Sanusi Lamido Sanusi: New Emir of Kano JUNE 9, 2014 BY NAN Mallam Lamido Sanusi The new Emir of Kano, Mallam Sanusi Lamido Sanusi was born on Monday, July 31, 1961 in Kano, northern Nigeria. He obtained Bachelors’ degrees in Economics first from the Ahmadu Bello University, and Islamic Law later from the International University of Africa, Khartoum. After being an Economics lecturer for two years at the ABU, he started a banking career in 1985 with the Icon Limited (Merchant Bankers) a subsidiary of Morgan Guaranty Trust Bank of New York, and Baring Brothers of London. He later joined the United Bank for Africa Plc in 1997, and worked in the Credit and Risk Management Division of the bank from where he rose to the position of a General Manager in 2005. He thereafter joined the board of the First Bank of Nigeria Plc, as an Executive Director in charge of Risk and Management Control, and was appointed Group Managing Director of the Bank in 2009. Sanusi thus emerged in January 2009 as the first northerner to be appointed as the Chief Executive Officer in First Bank’s history of more than a century. Although Sanusi’s banking career spanned various fields which included financial advisory services and credit marketing, it was in the field of risk management that he earned his professional reputation, distinguishing himself as the Chief Risk Officer in two prominent banks in the \country, UBA Plc and FBN Plc. On June 3, 2009 after only six months as First Bank’s CEO, he was appointed the 10th Governor of the CBN in the middle of a global financial crisis with the banking system on the verge of collapse. He was awarded the National Honour of Commander of the Order of the Niger by President Goodluck Jonathan on July 22, 2010. He was also admitted into the fellowship of the Chartered Institute of Bankers of Nigeria. Sanusi’s father, Muhammad Lamido Sanusi was a technocrat who served as the Permanent Secretary of Federal Ministry of Foreign Affairs after serving as Nigerian Ambassador to Canada, Belgium and China. He is also the grandson of the 11th Emir of Kano, Alhaji Muhammadu Sanusi. Sanusi is married and blessed with children. In his tenure as CBN governor, the apex bank moved swiftly to implement far-reaching reforms in the banking industry which were aimed at addressing the causes of the crisis. A joint audit exercise carried out by the Central Bank and the Nigeria Deposit Insurance Corporation revealed that eight out of the 24 deposit money banks in the country were in a grave situation. Some of the reforms carried out by his administration to address this crisis were; a compulsory adoption of common year ending for financial reporting and enhanced reporting standards, compulsory retirement of CEO’s who have spent upwards of 10 years in office, tenure limit of 12 years for non-executive directors enforced in line with guideline issued in 2006, compulsory change of external auditors after 10 years also as approved in 2006, abolition of Universal Banking and issuance of graduated authorisation for licences at international nature and regional levels, spearheading real sector reform advocacy with government for power, petroleum, agriculture and industrial policy and others.
Posted on: Mon, 09 Jun 2014 05:22:55 +0000
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