Tag: cbn

  • Niger Delta activist backs Jonathan on Sanusi

    Niger Delta activist backs Jonathan on Sanusi

    A Niger Delta youth activist, businessman and politician, Chief Ayiri Emami, has backed President Goodluck Jonathan on the suspension of the Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi.

    Emami, who is the Akulaga of Warri kingdom in a statement yesterday, said Sanusi ought to have been sacked long ago.

    He described the cashless policy as anti-Niger Delta, adding that he had carried out his responsibilities with arrogance.

    Sanusi said: “The huge fund running into hundreds of billions of naira that were frittered away as donations, grants to religious bodies, payments to moribund airlines, illegal loans write-off and other sundry expenditures made without recourse to the CBN Act and the board were gotten from oil revenue from the Niger Delta region.

    “Mr. Sanusi never deemed it fit to fly one of the numerous private jets to these oil bearing but underdeveloped areas of the Niger Delta region to do an on-the-spot assessment of how the cashless policy would impact negatively on their businesses and lives as it affect payment of salaries to workers and transaction of business in a largely bank-less environment with hundreds of thousands of workers.

    “So, to us in the business hub of the riverine oil bearing area, Sanusi’s cashless policy is definitely cruel and anti-Niger Delta.”

     

  • Brouhaha over oil revenue

    Brouhaha over oil revenue

    SIR: I have followed, with keen interest, the controversy surrounding the unaccounted federation account funds involving the Central Bank of Nigeria (CBN) and the Nigerian National Petroleum Corporation (NNPC). It will be recalled that the CBN Governor, Mallam Lamido Sanusi caused a stir when he raised an alarm in a letter to President Goodluck Jonathan that the NNPC failed to remit crude oil proceeds amounting to $49.8 billion into the Federation Account from January 2012 to July 2013.

    However, when he was summoned before the Senate Committee on Finance in December to give insight into the letter he wrote on the controversial missing money, Sanusi recanted saying $12 billion, and not $49.8billion, was the amount discovered not to have been remitted to the account within the period. That was after a joint reconciliation committee, of which he was part, had resolved the figure to $10.8 billion. Now, the CBN Governor’s position has changed again. This time, he has put the figure at $20billion.

    Between the vociferous rebuttals of the NNPC and the disturbing inconsistencies of the CBN, there is need to reach a middle point. Since the CBN and NNPC have continued to be at loggerheads, with the one insisting on $20 billion as funds yet to be accounted for, and the other vigorously asserting that it has accounted for virtually all the funds, the Minister of Finance and Coordinating Minister of the Economy (CME), Dr Ngozi Okonjo-Iweala, has graciously recommended that the best way to get to the truth and reassure Nigerians who have been expressing strong opinions on the issue would be to set up an independent body that would do a forensic audit of all the documents and claims.

    Evidently, this should provide Nigerians with a definitive verdict on the controversy. We would recall that a similar forensic audit was deployed to investigate subsidy claims and this yielded good results and a better tighter process against fraud. With this firm stance on fairness, transparency and accountability maintained by the Finance Minister, we can rest assured that the reconciliation process will be completed with honesty and integrity, devoid of undue encumbrance from partisan interests.

     

    • Olusola Daniel,

    Kwara state.

     

  • Jonathan, Sanusi and opacity

    Jonathan, Sanusi and opacity

    There is a Yoruba saying that states an elder worth his or her name crunches kola nut with reckless abandon.

    It is not just the African dictatorship of the elderly that entitles the elder to such reckless crunching, the sort that could even jerk awake a light sleeper. It is rather his or her moral impregnability — that heavy responsibility that earns the exalted privilege of elderly impunity.

    This is, of course, no expose on African tradition. It is rather linking African mores to the Jonathan presidential suspension (read sacking, with a sleight of hand) of Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi.

    Mallam Sanusi had earlier rebuffed a presidential threat to “resign”, insisting — and rightly so — that by Section 11(2)(f) of the CBN Act of 2007, only a presidential request, backed by two-thirds of the Senate, could sack him.

    Of course, in the immediate post-sack hubbub, the law and its intendment have fallen prime victims. Outside the grey area between sack and suspension, the infusing of the Nigerian presidency with a Kabiyesi [Yoruba for unquestionable] syndrome appears on the ascendancy, no matter what the law says or does not say.

    If Sanusi must continue to blow the whistle on the government, why didn’t he resign, goes the emotive query. To be sure, that is not unreasonable, if morality were to be the issue: a whistle blower is, after all, a “traitor” exposing a peer. Fine morality!

    But if a probable crime had been committed, and the law to which all the parties concerned had sworn to protect insists on somebody squealing? Which one trumps the other: the morality of silence or the legality of squealing?

    But let’s even assume (without conceding, as the lawyers would say) that morality prevailed; and President Goodluck Jonathan, incensed by (im)moral outrage — the law be damned! — moved to sack the CBN governor, why the virtual tip-toe in doing it?

    Why didn’t the president, like the iconic African elder, crunch his kola loud enough by announcing the sack with a flurry, with the CBN governor in-situ? Why watch on tip-toe, like a conspiratorial Tom, the CBN governor safely away in Niger Republic, before announcing his ouster? Perhaps a classic study in presidential cowardice?

    Whereas the president of the Federal Republic appears to hug, like a second skin, opacity in state matters, the CBN governor would appear sold on transparency, at least when the issue is alleged humongous stealing of oil money, using the ever-opaque Nigerian National Petroleum Corporation (NNPC) as conduit.

    Still, the you’re-shielding-oil-money-thieves Vs you-spend-CBN-money-recklessly controversy, which led to Sanusi’s sack through the back door, somewhat echoes the inimitable Fela Anikulapo-Kuti, in one of his ever memorable numbers: “You be thief/I no be thief; You be rogue/I no be rogue, You be armed robber/I no be armed robber … argument, argument, argu; argument, argument, argu …”

    But even if the argument is between two camps of rogues, as Jonathan’s presidential spinners are slanting the Sanusi sack saga, it is perhaps cold comfort that one roguish camp is at least transparent in its claims! But the Jonathan camp can’t even claim that credit — which is a pity! Not for the Jonathan Presidency the Caesar code: Caesar’s wife must be above suspicion!

    Mallam Sanusi has cried himself hoarse there is alleged systematic stealing of oil money, which scale this country had never witnessed, even with its A++ record in public graft, under the Jonathan Presidency.

    At the beginning of the end, Sanusi wrote Jonathan a secret memo that there was a “crater” of US $49.8 billion in the nation’s purse, and pointed fingers at some smart alecs at NNPC. Jonathan did nothing — until former President Olusegun Obasanjo, fighting his own battle of relevance, included the allegations in his ill-tempered letter to the president.

    Predictably, Jonathan’s ire was not at those who allegedly short-changed the treasury, but at Sanusi who raised the query. The boy who once upon a time had no shoes has become a man comfy with alleged humongous stealing, that may condemn millions of current and future Nigerian kids to be shoeless! When eventually some reconciliation was done, between US $10.8 billion (NNPC’s claim) and US $ 12 billion (Sanusi’s claim) still remained unaccounted for — except for some hocus-pocus that NNPC used to explain it away!

    The end of the end came with the Sanusi allegation, before the Senate finance committee probe, that another US $20 billion (more than the 2014 budget) could also have vanished! Now, that was not a CBN governor grandstanding at a press conference. That was a CBN governor, using hard evidence, to make a presentation before parliament, in the best tradition of open societies.

    But today, there is no satisfactory answer to that query — though the probe continues. Jonathan’s classical response was to kill the messenger, with the fond hope the bad message would disappear! It is a moot point if that query would die with Sanusi’s illegal sack. But again, Jonathan has proved himself a champion of opacity, whose body language is mad at probity but frolics with fiscal iniquity.

    To counter the missing US $20 billion charge, the Jonathan Presidency would appear to have initiated its own charge of N168 billion, which the Sanusi CBN administration allegedly recklessly spent. The presidential whistle-blower is the Financial Reporting Council of Nigeria (FRCN), which findings suddenly jumped into the fray, like some Deus-ex-machina in a Greek tragic play.

    For all you know, there could be substance to the anti-Sanusi allegation. But the circumstances of its making, combined with the reported threat of a Sanusi trial, all point to a not-too-unfamiliar tactic of muddying the waters and bandying threats.

    All that portrays the Jonathan Presidency as a dog that barks, not out of strength but out of fear. But it would take its chances, that not a few would fall for such cheap bluff and bluster.

    Mallam Sanusi has many faults. He is a gadfly; and he is a tad too voluble when taciturnity would do just fine. Besides, playing CBN governor-activist in a sleaze-rich administration is tantamount, to parody that tennis term of unforced error, to unforced fatality.

    But he has been consistent on government transparency as the Jonathan crowd has been on opacity. He therefore appears to have put the fear of God in the Jonathan ensemble.

    It is a classic match-up between powerless conscience and conscienceless power! Still, history has shown conscience is not so powerless, as not to eventually trounce conscienceless power.

    After the Justice Ayo Salami saga, the Sanusi case is yet another red alert at the clear and present danger of an opaque presidency, particularly when the issue is alleged mindless exchequer raid. But when asked to probe these allegations, President Jonathan gets grumpy!

    Fortunately however, election times are nigh. With all these allegations of sleaze and negative presidential reactions, can you entrust your exchequer to this man for four more years?

    It is no time to sit on the fence!

  • So, Jonathan is nice?

    So, Jonathan is nice?

    What was Sanusi Lamido Sanusi, the suspended Governor of the Central Bank on Nigeria on President Goodluck Ebele Jonathan.

    Not a few Nigerians would be surprised that the former boss of Nigeria’s apex bank could have some nice things to say about the president given his strident criticism of the administration, especially its lack luster fight against corruption.

    I am a bit surprised myself but then I remember this wasn’t the first time I would be hearing such a comment being made about the president. I’ve heard from quite a number of people who are very close to him or have access to him that Dr Jonathan is a very good person who meant well for this country but is surrounded by bad people. And each time I hear this I get annoyed. Why should a good man surround himself with bad people?

    Being soft spoken, courteous and nice to people are part of the qualities of a good person, but being good goes beyond that. The ability to attract good people to oneself is also a sign of goodness. You know a man’s character by the kind of company he keeps. Show me your friend, the cliché goes, and I will tell you who you are.

    True, according to Shakespeare there is no art in knowing the mind’s construction from the face, but then if one was deceived by the blandness or innocence of the face it shouldn’t take too long for a good man to discover the bad or rotten person around him.

    It has been a while now that President Goodluck Jonathan has mounted the saddle as Nigeria’s president and leader, and from day one, he has surrounded himself with some characters that not a few Nigerians are not comfortable with, yet he found them good company. What does that say of the president himself? Take the example of the former Minister of Aviation Madam Stella Oduah. I am not sure if there is anybody in this country who does not know that Stella was and still is Goodluck’s friend and it was mainly on the strength of that friendship that she was made a minister of the Federal Republic. She was so good to Jonathan particularly through her ‘Neighbour-to-Neighbour’ organization in the run up to the president’s election that he just had to compensate her for being there for him and she was made a Minister.

    Nothing wrong in that I guess, after all you work well with people that you know and trust. But not too long after, this woman became a square peg in a round hole and almost everybody except the president saw this and complained; to Jonathan, Stella could do no wrong. Even the President didn’t see anything wrong when the two BMW limousine scandal involving the former Minister and the Nigerian Civil Aviation Authority (NCAA) broke out. Not even the House of Representatives’ or the Presidency’s administrative panel indictment was enough to convince him to drop his friend.

    When he eventually did a couple of weeks ago, many believe it was just a desperate measure to rescue his seemingly doomed second term ambition; not out of conviction to fight corruption. The allegations against Madam Oduah are weighty enough to have warranted her immediate removal or suspension from office but the President chose not to act until he discovered that leaving Stella in office would be an unnecessary baggage that could jeopardize his re-election in 2015. Reluctantly, Stella had to go and for now scot-free.

    If Jonathan is such a good man as we are being told, then he shouldn’t have surrounded himself with the likes of Madam Oduah. Yes, nothing has been proven against the former Minister yet but the President would help Nigeria and his cause by releasing the report of the administrative panel that probed the car scandal and allow the Economic and Financial Crimes Commission (EFCC) to handle the case and any other alleged cases of corruption involving her without any pressure or interference.

    If the President is such a good person then why is he still keeping Deziani Allison-Madueke as Minister of Petroleum with alleged cases of monumental corruption going on in that industry especially within the Nigerian National Petroleum Corporation (NNPC). We’ve heard about 20 billion USD oil money reportedly missing for which the suspended CBN Governor was apparently being punished. Forget about the Financial Reporting Council of Nigeria report on Sanusi’s CBN, it was just a convenient excuse to ease out a pain in the arse. Why wait till now to act on the council’s report that had been ready since March.

    This is not excusing Sanusi from accounting for his tenure as CBN Governor. If he had done anything wrong, particularly fraudulent, he should be punished. I am not one of his fans, but why punish him now after blowing the whistle on the missing oil money? And why not all those people involved in the missing money as well?

    The fraud in the oil industry dates back to the discovery of oil in Nigeria and has seemingly defied all actions taken by successive administrations to curb it. Most if not all of Jonathan’s predecessors are guilty, but then none of them has been described as nice the way Jonathan is being portrayed. So, if he is a nice and good person, then he should get rid of those bad people in our oil industry; he should start from his cabinet.

    If Ngozi Okonjo-Iweala, the coordinating Minister for the Economy as well as Finance Minister (whatever that meant) is sitting there comfortably with all these fraud allegations flying around, then I am afraid, she too had joined them. May be she is one of those bad people surrounding our ‘nice’ President.

    There are still many of them like that parading the corridors of power in Abuja. But like I asked earlier, why should a good person surround himself with bad people? The answer is simple, he too must be bad because like minds work together.

    Today we speak well of the likes of Chief Obafemi Awolowo, Dr Nnamdi Azikiwe and Alhaji Ahmadu Bello even after they are no more because of the good things they did when they were in power or had access to power. They didn’t achieve all those good things alone, they were helped by the good people they invited into their government. So, if Jonathan cannot attract or invite good people into his government, then he himself is bad. Shikena.

    One last thing to add. We’ve heard so much about how good and nice President Jonathan is, but people are not coming out to talk about his unforgiving spirit. I heard he doesn’t forgive. If you are in doubt ask former Bayelsa Governor Timi Silva or his namesake Timi Alaibe the former NDDC boss. Both are from Bayelsa State like President Jonathan. What a nice man!

     

     

  • Presidency plots  to put Sanusi on trial

    Presidency plots to put Sanusi on trial

    The Federal Government is not done yet with Mallam Lamido Sanusi whom it suspended on Thursday as Governor of the Central Bank of Nigeria (CBN).

    There are indications that the suspension may be followed soon with the arraignment of the Kano prince for ‘misconduct.’

    The findings of the Financial Reporting Council of Nigeria (FRCN) on the administration of Sanusi in the CBN which government used as a basis for his ouster indicted him for financial recklessness including commitment of N168 billion of public funds to the execution of intervention projects across the country.

    Some governors elected on the platform of the Peoples Democratic Party (PDP) are believed to have joined the league of those pushing for Sanusi’s trial.

    Already, Sanusi has been placed under surveillance by security agencies.

    It was gathered that some forces in the presidency had a secret session in Abuja at the weekend and resolved to have a go at Sanusi.

    They said the that findings of the FRCN against Sanusi should be put before the court to determine his guilt or not.

    Some of the forces also felt the trial would humiliate Sanusi and force him to keep quiet on the $20billion oil funds.

    It was learnt that the moves to subject Sanusi to trial accounted for the desperate bid to set security agencies after him to effect his arrest and hound him into detention.

    But Sanusi was, however, able to stumble on intelligence report on the plot to arrest him while making contacts in Niamey, Niger Republic.

    It was based on the intelligence report that Sanusi changed his landing flight schedule from Abuja to Lagos.

    A reliable source said that the anti-Sanusi forces are out to deal with him for ‘confronting’ the president on the $20billion oil revenue.

    Said one source: “They were pissed off that Sanusi ignored the president’s advice that he should resign. They said Sanusi had tried to undermine the presidency.

    “In fact, some PDP governors have joined the gang-up against Sanusi because they have assumed that Sanusi is speaking the voice of the opposition.”

    Investigation by our correspondent confirmed that the first part of the plot is to arrest and detain Sanusi to “break his spirit.”

    “I think there was a leakage of the initial part of the scheme which made Sanusi to divert his flight to Lagos from Niamey instead of Abuja,” a source added.

    Sources said that security agencies are monitoring Sanusi’s movement.

    “They have placed him under surveillance because of fears that he might relocate abroad. You know some foreign missions are interested in his travails because of the $20billion ‘missing’ oil cash.”

  • Saraki: Jonathan can’t justify

    Saraki: Jonathan can’t justify

    Former Kwara State governor, Senator Bukola Saraki, yesterday said President Goodluck Jonathan cannot justify his decision to suspend Central Bank of Nigeria (CBN) Governor, Mallam Lamido Sanusi

    Saraki, who is the chairman Senate Committee on Environment and Ecology, also denied reports making the rounds that the upper legislative chamber has approved Sanusi’s suspension.

    He said that the Senate was yet to be formally briefed on the Sanusi’s controversy, insisting that the provisions of the CBN Act are clear and unambiguous on the removal or suspension of the apex bank governor.

    Saraki spoke yesterday in his Ilorin, Kwara State, capital home.

    He said it was clear Jonathan has been ill-advised on the issue and warned that such developments will affect other institutions meant to stabilise the country.

    He expressed concerns that investors would be wary of doing business again with the country given the alleged arbitrary nature of suspending Sanusi.

    According to him: “Today, it is the CBN governor. Who knows the president may wake up tomorrow and suspend the chairman of INEC?

    “With my own knowledge of the CBN Act and the relevant sections, which I have gone through, no part of that Act supports the action taken by the president.

    “And I think this kind of thing is not about Sanusi. It is even more about the new governor who is coming in.

    “Can that governor really say that his tenure is five years? There can be a new president tomorrow down the line who would say, ‘in 2014, this is what happened.’’’

    He added: “The independence of the position of the governor of Central Bank is no longer there and there are investors outside the country, fund managers that will have about N20bn invested in this country who took those decisions based on the fact that the CBN is independent.

    “The moment those institutions are not protected, they have far-reaching effect on the economy. I think in a way the president was ill-advised.

    “Whatever he was trying to achieve is lost because those institutions are more important than the issue of the individual. Also the law states clearly how the governor of Central Bank can be removed or suspended.”

    He debunked the notion that the Senate had backed the suspension of Sanusi.

    Saraki said: “I was reading in the newspapers that the Senate has taken a position on the Sanusi’s issue and I want to say that the Senate has not at any time discussed the issue.

    “I think the senator who was quoted was talking on his personal recognition.

    “From reading the CBN Act, there is no room for the president to either suspend or remove the CBN governor.

    “There is no letter or request before us; maybe when we get back, we will get the letter. We must follow the laws.”

    On the gang-up against his political leadership in the state, the former governor, who has defected to the All Progressive Congress (APC), said any talk about taking over from him is mere day dreaming.

    He explained the latest figures from the registration of the APC membership in the state has shown that it can conveniently win the next elections.

  • I learn  across  board

    I learn across board

    Ini Onuk is the CEO at Thistle Praxis, a consulting firm. She is also the convener of the Africa CEO Round-table and conference on Corporate Sustainability and Responsibility, AR-CSR. In this interview with Yetunde Oladeinde, she talks about how she crossed over from paid employment to being an employer of labour, the initial challenges and the turning point that changed her life.

    ARE women doing well in terms of leadership?

    I think that there are still a lot of opportunities for women, whether we like it or not. Government also needs to create more opportunities for women. I am not saying that it should be handed over just like that, it must be merited. In a country like ours, we have about 50 per cent women and a lot of organisations like the oil and gas sector, banks and CBN are putting in positive measures in place. So the trend is changing, our culturing also needs to change. For a woman, once you leave school and you are not married there is a problem. We have smart women but much more has to be done.

    Do you see change through dialogues like the national conference?

    The per cent age of women to men is still an indication that we still have a long way to go. The nominations look like it is the men that have all the solutions. They are wrong. I am hopeful that the conference would achieve what it seeks to achieve and not just be a jamboree.

    How would you assess the performance of the organisation?

    It’s been topsy turvy. The organisation will be four years this June and I would say so far, so good. However, I must say that it is tough being in the service industry, but being able to give the service in a unique way, the tenacity of purpose, holding on when everyone says it’s an impossible dream. At the point, when I was going to start the business, friends and family didn’t understand why I should leave my job and take something which in everyone’s eyes didn’t make sense. For me, it was the ability to dream and seeing your dream come true.

    What are some of the achievements recorded?

    We have been able to stamp our mark and move from CSR to sustainability and linking it to the DNA of the organisation and also moving to sustainable finance. It has been quite good putting the discussions on the table. From this, you can break it up to what organisations can do, link this to Human Resources and their supply chain. Companies can link this to their businesses and a wider range of the things they do. But beyond the mundane philosophy of philanthropy, we are making corporate oganisations more reliable.

    In addition, we also have our journal called CRS files. We also have the weekly publication in The Guardian, which is a newsletter. We have also been able to produce what we call the carbon calculator which works on issues of core impact and needs assessment. Another achievement for me is that as a woman entrepreneur, one is able to pioneer what others have not been able to do.

    What are the new projects that you are working on?

    In terms of achievements, we are the West African firm responsible for CSR sustainability. That is big and new, we had a conference last year. We are looking at opening up opportunities and ensure that organisations producing sustainability reports make it intrinsically linked to Nigeria and not just generate demographics using GRN and ISO 26,000 as technical partners. We are also working on our conference on financial inclusion and how they can be linked to finance.

    What are some of the challenges encountered?

    I think there is no business that won’t talk about challenge. For us in the service delivery sector, the major problem has to do with cash flow. Usually people would be asking you what you produce or what are you selling. It is basically about time, resources and particularly getting people who are good for the job.

    Here, we are quite particular about the best brains, the content that people come with. Apart from this, we have issues with power and we run the generator everyday and this adds to the cost of running the office. We have just opened new offices in Calabar and Abuja.

    Tell us about some of your memorable moments on the job..

    For me, the first one would be the first three months after we started Thistle Praxis. That year, we had a conference and brought in Mary Robinson, but somehow we had no sponsorship. Everyone we went to was wondering what we were up to. They didn’t believe that we could have the calibre of guests that we had.

    Another memorable moment that we have had was when we brought former two-time Minister of Norway to one of our events. The third one was the day we made our first hundred million and it was like a dream come true. That was the total value of the job and at the end it all we walked away with about five to ten million.

    How would you describe your management style?

    I am a good leader who is open to criticism. I fluctuate between being the queen bee, mother and autocratic leader. For a transformational leader, there should be a balance. My management style is a mix but I am hands on at work. For me, part of the problem as business grows and we have more capable hands, the founder gets complacent and they do not get to know what is happening.

    That is where I am different and do not micro manage at all. I need to be practically involved with everything that is going on. In itself, that means extra work but in 10 years there would be viable group heads.

    Let’s talk about the people you admire or mentors..

    I have quite a number of young and old people in this category. The mistake a lot of people make is thinking that mentors must be older people. I learn across board and I have people who have been good to me in different ways. Bola Adesola is one of the people that I have tremendous respect for. AlexOtti, GMD of Diamond Bank, Thelma Ekiyor, Governor Liyel Imoke, Mary Akpobore, Alli Baba’s wife, are examples of people committed to people. As people grow higher, they look down on others, but these people are different.

    Who or what do you consider as the greatest influence in your life?

    I think it should be my background. I came from a very humble background. I am one of those who should not have anything to be where I am today. The constant push to be better than where I am, whether I like it or not, has marked what I do. The fear of poverty, not being able to give to others is the greatest drive and push. I love my father to pieces and I saw him work very hard as a watch repairer to put food on the table as a young girl.

    Do you have people that you are mentoring?

    I have too many mentees and protégées. This year, I decided not to take any because they run in the numbers between 15 and 20 that I am actively involved with and the others. My life has always been that of mentoring and we discuss personal and business issues. I also started something called Alabaster Circle which is a follow up on my second book, Break the Alabaster.

    Here we are able to deal with issues like marriage, day-to-day relationships and the reality of entrepreneurship. Most times, a lot of people just wake up and say, ‘I am doing my own thing’. Meanwhile, it is not working and they have to go back to the job they left for it. Getting it right is a lot of sacrifice and you have to invest everything into it.

    If you had to advise young women, what would you tell them?

    It would be what I told myself. I was created for change. It is important to know that being a woman is not a disease. I see myself first and foremost as an entrepreneur and not just a female entrepreneur. For younger women, I would say that we are not born to be just wives and mothers. After creating a man, there was a burning desire inside God and He needed to create someone who would be a partner, someone He could have conversations with and He created a woman. A woman is an embodiment of all, while the man is the prototype. We should see ourselves as partners in progress.

    Where do you hope to be in the next five years?

    We would have consolidated as a group of companies because we have a number of interests.

  • Jonathan’s impunity

    Jonathan’s impunity

    For the duration of his hyperactive and fairly controversial tenure, Sanusi Lamido Sanusi never quite won my unalloyed support for some of his critical policies as Central Bank of Nigeria governor. Under him, for instance, the CBN’s acts of charity rankled in many regards. His banking reform measures were also implemented with a flamboyance and uppityness that left me wondering whether his unduly feisty approach to banks and banking regulations was not more appropriate for tinseltown than for apex banking. Then he often talked nineteen to the dozen, when restraint and reticence would do, and projected himself as the ultimate Nigerian iconoclast, a sort of business and class egalitarian indifferent to the accoutrements of the wealthy as he was not incommoded by the lowliness of the classless.

    Indeed, as some elements of the report prepared against him by the Financial Reporting Council (FRC) indicated, Mallam Sanusi, who was brusquely suspended a few days ago by President Goodluck Jonathan, might be inadequate in some respects and needed to painstakingly convince his traducers his integrity was not sullied by any identifiable form of financial and regulatory brashness. Perhaps he still will. But whatever might be said of the suspended CBN governor, no one could accuse of him of a lack of dignity and character. I had reservations about some of his policies as CBN governor, but I never stopped respecting him for what he stood for and how pluckily he fought for what he believed. He called his soul his own and displayed a robustness of principles seldom seen in public office in these parts.

    In contrast to the dour integrity shown by Mallam Sanusi in public office, Dr Jonathan has handled power most obliquely and impiously, if not with the irritating absolutism of a monarch. The president claims to have suspended Mallam Sanusi and describes the process as innocuously routine, but everything surrounding the suspension indicated the dismissive finality of a sack. Not only was the former CBN boss removed, his temporary and permanent replacements were hastily named with a temerity that reeked of political insensitivity and unconstitutionality, and with such absolute lack of grace and class that leaves one wondering how it was possible for Dr Jonathan to demean the Nigerian presidency to such level of pettiness.

    Again, in contrast to his dithering over the proven allegations against former Minister of Aviation, Stella Oduah, and in consonance with the subterfuge evident in the suspension of former President of the Court of Appeal, Justice Ayo Salami, Dr Jonathan has choked and undermined the constitution by removing Mallam Sanusi in contemptuous disregard for the law. The excuse he gave for sacking the former CBN boss is that he breached some financial rules. But in reality, the removal was probably due to the president’s exasperation with Mallam Sanusi’s volubility and irreverence. The suspended CBN boss had complained bitterly at least twice about the NNPC’s unorthodox bookkeeping methods and financial malfeasance. And the complaints had elicited intense controversies and triggered insinuations that the Jonathan presidency condoned corruption, body language and all. But the snag is that the oil agency reports to the Minister of Petroleum, Diezani Alison-Madueke, one of Dr Jonathan’s favourite cabinet members, if not the most favoured minister. Two attempts to reconcile the books of the NNPC merely reduced the gaps, not eliminated them, and gave impression the agency was nothing but a sinkhole and a conduit for funding the politics of the ruling party.

    By peremptorily sacking Mallam Sanusi, Dr Jonathan has finally given indication he will henceforth not be distracted by the constitution in the pursuit of his ambition to govern Nigeria along absolutist lines. Though he was careful not to cite any constitutional provision in sacking Mallam Sanusi, perhaps knowing full well that no such provisions existed to back him, it was nonetheless clear that he gave indication his action was lawful. But there is no conceivable way of reading or interpreting the CBN Act, as amended, particularly the applicable Section 11, to back the president’s action. It is intriguing that any lawyer, not to talk of any rational person, could suggest that the said provision could be construed any other way. Section 11 is not only clear and direct; it is not ambiguous at all. The president himself knew this.

    The CBN Act doubtless empowers the president to remove a CBN governor if necessary, but that power is circumscribed by and contingent upon the approval of two-thirds of the members of the Senate. The president completely discountenanced this provision and went ahead to do the unthinkable. We may not like Mallam Sanusi, but if executive, legislative and judicial actions are to be based on whom we like or dislike, we would have complete chaos. Dr Jonathan, it is clear, is besotted to some of his ministers. Anyone that challenges his favourites pokes a finger in his eyes. When Dr Jonathan suspended Justice Salami and we failed to get him to reverse himself, we unwittingly approved the president’s resort to self-help. If we fail in checking this new impeachable breach of the constitution, we should ready ourselves for more flagrant breaches of the constitution in a tension-soaked election year.

    The sacking of Mallam Sanusi is not just a case of the president getting rid of a headache; it is an indication of the underlying methodology of the Jonathan presidency and an example of his dreadful unease and impatience with the restraining and civilising leashes of the constitution. Dr Jonathan, I have said repeatedly, lacks the depth and idiosyncratic understanding to appreciate the kind of democracy Nigeria should run, and the kind of country we should have, one that should serve as example and provide leadership to the rest of Africa, and one that should challenge even the most democratic country in the world. Lacking such understanding and discipline, Dr Jonathan has constituted himself and his government into a tyranny run by a camorra of friends, avaricious aides and petulant family members. We are in far worse trouble than we imagine, especially in an election year, for the president has more dangerous concoctions on tap.

    If we look forward to any salvation, it will certainly not come from the presidency. Those characters in the presidency are too far gone to be redeemable. If we look to the legislature, we would have to ponder which direction to go: is it to the House of Representatives or to the Senate? If it is to the House, it is satisfying to note that that assembly of men is fairly radical and of some use. But the constitution does not give them the kind of powers that would make them tame the president in the face of a grovelling and ingratiating Senate. And if it is to the Senate we look, we would be seeing nothing but a chimera. The Nigerian Senate is a party to the conspiracy to undermine the constitution, blissfully unaware that they are in effect undermining their own very existence. They see themselves more like an arm of the ruling party, nay, a department in the Jonathan presidency. They will do nothing radical or altruistic; and they will not lift a finger in the defence of the people or the constitution.

    Might the judiciary be of any help? Mallam Sanusi has already indicated he would be seeking help in its hallowed precincts. But litigation produces its own paradoxes. By going to court, Mallam Sanusi will be denying us a confirmation of the Senate’s infamy and conspiracy with the Jonathan presidency. The Senate will cite the case in court and decline discussions on the unlawful act of suspending the CBN governor. And since there is already an acting CBN governor, as it were, it would not matter whether the Senate declined to confirm the president’s nominee, Godwin Emefiele. The president can afford to wait it out. So, too, disingenuously, can the conniving Senate. In June, after Mallam Sanusi’s natural tenure expires, Emefiele’s confirmation will be done, and it will seem natural and unimpeachable.

    I restate once again that the problem is not Mallam Sanusi’s competence or style. The problem is that he raised fundamental and disquieting concerns about financial disparities in that most disturbing of arcana, the NNPC, and the fact that the president in sacking Sanusi acted most precipitately and brutishly by assaulting the constitution. If we condone these infringements, we will not only be exhibiting our powerlessness in the face of intense financial impropriety on the part of government agencies, we would also be signalling to Dr Jonathan that his monarchical tendencies, his contempt for the constitution, his demeaning attachment to a few of his cabinet members and his lawless predilections will be winked at. Dr Jonathan has taken the first awful steps in the direction of Somalia, Central African Republic, Sudan/South Sudan and Democratic Republic of Congo. It is no exaggeration to say he has thus taken us closer to the precipice than at any other time in our anguished and chequered history, including the civil war era. Should we indeed be compelled to endure four more years of Dr Jonathan and his lawlessness, as some pundits are projecting, there is no telling what horrifying fate the country would meet.

  • The crucifixion of truth

    The crucifixion of truth

    With Sanusi’s sack through the back door by President Jonathan, like Justice Salami’s, who is next?

    Do not get carried away by the title of this piece. Nothing in it suggests that the immediate past governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, who was suspended (actually sacked) by President Goodluck Jonathan on Wednesday, is a saint. In Nigeria, who is a saint?

    A statement signed by Reuben Abati, the president’s spokesman, said inter alia: “ Having taken special notice of reports of the Financial Reporting Council of Nigeria and other investigating bodies, which indicate clearly that Mallam Sanusi Lamido Sanusi ‘s tenure has been characterised by various acts of financial recklessness and misconduct which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline …” the Federal Government had no choice but to suspend the CBN governor.

    One thing that is not funny about the so-called suspension is that it is a case of the pot calling the kettle black. The Jonathan administration is deficient in all the qualities it has outlined as constituting Mallam Sanusi’s sins. Which financial recklessness is greater than the one in which our foreign reserves and even the excess crude account are being depleted voraciously without any tangible thing to explain the depletion? And this in spite of the fact that crude prices have been soaring far beyond budgetary projections! If the government is talking of core values, what constitutes its own core values? Does transparency exist in the government’s lexicon?

    As a matter of fact, this is the main reason why Mallam Sanusi incurred the wrath of President Jonathan. The CBN boss, had raised certain fundamental issues about the way billions of dollars are missing from the government’s coffers and, instead of the government thanking him (even if that is not his duty), he was asked to resign. As someone who knows his right, he refused. It was clear at that point that the President would take his pound of flesh.

    A predictable President Jonathan did last Wednesday. But we need to be worried, especially when dangerous precedents become a predictable pattern. I must confess that some of us heard something akin to what eventually happened to the CBN governor more than three weeks ago. What was in the air then was that the CBN governor would just get to his office and be barred from going in by security agents, and without any explanation, perhaps beyond the usual ‘order from above’. May be those who were to hatch the plot figured that might not go without incidents and so decided to wait for a more auspicious time. That came Wednesday when the former governor was in Niamey to attend the conference of the West African Currency Zone with other governors of the Central Banks in West Africa. Sanusi was reported to have hurriedly left the venue of the meeting shortly after the Nigerian Ambassador to Niger confirmed to him the directive suspending him by the presidency.

    When, the other time Justice Ayo Salami was the victim of presidential recklessness, we thought it was his (Salami’s) business. All we offered then was a feeble resistance. Even when the judiciary that took the matter to the President (apparently in error) said it had found nothing against the former President of the Court of Appeal and that he should be recalled from suspension, President Jonathan looked the other way and ensured that Justice Salami retired from his so-called suspension.

    The danger in our docility or nonchalance on matters like these is that impunity will continue to beget impunity. It is already happening. This paper’s editorial on Mallam Sanusi’s sack on Friday took us down the memory lane when it said that Alhaji Shehu Shagari took time out to address the nation when, during his time, N2.8billion oil money was said to be missing. This was the result of the outrage in the entire country. These days, worse allegations of corruption involving billions of dollars are treated as if they are not unusual. Indeed, Nigerians are no longer shocked by public officials stealing in millions, the vogue now is to steal in billions since hell would not be let loose.

    But these are too dangerous precedents that should not be encouraged in a democratic setting. The stark reality is that fascism is fast creeping in. President Jonathan does not need to tell us that he is neither Pharaoh nor Herod; his actions have spoken louder than his voice to give us an idea of his true personality. And the situation can only get worse with the 2015 elections getting closer because most things happening in the country, particularly on the political and economic plains, including the removal of Mallam Sanusi, are all about the 2015 elections. Nigerians who felt the 2011 elections gulped money would see that the next general elections would gulp even more. What was spent in 2011 would be chicken feed to what would be spent next year. And that money must come from somewhere. All kinds of books would be cooked because there won’t be any heading for such expenditure anywhere in the budget. We may start to feel the negative impact of such unearned income on the economy by the third or fourth quarter of the year. Now that Mallam Sanusi has been fired, the allegations may die naturally because not many people would want to suffer the same fate. In all these, Nigeria is the loser.

    Be that as it may, by saying that he suspended Mallam Sanusi, President Jonathan has merely fooled Nigerians. He is only being clever by a quarter, not even by half. It is a slap on our faces because what has happened means that the President knows that he has no power to sack the CBN governor by virtue of section 11, subsection 2(f) of the CBN Act, without at least two-thirds of the Senate members concurring. Yet, he does not like his (Sanusi’s) face (or is it his guts?) and so decided to throw him out with impunity. If all he did was suspend the former CBN governor, why the unholy haste in announcing an acting CBN governor only to follow it up with the nomination of his replacement?

    This kind of decisiveness in not vintage President Jonathan, except when the matter concerns people whose faces he does not like. We know how long it took us to get him remove his former Minister of Aviation, Ms Stella Oduah, despite the weighty allegations against her. The other, his petroleum minister, Diezani Alison-Madueke, whose case is even worse than Oduah’s remains on the beat years after Nigerians have come to see her ministry as an epitome of corruption.

    The truth of the matter is that whatever arbitrariness the CBN Act sought to prevent by insulating the apex bank’s governor from an overbearing executive would have been defeated if the bank boss can be suspended the way President Jonathan has done. People get away with these things because they are hardly challenged. It is on this score that I support Mallam Sanusi’s decision to challenge his suspension in court. Even a baby lawyer would know that if you lack the power to remove or sack, you cannot have the power to suspend in this situation, and especially in our kind of clime where government specialises in satanic subterfuge even as it lacks the capacity to deliver good governance. Obviously, the President too might be aware of this point but decided to go ahead with his plan in the hope that Mallam Sanusi would challenge him in court. Given the snail speed at which justice travels in the country, his (Sanusi’s) term would have elapsed by the time the case is decided. In which case, the President would still have had his way.

    It is high time Nigerians rose against this reign of impunity. With two vital parts of our lives – the judiciary and now the CBN – being gradually subdued as it were, we may find it difficult to differentiate between good and bad, or morality and immorality, at the rate this government is perverting the system. Ideally, one would have hinged hope on the Senate but the Upper legislative house as presently constituted cannot be trusted to stop the rampaging government. Otherwise, the starting point would have been to ask it not to confirm the appointment of Zenith Bank boss, Godwin Emefiele as Mallam Sanusi’s successor. Whatever sins Mallam Sanusi might have committed, due process ought to be followed in addressing his case. We should not leave our fate in the hands of any overbearing executive. At the rate we are going under this government, truth would soon join the long list of essential but scarce commodities.

  • Investors lose N354bn in two days over CBN Governor’s suspension

    Investors lose N354bn in two days over CBN Governor’s suspension

    The Nigerian stock market was  on  edge for the second day running yesterday with  anxious investors continuing to downsize their portfolios in reaction to Thursday’s suspension of the Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi.

    Investors lost N167 billion in previous capital gains yesterday with three out of every four stocks that witnessed price change closing on the negative. Investors had lost N187 billion as the news of the suspension broke out on Thursday.

    There were fears yesterday that investor confidence might weaken further on account of Sanusi’s fate.

    Razia Khan,head of African research at Standard Chartered told AFP that investor confidence in Nigeria had already been hurt by the CBN governor’s ouster.

    The Naira fell to 168.90 on Thursday soon after the news of Sanusi’s suspension broke.It is the Naira’s lowest rate in two decades.

    Aggregate market value of all quoted equities yesterday  dropped to a low of N12.301 trillion as against its opening value of N12.468 trillion. The benchmark index at the Nigerian Stock Exchange (NSE)-the All Share Index (ASI), indicated a daily average decline of 1.34 per cent, bringing the decline since Thursday to 2.81 per cent. The ASI, which tracks the values of all quoted companies on the NSE and as such serves as country index for Nigeria, had declined by 1.47 per cent on Thursday. The ASI closed yesterday at a low index point of 38,295.74 points as against its opening index of 38,816.19 points.

    As the news of the suspension filtered into the market on Thursday, aggregate market value of all quoted equities dropped by N187 billion from N12.655 trillion to close at N12.468 trillion. The ASI also dwindled to 38,816.19 points as against its opening index of 39,397.09.

    Analysts were unanimous that the downtrend was in reaction to the suspension of the CBN Governor. Aggregate market value of all equities at the NSE had witnessed sustained rally between Monday and Wednesday. It opened the week at N12.427 trillion and built up successively to N12.528 trillion, N12.530 trillion and N12.655 trillion on Monday, Tuesday and Wednesday respectively.

    The ASI had also sustained steady rally prior to the reversal on Thursday. ASI opened at 38,767.29 points and built up to 38,964.75 points, 38,972.56 points and 39,397.09 points within the first three trading days.

    “By today’s dip, the market hit three-month low, last seen on the 20th of November, 2013 when NSE-ASI opened at 38,255.86 points. Note that the current negative reactions are expected especially from foreign and institutional investors’ end points,” analysts at GTI Securities stated in post-trade review yesterday.

    According to analysts at Afrinvest (West Africa), the market decline was due to “selling pressures emanating from foreign and local market players reacting to the news” of the suspension of the CBN Governor.

    Analysts reported that the foreign exchange market was intermittently shut yesterday due to significant selling pressure on the Naira during trading, forcing it to an all-time high of N169 to $1, 3.1 per cent depreciation from the previous day.

    Analysts noted that foreign portfolio investors constitute 48.8 per cent, about $20 billion, of the total reserves, highlighting the significant impact of a drastic reversal on the country. This recent development may further worsen the depletion of reserves in the coming weeks.

    “We expect yields to cross the 15 per cent mark in the coming week as investors weigh in on the decision of the Federal Government on the suspension of the CBN. This development is likely to lead to an increase in the country’s risk premium, thus requiring a re-pricing of yields to incentivize investors. This increase will undoubtedly raise the governments cost of borrowing, exacerbating re-current expenditure,” Afrinvest stated.