Mallam Sanusi Lamido Sanusi had said at different fora that his life ambition is to become the Emir of
Sanusi had alleged that a
The global financial intelligence magazine, The Banker, published by the Financial Times, has conferred on Sanusi two awards: the Global Award for Central Bank Governor of the Year and Central Bank Governor of the Year for
In 1985 Sanusi joined
He was also the Chairman, Kakawa Discount House and sat on the Board of FBN Bank (
Sanusi is recognised in the banking industry for his contribution towards developing a risk management culture in Nigerian banking. Sanusi was the first northerner to be appointed CEO in
Governor of CBN
Analysts believed that Sanusi's tempered mien would serve as a counterpoise to the more aloof disposition of his predecessor, Charles Chukwuma Soludo. Based on his past record, it seemed probable that as governor of the central bank he would impose stricter controls.
Some point to other factors
such as religious, ethnic and existing bank records and plans to say he had a hidden agenda.
He said: "We had to move in to send a strong signal that such recklessness on the part of bank executives will no longer be tolerated."
Sixteen senior bank officials faced charges that included fraud, lending to fake companies, giving loans to companies they had a personal interest in and conspiring with stockbrokers to boost share prices.
In a wide ranging interview with the Financial Times in
Some believe that he had a personal vendetta against some of the bank CEOs while others point to proof of mismanagement of funds by some of the CEOs, most notably Cecelia Ibru as justification for the steps he implemented.
He noted that there was no choice but to attack the many powerful and interrelated vested interests that were exploiting the financial system, and expressed his appreciation of support from the Presidency, the
Abubakar Nagona, President of
He said that it was built around four pillars of enhancing the quality of banks, establishing financial stability, enabling healthy financial sector evolution and ensuring that the financial sector contributes to the real economy.
Talking later that month, Sanusi said that the crash in the capital market was due to high level of financial illiteracy on the part of Nigerian investors.
The Banker unanimously recognised him as the Central Bank Governor of the Year 2010, citing his radical anti corruption campaign aimed at saving 24 banks on the brink of collapse and pressing for the managers involved in the most blatant cases of corruption to be charged and, in the case of two senior bankers, imprisoned.
Sanusi has spoken at many distinguished events, including Warwick Economics Summit in
Authority in Sharia
In parallel to his banking career, Sanusi contributed to the debate over Sharia law. In 1997, Sanusi obtained a degree in Sharia and Islamic Studies from the
Writing in the
He further said that "even a cursory student of Islamic history knows that all the trappings of gender inequality present in the Muslim society have socio economic and cultural, as opposed to religious roots."
At a conference in 2000 in
He argued that although collection of zakat is the responsibility of the state, it may be the responsibility of the Nigerian government rather than the emirs in
He took the mainstream position that zakat is an instrument for redistributing income, but argued in favour of giving the role of redistribution to the government.
There are two underlying themes to Sanusi's position. First, Islam is concerned with delivering justice and should not be a tool for self-seeking political agendas.
Second, the Wahhabist rhetoric of fundamentalists is counter to genuine Muslim interests. He explains that Sharia is not divine but merely religious, and is neither uniform nor unchanging.
Fuel subsidy issue
Economists have tended to favour the removal of subsidies. Sanusi cites the high level of corruption engendered by the practice, the inefficiency of subsidising consumption instead of production leading to slower economic growth, and the fact that the government borrows money to finance the subsidy, in effect taxing future generations so that current Nigerians can consume more fuel.
Sanusi, other economists and development practitioners also said the subsidy is heavily biased in favour of the small middle and upper class, who use most of the fuel.
Additionally, some people purchase the subsidised gas in
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