In the early hours of Thursday February 20th, my before now media idol Dr. Reuben Abati announced to the world the suspension of the governor of the Central Bank of Nigeria. DR. Reuben Abati is the presidents' advisor on media and publicity. Everyone is still explaining whether or not the president has the powers to 'suspend' a governor of the CBN. And if 'suspended' why nominate a new one? ...
See what mallam Sanusi Lamido Sanusi said ''Jonathan does not have power to suspend me. I was suspended for saying the truth about the missing $20b oil money. Nigerians should ask Mr President the whereabouts of the missing $20 billion.'' -
Many reactions have trailed this suspension from the pros to the cons. Lets examine a few of them...
See what Bamidele Aturu said- "News filtering in about the purported suspension of the Governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, by the President is the most egregious desecration of the rule of law and the principle of legality in Nigeria to date. It is unsurpassed in its blatant illegality and immorality"
So yes, i have heard that those who live in glass houses do not throw stones but heck! why would the house mates only wait till a stone throne? By this i mean when was this unknown report that found the now suspended governor reckless carried out? We hear May. So what exactly was the F.G waiting for since May last year? 10 solid months!On the eve of a senate committee hearing?interesting...
Human rights lawyer, Mr. Femi Falana (SAN), on Thursday, urged the Senate not to screen any nomination by President Goodluck Jonathan for the replacement of Mr. Lamido Sanusi as the Governor of the Central
Bank of Nigeria. Falana urged the Senate to "put off any debate on the fresh nomination pending the end of the tenure of the suspended governor" in June.
I also hear that you do not fight the government, because you never win. And the government quarters have said this suspension means little or nothing to their economy but i think the co-ordinating minister of the economy knows the impact of this suspension that is why she would try to assure citizens and investors. Who followed the sales in the stock market yesterday? Everything was on the down slide.
Barr. Emma Ukera said and i quote...
... "note further that any court action by Sanusi is going to be a huge
distraction that will reverberate on the economy because there will be
uncertainty in the banking sector for sometime until the new CBN chief
finds his bearing. Challenging his removal (and by extension the
appointment of his successor) is not what CBN needs now. You can never
tell whether the courts will add to this uncertainty by issuing an
injunction to maintain status quo ante. Don't forget the angle of the
Nass especially the House of Representatives which is likely to oppose
the removal of the CBN. With all the uncertainty no investor will have
the confidence to invest.
Stocks
of some oil marketing companies (especially those linked with the
so-called subsidy scam) are also likely to trade poorly this morning and
the weeks ahead...."Many have indeed called on the suspended CBN governor to seek a redress from the law court. Many have also considered this move politica and call for caution for the sake of the subsequent CBN governors.
See what a financial expert Moses Azege says..."There is a thin line between politics and the economy, and this is were the role of Central Bank governors get tricky. The decision of Central Bank governors is mostly subject to two considerations - a) rationale financial, which tends to be counter cyclical or risk mitigating b) politically expedient which tends to be pro cyclical or economic bubble inducing. An example of bubble inducing decisions in our case is allowing excess liquidity to permeate the system, while this might cause short term feeling of prosperity, it is disaster in the making. The interesting point is that these considerations tend to counter/oppose one another. It takes a strong minded Central Bank governor not to sway with the political. Considerations. Further, most countries government have legislated in favour of the Central Bank governor being independent. This development serves to a) give confidence to the foreign financial community on the 'rationality' of the economy b) give confidence and finality to decisions of Central Bank governors...."
The man at the center of all these appears calm for now and has said he would likely seek redress. Many have considered him a religious chauvinist, Others say his free will donations to his kith and kin attracted the wrath of the FG, i have yet heard from many that the president's visit to the emir of Kano spelt doom for mallam Sanusi Lamido( For aspiring to be the next emir). Even his fashion style is a point of concern for
some public analysts.
The suspended CBN governor has grown through the ranks of banking and was deservedly appointed . He has brought up banking policies in the industry that many heads found uncomfortable. He literally shook the Nigerian bank to where we know it today. He had just beamed his searchlights on the oil sector when things began to fall apart and no, the center couldn't hold.
Which ever side of the coin you are, you will agree with me that it is not yet uhuru. Not for the NNPC goners, the .F.G.N, our economy, the suspended CBN boss, and most of all the judiciary. I am curious to hear the the position of the Attorney general of the federation, knowing that technicalities will be explored to suit the hand that rocks the cradle. The Freedom of Information Act is here put through a great task and i await to see the outcome.
I am yours truly...
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