Mixed Reactions Trail Suspension Of Sanusi, CBN Governor

Mixed reactions on Thursday trailed the suspension of the Central Bank of Nigeria (CBN) Governor, Malam Sanusi Lamido Sanusi by President Goodluck Jonathan.

Some financial experts, who spoke with the News Agency of Nigeria (NAN) in Lagos, said that the suspension was timely.

NAN reports that the President suspended the CBN governor on Thursday, Feb. 20 and appointed CBN’s Deputy Director of Operations, Mrs Sarah Alade as the acting governor.

A former director in CBN and an Economist, Mr Titus Okunronmu said that Sanusi’s pronouncements of recent might have been responsible for his suspension.

Okunronmu said that Sanusi should have resigned a long time ago instead of denting his image by the suspension.

He said that the next CBN governor should be a core professional with multi-disciplinary experiences.

Mr Adebayo Adeleke, General Secretary, Independent Shareholders Association of Nigeria (ISAN) said that Sanusi’s suspension was long over-due.

Adeleke said that Sanusi’s tenure as CBN governor should be investigated by the Economic and Financial Crimes Commission (EFCC).

But Mr Muda Yusuf, the Director-General of Lagos Chambers of Commerce and Industry (LCCI) lauded the President’s decision to appoint Alade as the acting governor.

He said the appointment was rational because she was the most senior officer in the bank.

He urged Nigerians not to see the development as a gender issue.

According to him, she is not there because she is a woman but as the most senior deputy governor in the bank.

Mr Victor Ogiemwonyin, an economist and Managing Director of Partnership Investment Company Ltd., Lagos also said that the appointment of Alade was a welcome idea.

He said that the acting governor was a team player.

He hoped that Alade would continue with the transformation agenda of CBN, which would lead to stability of the money and capital market.

Ogiemwonyi added that the next CBN governor should have a strong understanding of the nation’s economy.

NAN reports that Dr Sarah Omotunde Alade was appointed Deputy Governor (Economic Policy), Central Bank of Nigeria, on March 26, 2007.

Alade attended the University of Ife, Ile-Ife (now Obafemi Awolowo University), where she obtained a B.Sc (Hons) Degree in Economics in 1976.

She also obtained an M.Comm degree at the University of Melbourne, Melbourne, Australia in 1983 and a Ph.D Management Science (Operations Research), from the University of Ilorin in 1991.

She joined the CBN in 1993 as an Assistant Director in the Research Department and later became the head, State Government Finance Office from1993to1996).

She also led the Federal Government Finance Office from 1996 to2000 and Fiscal Analysis Division from 2000 to 2004.

Alade was appointed Director, Banking Operations Department in May 2004.

In that capacity, she served as Chairman Board of Directors, Nigeria Interbank Settlement System (NIBSS) as well as Secretary, National Payments System Committee (NPSC).

In his reaction a member of the House of Representatives Ralph Igbokwe (PDP-Imo) said that the President acted within his powers in suspending Sanusi.

He said that the CBN was a Public institution and that the governor could not operate outside the laws and rules governing the public service.

Igbokwe said that since Accounting Standards Board had raised a lot issues, it was appropriate for the president to suspend Sanusi.

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