adigun101:

Absolutely not. Im not that petty. Just that I do not believe that the sharia thing is relevant. I saw it as absurd that it always kept being mentioned along side the guys qualification. (as the only first class and foreign degree he had)
I also noticed that this was due to fact that the resume is relatively lightweight so it was being padded up with an irrelevant qualification. Next they might add that he has a black belt in Karate.
Whether he is Muslim or not, the guy doesn't have as much a pedigree to run the CBN and steer the  Nigerian economy as much as his predecessor.
This guy has been the best CBN governor you've ever had . Take it or leave. His shoes are too large for this lightweight to fill. The performance of our financial sector (the only shinning light in our economy attests to that)
With Islamic banking and global recession, I wont even bother to comment on that. Other readers will just have to make up their minds on your level of intelligence.

Good to read you at not blinded with religious bigotry however, per level of your non intelligence you have written enough for me to know that all you need to decide on a qualified personnel for a job is paper certificate and preferably should not be from Nigeria. People like you is the part of the reasons student these days now do whatever it takes to get certificates even if they are unable to defend it.

While I agree that Soludo did have a list of achievements, he however had his own
shortcomings which were becoming more and more glaring in the later days of his
reign. I would have been very surprised if he had been retained. And as for Sanusi,
I'm sure he has an excellent opportunity to wipe the slate clean and start all over
on a more promising note-hopefuly.

Hello all,

Attached is a copy of an article I just sent to Nigerian dailies on Sanusi Lamido.
Please note that this is just my own personal opinion.

Enjoy.

biina:

I am not interested in your echo of political accolades. As per your list above, I would rather you be specific and provide details.

1. Consolidation: Firstly, Soludo did not consolidate the banks, rather the banks merged in a bid to meet the capitalization requirements. To the achievement itself, please tell me what problem 'consolidation' solved or what positive effect it has directly/indirectly had on the economy.

2. The Nigerian Mint: What aspect of the mint is the responsibility of the CBN and what were the achievements?

3. Electronic Banking Reform: List specific achievements. For example, did he introduce electronic banking? or what were the specific reforms that he enacted that were not evolutionary?

You call awards by known international bodies, based on  results, carried out on a yearly basis, irrespective of whether Nigeria has a CBN governor or not as political. You are amazing ! And you must be very good at deceiving yourself

Jarus,

That was a nice write up on him.

adigun101:

You call awards by known international bodies, based on  results, carried out on a yearly basis, irrespective of whether Nigeria has a CBN governor or not as political. You are amazing ! And you must be very good at deceiving yourself

based on results? I wonder how they evaluated the results in 2005, when the exercise was completed in 2005. Shouldn't they have waited till a few years after to evaluate the results?
Did you even bothered to check who the previous and subsequent winners were? Greenspan and co, who were your yardstick, were they past winners?
Do you know who the publisher of the awarding IMF/worldbank magazine is? Chief Ikechi Emineke, who is touted as PDP Abia gubernatorial candidate for 2011. Can we then not question the objectivity of the award?
Like I said, I would rather not debate political accolades with you, but rather evaluate a CBN governor based on direct indices of how his tenure in office has affected the financial sector, and the economy has a whole.

So please provide details to your earlier list, so that we can put the discussion on firmer grounds.

We are talking of a CBN governor, not a state governor or LGA chairman. Achievements should be based
on the economy not empty awards by questionable individuals.

George_D:

We are talking of a CBN governor, not a state governor or LGA chairman. Achievements should be based
on the economy not empty awards by questionable individuals.

The Financial Times "Bankers Magazine" has become a questionable Nigerian Political tool published by questionable Nigerian individuals. I guess so is the FTSE 100 index.
Some of you guys are probably traumatised by so much negativity in Nigeria or your just plain disillusioned!

George_D:

We are talking of a CBN governor, not a state governor or LGA chairman. Achievements should be based
on the economy not empty awards by questionable individuals.

I wonder what awards Obasanjo has received so far

@Jarus, with regards your write up you are right in many statements you made. The guy might have what it takes to run the CBN and deliver results.
But you drew attention to changing a winning team.
One major issue with Nigeria is not in its ability to draw up policies and strategies but in the implementation.
One major problem with implementation of these strategies from SAP,MAMSER,NEEDS, vision 2010, vision 2020, 12 point agenda, 7 point agenda and now sanusi's 2 point agenda, is the lack of continuity. Why change a policy or policy maker that is producing considerable results just for us to start all over again. Rather than improving on the already implemented strategy.
Every individual has his own idea on the way forward and they may all be valid ones but all this constant redrafting would not help.
Americas open market economy worked, Europes socialists leaning markets worked, even undemocratic, un-open market china is working.

adigun101:

The Financial Times "Bankers Magazine" has become a questionable Nigerian Political tool published by questionable Nigerian individuals. I guess so is the FTSE 100 index.
Some of you guys are probably traumatised by so much negativity in Nigeria or your just plain disillusioned!

While Soludo also got an award from the banker's magazine, the award you quoted was not from the banker's magazine, but rather from the publishers of IMF periodicals

At the 2005 Annual Meetings of the International Monetary Fund/World Bank in Washington DC, the publishers of the Annual Meetings Daily and African Economy Magazine awarded him “The Global Central Bank Governor of the Year, 2006” , citing the result of his financial sector reforms as unprecedented anywhere within such a short period of time.

The bankers magazine award was also given in January 2006, and thus could not be a true reflection of the performance of Soludo or his capitalization exercise.

I am still waiting for you to provide details on your earlier list, and not waste time with irrelevant award references.

biina:

The bankers magazine award was also given in January 2006, and thus could not be a true reflection of the performance of Soludo or his capitalization exercise.
I am still waiting for you to provide details on your earlier list, and not waste time with irrelevant award references.

The awards from IMF/World bank were questionable because a Nigerian is amongst the publishers. Now that I got an internationally acclaimed one with no known Nigerian among the publishers, you are dismissing them as irrellevant but to you sharia studies is relevant to the Job of a central bank governor.
Well why I still go on with you is that this is an open blog and we've got readers who crave for the true facts flat and square.

For my earlier listings read the following write-up published recently on one of the Nigerian dailies.
http://www.thisdayonline.com/nview.php?id=145031

Please I would rather you don't dismiss this as political, as soludo has already left office when this article was written, so of what use is it lauding him at this stage.
This article even sufficed some figures and dates to go with.
As they say. The good works of men live after then. I will supply you with so much references as they are all over the place both nationally and internationally.
Afterwards I implore you to come out with sanusi's glittering records including awards he might have recieved nationally. Or the effects he had (in results or growth etc) he might have had on the banks he worked for.
I challenged someone on this blog to put sanusi's resume side by side with soludos but that individual has since fizzled out.
You see quality is not a flash in the pan it is eternal. Awards, Academic and proffessional accolades may not independently confirm quality, but in combination, they indicate consistent quality.

May i add that the Bankers Magazines award was "Global Central Banker of the Year award" 2006.
Hopefully Sanusi would match that. Even though it's irrelevant.

Kobojunkie:

I wonder what awards Obasanjo has received so far

Pls don't mention that man's name when we're talking serious business.

adigun101:

The awards from IMF/World bank were questionable because a Nigerian is amongst the publishers. Now that I got an internationally acclaimed one with no known Nigerian among the publishers, you are dismissing them as irrellevant but to you sharia studies is relevant to the Job of a central bank governor.
Well why I still go on with you is that this is an open blog and we've got readers who crave for the true facts flat and square.

For my earlier listings read the following write-up published recently on one of the Nigerian dailies.
http://www.thisdayonline.com/nview.php?id=145031

Please I would rather you don't dismiss this as political, as soludo has already left office when this article was written, so of what use is it lauding him at this stage.
This article even sufficed some figures and dates to go with.
As they say. The good works of men live after then. I will supply you with so much references as they are all over the place both nationally and internationally.
Afterwards I implore you to come out with sanusi's glittering records including awards he might have recieved nationally. Or the effects he had (in results or growth etc) he might have had on the banks he worked for.
I challenged someone on this blog to put sanusi's resume side by side with soludos but that individual has since fizzled out.
You see quality is not a flash in the pan it is eternal. Awards, Academic and proffessional accolades may not independently confirm quality, but in combination, they indicate consistent quality.

May i add that the Bankers Magazines award was "Global Central Banker of the Year award" 2006.
Hopefully Sanusi would match that. Even though it's irrelevant.

So your opinion of Soludo's performance in office is purely based on the judgment of others? No offence meant, but your constant echoing of unsubstantiated rhetoric leaves a lot to be desired. It is not difficult to evaluate the performance of a CBN governor, as one simply needs to look at the indices associated with his areas of responsibility.

Awards are irrelevant because the objective of the awarding body is unknown, and the criteria used for evaluation are often unknown and inconsistent from year to year. That is why I asked you to pull up the names of the past winners and see if you can find an objective criterion for their selection or the process of nomination.

At no point did I ever make reference to Sanusi's Islamic scholarship as being relevant.

You said Soludo had been the best CBN governor we've ever had, and I was expecting you to substantiate that statement by giving details of his accomplishment in office as opposed to past CBN governors, rather you are quoting others and pointing to third party opinions.

The guys that wrote the THISDAY article obviously feel that soludo did an exceptional job, and they are entitled to their opinion, but you should not echo such opinions as your own if you are unable to defend it. The fact that they had no criticism of Soludo raises questions on the objectivity of the article.

I have gone over these points a couple of times already on this site but so as not to seem evasive, I would give a few comments on the 'achievements' raised in the THISDAY article.

1. Banking Consolidation: This is neither positive or negative in of itself as it only gave the banks more money to play with. The capitalization of a bank does not translate to profitability as is evident with failure of large banks in the US. FYI Soludo was not the first, and would not be the last CBN governor to increase bank capitalization. It is an evolutionary step and because Soludo caused so much ruckus with his implementation, does not make the effect any different from prior implementations.

2. Offshore Branches: Offshore branches have been in existence before soludo's tenure. UBA and first bank had overseas branches since the 1980s while FBN got their UK license in 2002.

3. Foreign Investments: Standard Chartered was in Nigeria before Soludo, and Citigroup actually withdrew because of the increased capitalization request. So the foreign investment is neither here no there.

4. Macroeconomic Stability: I am not sure what this is supposed to mean, as the economy has had its up and down proportionally with the rise and fall of the crude oil price.

5. Microfinance: Again another evolutionary procedure. Soludo did not introduce microfinance, rather he simply continued the evolution of it. We have had microfinance under various banners like  rural banking, peoples bank, and community banking. One can say the most significant development in microfinance in Nigeria was the move from a centralized system to a distributed system, with the introduction of community banks, which happened prior to Soludo

6. ATM/Credit Cards: Soludo did not introduce ATMs or electronic banking into Nigeria. The popularity is simple evolution of the society. As the internet became more popular, and computer literacy evolved, the penetration of electronic banking also increased.

7. Corporate Governance: With the saga of intercontinental, and the cries of foul on zenith's forex purchase, I wonder what the claims of improved corporate governance is based on. The poor supervision of banks by the CBN is one of the reasons I felt Soludo should be replaced. His tenure was a retrogression from the Sanusi days when there was a decent clamp down on round tripping.

8. Common Year-end: Another retrogressive move excused on the basis of improved book keeping. The year you end your account is irrelevant to the accuracy of your books.

9. Vision 2020: Reminds me of the 7 point agenda. It is not an achievement until is attained.

10. Resuscitation of the Mint: After pumping billions of Naira into NSPM, the CBN has nothing to show, as they are far from attaining the set out objectives, and are now hiding under the core problem that should have been addressed - lack of electrical power (surprising? ). In fact the quality of production at the mint has dropped drastically as most of the staff are now casual/temp workers.

Each of these issues can be discussed further, but only if you have something of your own to bring on board. If you have no opinion of your own, then this discussion is pointless.

George_D:

Pls don't mention that man's name when we're talking serious business.

Roflmao!! We dey talk award now. The man get award boku . . . No be UN carry go make am ambassador or something. Roflmao!!

biina:

So your opinion of Soludo's performance in office is purely based on the judgment of others? No offence meant, but your constant echoing of unsubstantiated rhetoric leaves a lot to be desired. It is not difficult to evaluate the performance of a CBN governor, as one simply needs to look at the indices associated with his areas of responsibility.

You have dismissed academic archievements, international consultancy experience, awards and acknowledgements by renowned international bodies, and commentaries by dedicated Nigerian columnists, but now you want my personal opinion. Well as much doubt , I play along.

Awards are irrelevant because the objective of the awarding body is unknown, and the criteria used for evaluation are often unknown and inconsistent from year to year. That is why I asked you to pull up the names of the past winners and see if you can find an objective criterion for their selection or the process of nomination.

Global bodies all of whom have scored Nigeria low in almost every socio-political and economic aspect, now have their objectives under question. Award objectives are never constant but fall under an umbrella of expectations. Look at the Nobel peace prize as a wild example.

You said Soludo had been the best CBN governor we've ever had, and I was expecting you to substantiate that statement by giving details of his accomplishment in office as opposed to past CBN governors, rather you are quoting others and pointing to third party opinions.

Progress is a measure of the state of events between two points in time. (in this pre and post-Soludo era)
1.The average lending rate went down from 20.42 to 18.22 percent between 2004 and 2008.
2. The exchange rate of the Naira to the United States’ Dollar also came down from N132.75 to N116.85 between June 2004 and June 2008.
3. The Bureau De Change, BDC, rate within these periods decreased from N140 in June 2004 to N119 in June 2008.
4. Currently, the value of the Naira to the Dollar has depreciated by 24 percent at the official market as it exchanges at N145 to the Dollar. The parallel market rate is as   high as N180. With the advent of the Global recession .( All major currencies followed the same trend of devaluation against the dollar.)
5. The performance of Nigeria’s gross domestic product, GDP, achieved a steady growth between 2004 and 2008.
6. The latest estimate from the National Bureau of Statistics indicates that Nigeria’s GDP grew by 0.8 in 2008 compared to 6.2 percent in 2007. 
7. The rise in foreign reserve from $11.44 billion in June 2004 to $60.89 billion  in August 2008 attests to the positive impact of Soludo’s first five years on the economy.  8. The consolidation exercise also had a significant impact on the banking sector. It increased the total capitalisation of the banking sector from N315 billion in 2004 to N2.788 trillion in December 2008. Bank’s credit to borrowers grew from N1.133 trillion in 2004 to N7.8 trillion in 2008.
9. The number of bank branches also rose from 3,247 in 2004 to 5,247 in 2008. In the same way, the number of the foreign branches of Nigerian banks increased from seven in 2004 to 69 in 2008.

Don't forget keep your eyes on where things were before he started to when he left and not judging him by some hypothetical ideal which has never existed in Nigeria.

The guys that wrote the THISDAY article obviously feel that soludo did an exceptional job, and they are entitled to their opinion, but you should not echo such opinions as your own if you are unable to defend it. The fact that they had no criticism of Soludo raises questions on the objectivity of the article.

Well the absence of criticism raises questions but who doesn't have criticisms. But the guys focused on the positive and it was ideal for me because you asked for his achievements not his downsides.

1. Banking Consolidation: This is neither positive or negative in of itself as it only gave the banks more money to play with. The capitalization of a bank does not translate to profitability as is evident with failure of large banks in the US. FYI Soludo was not the first, and would not be the last CBN governor to increase bank capitalization. It is an evolutionary step and because Soludo caused so much ruckus with his implementation, does not make the effect any different from prior implementations.

1. But he is the first CBN governor to carry out the sweeping exercise in Nigeria.
2. The consolidation exercise also had a significant impact on the banking sector. It increased the total capitalisation of the banking sector from N315 billion in 2004 to N2.788 trillion in December 2008. Bank’s credit to borrowers grew from N1.133 trillion in 2004 to N7.8 trillion in 2008.

2. Offshore Branches: Offshore branches have been in existence before soludo's tenure. UBA and first bank had overseas branches since the 1980s while FBN got their UK license in 2002.

1. In the same way, the number of the foreign branches of Nigerian banks increased from seven in 2004 to 69 in 2008.(in 4 years as opposed to more than 20 years growth)
2. Keep your eyes on the rapid progress!

3. Foreign Investments: Standard Chartered was in Nigeria before Soludo, and Citigroup actually withdrew because of the increased capitalization request. So the foreign investment is neither here no there.

Haba ! Why are you like this. You did even not notice the huge spike in foreign investor activity in the Nigerian stock market. You cannot peg it down to two banks in two banks out.

10. Resuscitation of the Mint: After pumping billions of Naira into NSPM, the CBN has nothing to show, as they are far from attaining the set out objectives, and are now hiding under the core problem that should have been addressed - lack of electrical power (surprising? ). In fact the quality of production at the mint has dropped drastically as most of the staff are now casual/temp workers.

The apex bank transformed the institution into a profitable venture in 2007 and saved the country the disgrace of depending on importation to meet its currency needs. For now, the minting company is not only satisfying the country’s currency requirements, it has also started handling sensitive security printing works for the government and the private sector. The company has the prospect of attracting business patronage and investments from some West African countries. For instance, Ghana is said to be very anxious to do business with the resuscitated company. Before the CBN stepped in to rescue the mint, the administration of former President Olusegun Obasanjo had made up its mind to hand it over to foreign investors to manage.

Again Keep your eyes on progress.!

Anyone who quote figures and statistics in not just airing his own opinions.

adigun101:

You have dismissed academic archievements, international consultancy experience, awards and acknowledgements by renowned international bodies, and commentaries by dedicated Nigerian columnists, but now you want my personal opinion. Well as much doubt , I play along.

I am not trusting your opinion, rather I just want to hear it. The question is Soludo's performance as CBN governor and not an evaluation of his career as a person, so I feel it is appropriate that the discussion focuses on relevant issues.

Global bodies all of whom have scored Nigeria low in almost every socio-political and economic aspect, now have their objectives under question. Award objectives are never constant but fall under an umbrella of expectations. Look at the Nobel peace prize as a wild example.

Again awards often have political under tones and are not always objective. An example is the annual ruckus on Chinua Achebe and the Nobel prize

Progress is a measure of the state of events between two points in time. (in this pre and post-Soludo era)
1.The average lending rate went down from 20.42 to 18.22 percent between 2004 and 2008.
2. The exchange rate of the Naira to the United States’ Dollar also came down from N132.75 to N116.85 between June 2004 and June 2008.
3. The Bureau De Change, BDC, rate within these periods decreased from N140 in June 2004 to N119 in June 2008.
4. Currently, the value of the Naira to the Dollar has depreciated by 24 percent at the official market as it exchanges at N145 to the Dollar. The parallel market rate is as   high as N180. With the advent of the Global recession .( All major currencies followed the same trend of devaluation against the dollar.)
5. The performance of Nigeria’s gross domestic product, GDP, achieved a steady growth between 2004 and 2008.
6. The latest estimate from the National Bureau of Statistics indicates that Nigeria’s GDP grew by 0.8 in 2008 compared to 6.2 percent in 2007. 
7. The rise in foreign reserve from $11.44 billion in June 2004 to $60.89 billion  in August 2008 attests to the positive impact of Soludo’s first five years on the economy.  8. The consolidation exercise also had a significant impact on the banking sector. It increased the total capitalisation of the banking sector from N315 billion in 2004 to N2.788 trillion in December 2008. Bank’s credit to borrowers grew from N1.133 trillion in 2004 to N7.8 trillion in 2008.
9. The number of bank branches also rose from 3,247 in 2004 to 5,247 in 2008. In the same way, the number of the foreign branches of Nigerian banks increased from seven in 2004 to 69 in 2008.

Don't forget keep your eyes on where things were before he started to when he left and not judging him by some hypothetical ideal which has never existed in Nigeria.

Again stop plagiarizing articles. All your points were culled from http://www.newswatchngr.com/index.php?option=com_content&task=view&id=841&Itemid=1 The least you can do is quote the source.

1. The lending rate is dependent on a lot of factors and responds to changes in MPR, MRR and liquidity ration requirements by the CBN. In of itself, lending rates is partial information but rather should be correlated with deposit rates and other indices. A low lending rate is often an indication of excess liquidity in the system, i.e. banks are having problem finding suitable investment. Am not sure which specific rates you quoted (or how the average was calculated) else we would have been able to look at the data from 2000 to 2009 and see how all tie together.

2 (3 &4). The exchange rate of the Naira to the United States’ Dollar came down from N132.75 to N116.85 between June 2004 and June 2008 and rose to N145 by May 2009 . You have now tried to ascribe the credit of the decrease to Soludo while blaming the increased rate on recession. That is erroneous. The trend in the value of the naira can easily be traced to the crude oil prices, when the prices were high we had increased forex income, and when they dropped, the shortage followed suit. The more alarming factor is the wide margin between the two markets which has further encouraged round tripping that Soludo failed to curb.

5&6. What has the growth of the GDP got to do with the CBN? is the CBN responsible for the manufacturing and telecoms sectors too? The CBN governor is not the minister for finance, nor is he the minister for labor, so unless you can point to a CBN policy that directly caused the increase, I dont see the relevance.

7. The growth in foreign reserve is primarily from increase in crude oil prices. I have always said that while one can argue on the pros and cons of keeping high foreign reserves, it commendable that he was able to implement his choice.

8&9. Please see below for capitalization

1. But he is the first CBN governor to carry out the sweeping exercise in Nigeria.
2. The consolidation exercise also had a significant impact on the banking sector. It increased the total capitalisation of the banking sector from N315 billion in 2004 to N2.788 trillion in December 2008. Bank’s credit to borrowers grew from N1.133 trillion in 2004 to N7.8 trillion in 2008.1.

Lets  get some basics ironed out first. Increased capitalization caused the mergers i.e. consolidation and not the other way round. You are mixing up the cause and the effect. The real question has always been about capitalization.

(Below is an excerpt of my response from another thread)

There is nothing wrong in a bank having a huge capital base, as in the least, it makes it more robust and allows it to dabble into bigger projects. The issue is the minimum capitalization requirement, which essentially states that banks that don't meet it are not fit for existence. So the question is what is wrong with a bank being capitalized with less than N25B in Nigeria? Noting that even the US still has commercial banks with as little as $300M in total consolidated assets. Forcing banks to raise capital without the economy providing the needed opportunity to invest said capital will only force bank into shady trading and lending

Soludo was not the first to increase bank capitalization, rather it is an ever recurring process: N50 million in 1992, N500 million in 1997, N1 billion in 2000, N2 billion in Dec. 2004. Soludo made it N25 billion in Dec 2005. The uproar from bank executives was because he made an autocratic move in July 2004, requiring a huge increase (from N2B to N25B) within 18 months with total disregard fro the existing time line set by the previous CBN governor.

Increased capitalization of banks has never been (and will never be) the solution to our problem. Increased capitalization is like pumping water into a leaking tank, a pure waste of needed resources. Resources that could have been better invested in the manufacturing sector and cutting out the middle man i.e. bank

The merging of the banks and increased deposits are just the side effects of the capitalization.

In the same way, the number of the foreign branches of Nigerian banks increased from seven in 2004 to 69 in 2008.(in 4 years as opposed to more than 20 years growth)
2. Keep your eyes on the rapid progress!

The increase in capitalization puts pressures on banks to expand, so it is expected  that there would be increased branches both locally and internationally, but the question is how does it affect the price of fish? I made reference to the existence of foreign branches prior to Soludo to simply show that it is not a measure of success of the CBN. The growth is evolutionary. Wells fargo, one of the largest banks in the US has only 3 international locations. Are they then not doing well enough?

Haba ! Why are you like this. You did even not notice the huge spike in foreign investor activity in the Nigerian stock market. You cannot peg it down to two banks in two banks out.

The article made reference to standard charted and HSBC, I simply made a rebuttal. Also you cannot aggrandize foreign investment outside the financial sector to the actions of the CBN, or was the CBN responsible for the foreign investement in the telecoms sector (which has had the bulk of foreign investment)?

The apex bank transformed the institution into a profitable venture in 2007 and saved the country the disgrace of depending on importation to meet its currency needs. For now, the minting company is not only satisfying the country’s currency requirements, it has also started handling sensitive security printing works for the government and the private sector. The company has the prospect of attracting business patronage and investments from some West African countries. For instance, Ghana is said to be very anxious to do business with the resuscitated company. Before the CBN stepped in to rescue the mint, the administration of former President Olusegun Obasanjo had made up its mind to hand it over to foreign investors to manage.

Again Keep your eyes on progress.!

Profitable? the CBN has invested over N14 billion naira into the enterprise, and yet, as at July last year, the CBN was still importing higher denomination bills. So I would like to see evidence of your claim that the currency requirements are being met ( as even the NSPM website sates otherwise). Currently the mint produces N5 to N50 and there are questions over the quality of the notes. So as far as I am concerned, for N14 billion investment, there is a lot to be desired. The funny side is that am yet to see public figures that shows that the cost from NSPM is cheaper than importation.
The CBN had no business acquiring the mint from the ministry of finance, but rather the NSPM should have been made independent. 

Since you cannot form your own opinions and/or express same in your own words, this will be my last response to you on the issue, as there is nothing to be achieved in such a discourse.

Guys,
This is unarguably one of NL politics section's most intellectual debates, where facts, rather than conjectures, reign. This is a thread that is presentable, anywhere.
I am personally pro-Soludo, but not anti-Sanusi, in other words, my view is: Don't change Soludo, but if you must change him, then Sanusi is not a bad choice.

I also find commendable the fact that all the contributors here demonstrate good grasp of economics, banking and economy, rather than beer parlour analysis.

Well in as much as you've made up your mind to invalidate any fact or figure I put forward with some flirmsy reason, I don't see why I should continue. Facts, figures and references has always been and will always be the best way to argue a point. But no matter what you do whoever will not see the truth will not see it.

Jarus:

Guys,
This is unarguably one of NL politics section's most intellectual debates, where facts, rather than conjectures, reign. This is a thread that is presentable, anywhere.
I am personally pro-Soludo, but not anti-Sanusi, in other words, my view is: Don't change Soludo, but if you must change him, then Sanusi is not a bad choice.
I also find commendable the fact that all the contributors here demonstrate good grasp of economics, banking and economy, rather than beer parlour analysis.

@Jarus is spot on and i'm with him on that.
@biina you don't get it . Nigeria is a part of the global comunity and its economy doesn't exist independently. All this volatility in our economic / financial policies does not help confidence in the market. And confidence and stability is very crucial to the prosperity of the Nigerian economy and foreign long term capital flow/investment.
Why change someone that is not doing badly or as a matter of fact is doing relatively well. Over here in UK a lot of my colleagues are of the view that the government is playing politics with the economy. Foreign Investors are also getting this signal. This is surely not good.
Lets face the facts how often do you see the effects of a policy in 5 years. 5 years is a very short time in economic terms.
I'm sure Sanusi will come up with his, but it will come to null if he is replaced in 5 years.
As per my use of references, why bother, they are all over the place, Just a few like you and Yar'adua do not see it. I can continue giving you references for weeks. Good works speak for themselves.
Well it was a nice discussion while it lasted although I was sure you  had your mind made up like Yar'adua!

Kobojunkie:

Roflmao!! We dey talk award now. The man get award boku . . . No be UN carry go make am ambassador or something. Roflmao!!

Pls the mere mention of that man's name here is already putting me off. Let's allow time to relegate
his memory to the junkyard where it belongs.

@adigun101
The problem is not with sourcing from articles, but with you echoing the contents of such articles unprocessed, like if they were the gospel truth, and not providing the references that shows that the opinion was not originally yours. The fact that someone says something in an article does not make his opinion right, and if you have no analysis, or opinion, of your own to contribute, then it would be no different from us reading the article itself.

Because several articles are written in favor of a particular position, does not make the position is true or right. For if they all followed your example, we can end up with a situation where several articles are actual based on a handful (or a single one) of genuine opinion(s).

I do not like to swallow articles, hook line and sinker. I would rather try to extract the facts and then make my own judgments, and when I feel I don't have the capacity to make such judgments, I would defer to others, but would not echo the opinions of others as if they were mine. If you feel Soludo was the best CBN governor ever because others said so, you could have said that at the onset, and saved both of us a few posts.

I have my opinion on the issue which is based on the facts at my disposal and my interpretations of them. If I have new facts or am convinced otherwise of my reasoning, my opinion would change accordingly. 

Soludo was not fired, his tenure was simply not renewed. If the same argument you are putting  forward was applied to Joseph Sanusi, Soludo would not have gotten his opportunity. Soludo has done no better or worse than his predecessors (excluding one or two, who had no business being there). His tenure was over,  and someone else is taking a crack at it.

Nobody his perfect, and if you don't change those in office, the short comings of those in office would soon become the failings of the system.

@Adigun101: You can ask biina about the Murder.

Affalatus:

@Adigun101: You can ask biina about the Murder.

and why is that?

let's not digress pls.

I wonder the metrics on which achievements are made that are not in favor of Soludo so far a fair mind is doing the measurement. But let me tell you other things that goes for the guy- courage, confidence in what he feels he knows, focus, drive, and action oriented. He is also a leader who believes in creating opportunities and not a manager who tries to manage the system he met.

Well, if Nigeria is my company and Soludo is the chairman of my board whose tenure is ending, and i have a decision to make in either replacing him or retaining him given his anticedents, i sure will give the guy another five years but set a new agenda for him. That is if Nigeria is my company anyway. Someone will soon ask me what his achievements those years were again!

Affalatus:

@Adigun101: You can ask biina about the Murder.

I just wanted you to report to this chap that i have written something on the subject matter.

Frank-C:

I wonder the metrics on which achievements are made that are not in favor of Soludo so far a fair mind is doing the measurement. But let me tell you other things that goes for the guy- courage, confidence in what he feels he knows, focus, drive, and action oriented. He is also a leader who believes in creating opportunities and not a manager who tries to manage the system he met.

Well, if Nigeria is my company and Soludo is the chairman of my board whose tenure is ending, and i have a decision to make in either replacing him or retaining him given his anticedents, i sure will give the guy another five years but set a new agenda for him. That is if Nigeria is my company anyway. Someone will soon ask me what his achievements those years were again!

@ Frank-C To be Frank you do not know Soludo if you did you would know he is not amendable to discipline. The man made a mess of eating a boiled egg.

@ Affalatus

I sincerely wish to know him better. Maybe i'll be more enlightened. I know for sure that no evil stays hidden for a long time, no matter how carefully executed. If this guy is bad, it will soon be exposed and i promise you, Affalatus that i will retract all my approving views of this guy on this public forum, but until then. . .

Praising Soludo is like praising Pharaoh for the Salvation of Isreal from Egypt. Soludo was merely the implementor of the ideas of another person.

A person whom was never praised nor paid but instead was threatened by Soludo and his friend a lady was murdered as a threat .

Nike Ayilara CBN STAFF Rest In Peace.

@ Frank-C,
The man served his time. He should go. Period!

we must keep our fingers cross yet.Sanusi sounded intelligent but in this corrupt society its very hard for any transition of macro or micro economies to the common man on the strt.Lets see how far he wud go

That's our hope too. We hope his 'intelligence' will translate to more
food on the table for the common man, more favourable exchange
rate for buninesses to aquire raw materials for thier industries.
Not just high sounding words pandering to politicians.