The Governor of Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi has been in the position for less than two years but has taken pragmatic steps to reform Nigerian troubling banking system. Since his inception as the head of Nigerian Reserve Bank; the financial and economic experts at Afripol has been monitoring his application of monetary policy to stabilize the banking sector of the economy. We all can agree that he has done his level possible best, with affirmative result.
Malam Sanusi Lamido Sanusi is a free market banker and is dedicated in deepening a disciplined banking system with a well thought monetary policy. He has taken a bold but prudent step to rectify the crumbling Nigerian banking system. He introduced a reformed blueprint grounded in transparency and probity to check profligacy.
Without fear or favor he exposed the lapses in Nigerian banks and took the necessary steps to make things better. The failed banks were bailed-out, rescued and rejuvenated. The culprits in the banking sector especially the managing directors of five banks were sacked and the debtors to the banks were made to pay back the illogical deferred loans.
With quantitative easing he injected liquidity into the monetary base that aided to ease the credit crunch that brought back the availability of credits to the business community. With the prudent monetary policies, the Nigerian economy was not decelerated and the economic growth appreciated. At the end of the fourth quarter of 2110, the Nigerian economy was cruising at annual rate of 7.8 percent.
Sanusi brought a culture of professionalism and transparency that have been fizzled out for a while in Nigerian banking sector. He did not waited for banking sector to completely fall apart before he commenced with his encompassing and comprehensive banking reform. The good works he did as the chieftain of Nigerian Central bank has brought glowing attributes and accolades to him. Last week a well respected British publication, The Banker conferred to him the World’s Central Bank Governor of the Year for 2011.
Some experts were concerned about the large injection of funds into the banking sector, but this is not a zero-sum game but a win-win exercise for both the taxpayers and the banks. While the banks were rescued, the economic growth was not interrupted and taxpayers in near future will be compensated when the toxic securities are traded.
As a citizen and patriot, Sanusi spoke out on the nation spending one quarter of its generated fund on the business of running the country’s national assembly. This is about 25.4percent of Nigeria’s overhead cost in a country with 70 percent of its citizens living in poverty. Malam Sanusi Lamido Sanusi never back down and stood up for his principle and freedom of speech.
Sanusi has brought back the respect that the Nigerian banks once enjoyed, and foreign investors are looking favorably to Nigerian banking stocks. The most important accomplishment is bringing back confidence in the banking community. The Governor of Central Bank must be guiding and monitoring the inflationary trend that may be threatening to these great efforts and reforms.
For his hard work, vigilance, pragmatism and patriotism; The Management and Staff of Afripol Organization chose Malam Sanusi Lamido Sanusi as the PERSON OF THE WEEK.
Africa Political and Economic Strategic Center (Afripol) is foremost a public policy center whose fundamental objective is to broaden the parameters of public policy debates in Africa. To advocate, promote and encourage free enterprise, democracy, sustainable green environment, human rights, conflict resolutions, transparency and probity in Africa. email@example.com www.afripol.org