[size=14pt]Sanusi, Renaissance Professionals, others [/size]
Tuesday, 06 April 2010 01:03 Ik Muo

One of the paradoxes of the Sanusi bouquet of reforms is the equal measure of commendations and condemnations for the reform and the reformist. In the first instance, many informed observers were of the view that something was wrong with the Nigerian banking sector, or at best that something was about to be wrong, despite Soludo's bold-faced assurances, the thousand and one funny and phony awards, the reported growth in sizes and all that.

Some believed that the banks had grown so fast and so soon that there was need for stock-taking; that capital base was not all there was to banking, that some of them exhibited desperate tendencies, that there was increasing regulatory laxity, that the N25billion capital base was not an end but a means to an end; that there were serious corporate governance lapses, that the banks and bankers were no longer following the narrow paths of caution and conservatism, and that the competitive tempo was becoming riotous and unhealthy as it was after SAP and before the last mass distress. So when Sanusi promised to 'do something', there were commendations, even before the shape and colour of the 'something' became very clear. This commendation was not total but it was up to 80 percent.

When he fired the first salvo of the 'something' on August 14, 2009 and followed it up with a series of statements, some of which were more like 'accidental discharges' and other actions, and when the consequences, some intended and mostly unintended, started manifesting, the commendations transformed into condemnations. The condemnations were related to the release of stale and untidy debtors' list, statements as to the fate of the banks and their shareholders, apparent criminalisation of bank lending and borrowing, the consequential credit squeeze and generally talking too often and too much. Now, as it was in the beginning, this condemnation is not total, but it is also up to 80 percent. And most will start by admitting that the banking industry needed serious 'rebranding'

Now, most of these critics, whether individuals or groups; did one-off commentaries and left it at that. But a group, The Renaissance Professionals, has made Sanusi/CBN watching and bashing their major preoccupation in recent times. They have analysed all the activities, policies, speeches and actions of the Governor and the CBN; they have constituted themselves into a watchdog for the semi-failed banks, especially the lifestyles of their CEOs. They have tried to compare the governor's walk with his talk and they have appealed to everybody, including the Danjuma-led Presidential Advisory Committee, to call the CBN governor to order. I don't know the makeup of this group (or whether it is actually a group or an individual) or its motives, but their write-ups are incisive, insightful and illuminating. The person or persons writing those things sure know what they are talking about!

[b]During an interview in late January or early February, Governor Sanusi referred to the group in an interview, saying it was sponsored by those dissatisfied with his banking reforms and that its budget of N300million was fast depleting. He spoke about the group with bitterness and it was obvious that he had been monitoring-and probably losing sleep over their activities. He even gave more details in his recent Guardian interview-their technical consultants, where and how they got the funds from Ghana, the senior Nigerian Guild of Editors' member who wrote the adverts and all that. [/b]Few days after that interview, another group, The Vision for Greater Nigeria (V4GN), emerged - an obviously pro-Sanusi and anti-Renaissance group. What it has done mostly is to obtain statements made by people in praise of Sanusi/CBN, and conclude with "Nigerians say carry on (Carry Go?) with your good work of sanitising the banking system, protecting our deposits and shares (?) and ensuring that the world has the confidence to do business with us."

Now, given the governor's tirade at the interview and the emergence of this group immediately thereafter, I am persuaded that the governor, the CBN and those who 'benefited' from the reforms know something about the V4GN. Our elders tell us that if the owl cried at night and the baby died in the morning; then, there is obviously a causal relationship between the two events. In any case, since Sanusi knows everything about the Renaissance Professionals which has been writing against him, he should at least also know about V4GN which has been writing 'for' him.

Before delving into whether the CBN should lose sleep over the Renaissance Professionals and how the governor should manage his other 'enemies,' I would advise that if the CBN is in any way involved with V4GN, it should desist from that. It is a cheap political trick that never solves any problem (like forming the Save Nigerian Coalition to counter Save Nigerian Group). Such imitations lack originality and the public readily sees them for what they are. This creates image and credibility backlash for the sponsors.

Of course, one doesn't need praise singers to protect him from rabble-rousers if he is doing the right thing. Furthermore, the quality of the V4GN presentations including their carry-go sign-off leaves a lot to be desired. If they want to be taken seriously, sponsored or not and either as a counter to the Renaissance Professionals or an independent, focused pressure group, they need to do better than they are doing now.

In their ThisDay advert of March 1, 2010 (p38), they wrote about "open and strictly followed reform agenda"- when the agenda was just being unfolded on the front page of the same paper, and when then Minister of State for Finance had just demanded for a formal blueprint to avoid "as the spirit directs" reforms. Some of the examples they gave of how Lamido Sanusi has been meeting stakeholder expectations (Punch, 23/2/09)- uniform year end, publishing average rates and issue of disclosures- were being done and/or started by Soludo, and resorting to name-calling is not a dignified approach to issues as they did when they left whatever messages and started attacking the messengers: "The so called professionals and their financiers, ill-meaning Nigerians who have chosen openly to wear the dirty lethal cloth of the evil mother corruption." It was just like Sanusi's reference to "faceless agents and charlatans" during his Bayero University Lecture of February 27, 2010 (ThisDay, 1/3/10] [To be concluded]

http://www.businessdayonline.com/index.php?option=com_content&view=article&id=9828:sanusi-renaissance-professionals-others&catid=96:columnists&Itemid=350

"carry-go". . . WTF!
Bush tricks from a bush man. . . CBN boss turned generator loan giver.