For me, Sanusi cannot be all bad; definitely, the man should have his good sides. There were some little improvements, but when I look at his mandate, I will not give him a pass mark. Soludo was the CBN governor when the crises were even more. When people said merger will not be possible in this clime, Soludo took a step and banks merged and some went under silently without alarm. People did not rush to banks to withdraw their money and the economy did not suffer. Rather, it strengthened the economy. That, primarily, should be the function of the CBN. If you remember at that time, even Spring Bank had crisis but Soludo was able to manage it and people didn’t know, even when CBN appointed boards for Spring Bank. The second phase of the merger is what I expected a CBN Governor to do. But you meet a sinking ship and said wow, this ship is sinking and the next thing you do is to remove a brick, go to high heavens and drop the brick on the sinking ship to sink it further before you start bailing the water. With that, what you have done is you have collapsed the economy. If you could remember at that time, the CBN was the only institution that was employing. There was no weekend where you won’t hear one bank conducting interview here and there. But now, what do you have? People get to their office and you can’t access your computer. You’ve been fired. I know some people that died in the process due to hypertension. You get to Lagos and the casualty was more. There were 878skirmishes to sell some banks to some people and not to sell some banks to other people. Where was Habib Bank Pakistan when Habib Bank Nigeria could not recapitalize with N20 billion? These were the issues. It would have been easier to say the books are not correct and let us see how we can correct the books and restructure it.
Posted on: Mon, 10 Mar 2014 07:31:52 +0000
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