No Orchids for Mallam Sanusi: Whose Orchids and who cares?
This must be
a carefully written prose. Otherwise, cynics, faultfinders and self-proclaimed
rhetoric extractors would craft and establish severe cases of vilification on
the person, expressions, memory and intelligence of the original author of this
subject. Therefore, it is of utmost importance that I hastily declare as follows:
“This
piece is not a response in whatever sense, be it ordinary or extraordinary, to
the original article of a most revered nationalist, Dele Momodu, titled NOORCHIDS FOR MALLAM SANUSI. Neither is it an acknowledgement, a rejoinder nor a rebuttal
to any of the claims and historical facts expressed therein, in parts or as a
whole. The purpose of this article is to refresh the reader of facts that
recent narrations, following the controversial suspension of Mallam Sanusi
Lamido Sanusi (SLS) as the Governor of the Central Bank of Nigeria by President
Goodluck Ebele Jonathan, are trying to distort, misconstrue, and mutate. I have
read and listened to a number of historical lies in passing comments by numerous
commentators in recent times, which need correcting and, if necessary,
challenging.”
SLS,
no doubt, attracted many destructive critics, opponents and even enemies in his
administration of our commonwealth. As much, he equally attracted a number of
admirers. As clearly stated in one of his open lectures, he is not unaware of
the dangers (and benefits) of fighting corruption at its very core. He made it
abundantly clear in his statements every time that he wasn’t one to be cowered;
neither by intimidations/threats (dangers) nor incentives/baits (benefits). He wasn’t
one to be quietened either. This uncommon bravery and courage exuded by a public
servant, are what many doubters, who fall short in their stance, tagged ego!
I
have read recent posers that suggested that under the watch of SLS, many banks
folded up and thousands of jobs were lost in the same industry he was supposed
to protect. They insinuated that the hard work, sweats and investments of
business promoters/shareholders were allowed to go down the drain during SLS’ witch-hunting
proceedings. In some quarters, Sanusi had craftily edged out some Managing
Directors under the pretext of prolonged leadership at the saddle.
Some
even went as far as claiming that SLS had some clandestine programs to “Islamise”
Nigeria. They drew up some anti-south, or worse off anti-Christianity, hypotheses
about his reforms and sold them to gullible emptors who bought all the prevarications
hook, line and sinker. Some cynics even complained about his “Hollywood” accent
and oratory acumen. That is the last item I will comment upon. That is just
laughable!
To
start with, how many banks folded up under Sanusi? ZERO! To SLS, it was a
matter of principle that “No Bank must be allowed to fail” and
in deed, none failed. It is a distortion/misrepresentation of facts to equate
the acquisition of a financial institution by the government to failure. For
clearer understanding, one might need to dig the archives on National and
Savannah banks where depositors’ funds (and lives) were lost while the
promoters/shareholders of such ventures became eternally rich(er). Banking
business, in Nigeria, had become no more than other fraudulent ventures like
419 (Advanced Fee Fraud).
We
need not riff through the act that setup the Nigerian Deposit Insurance Corporation
(NDIC) to know that “if a bank fails today in Nigeria, no matter what
amount of deposit anyone, irrespective of social or economic status, might have
in such bank, (s)he would be obliged a first (and probably a final) withdrawal
of N150 thousand only until a total and
thorough reconciliation of the bank’s books is completed and the bank handed
over to NDIC”. This exercise itself would naturally take several months
to conclude, if not years. At the end of it, depositors are still not
guaranteed. I cannot recall this happening under Sanusi-led CBN. This is what
bank failure means in Nigeria today.
Many
of the “monumental” job losses that were unfortunately suffered during the financial
fiasco had no scientific linkages to “Hurricane Sanusi” that swept across the
industry. In fact, it was the result of the power tussle between the regulator
and the regulated. Banks needed to create a scarecrow for the CBN to abandon
its reforms and policies, and to return to business as usual. This scarecrow,
was the massive job losses. It is needless to state that most of the banks who wickedly
and loudly retrenched their staff members had since quietly and massively recruited
their replacements.
We
need not dwell and waste our times on witch-hunting the moment answers are
provided to this simple question: “Were these bank directors culpable in the
crimes levied against them by Sanusi-led CBN?” I do not consider it
praiseworthy that depositors’ funds be squandered on personal properties across
the globe. Like Sanusi, I consider it criminal!
A
more critical point for examination is the postulation of the “Islamization” of
Nigeria by Sanusi through his policies and vindictive reforms. On this issue, traducers
base their arguments on two weak premises. First, they claim that southerners’,
or worse off Christians’, banks were the main targets of his obnoxious revolution.
Secondly, they suppose that the introduction of Non-Interest banking (otherwise
widely known as Islamic banking) in Nigeria, would undermine Christianity and strengthen
Islam. They argue that such banks might be used to fund Boko Haram and any such
terrorist organizations. The latter is profane, absurd and bereft of any
logical & intelligent reasoning.
Does
a bank need special appellations or classifications for it to commit financial
atrocities? It is just ridiculous how
cynics think – pathetic! With all the insinuations, one is made to believe that
an Islamic bank in Nigeria is not connected to the rest of the industry. It
operates in isolation and governed by acts different from CBN and the BOFIA. How
silly? For the records, it was Prof Charles Chukwuma Soludo, a Christian, who mooted the
ideas and ideals of non-interest banks modelled after Islamic financial principles.
Not SLS. He merely implemented it.
As
much as I do not like to draw comparison between Sanusi and his predecessor, Soludo, it becomes a thing of necessity to examine
some historical facts and the rhetorics cooked up by cynics thereafter.
At
the inception of Soludo’s tenure, there were about 82 banks in Nigeria, which
were reduced to 25 at expiration. With mergers and acquisitions, Soludo had
created rock-solid financial institutions that were supposedly capable of
lending funds to the Federal Government had it been in distresss. He was
praised to high heavens. The consolidation exercise of Soludo was announced on
July 6, 2004 and it elapsed in December 2005. By January 2006, Societe Generale
Bank of Nigeria (SGBN) founded by late renowned policitian, Dr Olusola Saraki
in the late 1980s was shut due to its supposed failure to meet the requirement
of the new Capital base for National banks – N25
billion. Then, that was the reason!
No
one at that time insinuated that either the North or the Muslim community was
been pointedly targeted and undermined by either the Federal Government or the
CBN, both at the time led by Southern Christians. It was a holier-than-thou
exercise! The moment Sanusi stepped out to challenge “alleged corrupt practises”
of some fund managers, who coincidentally are Southerners and mostly Christians,
the news about attempts by this Northern Muslim to islamize Nigeria broke out. It
became the bad name by which a dog must be called for it to be hung. They are
quick to forget that BankPHB, also affected by the reform, was partly owned by
a Northern Muslim and then sitting President of Nigeria, late Umaru Musa Yar’adua.
SGBN
had since reclaimed its ill-seized license in December 2012 through a prolonged
judiciary process as a regional bank and has re-branded as Heritage Banking
Company Limited. Would SGBN’s victory be a proof that Charles Soludo, a
Catholic Christian, was vindictive against Northerners and by extension,
Muslims? And was he also trying to “Christianise” Nigeria with his reforms that
“maliciously” targeted Northern/Muslim banks? NO! I believe that by the facts
available to the CBN Governor at that time, SGBN did not qualify for a National
Banking licence. Period! I might be wrong but the facts do not say so.
It
is on this similar vantage that I have obliged Sanusi Lamido Sanusi all the
benefits of the doubts on the accusations of Islamising Nigeria. He clearly
made it abundantly clear that among other things, the financial recklessness of
certain flamboyant fund managers was the reason for his actions. It was also on
the premise of the gross misconducts and poor Corporate Governance in the
Banking Industry that he, SLS, thoughtfully entrenched a policy that ensures no
Managing Director dominates over a delicate constituent of the economy eternally.
The timeless lordship over banks by its MD/CEOs is a major reason for the downward
thrust on Corporate Governance.
Would
it be out of place for a Central Bank Governor to address and mitigate rots in
the system he regulates? I guess not! Let us not forget that for every time a
bank is allowed to fail for any reason, especially in a country like ours,
depositors suffer the most. The mass of peasants and middle-class citizens are
the focus of Sanusi’s philosophy of “Sustained Banking principles and practises”
Since
this fiasco started, I have listened and read, till this moment, ALL available
interviews he, Sanusi, had granted. Contrary to some opinions that he is
banking on the support of the people in his fight against the government, he
portrays to me a man of rare courage and mettle, who would rely on no one to
except his conscience, in his battles. He is ready to sacrifice everything
including his life. He also did not sound like he was unaware of the possible
backlashes. Needless to remind the public that Sanusi was an active member of
the defunct National Democratic Coalition (NADECO). Battles likes this are not rare
events for a combatant.
Nigerians,
and generally human beings, are very difficult to please. Imagine what the
populace would have said had Sanusi known and kept quiet about the misdemeanors
and the gargantuan racketeering in the Oil Industry. Would it be appropriate to
postulate therefore that, we have devolved and become inherently resentful of patriots
for their unusual attributes of courage, bravery, intelligence, commitment and
sacrifice; partly, due to our seclusion from people of such great nature and
largely, to our daily condemnable sybaritic romance with corrupt public
officers and politicians?
While
it is true that Jonathan might have made some superstar martyr out of the
Mallam, I do not think Sanusi acted in the ways and manners he did to attract public
commendations and praises. The events that occurred were, by themselves, breaking
news. Impunity of such giant statures dwarfs previous accounts. Rhetoric of his expressions suggests a man who
attempts to forestall clairvoyant calamities by instituting ethical precedence.
He said he would seek justice in a competent law court to forestall recurrence
of this fascist-like tendency of a president.
Of
orchids, SLS had his abundant share long before this controversy broke out. If
the hat-trick of his recognition as the global Central Bank Governor of the
year for 3 successive years and the conferment of a National Award, Commander
of the Order of the Niger (CON), by GEJ do not count, his place in the economic
history of Nigeria as a reformist, who radically opposed public impunity and whose
deft maneuvering saved the masses from financial/economic carnage led by banks’
chiefs and politicians as slaughterers would surely earn and guarantee him an
orchid plantation.
In
the face of the debauching allegation by Sanusi-led CBN against Diezani’s NNPC,
I least expected that the Federal Government, the parent body to whom both
agencies report to would pitch its tent with one against the other. As a
responsible and respectable umpire, it was supposed to take a backseat until
the issues are resolved; especially with the initiative and leading interest of
National Assembly to unravel the mystery that saps our federation monies.
Taking
Sanusi out of the ring against Diezani, is rhetorically tantamount to fastidious
efforts by the Presidency to cover the tracks that requited to it, stolen
portion of our commonwealth. Having read the “political” reports of the
Financial Reporting Council of Nigeria, there is nothing in the allegations
raised against CBN and Sanusi that cannot be uncovered and thoroughly dealt it without
suspending the Governor. Looking through this spectacle therefore, I do not see
how SLS deserves the withered orchids of a biased umpire; even if its sentiments
were to be in his favour.
If
this fascism is allowed to pass, like Sanusi rightly pointed out, no Governor
of the Central Bank of Nigeria would henceforth discharge his duties and
responsibilities as the Chief Financial Analyst of the Federation without fears
of being vilified and obnoxiously persecuted by passing and corrupt
politicians.
Let’s
not lose focus of the main issue: Diezani, where is our $20 Billion Oil
proceed?
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Aare Ago | @aareago | aareago@gmail.com
