A Reaction to Tunde Fagbenle on His view on Sanusi Lamido (IV) by Iroabuchi Onwuka

By
Sampson Irobuchi Onwuka

At the helm of First Bank, one of the biggest banks in Nigeria and one of the oldest during the insufferable months of failure was Lamido Sanusi. He was already complaining of various acts of disguise at CBN, an allegation that was not necessarily backed up.

Sanusi Lamido was until this appointment, the risk manager at First Bank. He was one of the leading risk champions of Naira choreography at First Bank. In my view, he was chattered as manager to essentially guesstimate on the probabilities of debt recovery. His natural leniency was real estate and housing, his ‘mien’ was metered for asset backed cooperation. For me, this is where he is to be understood from the gold leaf and leaflet of the commercial lending rights of his last bank and from his ruminative actions to upend and to install varying piecemeal of risky resource allocation. To dwarf the giants at the big banks would been taken nothing short of miracle, which would not have been the case, but initiating a stock buy program and exit clause or derived alternative to stock overload would have sent the right argument. By limiting the expectation and outlook year on year, he would have enabled a soft landing of the bank from its public accountability of loans to discouraging injection of capital given the inflation as at 2006.

His personal elation towards privileged banking and banking authorities seem to have misspelled the man as a conservative. But Sanusi in redaction is anything but conservative. He authorized 400 billion Naira bail of banks, 200 less than what Soludo asked for and eventually got what he wanted. He is noted for his combative style but it is a style that paints with evidence a picture of the other as lacking in discipline and as such liable to sense interest. Sanusi has an already made answer to the problems facing the country’s banking which made a lightning rod for criticism.

But such reservation of trust of the other - by common degree ductile, not necessarily panacea - forces many of us to accept that a shift of what was considered traditional (?) may have been a motivation and more than that, his motivation is rooted elsewhere. But we can also say that such loftily is noted for certain individuals that are shiv for privilege category and not of it, or whatever that is supposed to mean.