Sanusi: Central unBanker of the Millennium II

by Eze Eluchie

All over the world, the office of a country’s Central Bank Governor (or Chairman of Federal Reserve Board) is occupied by responsible persons who realize that their utterances, activities and even mere gestures impact positively or adversely on national economies. In other climes the Central Bank Governor is an embodiment of moderation, stability, financial etiquette and decorum. A peep into the candor and conduct of other Heads of Reserve Bank’s elsewhere, such as Ben Bernanke, US Federal Reserve Chairman and Mario Draghi, President of the European Central Bank will illustrate what is expected of persons holding this high office. 

When a Central Bank Governor takes it upon him/herself to stir ridiculous fiscal controversies, champion divisive ethno-religious policies and causes, and engage the Governments of his country in media squabbles, all geared towards creating a semblance of fiscal instability, it becomes pertinent to question the utility and motives of such fiscal ombudsman.

The politically induced and widely publicized claims by Nigeria’s Central Bank Governor, Mr. Lamido Sanusi Lamido, aimed at tarnishing the image of the Nigerian State and rubbishing whatsoever was left of Nigeria’s fiscal standing in the international community, that Nigeria’s petroleum conglomerate (Nigeria National Petroleum Corporation - NNPC), defrauded the Nigerian State to the tune of an incredulous sum of U.S.$49 Billion, generated and spread shock waves locally in Nigeria and across the world, ridiculing the essence of the Nigerian State, casting aspersions on the Presidency and the entire managers of the national economy. The news of the monumental ‘revelation’ by Mr. Sanusi were reported in major financial news outlets such as the Bloomberg.com, New York Times and across the globe – all these media maligned the Nigerian economy in their reportage as unworthy of interest by serious investors.

It was thus a shocker of earthshaking proportions for Mr. Sanusi to recant his earlier assertions in the course of his testimony before the Nigerian Senate today. Mr. Sanusi shamelessly reversed himself and now claims he missed his calculations by a scandalous huge margin - admitting no such fraud might have existed.

In societies where honor is revered and esteemed, such as the Japanese, persons in Mr. Sanusi’s shoes would have long committed suicide.

If any iota of integrity, dignity and self-respect still resides in Mr. Sanusi Lamido Sanusi, the only option open to him would be to resign from office as Governor of Nigeria’s Central Bank and issue and ensure equal domestic and global publicity for an explicit and unambiguous apology to Nigeria, Nigerians and friends of Nigeria for the harm caused.

A restructured and renegotiated Nigeria will ensure the elimination of this level of ineptitude and rascality in high offices.

This unfortunately is the second time I am having cause to post on this character: http://ezeluchie.blogspot.com/2012/12/central-unbanker-of-millennium.html

Picture: Mr. Sanusi Lamido Sanusi