Leadership (Abuja)
Golu Timothy
2 November 2009
Abuja — Nigerians in the Diaspora have called for a Presidential review of the banking reform as designed and implemented by the Central Bank of Nigeria (CBN) Governor, Mr. Sanusi Lamido Sanusi, so that the banks do not experience any form of distress again after the latter leaves office.
While commending his initiatives, the group, the Nigeria Circle, said that Sanusi needs to be put under close check and scrutiny to ensure that he does not become another Charles Soludo in time to come, and that some of the banks should be returned to their owners.
In an open letter to President Umaru Musa Yar'Adua yesterday, the group alleged that, "Sanusi is beginning to drift and is increasingly loosing focus as to his role as the CBN governor and the role of the CBN in nurturing an undeveloped economy like Nigeria's. "
"He is solely fixated with finding new owners for the banks he has approximated to himself.
The propriety of Mr. Sanusi's action in taking over the banks is still a matter of litigation in the courts, yet Mr. Sanusi has gone to pronounce death sentence by firing squad on Nigerian owners of the banks".
In the statement signed by the group's president and Secretary,Mr. Michael Adetunji and Uche Nwokobia, respectively, the group questioned the wielding of the big stick on eight banks, their CEO's and management, saying there are ample evidence to warrant a scrutiny of Mr. Sanusi's actions and pronouncement since the action.
"Recall, Sir, that in the hey days of banking consolidation carried out during the Obasanjo's era, President Obasanjo's feeling happy and satisfied at the brilliance and ingenuity of Professor Soludo was ascribed to Professor Soludo as the source of all he knows about running the Nigerian economy. Today, Nigerians are wiser to the resultant effect of the acclaimed depth of knowledge of Professor Soludo and the impact it had on our economy.
Today, your administration is busy correcting the economic mistakes of your predecessor."
They said Nigeria cannot be immune from the world's economy either in good times or in periods of meltdown.
"Professor Soludo made you and Nigerians believe that our economy is insulated from the global economic meltdown. If you have not had the benefit of a knowledgeable team of economic advisers, you would have fallen into the same trap President Obasanjo fell into with Professor Soludo's unintelligent advice and theories.
Hence it can be safely said that the quality of leadership at the CBN is circumspect and their actions must be analysed and re-analysed before being taken as a policy to be implemented by government.
Most of us thought as Mr. Sanusi wanted us to believe that the banks would not be able to meet their obligations the next day of business, but events since then have shown that Mr. Sanusi's position was alarmist, uncalled for, vindictive and an encroachment on the fundamental rights of Nigerian entrepreneurs to do business in their country.
Is it a crime to do business in Nigeria? Entrepreneurs' are now scared of doing business in Nigeria because Mr. Sanusi has impinged up the sacred and confidential relationship bankers have with their customers.
So how will the banks now serve as a catalyst to the attainment of your 7 point agenda and the vision 2020?
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