SANUSI MIGHT TAKE OVER AS GOVERNOR OF CBN

Sanusi Lamido

As the contours of Tinubu's presidency start to take shape, a significant lobby is actively lobbying for the appointment of Sanusi Lamido Sanusi as governor of the Central Bank of Nigeria, or CBN.

Sanusi, whose area of expertise is risk management in the banking industry, has the support of Kaduna State Governor Nasiru El Rufai, who is in Bola Tinubu's good graces.

After the turmoil of the global financial crisis of 2008/2009, Sanusi's strong, independent leadership of the CBN as governor between 2009 and 2014 ensured relative stability of the financial market.

According to reports, Tinubu, a seasoned accountant, is inclined to implement a new monetary management template that would work in tandem with prudent fiscal policy to instantly revive the national economy upon taking office on May 29.

Sanusi is regarded as a trustworthy technocrat with the fortitude to clean up the banking and financial industries.

"The Nigerian economy is estimated to have lost N20trillion between January and March 2023, according to the Centre for the Promotion of Private Enterprise, a think tank, by way of deceleration of economic activities, crippling of trading activities, stifling of the informal economy, contraction of the agricultural sector, and the paralysis of the rural economy," a source said.

Remember that Sanusi caused controversy by asserting that $20 billion (£12 billion) in oil revenue had vanished? The governor of President Goodluck Jonathan promptly suspended Sanusi.

In his testimony to a senate committee, he said that of the $67 billion in oil sales between January 2012 and July 2013, $20 billion could not be verified.

The Nigerian National Petroleum Company stated that despite the claim's lack of support, the charges did, "little understanding of the technicalities of the oil industry."

After implementing banking sector changes following his 2009 appointment, Mr. Sanusi gained widespread recognition and was chosen central bank governor of the year for 2010 by Banker magazine.

In order to protect the independence of the central bank, he promised to challenge his suspension.