As the contours of Tinubu’s presidency start to take form, a significant lobby is presently pressing for the appointment of Sanusi Lamido Sanusi as governor of the Central Bank of Nigeria, or CBN.
Recall that Sanusi, who shocked the world by claiming that $20 billion (£12 billion) in oil revenue had vanished when he told a senate committee that of the $67 billion in oil sold between January 2012 and July 2013, $20 billion had not been accounted for, was suspended by the governor of President Goodluck Jonathan.
The Nigerian National Petroleum Corporation maintained that the allegations demonstrated “little understanding of the technicalities of the oil industry,” despite the fact that they were unfounded.
After implementing banking sector changes following his 2009 nomination, Mr. Sanusi earned widespread regard and was designated central bank governor of the year for 2010 by Banker magazine.
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Sanusi, whose area of expertise is risk management in the financial industry, has the support of Kaduna State Governor Nasiru El Rufai, who speaks with Bola Tinubu, the incoming president.
After the turmoil of the global financial crisis of 2008/2009, Sanusi’s strong, autonomous leadership of the CBN as governor between 2009 and 2014 guaranteed relative stability of the financial market.
In addition, the value of the Naira steadied for four years between N155 and $1.
After taking office on May 29, Tinubu, a seasoned accountant, is expected to instantly revive the national economy with a new monetary management blueprint combined with sound fiscal policy.
Sanusi is regarded as a trustworthy technocrat with the fortitude to clean up the banking and finance industries.
”The Nigerian economy is estimated to have lost N20trillion between January and March 2023, according to the Centre for the Promotion of Private Enterprise, a think tank, by way of deceleration of economic activities, crippling of trading activities, stifling of the informal economy, contraction of the agricultural sector, and the paralysis of the rural economy,” a source said.
