Sanusi: Stormy end of a mandate

A national daily had reported that a ‘resign; no, I won’t resign’ heated exchange had occurred on phone between Jonathan and Sanusi. Eventually, another newspaper revealed that the directive to Sanusi to resign was actually handed to him in a face to face meeting at the presidential villa. I did go through the first wave […]

A national daily had reported that a ‘resign; no, I won’t resign’ heated exchange had occurred on phone between Jonathan and Sanusi. Eventually, another newspaper revealed that the directive to Sanusi to resign was actually handed to him in a face to face meeting at the presidential villa. I did go through the first wave of commentaries on the issue posted on the website of the newspaper that broke the story and was surprised to find out that the responses were devoid of ethnic, regional or religious sentiments. For example, one respondent said the president was diminishing himself by insisting that Sanusi should leave his post few months to the end of his tenure. Another one wondered why the president held the gauntlet for NNPC and the minister of petroleum instead of allowing them to defend themselves against Sanusi’s charges. One other respondent wrote that Sanusi isn’t a presidential aide that could be sacked just like that. Yet another said Sanusi’s action is a reminder that not all public office holders serve at the pleasure of the president. Most of the commentators backed the CBN governor’s flat rejection of the request for him to resign on the grounds that he was simply doing his duty to the president and the country as their chief economic adviser.
It was said that President Jonathan was irked that former President Olusegun Obasanjo got the figures he quoted in his own letter to him from Sanusi.  However, the accusation that Sanusi leaked the contents of his letter to the public remains unproven. Persons other than Sanusi could have leaked the contents of the letter between September, 2013 when it was written and December of the same year when mention was made of it. More importantly, why was it necessary for President Jonathan to keep quiet and not act on Sanusi’s letter written in September until it was leaked in December, after which he called for reconciliation of figures among CBN, NNPC, FIRS, etc?

In any case, Sanusi rejected the focus of Mr President by correctly asking why those alleged to have withheld national revenue are being left scot free while he is being singled out for punishment. Observers, especially those keen on the economy were worried about the impact the Jonathan-Sanusi standoff could have on the economic fortunes of the country. After all, the Jonathan administration has consistently claimed an impressive economy as one of his achievements. But then the presidential directive to Sanusi to resign was as misinformed as it was misguided, as such it was withdrawn with the same speed it was made.
Nevertheless, some lawyers and members of the national assembly who offered opinions on the Jonathan-Sanusi face off also believe that the president lacks powers to sack Sanusi. Many of them opined that the president requires the backing of two thirds of senators to be able to remove the CBN Governor. Unfortunately, the president cannot muster this number, more so as many senators of the ruling party who may be supportive are decamping to the All Progressives Congress (APC) any time Senator David Mark re-opens the chambers. Perhaps, this was why the President backed off from his altercation with Sanusi. He has built a reputation as a stubborn Fulani prince who understands his calling. Sanusi has had this notable streak of stubbornness since his school days. It is possible that given such scenario, a spineless CBN governor would’ve simply picked up his portfolio and quit the job. But Sanusi fell back on the 2007 CBN Act that provides for senate approval of both the employment and dismissal of the governor of the apex bank. This city dweller Fulani knows his onions. After all, even the teenage Fulani boy daily entrusted with dozens of cows by his parents has learnt to always bring each and every one of them home at sun set, and this is no heroism but a commonplace act in the normal course of duty.
If Sanusi had heeded the presidential directive to leave in such untidy manner, his entire accomplishments and reputation would have gone up in smoke, perhaps to be followed by a muckraking campaign against his person, a detention and seizure of passport. Sanusi remains a hero for many Nigerians who have taken note of the resolute, progressive leadership he has provided the CBN in the last 5 years. Moreover, to doubt Sanusi’s loyalty to this government is to be dishonest. In 2012, Sanusi nearly burnt his finger in the campaign to persuade Nigerians to accept an increase in the price of petrol.

Everyone knows that prices have been stable and inflation has been in the single digit in this country on account of the CBN governor’s excellent job. Ailing banks were swiftly and efficiently turned around and stabilised. The brouhaha against Sanusi’s introduction of non-interest banking has now died down and Nigerians have begun to enjoy those services. Sanusi has also enjoyed cordial working relationship with his colleagues. But the most surprising of all of all of his gifts to the country is his commitment to serve only one term which terminates on 1st June, 2014. Which other CBN governor will agree to serve only one term?