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Sanusi destroyed our investment in banks — Shareholders

By BusinessNews Staff on March 4, 2014

Shareholders in the country have backed the suspension of the Governor of Central Bank of Nigeria, CBN, Mallam Lamido Sanusi by the Federal Government. They said it was long overdue, as their investment in the banking industry worth billions of naira had been destroyed under his reform programme.

President, Nigerian Shareholders Solidarity Association of Nigeria (NSSA), Chief Timothy Adesiyan, said “The issue of Sanusi had been dragging for some time now. The suspension is unexpected at this moment.

It is uncalled for at the moment, since he has almost finished his tenure. President Goodluck Jonathan should have removed him long before when it was obvious. But since he did not do that , then the President should have been patient enough and allow him to conclude his tenure and handover properly to a successor.

With the situation, as it is now, the action might affect the market, though temporary. However, since there is ongoing investigation against some of his action, it should be reminded that the shareholders are not happy with him, when he forcefully nationalized three banks belonging to us .

The question is, are the three banks doing well since they were taken over by Asset Management Corporation of Nigeria, AMCON? The answer is no.

Then, what is the essence of nationalizing them. We the shareholders of these banks were shortchanged and we would like the issue to be revisited and investigated because we like justice to prevail. When two elephants are fighting it is the grass that suffers. So for the acting CBN Governor, I wish her well. She has been part of the system so there should be continuity.”

In his remark, National Co-ordinator, Proactive Shareholders Association of Nigeria, PROSAN, Mr. Taiwo Oderinde said “ It is a welcome development and even overdue for Governor Sanusi to leave the system.

The shareholders have been crying and calling on the government to sack him but in their own wisdom he was still retained. Sanusi is not loyal to the government, hence should not be there. This is a lesson to his successor.

So, the successor I believe is a professional to the core and not a politician because that position is very critical to the economy and whatever he does has a way of affecting the entire economy. Sanusi has done more harm than good for the economy.

It is easy to destroy than to repair. He does not merit the position. I don’t forsee any negative effect for his suspension because the institution is still there with adequate workforce, after all the financial markets is not at its best, still struggling.”

In his remark, Mr. Adebayo Adeleke, General Secretary, Independent Shareholders Association of Nigeria (ISAN) said “ Sanusi’s suspension was long over-due. Sanusi’s tenure as CBN governor should be investigated by the Economic and Financial Crimes Commission (EFCC).The suspension had proven shareholders right on Sanusi’s high level of financial recklessness. He should be asked to account for his stewardship.”

[Vanguard]

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