Most residents say the decision is too hasty considering the fact that Sanusi Lamido still has some more explanations to make regarding the alleged missing funds in the Nigerian National Petroleum Corporation.
Sanusi Lamido Sanusi was appointed Governor of Nigeria’s apex bank in June 2009, he took over from Professor Chukwuma Soludo whose tenure was characterised as quite eventful. The achievement of Soludo raised the bar for Sanusi who on assumption of office was faced with a daunting task of not only consolidating on existing reforms but repositioning the Nation’s financial sector to conform with global standards. In what looks like his determination to succeed, he took certain drastic decisions that had far reaching implications on the Nation’s banking sector. In light of this, his first move was the dismissal of the Chief Executives of seven banks and the bailout of eight financial institutions with a whooping four hundred billion naira; this is in addition to the successful take off of the cashless policy in some States of the Federation.
Ismaila Alasa, a legal practitioner said: “He touched the untouchables, for instance who would have thought that the GMD of Union Bank can be touched, Sanusi came and he did that, that was a very, very brave thing to do”.
Apart from his courageous approach to leadership which saw him expose the rot in the Nation’s financial sector, his ability to combat inflation using monetary policy instruments is widely regarded as a landmark
Goodluck Emelogu, a Financial Analyst said: “Honestly some of the reforms he brought within this period of his tenure are wonderful, and it has helped to stabilise the banking industry”.
His tenure as CBN Governor was as eventful as it was controversial. His seeming penchant for making comments beyond the financial sector may have earned him a reputation of an opposition within the government. Many believe his suspension to be a major fallout of his recent outcry over alleged missing funds in the Nigerian National Petroleum Corporation
Goodluck Emelogu, a Financial Analyst said: “That suspension would not have come at this time when there is a case on ground, because whether we like it or not, there will be a lot of interpretations concerning his suspension”.
Ismaila Alasa, a legal practitioner said: “This is just a way of telling us that you should not complain again, because you complain, whether you are a minister you are remove, whether you are a CBN Governor tomorrow what do you expect people to say, they just keep quiet”.
Though he may have let office in very controversial circumstances, his achievements according to observers will for a long time remain a reference point.