to judge and know a person, is to carefully look at and focus on what that person ‘does’ and not necessarily what he/she says. So, when somebody says one thing and end up doing something else, or that person’s life is in complete contrast to what he says, then such a person can never be trusted, but seen as deceptive. That is how I see the former Emir of Kano, Muhammadu Sanusi Lamido Sanusi. I am not here to argue or talk about why he was recently dethroned as Emir of Kano by the Ganduje-led Kano State Government - that issue has been flogged enough already. But I am here to reiterate the fact that all the media hype, which followed after his dethronement, are simply misplaced, uncalled for and absolutely unnecessary. And this is a result of the many videos being circulated online and social media platforms, of Sanusi’s speeches/comments/interviews on subject matters affecting the country, particularly from when he was the Governor of the Central Bank of Nigeria (CBN) and as Emir of Kano before his dethronement.
As a result of some of these circulated videos of Sanusi’s speeches/commentaries at different times, some Nigerian elites believe that Sanusi is against poverty in Northern Nigeria, and that he is an advocate of equality, and access to an improved quality of life, especially in the Northern parts of the country. He accused political and religious leaders in the north of not doing enough for the region, adding that the lackadaisical approach to governance within the region was a major contributing factor to the widening of the poverty gap between the mainly Muslim north and the majority-Christian south. Many people are also convinced that Sanusi is a man of the masses. And that his banking reforms as CNB Governor were thorough and beneficial to the economy.
I beg to differ strongly to all of this. I disagree and object to the fact that Sanusi’s banking reforms were life-saver to the Nigerian economy, as many are painting it to be. Obviously seen as a very vindictive personality, I see Sanusi’s banking reforms as former CBN Governor, as one that were not only ‘selective’ and targeted at former MDs/CEOs of Banks primarily owned by Southerners, but also to actualize perfected interests in favour of the North.
Agreed that Sanusi has always been a brilliant mind, but he was also known to be a very vindictive person judging by how he dealt with his supposed enemies in Nigeria’s banking sector who disagreed with him on some grounds when they were all bank MDs/CEOs, with him as MD of First Bank then. Judging by his kind of person, I doubt if Sanusi would have risen in his banking career to get to the position of the Managing Director (MD) of First bank, if he was politically-minded and outspoken as we see him in recent years as CBN Governor and Emir of Kano. In fact, if he was as outspoken then as he has become in recent years, I doubt if he would even rise to become MD of a bank. That is why I believe Sanusi’s outspokenness was basically engineered for ambitious political reasons, and as one who wants fame, and be talked about and seen as a sort of a reformer or ‘man-of-the-people’ in his generation. So, in my own opinion, Sanusi as the then CBN Governor, with his reforms, strategically targeted banks owned by people he had branded his enemies.
This is hinged on the fact that all the Commercial Banks in the country then, and even today, are guilty of the same corrupt practices and accusations leveled against the MDs/CEOs of the banks Sanusi succeeded in wiping out. There is no bank in the country, right from the Central Bank of Nigeria (CBN) and down to all the Commercial Banks, that is free and not guilty of corrupt practices at different degrees and levels. All the convicted politicians and their fronts, in the history of this country, had at one time or the other, used Nigerian Commercial Banks for their illicit transfers and transactions, which are often facilitated by bank MD/CEOs with their interest covered, of course. So, no bank should be labelled or targeted as corrupt than others under any supposed banking reforms.
Then there was the evident undertone of Northern interests in the country’s Banking sector under Sanusi’s reign as CBN Governor with his reforms. This was also noted in the British Journal 2011 Edition: “The entire project has witnessed a structural re-craft and paradigm shift. Soludonomics provoked the shrinking of the banking sector financial services providers from 89 players in 2004 to 25 by December, 2005. Similarly, ‘Hurricane Sanusi’ of August 14, 2009 and October 2, 2009, set a new tune and context for banking sector reforms in the face of asset bubble and unavoidable meltdown by sacking the southern management and southern directorates of eight banks. In addition, Hurricane Sanusi provoked the Islamic banking and Non-Interest Financial Institutions (NIFI) debate. However, in the southern zone, Hurricane Sanusi is interpreted as a project that aims to correct the imbalance suffered by the north in the Soludo reform project. In this sense, Hurricane Sanusi is seen as a political project that seeks to construct a window for the north in the industry…Empirical evidence generated within the framework of ‘resource competition’ shows that the banking sector is the most profitable investment outlet in the stock exchange. Within this glowing cash cow industry, certain cultural and religious groups are under-banked. In this respect, the elites across the states have become interested in the sector and are therefore positioning for higher stakes. Adopting the banking sector reform programmes of Soludo and Sanusi as points of departure, it is argued that the reverse dominance in favour of the south provoked Sanusi’s envisioned ‘inclusive exit‟ in favour of the north.”
That being said, it is worthy to also note that the so-called Sanusi banking reforms, did not/and was not unwilling to, to address/stop the sales of foreign currencies like US Dollars/Euros/Pounds Sterling, on the Streets, which the Nigerian public cannot get in Commercial Banks. You cannot have easy access to these foreign currencies in the Banks, but they are easily gotten on the streets. Has anyone bothered to ask why this is so? That practice has persisted till now. Again, the sales of crispy new Naira notes at every social events across the country, which was prevalent during the days of Sanusi as CBN Governor, and even up till now, could not be addressed by the almighty Sanusi Banking reform. But you cannot easily get same new crispy notes in Nigerian Commercial banks. The Naira notes one usually gets from banks are worn-out, dirty and even smelly. In other words, I cannot really attest to any significant positive change in Nigeria’s banking sector which was borne as a result of Sanusi’s so-called banking reforms as the then CBN Governor. But if I must be frank, and in my own candid opinion, the real reformer, and the initiator of Nigeria’s banking reforms that started the trajectory change in the country’s banking sector, was the banking reform initiative of Charles Soludo. Though, Soludo was not a banker, but he was indeed a brilliant economist, which gave rise to his name – Soludonomics in the banking sector. Soludo’s goal was to make the consolidated Banks to compete favourable with the rest across the world. But when the high-profile-interests that be, could not handle some of the well-thought banking reforms of Soludo, and they brought in Sanusi, he practically came in and scattered everything. So, to me, Soludo was more of a reformer of our Commercial banks than Sanusi.
Away for that, on the issue and argument that Sanusi was fighting for the cause of the poor masses, especially those in the northern Nigeria, I really do not see that as true. Judging from the display of affluence, opulence and flamboyant lifestyle, and the sort of luxurious cars he owns as the then Emir, Sanusi definitely does not strike me as one who is out for the interest of the poor. The exotic cars on display on social media/online, said to be used by Sanusi as Emir, he could not have bought those cars with all the monies he must have been paid with as legitimate salaries and allowances, from when he was MD of First bank to when he was CBN Governor put together. I hear some of the Rolls Roy cars were inherited by him from his father, but we all know that most of the ones being displayed online are modern cars acquired not so long ago. More so, a man cannot be preaching about poverty and inequality when his life and lifestyle are in complete contrast to what he preaches. I am not against anyone buying exotic cars or owning mansions, my take is that as longer as such properties are acquired with legitimate honest known incomes.
There are few of such rich persons in the corridors of Nigerian politics that are rich, but yet modest about their wealth. I do not think the likes of the former Governor of Anambra State, Peter Obi, would own such cars Sanusi is using. Peter Obi has, in both speech and actions, demonstrated that corruption in Nigeria, is intractable because it subsists on the machinery of “daily governance.” And he has shared many examples of how he managed to overcome “the culture of wastes in this country” through his “personal prudence” as the then governor of Anambra State. Let us bear in mind that this is a former governor who, at the time he left office after eight years, said his administration has N75 billion in savings for the State, and the money included N25billion investments for the state. And despite the state’s low revenue profile, his government completed over 801 kilometres of roads that gave access to all parts of the state and opened up rural areas. According to the former governor, through strategic planning, “prudent and transparent management of resources as well as reduction in the cost of governance, his administration achieved integrated and comprehensive development in all sectors without borrowing or owing anybody”. This is one feat most past and present State and Federal political leaders in government circles have never achieved while leaving office. Mind you, Peter Obi is a billionaire, and a bank owner, yet he remains a good example of modesty.
So, if the like of Peter Obi should own exotic cars and big mansions today, I would not blink an eye because he has proven to all that he can afford it as a business man, a former bank owner/MD/CEO and former governor. Not like Sanusi, whose rise from bank Managing Director (MD), to CBN Governor and Emir of Kano, cannot really justify the sort of lifestyle he exudes. I do not know of any business that Sanusi is into all these years, to have attained such level of wealth to afford such exotic cars and lavish lifestyle. The reality of Nigeria is that such wasteful and self-destructive habits are ingrained within our cultural norms, and that is why we are unable to shake it off. We like big houses, big cars, big “agbada”, big tummies, and an excess of just about everything, with meaningfulness and relevance. This attitude is not immune within government circles alone. In our religious and educational institutions, through which leaders are produced, there are the same problems of servicing our emptiness.
Again on Sanusi hypocritical tendencies, let us recall that he called for population planning and said that polygamy is increasing poverty in the region. Yet, the same Sanusi is not living by example, as he also married 4 wives, and even recently married an 18 years old girl who might be obviously younger than his first child.
I read that since after Sanusi’s dethronement recently, he has been honoured with another appointment as the Chancellor of the Kaduna State University (KASU) by the Kaduna State government; and that more recently, Sanusi was made one of the Sustainable Development Goals (SDGs) advocates by the United Nations (UN). While that of the Kaduna State appointment is understandable, based on some factors to sort of douse the disappointment that came as a result of his dethronement, but for that of the UN appointment, the question is how many UN officials own the sort of luxury cars Sanusi has? The likes of Ngozi Iweala will never do that. The bottom line is that the Nigerian media has sold Sanusi’s name globally, and that is also part of the reasons why Nigeria still remains a third world country because we often focus our attention on irrelevant issues and happenings in the country that would not profit anybody anything at the long run. There are pressing economic troubles and issues which the media should focus their attention on and bring same to the attention of the International Community, and not this hype about Sanusi this and Sanusi that. The ignorant Nigerian elites will keep celebrating people like that because they don't think. If they like, they should make Sanusi the President-General of the United Nations, I will not change my views about him. The UN is obviously being supplied and fed with the wrong information, and they have acted on it. But the truth be told, the likes of Sanusi are the kinds of Northern Nigerians who are creating divisions, discord, hatred, social-disunity/political-disunity/tribal disunity/tribal disagreements and confusion within and amongst the ethnic groups in the South and in the North of Nigeria. His banking reforms as governor of the Central Bank of Nigeria, and his wiping out of banks only owned by southern Nigerians, is evidence of this fact.
Zik Gbemre.
March 14, 2020
We Mobilize Others to Fight for Individual Causes As If Those Were Our Causes
It is said that the best way to judge and know a person, is to carefully look at and focus on what that person ‘does’ and not necessarily what he/she says. So, when somebody says one thing and end up doing something else, or that person’s life is in complete contrast to what he says, then such a person can never be trusted, but seen as deceptive. That is how I see the former Emir of Kano, Muhammadu Sanusi Lamido Sanusi. I am not here to argue or talk about why he was recently dethroned as Emir of Kano by the Ganduje-led Kano State Government - that issue has been flogged enough already. But I am here to reiterate the fact that all the media hype, which followed after his dethronement, are simply misplaced, uncalled for and absolutely unnecessary. And this is a result of the many videos being circulated online and social media platforms, of Sanusi’s speeches/comments/interviews on subject matters affecting the country, particularly from when he was the Governor of the Central Bank of Nigeria (CBN) and as Emir of Kano before his dethronement.
As a result of some of these circulated videos of Sanusi’s speeches/commentaries at different times, some Nigerian elites believe that Sanusi is against poverty in Northern Nigeria, and that he is an advocate of equality, and access to an improved quality of life, especially in the Northern parts of the country. He accused political and religious leaders in the north of not doing enough for the region, adding that the lackadaisical approach to governance within the region was a major contributing factor to the widening of the poverty gap between the mainly Muslim north and the majority-Christian south. Many people are also convinced that Sanusi is a man of the masses. And that his banking reforms as CNB Governor were thorough and beneficial to the economy.
I beg to differ strongly to all of this. I disagree and object to the fact that Sanusi’s banking reforms were life-saver to the Nigerian economy, as many are painting it to be. Obviously seen as a very vindictive personality, I see Sanusi’s banking reforms as former CBN Governor, as one that were not only ‘selective’ and targeted at former MDs/CEOs of Banks primarily owned by Southerners, but also to actualize perfected interests in favour of the North.
Agreed that Sanusi has always been a brilliant mind, but he was also known to be a very vindictive person judging by how he dealt with his supposed enemies in Nigeria’s banking sector who disagreed with him on some grounds when they were all bank MDs/CEOs, with him as MD of First Bank then. Judging by his kind of person, I doubt if Sanusi would have risen in his banking career to get to the position of the Managing Director (MD) of First bank, if he was politically-minded and outspoken as we see him in recent years as CBN Governor and Emir of Kano. In fact, if he was as outspoken then as he has become in recent years, I doubt if he would even rise to become MD of a bank. That is why I believe Sanusi’s outspokenness was basically engineered for ambitious political reasons, and as one who wants fame, and be talked about and seen as a sort of a reformer or ‘man-of-the-people’ in his generation. So, in my own opinion, Sanusi as the then CBN Governor, with his reforms, strategically targeted banks owned by people he had branded his enemies.
This is hinged on the fact that all the Commercial Banks in the country then, and even today, are guilty of the same corrupt practices and accusations leveled against the MDs/CEOs of the banks Sanusi succeeded in wiping out. There is no bank in the country, right from the Central Bank of Nigeria (CBN) and down to all the Commercial Banks, that is free and not guilty of corrupt practices at different degrees and levels. All the convicted politicians and their fronts, in the history of this country, had at one time or the other, used Nigerian Commercial Banks for their illicit transfers and transactions, which are often facilitated by bank MD/CEOs with their interest covered, of course. So, no bank should be labelled or targeted as corrupt than others under any supposed banking reforms.
Then there was the evident undertone of Northern interests in the country’s Banking sector under Sanusi’s reign as CBN Governor with his reforms. This was also noted in the British Journal 2011 Edition: “The entire project has witnessed a structural re-craft and paradigm shift. Soludonomics provoked the shrinking of the banking sector financial services providers from 89 players in 2004 to 25 by December, 2005. Similarly, ‘Hurricane Sanusi’ of August 14, 2009 and October 2, 2009, set a new tune and context for banking sector reforms in the face of asset bubble and unavoidable meltdown by sacking the southern management and southern directorates of eight banks. In addition, Hurricane Sanusi provoked the Islamic banking and Non-Interest Financial Institutions (NIFI) debate. However, in the southern zone, Hurricane Sanusi is interpreted as a project that aims to correct the imbalance suffered by the north in the Soludo reform project. In this sense, Hurricane Sanusi is seen as a political project that seeks to construct a window for the north in the industry…Empirical evidence generated within the framework of ‘resource competition’ shows that the banking sector is the most profitable investment outlet in the stock exchange. Within this glowing cash cow industry, certain cultural and religious groups are under-banked. In this respect, the elites across the states have become interested in the sector and are therefore positioning for higher stakes. Adopting the banking sector reform programmes of Soludo and Sanusi as points of departure, it is argued that the reverse dominance in favour of the south provoked Sanusi’s envisioned ‘inclusive exit‟ in favour of the north.”
That being said, it is worthy to also note that the so-called Sanusi banking reforms, did not/and was not unwilling to, to address/stop the sales of foreign currencies like US Dollars/Euros/Pounds Sterling, on the Streets, which the Nigerian public cannot get in Commercial Banks. You cannot have easy access to these foreign currencies in the Banks, but they are easily gotten on the streets. Has anyone bothered to ask why this is so? That practice has persisted till now. Again, the sales of crispy new Naira notes at every social events across the country, which was prevalent during the days of Sanusi as CBN Governor, and even up till now, could not be addressed by the almighty Sanusi Banking reform. But you cannot easily get same new crispy notes in Nigerian Commercial banks. The Naira notes one usually gets from banks are worn-out, dirty and even smelly. In other words, I cannot really attest to any significant positive change in Nigeria’s banking sector which was borne as a result of Sanusi’s so-called banking reforms as the then CBN Governor. But if I must be frank, and in my own candid opinion, the real reformer, and the initiator of Nigeria’s banking reforms that started the trajectory change in the country’s banking sector, was the banking reform initiative of Charles Soludo. Though, Soludo was not a banker, but he was indeed a brilliant economist, which gave rise to his name – Soludonomics in the banking sector. Soludo’s goal was to make the consolidated Banks to compete favourable with the rest across the world. But when the high-profile-interests that be, could not handle some of the well-thought banking reforms of Soludo, and they brought in Sanusi, he practically came in and scattered everything. So, to me, Soludo was more of a reformer of our Commercial banks than Sanusi.
Away for that, on the issue and argument that Sanusi was fighting for the cause of the poor masses, especially those in the northern Nigeria, I really do not see that as true. Judging from the display of affluence, opulence and flamboyant lifestyle, and the sort of luxurious cars he owns as the then Emir, Sanusi definitely does not strike me as one who is out for the interest of the poor. The exotic cars on display on social media/online, said to be used by Sanusi as Emir, he could not have bought those cars with all the monies he must have been paid with as legitimate salaries and allowances, from when he was MD of First bank to when he was CBN Governor put together. I hear some of the Rolls Roy cars were inherited by him from his father, but we all know that most of the ones being displayed online are modern cars acquired not so long ago. More so, a man cannot be preaching about poverty and inequality when his life and lifestyle are in complete contrast to what he preaches. I am not against anyone buying exotic cars or owning mansions, my take is that as longer as such properties are acquired with legitimate honest known incomes.
There are few of such rich persons in the corridors of Nigerian politics that are rich, but yet modest about their wealth. I do not think the likes of the former Governor of Anambra State, Peter Obi, would own such cars Sanusi is using. Peter Obi has, in both speech and actions, demonstrated that corruption in Nigeria, is intractable because it subsists on the machinery of “daily governance.” And he has shared many examples of how he managed to overcome “the culture of wastes in this country” through his “personal prudence” as the then governor of Anambra State. Let us bear in mind that this is a former governor who, at the time he left office after eight years, said his administration has N75 billion in savings for the State, and the money included N25billion investments for the state. And despite the state’s low revenue profile, his government completed over 801 kilometres of roads that gave access to all parts of the state and opened up rural areas. According to the former governor, through strategic planning, “prudent and transparent management of resources as well as reduction in the cost of governance, his administration achieved integrated and comprehensive development in all sectors without borrowing or owing anybody”. This is one feat most past and present State and Federal political leaders in government circles have never achieved while leaving office. Mind you, Peter Obi is a billionaire, and a bank owner, yet he remains a good example of modesty.
So, if the like of Peter Obi should own exotic cars and big mansions today, I would not blink an eye because he has proven to all that he can afford it as a business man, a former bank owner/MD/CEO and former governor. Not like Sanusi, whose rise from bank Managing Director (MD), to CBN Governor and Emir of Kano, cannot really justify the sort of lifestyle he exudes. I do not know of any business that Sanusi is into all these years, to have attained such level of wealth to afford such exotic cars and lavish lifestyle. The reality of Nigeria is that such wasteful and self-destructive habits are ingrained within our cultural norms, and that is why we are unable to shake it off. We like big houses, big cars, big “agbada”, big tummies, and an excess of just about everything, with meaningfulness and relevance. This attitude is not immune within government circles alone. In our religious and educational institutions, through which leaders are produced, there are the same problems of servicing our emptiness.
Again on Sanusi hypocritical tendencies, let us recall that he called for population planning and said that polygamy is increasing poverty in the region. Yet, the same Sanusi is not living by example, as he also married 4 wives, and even recently married an 18 years old girl who might be obviously younger than his first child.
I read that since after Sanusi’s dethronement recently, he has been honoured with another appointment as the Chancellor of the Kaduna State University (KASU) by the Kaduna State government; and that more recently, Sanusi was made one of the Sustainable Development Goals (SDGs) advocates by the United Nations (UN). While that of the Kaduna State appointment is understandable, based on some factors to sort of douse the disappointment that came as a result of his dethronement, but for that of the UN appointment, the question is how many UN officials own the sort of luxury cars Sanusi has? The likes of Ngozi Iweala will never do that. The bottom line is that the Nigerian media has sold Sanusi’s name globally, and that is also part of the reasons why Nigeria still remains a third world country because we often focus our attention on irrelevant issues and happenings in the country that would not profit anybody anything at the long run. There are pressing economic troubles and issues which the media should focus their attention on and bring same to the attention of the International Community, and not this hype about Sanusi this and Sanusi that. The ignorant Nigerian elites will keep celebrating people like that because they don't think. If they like, they should make Sanusi the President-General of the United Nations, I will not change my views about him. The UN is obviously being supplied and fed with the wrong information, and they have acted on it. But the truth be told, the likes of Sanusi are the kinds of Northern Nigerians who are creating divisions, discord, hatred, social-disunity/political-disunity/tribal disunity/tribal disagreements and confusion within and amongst the ethnic groups in the South and in the North of Nigeria. His banking reforms as governor of the Central Bank of Nigeria, and his wiping out of banks only owned by southern Nigerians, is evidence of this fact.
Zik Gbemre.
March 14, 2020
We Mobilize Others to Fight for Individual Causes As If Those Were Our Causes