Cheta Nwanze: How this government got it very wrong on Sanusi

by Cheta Nwanze

sanusi

Let’s face it people, a major heist is going on, and for all his faults, a leaky mouth and a randy cock, Sanusi Lamido Sanusi blew the lid on the heist.
Before I begin, full disclosure, I am a Sanusi groupie. I’ve been following him since he wrote on Gamji. As a matter of fact, I still consider his “Issues in Restructuring Corporate Nigeria” to be one of the best works ever written about this country which I call home.
However, I must point out that on more than one occasion, I have taken issue with his utterances as CBN chief. I like to think that Central Bankers should be seen not so often, and heard even less. Sadly, on more than one occasion, and in public, I have had to point out incidents in which he spoke too much, too soon, too dangerously.
But it does not change the fact that in my mind’s eye, he would have made a better President than CBN boss.
For those who would ask whether I have read the CBN audit report that purportedly led to his suspension, I’ll say YES, I have read it. Three times actually, just to make sure that I had all the facts. My conclusion after reading it is that once again, and as is sadly usual in these climes, the messenger has been shot, shadows created for the people.
I’m only repeating what a lot have already said, ergo, there is a huge stink of corruption from certain other locations, and narry a finger lifted. But then again, that should not surprise anyone. Neither should the fact that our badly educated people are indeed chasing the shadows cast.
Let’s face it people, a major heist is going on, and for all his faults, a leaky mouth and a randy cock, Sanusi Lamido Sanusi blew the lid on the heist.
Let us also confront another self evident truth: that we have something resembling a functioning banking system is down to SLS. The brave decisions he took in 2009 saved the naira in your pocket. His sacking of some of our nation’s worst, helped bring some form of real banking to us. His fiscal policies reduced inflation to single digits, very much unlike the reign of his predecessor where it was constantly double digit.
The markets, have accordingly reacted to the sacking, and let’s face it, it is a sacking, not a “suspension”. The markets, have told us in VERY CLEAR TERMS, that this action was (as usual), ill thought out, and ill executed.
For a government that is “so interested in getting foreign investors”, this foot-in-the-mouth will freak potential investors out. Why, they will think, should I put my money in a place where the government cannot keep its grubby fingers away from the markets?
Meanwhile, the NNPC remains untouched. This, an organisation that, and forget the $20 billion briefly, is owing the FG quite a few trillions of naira in unremitted taxes!
Let’s face it, the handling of certain cases in this country reek of cronyism and favouritsm.
This same government has been unable to explain the illegal, and balooning fuel subsidies. This same government has been unable to explain the numerous black holes in the budgets, and the rising recurrent expenditure. This same government, by sacking Sanusi so childishly and vindictively, has compromised the Central Bank’s independence, severely denting confidence in our economy
Eventually, the economy will give the illusion of recovery. After all, not many can resist the allure of 200 million, and counting. However, as a result of this, we will be getting more “fly by night” investors, not the type that we really need.
Another thing that frightens me frankly, is the quality of advice that gets to the ears of our President. In terms of how this incident should have been handled, were I GEJ, I’d have announced his successor, then waited 90 days.
Announcing his successor would have effectively rendered SLS a lame duck as our notoriously fickle bankers would have begun dancing atilogwu for Emefiele. Then I’d have waited 90 days for SLS to quietly leave the scene, then deal with him behind the curtains.
That’s how political enemies are dealt with, it’s usually a communion, not a confirmation. The fall out of a confirmation is too unpredictable, consequences such as the lowest value of the naira since Nigeria once again became a nominal democracy.
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Op-ed pieces and contributions are the opinions of the writers only and do not represent the opinions of Y!/YNaija.

One comment

  1. Yes Sanusi will be a better president than Jonathan.APC should zero down on him as a candidate. Has the poise, intellect and aura of confidence he exhumes for the president
    of a nation like what President Obama has.

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