Sanusi Destroyed Our Investment In Banks

Shareholders in the country have
backed the suspension of the
Governor of Central Bank of Nigeria,
CBN, Mallam Lamido Sanusi by the
Federal Government. They said it was
long overdue, as their investment in
the banking industry worth billions of
naira had been destroyed under his
reform programme.
President, Nigerian Shareholders
Solidarity Association of Nigeria
(NSSA), Chief Timothy Adesiyan, said
“The issue of Sanusi had been
dragging for some time now. The
suspension is unexpected at this
moment.
It is uncalled for at the moment, since
he has almost finished his tenure.
President Goodluck Jonathan should
have removed him long before when
it was obvious. But since he did not
do that , then the President should
have been patient enough and allow
him to conclude his tenure and
handover properly to a successor.
With the situation, as it is now, the
action might affect the market,
though temporary. However, since
there is ongoing investigation against
some of his action, it should be
reminded that the shareholders are
not happy with him, when he
forcefully nationalized three banks
belonging to us .
The question is, are the three banks
doing well since they were taken over
by Asset Management Corporation of
Nigeria, AMCON? The answer is no.
Then, what is the essence of
nationalizing them. We the
shareholders of these banks were
shortchanged and we would like the
issue to be revisited and investigated
because we like justice to prevail.
When two elephants are fighting it is
the grass that suffers. So for the
acting CBN Governor, I wish her well.
She has been part of the system so
there should be continuity.”
In his remark, National Co-ordinator,
Proactive Shareholders Association of
Nigeria, PROSAN, Mr. Taiwo Oderinde
said “ It is a welcome development
and even overdue for Governor Sanusi
to leave the system.
The shareholders have been crying
and calling on the government to
sack him but in their own wisdom he
was still retained. Sanusi is not loyal
to the government, hence should not
be there. This is a lesson to his
successor.
So, the successor I believe is a
professional to the core and not a
politician because that position is
very critical to the economy and
whatever he does has a way of
affecting the entire economy. Sanusi
has done more harm than good for
the economy.
It is easy to destroy than to repair. He
does not merit the position. I don’t
forsee any negative effect for his
suspension because the institution is
still there with adequate workforce,
after all the financial markets is not
at its best, still struggling.”
In his remark, Mr. Adebayo Adeleke,
General Secretary, Independent
Shareholders Association of Nigeria
(ISAN) said “ Sanusi’s suspension
was long over-due. Sanusi’s tenure
as CBN governor should be
investigated by the Economic and
Financial Crimes Commission (EFCC)
.The suspension had proven
shareholders right on Sanusi’s high
level of financial recklessness. He
should be asked to account for his
stewardship.”