Tuesday, 18 January 2011


DURING the first week of 2011 the much criticised Mallam Sanusi Lamido Sanusi bagged triple awards. He was voted as Man of the Year 2010 by the
New Generation Africa learnt that just as he got both continental and global plaudits as World and African Central Bank governor of 2010 for the far-reaching reforms he initiated in the banking sector.

SANUSI was appointed the governor of the Central Bank of Nigeria (CBN) in July, 2009. His entry is a switch in his career, from the regulated in the banking system to become a regulator, the background which equipped him with first-hand knowledge of the banking system in Nigeria. On assumption of office, Sanusi recognised continuous weakness in the system despite the recapitalisation of 2005. He identified weak corporate governance, operational indiscipline and global financial crisis as the major causes of the weakness and prescribed further decisive reforms to forestall total collapse of the sector. Weakness of the financial system was recognised earlier in 2004 by the administration of the then governor of the Central Bank, Chukwuma Soludo, who took pragmatic steps to revolutionise the banking sector with the re-capitalisation project through which Nigerian banks were pruned from about 89 to 24 with minimum capital requirement moved from N5 billion to N25 billion at the end of 2005. The core of the reform was to establish reliable and efficient banks that could guarantee depositors’ money.

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