Presidency Keeps Mum on New CBN Governor
By Yemi Adebowale, 05.30.2009

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The five-year tenure of Central Bank Governor, Chukwuma Soludo ended last night with President Umaru Yar’Adua neither extending the tenure nor naming a successor.
Mum was the word at the presidency yesterday when THISDAY made enquiries about the future of Soludo and the likelihood of a successor.
A presidency source said that the inability to either extend Soludo’s tenure or appoint a successor was caused by “unprecedented pressure on Yar’Adua by all sorts of interest groups.”
The source said the president is suddenly having second thoughts about the managing director of First Bank of Nigeria Plc, Sanusi Lamido Sanusi, who he had earlier offered the job.
The source confirmed that Sanusi was actually invited by Yar’Adua and offered the job and that security checks were subsequently carried out.
He continued: “The president has suddenly developed cold feet over (Sanusi) because holes were punctured in his choice for the job at CBN.
“Critics have argued that it would be unfair to have the finance minister, national planning minister and CBN governor all from the same state – Kano.”
The presidency official further explained that those opposed to the return of Soludo also mounted pressure on the president, arguing that his first term was crisis-ridden.
They point to the banking consolidation exercise that is still being challenged in court by three banks whose licenses were withdrawn, and the failed naira re-denomination exercise.
Pro-Soludo lobbyists have, however, countered that had Soludo not implemented the consolidation programme, several banks would have collapsed under the current economic climate.
The source added that it looks like the president has bowed to pressure from the two camps and “is now looking for a new candidate to head the apex bank.”
Many Nigerians are however worried about the president’s inability to take a decision on the issue and the impact on the financial services sector, the economy and the signals it would send to the investment community over the indecisiveness of this administration.
“This is not good for our economy. It does not portray us as a serious nation, if we can’t take such a simple decision as announcing a CBN governor.
“Definitely, the outside world will not take us seriously. It might even lead to capital flight,” a banker with a new generation bank said last night.
Meanwhile, some of the new names that have been thrown up in the race for CBN governor include: Obadiah Mailafia, a former CBN deputy governor; Bisi Ogunjobi, vice president of African Development Bank; the Accountant General of the Federation, Alhaji Ibrahim Dankwabo; and Jibrin Isa, an executive director of Afribank Plc.

hnn,

The Preisdent is just an indicisive fool

period!!!!