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Analysts List Faults In Sanusi’s 5 Year Tenure As CBN Governor

Channels Television  
Updated February 22, 2014

Legal practitioners, Liborous Oshomah and Kenneth Odidika on Saturday listed what they found wrong in Lamido Sanusi’s five year reign as Governor of the Central Bank of Nigeria, while speaking on Channels Television’s Saturday breakfast programme, Sunrise.

Oshomah, who was of the opinion that the government fell out of favour with Sanusi, argued that the suspended governor’s tenure was characterised by crisis and inconsistencies.

While praising the former CBN Governor, Charles Soludo, for managing challenges without raising alarms, Oshomah stressed that many of the decisions taken by Sanusi, while in office, were controversial.

He also mentioned the issue of the banking crisis which resulted in several banks folding up and thousands of workers being laid off, stressing that banks are still unable to recover from it.

While commenting on the controversies exposed by Sanusi including the 25% allocation of the national budget to the National Assembly, and the NNPC missing money, Oshomah said the suspended governor waited until the near end of his tenure to hit the government he is a part and parcel of.

“If you want to be a critic of the government, it is better to be out of that government,” he said.

On the inconsistency which trailed the figures released by the CBN as NNPC missing money, Oshomah asked why it took Sanusi so long to raise the alarm and faulted inconsistencies in the figures disclosed, adding that, calculations should have been done privately before going public.

“I think all of this should have been done underground so when you come out with your figures, people would solidly believe you, stand behind you and say that look this man knows what he’s talking about. But the way he went about it showed that all of a sudden the amount went from 49 to 10 billion.

10 billion is much, I agree, but for somebody at that level, I think once you speak we ought to believe.”

Speaking on the powers vested on the CBN governor, Oshomah said the apex bank is not a sovereign on its own and faulted Sanusi for acting as if the CBN was a country on its own and he the president.

On his part, Kenneth Odidika described Sanusi as a “very brilliant man who seemed not to appreciate the enormity of the responsibilities of the office he occupied.”

Odidika went ahead to label the suspended governor a ‘talkative’ whose good diction and spoken English and “musical voice” is mere theatrics ‘from Hollywood.’

“For a central bank governor to be in every forum, talking both about the economy and all things that are not related about the economy, that was unbecoming of Sanusi, as Central Bank Governor. I could go as far as saying that Sanusi was irresponsible in discharging or not discharging his responsibilities as central bank governor.”