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Published On: Mon, Jun 9th, 2014

The man: Sanusi Lamido Sanusi

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By Maryam Garba Hassan.

Sanusi Lamido Sanusi, who succeeded the late Emir Alhaji Ado Bayero who reigned for 50 years on the throne until his death on Friday June 6, was appointed the Central bank of Nigeria’s Governor on the 3rd of June 2009 and suspended from office by President Good Luck Jonathan in February 2014 due to FR reports that indicted the CBN boss for reckless spending.

The new emir contested to succeed the former monarch alongside four other contestants among who are the eldest son of the late emir and Ciroman Kano Sanusi Ado Bayero, Wamban Kano Alhaji Abbas Sanusi.

Sanusi was born on 31st of July,1961. He was born into a prominent family, his father was a permanent secretary in the Ministry of Foreign Affairs in the 1960’s and he was the grandson of Emir of Kano and Islamic Scholar, Alhaji Mohammadu Sanusi. He started his western education at St. Anne Primary School, Kakuri, Kaduna (1967 – 1972). He had his West African School Certificate at the prestigious King’s College, Lagos in 1967. He also proceeded to further his education at the Ahmadu Bello University, Zaria where he earned a Bachelor of Science degree in Economics in 1981 and he also did his course work for Masters of Science degree in Economics where he obtained a distinction in Monetary Policy in 1983. He did his National Youth Service in former Gongola State (now Adamawa and Taraba State).

In 1985 Sanusi joined Icon Limited (Merchant Bankers), a subsidy of Morgan Guaranty Trust Bank of NewYork and Baring Brothers of London.

He moved to the United Bank for Africa in1997 in the credit and Risk Management Division rising to the position of a General Manger.

Sanusi’s quest for more knowledge took him outside Nigeria and he went to study Sharia law from International University of Africa, Khartoum in Sudan where he bagged a first class degree in 1997.

Sanusi’s down fall as CBN governor came when he exposed a $20billion shortfall in the Nigerian National Petroleum Company (NNPC) which is being investigated, an action that made President Jonathan to suspend him as the Governor of Central Bank of Nigeria. Reports of the Financial Reporting Council of Nigeria and other investigating bodies clearly indicated that the former CBN Governor’s tenure has been characterized by various acts of financial recklessness and misconduct which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline.

However Sanusi challenged his suspension in the court of law but lost his bid challenging his removal by the President.

A Federal High Court in Abuja on Tuesday ruled that it lacked jurisdiction to entertain a suit filed by Sanusi challenging his suspension as the Governor of Central Bank of Nigeria and therefore ordered it to be transferred to the National Industrial Court.

Sanusi is recognized in the banking industry for his contribution towards developing a risk management culture in Nigerian banking.

The global financial intelligence magazine, The Banker, published by the Financial Times conferred on Sanusi two awards, the global award for Central Bank Governor of the Year, as well as for Central Bank Governor of the Year for Africa.

The TIME magazine also listed Sanusi in its TIMES 100 list of most influential people of 2011.

 

 

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