Sanusi, Nigeria's new Cental Bank governor, like Kanye West, is looking for easy publicity. And as usual our
oyinbo
community have fallen for it. He had to do what no one has ever done before to get noticed. Besides,
Soludo's image seem to be towering over him larger than life. Not that he himself did that much to impress me. As far as they go, it's all politics.
And our dear Mrs Waziri of the EFCC whose presence in office has barely been felt, now found a hook to chant with her long-unused voice. Matter of fact, as I write, the whole frenzy of activity seem to have cooled off. And soon, so like Nigeria, life will get back to business as usual! Some settlement will be made behind closed doors and all of them go home happy. The people never matter. They don't think they should be told the end of the matter! Farida Waziri appears unable to take action unless the band-wagon drum is rolling. Pity that, since there are so many financial issues begging to be resolved in this country today. Something like the new trend of kidnapping for money and not even for far reaching issues affecting the nation. EFCC is dead to all these.
Well, regarding Sanusi's cowboy show, that is, his sacking of the CEOs of some banks in the country here's what me say. As if what I say will matter.
I think it's wrong for Sanusi to berge into the affairs of the banks as he did.The shareholders own the CEOs. They should be the ones to remove them. Except, as it happens, there is a deliberate move to dispossess them of the institutions which were founded by them, in some cases. Was Sanusi under instruction to snatch the banks out of their hands?
The said uncovered loans are as good as any can be. They were lent on the goodwill ranking of prominent movers of the economy. Bill Gates shouldn't have to give any security to get any bank to grant him any facility. But I should have to, because no one knows me. That's the way the world works. Sanusi knows that there are assets more real than real estates today, such as integrity and goodwill. It is not gained easily, that is why bankers lend against it. Again, aggressive marketing requires that such should be done, else your competitors would play you out.
On another note, I've been told that Sanusi is due to re-issue the other smaller notes from N50 down to N5, the likes of Soludo's polymer N20 note. Again, it shows how policy makers in Nigeria are far-removed from those on whose lives their policies impact. if they had done a survey to the grassroot, they'd have heard that Soludo's N20 note is the most less desired, less durable and easily defaced of all our currency notes so far. But, instead, they awarded the contract, executed the project, and just as they are about to roll-out, they come on TV with an official propaganda selling polymer notes. Tell me, how fairest Soludo's coins so energetically advertised. They always put the cart before the horse here, it seems.
Finally, Mrs Waziri reports to us that the debtors are paying back substantially. Good. But does she know at what cost to the economy? Productive processes would be truncated or terminated for these money to be called back. Those who borrowed did not borrow to go and throw parties with the funds obviously. They borrowed to invest in further productive ventures which may not have gestated or come to fruition at this time that they are being asked to pay back..if the money was there all the time they would not need to borrow
