Reports have been circulating that the deposed Emir of Kano State, Sanusi Lamido Sanusi, may be appointed as the new Governor of the Central Bank of Nigeria (CBN) by Asiwaju Bola Ahmed Tinubu.
This move is being supported by some powerful individuals close to the President-elect, and is said to be motivated by the need for a new monetary management template that will revitalize the national economy immediately after Tinubu assumes office on May 29.
Sanusi, who previously served as Governor of the CBN between 2009 and 2014, is a seasoned banker and is seen as a credible technocrat with a solid character to sanitize the banking and financial sector.
During his previous tenure as CBN Governor, he ensured relative stability of the financial market, especially after the turbulence of the global financial crisis of 2008/2009, while also stabilizing the Naira’s value for four years.
This potential appointment is not without controversy, however. Sanusi was previously suspended by the then-president, Goodluck Jonathan, after he alleged that $20bn (£12bn) in oil revenue had gone missing. Nevertheless, it is believed that Sanusi's track record and expertise in the banking sector make him a suitable candidate for the position of CBN Governor.
The Nigerian economy has been estimated to have lost N20trillion between January and March 2023 due to deceleration of economic activities, crippling of trading activities, stifling of the informal economy, contraction of the agricultural sector, and the paralysis of the rural economy.
As such, the need for a new monetary management template that will revitalize the economy cannot be overstated.
Overall, the potential appointment of Sanusi as the new CBN Governor is a significant development in Nigeria's banking and financial sector. If appointed, he will have a critical role to play in reviving the economy and stabilizing the financial market.
However, it remains to be seen if this appointment will come to fruition and how effective Sanusi will be in his new role.
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