Between Sanusi’s Megalomania And The Evil Spirit At The Mint By Theophilus Ilevbare

Central Bank of Nigeria (CBN)
Governor Sanusi Lamido Sanusi, the
volcano as he is now fondly called in
some quarters, had a quick
succession of eruptions in the past
few weeks as he made good use of
the autonomy of the CBN to fire his
salvo of economic policy
razzmatazz, not sparing anyone
from the legislature to the hardest
hit, the civil servants, calling for 50
percent reduction of federal workers
and other apparatus of government,
as a means of reducing the cost of
governance. His diagnosis was right
but his prescription not just
defective but insolent with a
sprinkling of megalomania.
The CBN Boss, with an uncanny
reputation for hitting up the polity,
had in the past stirred the hornet’s
nest with issues such as the
contentious Islamic banking debate
that polarized the Nation along
religious lines, his aborted N5, 000
note introduction. He facilitated the
donation of N100 million on behalf
of the CBN to victims of the Boko
Haram menace in his state of origin,
Kano, attracting criticism from the
media and the National Assembly,
adamantly maintaining it was not
the first time the CBN will be
assisting victims of disasters. He
had bitter run-ins with the National
Assembly for calling for a reduction
of their salaries and emoluments by
at least 25 percent. The law makers
had at a point muted a review of the
CBN Act to strip the CBN governor of
his autonomy.
Widespread reactions trailed his
latest comments that Nigeria cannot
make any meaningful progress,
economic growth or develop
infrastructure if it continued with a
recurrent expenditure of 70 per
cent. He was pummeled from all
sides. The organized Labour and the
NLC described the ‘loquacious’ CBN
governor as a ‘hollow economist’
and one whose policy proposal is
anti-people and ruinous to the
Nigerian economy. The Labour
therefore called for his immediate
sack. His familiar foes, the law
makers were not left out in pouring
vitriolic attack, describing him as an
‘economist of turbulence’. A deluge
of opinion from Nigerians joined the
discourse that ensued.
Discarding Sanusi’s
recommendation in total would be
throwing the baby away with the
bath water, certain aspects of
Sanusi’s comments need be given a
serious thought. Truly the executive
and other apparatus of government
must reduce its overhead cost by
even more than 50 percent, the
profligacy in government must stop,
though Sanusi failed to add this.
Nigerians had almost forgotten that
Jonathan’s inauguration ceremony
alone gulped about 5billion.
Investigations revealed that the
President and his entourage have
spent not less than N3.35bn on
foreign trips since 2010. Nigeria, a
country without a Nigeria carrier
spends an estimated N9.08bn
annually on the Presidential Air Fleet
of 10 aircrafts which is the third
largest fleet, in queue behind
commercial airlines with Arik Air the
largest in the country with 23
aircrafts. How about the billions
allocated for ‘refreshment’ in the
Presidential Villa? The recent N2bn
budget for the construction of the
Vice-President’s official residence
and another N2.2bn for a banquet
hall for the President are landmark
achievements of a government
renowned for its culture of
profligacy. This legacy of waste,
impunity and fleecing of our
commonwealth by past and present
administration at all levels of
government is what the CBN
governor should be talking about.
There is also the monster of
corruption that needs to be tackled
headlong. Indeed the private sector
should be engaged to handle
industrialisation and manage
government owned businesses, the
local governments and civil service
should as a matter of urgency be
repositioned for better service
delivery. Inasmuch as the CBN
governor’s submission was correct,
in some areas, his implementation
strategy is defective.
The dust of Sanusi’s latest
controversy had not settled when
news broke of the theft at the Mint!
Nigeria Security Printing and
Minting Company, NSPMC, is
currently embroided in the
mysterious disappearance of N2.1
Billion in N1000 denominations from
the watch of its officials. Though
there are conflicting figures of the
missing sum but it is
inconsequential, a theft of N20 at
the mint, a place meant to be
secured and immune to theft,
should be considered a serious dent
on the image of Nigeria, an all new
level of fleece now extended to the
stealing of newly minted notes.
The CBN governor as the head of
the company board, scurried to a
meeting with the board of the Mint
company to investigate the magical
disappearance of such colossal sum.
The outcome so far has been the
order to proceed on leave with
immediate effect handed to the
chief executive and the head of
security of the NSPMC.
Contrary to reports of absence of
Close Circuit Television Cameras
known as CCTV at the NSPMC,
investigation revealed the in-house
administration of security of the
premises and products is detailed,
strict and computerised. Both
physical and Materials’ security of
the premises is ensured through the
use of the most up-to-date
electronic surveillance equipment,
supported by adequate and well-
trained security staff. Attributing the
ease with which the funds
developed wings to the absence of
CCTV is a ploy to cover up the
circumstances and personnel
behind the brazen robbery.
The resurgence of sleaze in a
sensitive place where banknotes are
minted with top-notch security
gadgets, is unimaginable,
condemnable in strong terms and a
mystery that must be unraveled.
Regrettably, it is coming at a time
when government officials are still
protesting the Transparency
International corruption index of the
county. Nigerians hope it is not
swept under the carpet again as the
appropriate authorities must do
more than the usual response of
invitation for questioning by the
House of Representatives, Police
and the EFCC.
The Minister of state for Power,
Hajiya Zainab Kuchi was quoted as
saying evil spirits were preventing
Nigeria from achieving sustainable
electricity, she also recommended
exorcism – “We must resolve to
jointly exorcise the evil spirit behind
this darkness”. It became obvious
other sectors needed exorcism as
well. The disappearance without
trace of a sum that would have
needed three bullion vans to move
presents a quintessential scenario
where evil spirits are at work. The
earlier we collectively start to
exorcize these powers that be the
better.
Nigerians will not forget in a hurry
how Mallam Sanusi teamed up with
the duo of Dr. Ngozi Okonjo-Iweala
and Mrs. Deziani Alison-Madueke to
remove fuel subsidy, partially, in
January 2012. The National
Assembly through its findings
discovered that whereas N245
billion was appropriated in 2011 for
fuel subsidy, the Central Bank
illegally paid out N2.3 trillion to the
NNPC and other fuel importers on
the recommendation of the Federal
Ministries of Finance and Petroleum
Resources. The CBN at a time paid
about N20bn ($133m) for a piece of
land, originally owned by a
government agency, NITEL, to build
“a world class conference centre”. It
would have been expected that in
line with his recommendations, the
workforce of the CBN should have
been pruned down from 5,022 but
instead within three years of his
assumption in office the CBN
employed about 1,000 people. It is
also public knowledge that last year
the CBN spent N300 billion, no
where close to N150billion of the
National Assembly. In the light of
the misdeeds of Mallam Sanusi
Lamido Sanusi, his call for the sack
of civil servants as a way of
improving the economy and the
recent theft at the Mint, he must
realize that the light that shines
farthest must first shine brightest at
its base.

theophilus@ilevbare.com
http://ilevbare.com
Twitter: @tilevbare