Finally, Sanusi Named CBN

No Comments » June 2nd, 2009 posted by // Categories: Nigeriawatch



Finally, Sanusi Named CBN

Written by Iyobosa Uwugiaren, Golu Timohty, Stanley Yakubu and Justus Nduwugwe, Abuja    
Monday, 01 June 2009 23:44 

> Alex Oti favoured to head First Bank

President Umaru Musa Yar’Adua yesterday officially sent the nomination of Alhaji Sanusi Lamido Aminu Sanusi as the Governor of the Central Bank of Nigeria to the Senate.

Until his nomination, Sanusi was the Group Managing Director/Chief Executive Officer of the First Bank Nigeria Plc. He will replace Prof. Chukwuma Soludo, whose tenure will expire tomorrow.LEADERSHIP first broke the story about Sanusi’s choice by the president in its edition of May 22.

In a statement signed yesterday by Mr. Olusegun Adeniyi, Special Adviser (Communications) to the President, Yar’Adua was quoted as requesting the Senate President, Senator David Mark, and his colleagues for an expeditious consideration of the nomination of Sanusi.

The nomination has ended an intense lobby by some powerful forces hired to frustrate the appointment of Sanusi.

Senator Mark is expected to present the nomination to his colleagues in the upper chambers today, while Sanusi may appear before the senators tomorrow.

Similarly, Yar’Adua has requested the Senate to confirm the renewal, for a second term, of the appointment of Mr. Babatunde Lemo as Deputy Governor of the Central Bank of Nigeria.

There was indication last night that the principal officers of the Senate met yesterday over the urgent need to speed up the screening of Sanusi as requested by the president.

As noted by LEADERSHIP yesterday, Sanusi combines a career in banking with a strong background in intellectualism. The Kano-born economist won the confidence of the president and his advisers with his excellent practical credentials in risk management, demonstrated over the years in the handling of affairs at the United Bank for Africa and the First Bank of Nigeria Plc.

His curriculum vitae is viewed by his colleagues in the money market as rock-hard. His work experience is divided into four distinctive parts: University lecturer, a staffer of ICON (Merchant Bankers) Limited, manager at United Bank for Africa Limited and chief executive officer of First Bank Plc.

Born on July 31, 1961 in Kano, Sanusi is the grandson of a former Emir of Kano, Alhaji Muhammadu Sanusi. He had his West African School Certificate at the prestigious King’s College, Lagos. He proceeded to Ahmadu Bello University (ABU), Zaria, where he bagged a Bachelor of Science degree in Economics in 1981 and M.Sc Economics in 1983 (with distinction in Monetary Policy).

His quest for knowledge also saw him outside the shores of Nigeria, as he headed to Khartoum, where he bagged a 1st class degree in Sharia and Islamic studies (B.A. Hons) in 1997.

Between 1983-1985, he was a graduate assistant in the Department of Economics, ABU, Zaria, from where he ventured into the banking industry.

Thanks, Soludo

Meanwhile, President Yar’Adua has sent a letter of commendation to the outgoing CBN governor, Professor Chukwuma Soludo. The letter reads:

“As your tenure as Governor of the Central Bank of Nigeria comes to a glorious end, I write on behalf of the government and people of Nigeria to place on record our debt of gratitude to you for your dedicated service and uncommon sense of duty over the past five years.

“I am confident that your worthy antecedents in the CBN and in prior appointments in the service of our nation remain sources of inspiration to an entire generation.

“As I wish you even more astounding successes in the years ahead, it is my fervent hope that you will readily avail us of your distinguished service when the need arises in the future meeting.”

Meeting postponed

The Central Bank has postponed the meeting of the Monetary Policy Committee which was scheduled for today. The committee, which meets regularly to review and fashion out the direction of monetary policy, is the most powerful organ of the apex bank.

A terse statement on the bank’s website said, “The Monetary Policy Committee meeting scheduled to hold June 2, 2009 has been postponed. A new date will be announced later”.

Anxious Expectations

When Leadership visited the bank yesterday to feel the pulse of the ever-bubbling staff of the apex bank, many were indeed monitoring the arrival of the new CBN helmsman. Everyone at the Bank headquarters was alert and expectant.

Our correspondent, who witnessed the smooth handover of the affairs of CBN by Dr. Joseph Sanusi to Prof Soludo in 2004 right inside the 11th floor office of the governor, said the atmosphere in the entire CBN was “an interesting paradox of life – the one subtly unwilling and hesitant, and the other, eager and expectant.”

Enter, Oti

LEADERSHIP gathered last night that an Executive Director in the First Bank, Mr. Alex Oti, is hugely favoured to take over from Sanusi as the Group Managing Director/Chief Executive Officer.

Oti graduated from University of Port Harcourt with a first class honours in Economics. He was the the overall best graduating student for the year and the university valedictorian. He subsequently received an MBA from University of Lagos.

He started his banking career with NIB Ltd., a subsidiary of Citibank, and later moved on to Nigeria Intercontinental Merchant Bank. He has attended several local and offshore courses, including the Executive Development Programmes of Columbia Business School, New York, and Standard Business School.

He joined First Bank as a Assistant General Manager with responsibility for Energy Group, having worked widely in the banking industry.

In April 2004, he was promoted Deputy General Manager, and subsequently Executive Director, Commercial Banking, before his current portfolio.

Oti is a Director of First Pension Custodian Nigeria Limited, Zain Nigeria Limited, and Rainbow Town Development Limited. He is a member of the Governing Council, Babcock University, and the Board of Trustees, Chike Okoli Foundation. He is also a recipient of the Ugwu Aro Award of Arochukwu Kingdom.


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