Entry #44 – Sanusi and the Half-Wit MDs

Iron Man

Iron Man

The hottest news that is sweeping the country (Nigeria) right now is the recent sacking of 5 Managing Directors by the governor Sanusi Lamido Sanusi of the Central Bank of Nigeria (CBN). Yes, the end was nigh for the fraudulent five on 14th August 2009 at a monthly meeting held in Abuja. I like to think of the whole ordeal as something straight out of The Apprentice…with Sanusi staring down at the MDs through his spectacles sternly and then shouting and pointing suddenly going, ‘ YOU, YOU, YOU, YOU AAAAAND ESPECIALLY YOU WITH THE PRIVATE JET..YOU’RE ALL FIRED! NOW GET THE F*** OUT OF MY OFFICE!!!’

Did those MDs see this coming? (Doubt it). Did those MDs deserve this? (Hell yeah!) Does anyone disagree with Sanusi’s actions? (Who the bloody hell cares? Its too late crying over spilt milk anyway). The banks in question were amongst 10 that were ‘stress’ tested to see whether, put simply, they would be able to pay up if per chance all their respective customers were to demand for their money all at once. Those banks are off the Nigerian stockmarket for obvious reasons.Meanwhile, there’s another 14 banks left to be tested so there’ll be a lot of fingernail clippings in the waste-bins of those MDs.

A Nigerian newspaper disclosed that there were hints of further shake-ups in the banking industry. Customers and bankers alike are all kind of anxious to know what other possible ‘executions’ lie in wait. I’m more interested in knowing whether Sanusi will eventually end this never-ending deposit mobilization drive aka corporate begging – which pretty much entails bankers who run around the streets literally begging customers to open accounts with them and/or fund the accounts.  Such bankers (or ‘marketers’) have been taunted by their immediate bosses to get funds in at all costs. Marketers are losing sleep, falling ill, working late, paying money to cover shortfalls in promises of ridiculously high interest rates, snatching accounts from within their bank’s network, etc all in a bid to beat the pressure and stay in the job.

Sanusi may be our last hope. He appears not to be worried about taking difficult decsions and he seems to want to get Nigeria back into full gear – he just injected N400billion to jumpstart the economy. The audacious CBN governor is akin to a Nigerian Harry Potter who has succeeded in proving that he has a few tricks up his sleeve…and by the look of things, he’s just getting warmed up…

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