The problem i see with the operators of the present system is that they seem not to be coherent. When the world is in global financial mess, experts around the world are saying that this is the time for developing nations to demand for a larger role in the global economy that is hitherto dominated by world powers. Any serious nation need a man with spine, courage and chest to stand his onions in the comity of nations to demand her fair share. I think Soludo fit that profile, not that he is the only one, but he has built a global profile that is intimidating and respected anywhere in the world. To me, this choice shows how myopic the present leaders are. So, Sanusi will have to start by building such profile when one already exists. He may be good, but this decision is strategically wrong if you have a global mindset and not a clannish mindset. Which role does Nigeria intend to play in Africa and the world tomorrow? How does swapping Soludo for Sanusi serve that goal? How does it fit into Mr President's talk of Vision 20:2020? Look, any serious leader does not retire his best generals during war time even if they have reached their retirement age. The world is economically at cold war.

The question is whether Sanusi's advent is addressing global strategic goal save possibly for petty issues of insecurity, intellectual inferiority complex, and other such mundane interests. This man's team keep getting worse by the  day! My luck to Sanusi anyway. He better be better that Samsudeen under whose watch the Finance Ministry had three budjets.

dominic tj:

Sanusi dosent have the capacity to confused these half baked senators who keep asking stupid questions and in the process prolonging the final verdict on whether he is competent enough to head the apex bank or not.
I remembered in 2004 when Soludo faced the senate scrutiny, he confused them with economic terms each time a question was thrown before him and the session ended without out much delay.
I beg carry that fulani man commot jo, make e go rear cattle

. . . and you that don't rear cattle can't distinguish between 'Convince' and 'Confuse'!

Frank-C:

The problem i see with the operators of the present system is that they seem not to be coherent. When the world is in global financial mess, experts around the world are saying that this is the time for developing nations to demand for a larger role in the global economy that is hitherto dominated by world powers. Any serious nation need a man with spine, courage and chest to stand his onions in the comity of nations to demand her fair share. I think Soludo fit that profile, not that he is only one, but he has build a global profile that is intimidating and respected anywhere in the world. To me, this choice shows how myopic the present leaders are. So, Sanusi will have to start by building such profile when one already exists. He may be good, but this decision is strategically wrong if you have a global mindset and not clannish mindset. Which role does Nigeria intend to play in Africa and the world tomorrow? How does swapping Soludo for Sanusi serve that goal? How does it fit into Mr President's talk of Vision 20:2020? Look, any serious leader does not retire his best generals during war time even if they have reached any retirement age. The world is globally at war.

The question is whether Sanusi's advent is addressing global strategic goal save possibly for petty issues of insecurity, intellectual inferiority complex, and other such mundane interests. This man's team keep getting worse by the day! My luck to Sanusi anyway. He better be better that Samsudeen under whose watch the Finance Ministry had three budjets.

Wow, this sets me thinking. . .very brilliant contribution!

Most people seem to ignore the supervisory role of the CBN and seem focused soley on monetary policies. Countries that have both macroeconomic policy making and supervisory functions resident in a single entity don't employ macroeconomic theoreticians as head of such establishments.

biina has nothing to say about Frank-C's contriubution?

I wish Sanusi goodluck.

Frank-C:

The problem i see with the operators of the present system is that they seem not to be coherent. When the world is in global financial mess, experts around the world are saying that this is the time for developing nations to demand for a larger role in the global economy that is hitherto dominated by world powers.

Agreed!

Frank-C:

Any serious nation need a man with spine, courage and chest to stand his onions in the comity of nations to demand her fair share. I think Soludo fit that profile, not that he is the only one, but he has built a global profile that is intimidating and respected anywhere in the world.

I am not sure I will say he has built himself a global profile much as you explain it above. I would say the man has done his best but clearly he has made some mistakes to bring us to where we are today. Now I am glad that you do agree that he is not the only one.

Frank-C:

To me, this choice shows how myopic the present leaders are. So, Sanusi will have to start by building such profile when one already exists. He may be good, but this decision is strategically wrong if you have a global mindset and not a clannish mindset.

Can it not be that Sanusi is one of the best you alluded to earlier?

Frank-C:

Which role does Nigeria intend to play in Africa and the world tomorrow? How does swapping Soludo for Sanusi serve that goal? How does it fit into Mr President's talk of Vision 20:2020? Look, any serious leader does not retire his best generals during war time even if they have reached their retirement age. The world is economically at cold war.

I agree that we ought to have our best generals during war time even if they have reached retirement age, and as you pointed out earlier, Soludo is not necessarily the best but could be ONE of the best we have, so swapping him for another on the same list ought not to make a big difference. If Soludo is not the best and there are so many others like him out there, does the goal change when we swap one of the many bests for another of the same caliber? Must Soludo be the one to take the President to his 20/20 delusion dream?

Frank-C:

The question is whether Sanusi's advent is addressing global strategic goal save possibly for petty issues of insecurity, intellectual inferiority complex, and other such mundane interests. This man's team keep getting worse by the day! My luck to Sanusi anyway. He better be better that Samsudeen under whose watch the Finance Ministry had three budjets.

We can only hope he is. So far, I see nothing wrong with his profile and his resume seems even as impressive as Soludo’s.

I am not going to comment any further on this until 2 years time.Let the the 'pre 2007 yaradua' not be the case here.

Looks like we're gradually heading towards a one-state government afterall.
Now, who says nepotism is dead and buried in nigeria?

asha 80:

I am not going to comment any further on this until 2 years time.Let the the 'pre 2007 yaradua' not be the case here.

Roflmao!!! OH YOU SO can not nail me on hoping this man will deliver!!! ROFLMAO!!!

George_D:

Looks like we're gradually heading towards a one-state government afterall.
Now, who says nepotism is dead and buried in nigeria?

Obasanjo nomainated 7 ambassadors from his state. At a point, 2 key officer hailed from his state also. The problem is not where they come from, it is- will they deliver?

Kobojunkie:

We can only hope he is. So far, I see nothing wrong with his profile and his resume seems even as impressive as Soludo’s.

You cannot compare his resume to that of Soludo. First of all soludo is a proffessor while my man just has an MSc in Economics like my brother except my brother got his from Imperial college london.

This guy has absolotely no experience in economic planing for any government or body , not on a perticipatory or advisory level. He is just a banker who got appointed to head first bank 6 mths ago.

Look at how far we have gone since the obasanjo years. We have lost so much face in the international front. You cannot even compare the calibre of our policy makers to that of Ghana.

adigun101:

You cannot compare his resume to that of Soludo. First of all soludo is a proffessor while my man just has an MSc in Economics like my brother except my brother got his from Imperial college london.

See, this is the problem I have with the Nigerian ‘eye’. So all persons who happen to be professors are automatically better than people who have just M.Sc. degrees? Isn’t that as silly as telling me that my professor from back when I was in Chemistry class in Nigeria is more brilliant than my teacher here who only had a B.sc. but was given state awards for biology teacher years in a row?

adigun101:

This guy has absolotely no experience in economic planing for any government or body , not on a perticipatory or advisory level. He is just a banker who got appointed to head first bank 6 mths ago.

You mean soludo had all the above under his belt before he was appointed CBN governor?

adigun101:

Look at how far we have gone since the obasanjo years. We have lost so much face in the international front. You cannot even compare the calibre of our policy makers to that of Ghana.

Ok. But all the above happened while Soludo was at the helm, what is your point?

adigun101:

You cannot compare his resume to that of Soludo. First of all soludo is a proffessor while my man just has an MSc in Economics like my brother except my brother got his from Imperial college london.

This guy has absolotely no experience in economic planing for any government or body , not on a perticipatory or advisory level. He is just a banker who got appointed to head first bank 6 mths ago.

Look at how far we have gone since the obasanjo years. We have lost so much face in the international front. You cannot even compare the calibre of our policy makers to that of Ghana.

and the CBN governor makes economic policy for the nation? what then is the job of the finance minister?
Its irritating to see people evaluate qualifications in a vacuum. Look at their qualifications and experience, and match it to the responsibilities of the CBN. Having a PhD doesnt make you the best man for every job. Is Soludo also the best carpenter in Nigeria?
Paul Volcker, a former FR chairman did not have a phd degree and was chairman for 8 yrs.
Soludo himself had been a economics professor and consultant to the world bank. His prior position was as an adviser to the Obj administration. He has never been responsible for economic planning for any government (in Nigeria that responsibility belongs to the finance minister).
The responsibility of the CBN goes beyond making monetary policy. A key part of it is supervision of the banking sector to which Sanusi is definitely more suited to than Soludo.

agabaI23:

biina has nothing to say about Frank-C's contriubution?

I wish Sanusi goodluck.

I felt it better to simply ignore it.  Frank-C essentially says that stubbornness should be a key requirement for becoming CBN governor

The inability to make sound analysis and reach objective conclusion, is one of the banes of the Nigerian society.
Semi-illiteracy is dangerous, as one feels he knows what he does not know.

OYB_MEND et al, read the followings: Congrats to new CBN Gov. Lamido Sanusi.

Nigeria cbank nominee to fast track fx liberalisation
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSL361049120090603

ABUJA, June 3 (Reuters) - Nigeria's newly confirmed Central Bank Governor Lamido Sanusi said on Wednesday he would "fast track" the easing of foreign exchange market restrictions and looked to restore confidence in the naira currency.

The upper house of parliament unanimously approved the appointment of First Bank (FBNP.LG) Managing Director Sanusi as central bank governor following his Senate confirmation hearing in the capital Abuja.

"What we need to do is open the interbank market, to improve the bank open position limits, to go back to wholesale debt auction, and to reverse the emergency measures that were taken, which were temporary, as quickly as possible," he said.

Foreign investors in sub-Saharan Africa's second-biggest economy had been unnerved by a lack of clear commitment when the restrictions were first imposed on when the return to a freely-determined exchange rate might come.

Outgoing governor Chukwuma Soludo said last month the central bank would return to a liberalised forex market over the next three months, reversing restrictions imposed in February and again allowing banks to trade forex freely among themselves.

Sanusi said that process may need to happen more quickly.

"We have set a deadline of three months to go back to the status quo and I think we need to fast track that process. The earlier we revert those additional policies the better for the system," he said in his first public comments since being nominated.

Soludo introduced the restrictions in a bid to flush out speculators and stabilise the naira <NGN=>, which had fallen more than 20 percent against the dollar in two months largely because of declining world oil prices, the main source of foreign earnings in Africa's top oil producer.

But the measures forced a surge in demand for dollars on the black market, where the naira depreciated even further.

Sanusi said the naira depreciation had been "absolutely necessary" but said it was important to restore confidence in the currency. He said he expected the black market rate of around 165 naira to the dollar to converge with the central bank's current rate of about 146.70.

BANKING LIQUIDITY

Nigeria, Africa's most populous nation and the world's eighth biggest oil exporter, has seen its economic outlook clouded by the global downturn, putting additional pressure on the country's banking system. [ID:nLJ191367]

Sanusi predicted Nigeria's economy will likely grow by 4 percent this year, down from the central bank's 6 percent estimate for 2009 and below last year's 5.3 percent increase.

Poor disclosure levels fuelling distrust between counterparties, a reduction in foreign credit lines and higher risk provisioning for non-performing loans have contributed to a tightening of liquidity in the system. [ID:nLC231700]

Sanusi said overall capitalisation and liquidity in the sector were sufficient but said there were a few weak points.

"The system as a whole is well-capitalised. I think the liquidity in the system as a whole is good , But I think there will be a few weak points. We need to help those banks to correct their problems," he said.

Sanusi built a strong reputation for strong corporate governance and conservative lending strategies at First Bank, where he served as head of risk management before taking over as managing director in January.

He has worked for more than two decades in the Nigerian banking industry, including a stint at United Bank for Africa (UBA) (UBA.LG), where he spearheaded the bank's drive to comply with Basel 2 capital adequacy requirements.

Analysts say Sanusi's experience makes him well-equipped to push through a much-needed tightening of banking supervision. (For full Reuters Africa coverage and to have your say on the top issues, visit: africa.reuters.com/ ) (Writing by Nick Tattersall; Editing by Ron Askew/Victoria Main)

OYB MEND

I bet you are sick and rotten to the bone marrows?

Well sleep over it, Sanusi Lamido is not the CBN GOV

I hope he can prove you wrong, well actually, he doesnt have to prove anything to idiots like you! Grin


@mr krackles
do you mean now or not?

1. University of Nigeria, Nsukka, where he graduated with a first class degree in Economics. He also undertook his post-graduate and doctorate degrees in Economics from the same University winning on both occasions, the prize for the best graduating student.
2. Professor Soludo had cumulative four years of post-doctoral training in some of the world's most prestigious institutions, including: The Brookings Institution, Washington, DC; University of Cambridge, UK, as Smuts Research Fellow and Fellow of the Wolfson College; the UN Economic Commission for Africa as a Post-Doctoral Fellow; University of Warwick as a Visiting scholar and Visiting Research Scholar at Center for African Economies, University of Oxford (with funding by the Rhodes committee). He also attended over a dozen specialized courses and has had extensive research, teaching and consultancy works in different areas of economics.
3. He has worked at the World Bank both as a short and long-term consultant since 1993 and also at the United Nations Economic Commission for Africa, Addis Ababa.
4. He was a consultant to UNCTAD; European Union (EU); Organisation for Economic Cooperation and Development (OECD); United Nations (UN) New York; United States Agency for International Development (USAID); African Development Bank (ADB); Common Market for Eastern and Southern Africa (COMESA); African Union (AU); International Development Research Council (IDRC) Canada; Council for the Development of Social Science Research in Africa (CODESRIA); Economic Community of West African States (ECOWAS); among others.
5. Professor Soludo has served as Senior Technical Advisor/Consultant as well as a Visiting Scholar at the IMF since 1994, and also taught IMF's Financial Programming and Policy course to senior staff of Central Banks in West Africa and other developing regions. He has served as: Member, Technical Committees that drafted economic and trade policies for the Federal Government of Nigeria; and Executive Director of the African Institute for Applied Economics (AlAE).
6. Professor Soludo joined the Federal Government of Nigeria in July 2003 as the Economic Adviser to President Obasanjo and the Chief Executive of the National Planning Commission (NPC). Among other accomplishments during the 10 months in office, he was the Chairman/Coordinator of the team that drafted Nigeria's economic and social reform program (2003-2007), the National Economic Empowerment and Development Strategy (NEEDS), and also pioneered the collaborative planning framework in the Nigerian federation by initiating and assisting state governments in designing their State Economic Empowerment and Development Strategy (SEEDS).
7. He is currently a Member of the International Advisory Group for the UK-DFID; a member of the Chief Economist Advisory Council of the World Bank and the International Advisory Group of the UK Department for International Development (DFID). He is also a member of the Initiative for Policy Dialogue (IPD), a global network of more than 200 leading economists, political scientists, and practitioners to help developing countries explore policy alternatives, and enable wider civic participation in economic policymaking. He is a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN); Fellow of the Nigerian Economic Society (NES)
8. 2007 African banker of the year award.The bankers magazine Central banker of the year award.
9. Soludo was appointed by the United Nations to serve on the 10 man Committee charged with finding solutions to the global economic meltdown.

biina and kobojunkie THIS IS FOR YOU. can you please reply with sanusi's.

Compare this to the resume of the likes of Alan Greenspan(US), Ben Bernanke (US), Mervyn King(UK) and tell me where your Sanusi fits in.

Did I hear you say sharia or whatever he studied in sudan.

The Senate today unanimously confirmed the appointment of Sanusi Lamido Sanusi as the Governor of the Central Bank of Nigeria. He succeds Professor C. Soludo whose tenure expired May 29, 2009

http://assemblyonline.info/?p=1355

Adigun, did you bother reading what you posted above?

adigun101:

1. University of Nigeria, Nsukka, where he graduated with a first class degree in Economics. He also undertook his post-graduate and doctorate degrees in Economics from the same University winning on both occasions, the prize for the best graduating student.
2. Professor Soludo had cumulative four years of post-doctoral training in some of the world's most prestigious institutions, including: The Brookings Institution, Washington, DC; University of Cambridge, UK, as Smuts Research Fellow and Fellow of the Wolfson College; the UN Economic Commission for Africa as a Post-Doctoral Fellow; University of Warwick as a Visiting scholar and Visiting Research Scholar at Center for African Economies, University of Oxford (with funding by the Rhodes committee). He also attended over a dozen specialized courses and has had extensive research, teaching and consultancy works in different areas of economics.
3. He has worked at the World Bank both as a short and long-term consultant since 1993 and also at the United Nations Economic Commission for Africa, Addis Ababa.
4. He was a consultant to UNCTAD; European Union (EU); Organisation for Economic Cooperation and Development (OECD); United Nations (UN) New York; United States Agency for International Development (USAID); African Development Bank (ADB); Common Market for Eastern and Southern Africa (COMESA); African Union (AU); International Development Research Council (IDRC) Canada; Council for the Development of Social Science Research in Africa (CODESRIA); Economic Community of West African States (ECOWAS); among others.
5. Professor Soludo has served as Senior Technical Advisor/Consultant as well as a Visiting Scholar at the IMF since 1994, and also taught IMF's Financial Programming and Policy course to senior staff of Central Banks in West Africa and other developing regions. He has served as: Member, Technical Committees that drafted economic and trade policies for the Federal Government of Nigeria; and Executive Director of the African Institute for Applied Economics (AlAE).
6. Professor Soludo joined the Federal Government of Nigeria in July 2003 as the Economic Adviser to President Obasanjo and the Chief Executive of the National Planning Commission (NPC). Among other accomplishments during the 10 months in office, he was the Chairman/Coordinator of the team that drafted Nigeria's economic and social reform program (2003-2007), the National Economic Empowerment and Development Strategy (NEEDS), and also pioneered the collaborative planning framework in the Nigerian federation by initiating and assisting state governments in designing their State Economic Empowerment and Development Strategy (SEEDS).
7. He is currently a Member of the International Advisory Group for the UK-DFID; a member of the Chief Economist Advisory Council of the World Bank and the International Advisory Group of the UK Department for International Development (DFID). He is also a member of the Initiative for Policy Dialogue (IPD), a global network of more than 200 leading economists, political scientists, and practitioners to help developing countries explore policy alternatives, and enable wider civic participation in economic policymaking. He is a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN); Fellow of the Nigerian Economic Society (NES)
8. 2007 African banker of the year award.The bankers magazine Central banker of the year award.
9. Soludo was appointed by the United Nations to serve on the 10 man Committee charged with finding solutions to the global economic meltdown.

biina and kobojunkie THIS IS FOR YOU. can you please reply with sanusi's.

Compare this to the resume of the likes of Alan Greenspan(US), Ben Bernanke (US), Mervyn King(UK) and tell me where your Sanusi fits in.

Did I hear you say sharia or whatever he studied in sudan.

In a few words, theoretical expertise in macroeconomics
I asked earlier, is he also the best carpenter in Nigeria?

adigun 101: This man rose thru the rank to become MD of the biggest bank in Nigeria, then you still rambling? Are you saying he was awarded the MD post too. Allen Greenspan! Allen Greenspan!! Allen Greenspan!!!, the same that midwived the current American Economics recession or which one, give me a break. Soludo is good just because he has been given the opportunity to serve, so he should be there for ever? Accept the situation and wish the new man luck, simple.

Kobojunkie:

Adigun, did you bother reading what you posted above?

biina:

In a few words, theoretical expertise in macroeconomics
I asked earlier, is he also the best carpenter in Nigeria?

I cant put that in a few words. And if you read well the you will summarize in the following works.
Global, International Consultant, One of the most foremost economists in our generation. , Consultancy is not theoretical ! Please see the bodies and organisations he consulted for. They are by no means inconsequential. I'm not talking about first bank here !
Common, don't talk all that down it doesn't come easy.
can you make the best carpenter in your country CBN governor? It wont surprise me though, its because of people like you that these leaders get away with so much rubbish and mediocrity.

Remii:

adigun 101: This man rose thru the rank to become MD of the biggest bank in Nigeria, then you still rambling? Are you saying he was awarded the MD post too. Allen Greenspan! Allen Greenspan!! Allen Greenspan!!!, the same that midwived the current American Economics recession or which one, give me a break. Soludo is good just because he has been given the opportunity to serve, so he should be there for ever? Accept the situation and wish the new man luck, simple.

Apart from comparing Soludo resume with Sanusi's (which I saw as an insult!) ,I compared Soludo to these guys because central/reserve bank governors are headed by renowned Economics with strong academic bases, and Consultancy and advisory experience to go with,not proffessional bankers . Have you ever wondered why? I thought the world bank/ IMF have always clearly recommended this.
  Greenspan was appointed by the Reagan and served until GW Bush. Bernake was appointed by GW Bush (Republican Administration), and Mervyn king by Tony Blair and both still there till today.
You don't replace such a highly qualified individual if you don't have any compelling need to. Neither do you play politics with the economy.
Well you have a point. I wish him luck. But the job of Central bank governor is completely different from that of first bank. And I hope he is ready.
For Soludo comes new challenges in the world bank/UN/IMF where he joins Okonjo and Ezekwesili.
While we are stuck with these lightweights over here.

Long Live the Federal Republic of Nigeria!

@adigun101,
I read through all of your posts on this thread and compared them with those that are opposing you and found a strange similarity, you are like Soludo and they are like Sanusi!!
You argue your points reasonably, you give unassailable points and sounded much more intellectual. Kudos.

I think not allowing Soludo to continue is a mistake, time will tell.

@adigun101,
I read through all of your posts on this thread and compared them with those that are opposing you and found a strange similarity, you are like Soludo and they are like Sanusi!!
You argue your points reasonably, you give unassailable points and sounded much more intellectual. Kudos.

I think not allowing Soludo to continue is a mistake, time will tell.

[color=#006600][/color]

I agree with you.

I also think that some people here either have a grouse or two against Soludo or they are close associates or friends of Sanusi; judging from the posts.

I fail to see, even from posts from the anti-Soludo camp, how one can compare Soludo's quaification with Sanusi's. What is First bank compared to World Bank,IMF etc? What is a masters from a Nigerian university compared to international research work?

Notwithstanding, I wish Mr. Sanusi all the best of luck b'cos he'll definitely need it.

loyeruope:

I think not allowing Soludo to continue is a mistake, time will tell.

I really hope it is not a mistake. But my point is that this nation can do much better. We have the potentials in human resources but we always manage to undermine ourselves. Nigeria has 29 banks with 29 MDs/CEOs this guy has been there for just 6 months and that justifies his being CBN governor over Soludo.
i don't understand how we reason in Nigeria. This just has politics at all costs written all over it.
The man was drawing programmes to make Nigeria more economically viable throught its financial sector. And people are talking about risk management as if that is our biggest problem now. This is shocking. Nigeria was well set up to be sub sahara's financial hub and we could already see this taking place.
All that cut short because of politics and people on this thread are trying to justify this !
Well I sign out this thread for good.
No be my papa get naija !

adigun101:

I cant put that in a few words. And if you read well the you will summarize in the following works.
Global, International Consultant, One of the most foremost economists in our generation. , Consultancy is not theoretical ! Please see the bodies and organisations he consulted for. They are by no means inconsequential. I'm not talking about first bank here !
Common, don't talk all that down it doesn't come easy.
can you make the best carpenter in your country CBN governor? It wont surprise me though, its because of people like you that these leaders get away with so much rubbish and mediocrity.

adigun101:

Apart from comparing Soludo resume with Sanusi's (which I saw as an insult!) ,I compared Soludo to these guys because central/reserve bank governors are headed by renowned Economics with strong academic bases, and Consultancy and advisory experience to go with,not proffessional bankers . Have you ever wondered why? I thought the world bank/ IMF have always clearly recommended this.

  Greenspan was appointed by the Reagan and served until GW Bush. Bernake was appointed by GW Bush (Republican Administration), and Mervyn king by Tony Blair and both still there till today.
You don't replace such a highly qualified individual if you don't have any compelling need to. Neither do you play politics with the economy.
Well you have a point. I wish him luck. But the job of Central bank governor is completely different from that of first bank. And I hope he is ready.
For Soludo comes new challenges in the world bank/UN/IMF where he joins Okonjo and Ezekwesili.
While we are stuck with these lightweights over here.

Long Live the Federal Republic of Nigeria!

Of course you are quick to compare Soludo to Greenspan. Outside of both having PhD's in Economics, what else do they have in common?
While Soludo spent his career in Academia and Consulting for non-profit NGO's (IMF, WorldBank, etc), Greenspan acquired needed corporate experience working in several capacities before becoming chairman of FR (corporate director for Aluminium Company of America, Capital Cities/ABC, General Foods, J.P. Morgan & Co, Morgan Guaranty Trust Company of New York, Mobil Corporation; and The Pittston Company)
Mervyn king was first a non-executive director, became Chief Economist and Executive Director, then deputy Governor, before finally becoming Governor.
Even Bernake was a member of the board of the FR before becoming Chairman.

But better still lets look at Paul Volker, Greenspan's predecessor. He did not have a PhD. He worked initially as a staff of the Federal Reserve Bank of New York, was a financial economist with the Chase Manhattan Bank, director of financial analysis at the U.S. Treasury Department as, was deputy under-secretary for monetary affairs, Vice president at Chase Manhattan Bank and a couple of other position before becoming president of the Federal Reserve Bank of New York  and finally chairman of the Federal Reserve in August 1979. He was a banker without a PhD, I wonder how he became FR chairman in a country like the US?

Prior to becoming CBN governor, Soludo taught economics, did studies and submitted reports. He was never directly responsible for his recommendations i.e. a theoretician. You might feel am simply trying to put the man down, I am not. His experience is valid in certain areas of the CBN, but does not automatically make him a better candidate than Sanusi, talk less of it making him the best man for the job.

Look at the functions of the CBN, and then look for relevant experience in the careers of both individuals. Qualifications should not be evaluated in a vacuum, rather should be with respect to the job at hand. Hence my question, with all the qualifications, is Soludo the best carpenter in Nigeria? Or if you feel that is demeaning, I can ask is he the best choice for minister of health? The obvious answer to both is no, as Soludo does not have the relevant experience or qualifications for both jobs.

A key factor that should not be swept aside, is the supervisory role of the CBN. In most developed countries, this function is performed in conjunction with other bodies with the central bank playing a lesser role. So while the US can afford to appoint FR chairman with primary consideration for monetary policies, Nigeria needs to consider the supervisory role to a greater extent, particularly since it is the once area that the CBN has continuously failed. In that department, Sanusi is the better candidate.

Do I think Sanusi will deliver in office? I think so, I hope so.
Am I sure he will deliver? Definitely NO, but he has no reason not to.
The guy is qualified for the job, so let him have a go at it.

At the risk of being branded as incoherent in issue analysis by biina, i will like to ask on what basis will this delivery of Sanusi (which i hope for for the good of the country) be judged? Look at countries like China and Brazil and see how they got it right. The world economy is a capitalist economy which means that the strong nations takes what he has the power to take leaving the crumbs for the weaker nations. For anyone who sees problems as opportunity, this financial meltdown is like a reset button that has been pressed providing an opportunity for the global economic equation to be re-evaluated. My take is that it is a far more critical goal to pursue now than this local supervision of banks that we credit Mr Sanusi with the ability to deliver on. The process has been kick-started. Local supervision of banks can serve as an economic policy of an administration any day but not a role in the global economy. The time is fast passing and with the recovery of the system comes greater limit to this. Don't tell me that on the international platform, Soludo will make less impact than Sanusi. What we need now is the kind of noise that the Iwealas and Ezekwesislis and Soludos generated during OBJ's time that earned for Nigeria some improved global economic standing (whether the debth forgiveness is real or imagined).

And besides, if this man is that good in ensuring banking ethics, how radically different is FBN banking ethics from her competitors? In five years from now, the horizon will become clearer and the achievement of the two men will be better evaluated based on their different avowed targets.

We should not try to run before we can crawl. Nigeria is in no position to demand anything from the global market place as our economy is in shambles. We have a huge trade deficit and are primarily dependent on oil for forex. We will always be dictated to until this changes. The financial meltdown is not a reset button as likes of G20 are far from becoming struggling economies.

If you study the growth of most developed nations, they are built from inside out. They develop the local economy and attain a level of internal sufficiency, before exporting and stretching into the world market. Unfortunately, Nigeria has always gotten it wrong. We spend our resources trying to attract foreign investors, but never try to create the enabling environment for investment.

A lot of money has been invested in the financial sector, to which pressure is on the banks to provide returns. Giving the poor state of our economy, it is not surprising that banks are being accused of shady practices. If such practices are not checked, the result would be another round of failed, the consequences of which would be worse than prior occurrences has we now have a limited number of banks. We should put our house in order before vinviting our neighbor over for dinner.

There is nothing that bars Soludo from still being relevant to the financial sector, as he can still be appointed to another office in the administration.

I am a bit disappointed that Tunde Lemo was reconfirmed, as I felt his performance left much to be desired. He should have made way for someone else.

Prior to becoming CBN governor, Soludo taught economics, did studies and submitted reports. He was never directly responsible for his recommendations i.e. a theoretician. You might feel am simply trying to put the man down, I am not. His experience is valid in certain areas of the CBN, but does not automatically make him a better candidate than Sanusi, talk less of it making him the best man for the job.

Look at the functions of the CBN, and then look for relevant experience in the careers of both individuals. Qualifications should not be evaluated in a vacuum, rather should be with respect to the job at hand. Hence my question, with all the qualifications, is Soludo the best carpenter in Nigeria? Or if you feel that is demeaning, I can ask is he the best choice for minister of health? The obvious answer to both is no, as Soludo does not have the relevant experience or qualifications for both jobs.

A key factor that should not be swept aside, is the supervisory role of the CBN. In most developed countries, this function is performed in conjunction with other bodies with the central bank playing a lesser role. So while the US can afford to appoint FR chairman with primary consideration for monetary policies, Nigeria needs to consider the supervisory role to a greater extent, particularly since it is the once area that the CBN has continuously failed. In that department, Sanusi is the better candidate.

Do I think Sanusi will deliver in office? I think so, I hope so.
Am I sure he will deliver? Definitely NO, but he has no reason not to.
The guy is qualified for the job, so let him have a go at it.

well said! like they say Soludo was brilliant at policy formulation but not so good with Regulation

Let wish him luck with him luck whatever he does- maybe he should join the opposition or perhaps contest for election (doubt he will, more likely to look for IMF world bank positions)

Good luck to Sanusi

adigun101:

I really hope it is not a mistake.

Here is what I see @Adigun101

adigun101:

1. University of Nigeria, Nsukka, where he graduated with a first class degree in Economics. He also undertook his post-graduate and doctorate degrees in Economics from the same University winning on both occasions, the prize for the best graduating student.
2. Professor Soludo had cumulative four years of post-doctoral training in some of the world's most prestigious institutions, including: The Brookings Institution, Washington, DC; University of Cambridge, UK, as Smuts Research Fellow and Fellow of the Wolfson College; the UN Economic Commission for Africa as a Post-Doctoral Fellow; University of Warwick as a Visiting scholar and Visiting Research Scholar at Center for African Economies, University of Oxford (with funding by the Rhodes committee). He also attended over a dozen specialized courses and has had extensive research, teaching and consultancy works in different areas of economics.
3. He has worked at the World Bank both as a short and long-term consultant since 1993 and also at the United Nations Economic Commission for Africa, Addis Ababa.
4. He was a consultant to UNCTAD; European Union (EU); Organisation for Economic Cooperation and Development (OECD); United Nations (UN) New York; United States Agency for International Development (USAID); African Development Bank (ADB); Common Market for Eastern and Southern Africa (COMESA); African Union (AU); International Development Research Council (IDRC) Canada; Council for the Development of Social Science Research in Africa (CODESRIA); Economic Community of West African States (ECOWAS); among others.
5. Professor Soludo has served as Senior Technical Advisor/Consultant as well as a Visiting Scholar at the IMF since 1994, and also taught IMF's Financial Programming and Policy course to senior staff of Central Banks in West Africa and other developing regions. He has served as: Member, Technical Committees that drafted economic and trade policies for the Federal Government of Nigeria; and Executive Director of the African Institute for Applied Economics (AlAE).

Up until this part, he has done nothing to warrant the claim you made of him.

adigun101:


6. Professor Soludo joined the Federal Government of Nigeria in July 2003 as the Economic Adviser to President Obasanjo and the Chief Executive of the National Planning Commission (NPC). Among other accomplishments during the 10 months in office, he was the Chairman/Coordinator of the team that drafted Nigeria's economic and social reform program (2003-2007), the National Economic Empowerment and Development Strategy (NEEDS), and also pioneered the collaborative planning framework in the Nigerian federation by initiating and assisting state governments in designing their State Economic Empowerment and Development Strategy (SEEDS).

Now note how he goes from list 5 to 6? Sort of like going from being an IT consultant( a member of a team) to CIO. Isn't that the sort of way you assume Sanusi rose to the top? Look, my point is when he started off, Soludo was no better. Now he is your soludo. His term is over and fortunately, we all agree that we have people out there who could do the job and possibly, do it better. Why deny them the opportunity?