NEWS

Tinubu Presidency: Sanusi May Return As CBN Governor

 

 

A sizable lobby is aggressively pushing for the appointment of Sanusi Lamido Sanusi as governor of the Central Bank of Nigeria, or CBN, as the contours of Tinubu’s presidency begin to take shape.

Nasiru El Rufai, the governor of Kaduna State, who communicates with Bola Tinubu, the incoming president, is in favor of Sanusi, whose area of competence is risk management in the banking sector.

Sanusi’s strong, independent leadership of the CBN as governor between 2009 and 2014 guaranteed a degree of financial market stability following the volatility of the 2008/2009 global financial crisis.

The Naira’s value also remained stable for four years between N155 and $1.

With a new monetary management template and prudent fiscal policy, Tinubu, a seasoned accountant, is projected to immediately revive the national economy after entering office on May 29.

Sanusi is acknowledged as a dependable technocrat with the resolve to reform the banking and financial sectors.

The Nigerian economy is estimated to have lost N20 trillion between January and March 2023 as a result of economic activity slowing down, trading activities being crippled, the informal economy being choked off, the agricultural sector contracting, and the rural economy being paralyzed, according to the Centre for the Promotion of Private Enterprise, a think tank.

Recall how Sanusi sparked debate when he said that $20 billion (£12 billion) in oil income had disappeared? Sanusi was immediately suspended by President Goodluck Jonathan’s governor.

Of the $67 billion in oil transactions between January 2012 and July 2013, he told a congressional committee that $20 billion could not be verified.

Even if the assertions were false, the Nigerian National Petroleum Corporation claimed that they showed “poor knowledge of the complexity of the oil industry.”

Following his 2009 appointment, Mr. Sanusi implemented changes to the banking industry. As a result, he received widespread recognition and was named central bank governor of the year for 2010 by Banker magazine.

He committed to appeal his suspension in order to defend the central bank’s independence.

His suspension caused a period of uncertainty that stopped trading in the currency, bond, and money markets.

Will Ross of the BBC claims that Sanusi’s allegations may shed light on high-level fraud in Nigeria’s notoriously covert and dishonest oil sector. Nigeria is one of the world’s top oil producers.

“The reality is that anyone who tackles the oil sector is striking at the heart of the vested interests that rule the Nigerian state, and one should be ready for the consequences,” Sanusi told the BBC at the time.

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