Nigeria:Sanusi Part of Nigeria’s Problem – S.B. Falẹgàn

February 23, 2017



S.B. Falegan

Following the lecture allegedly given by the Emir of Kano and former governor of Central Bank of Nigeria, Alhaji Sanusi, I am reluctantly compelled to send this rejoinder on what Emir Sanusi, former Central Bank of Nigeria, boss was alleged to have written as a solution to the current recession facing Nigeria, when in fact, and indeed he was part of those who created the problem.

Alhaji Sanusi came to the Central Bank of Nigeria as a political governor, not as a professional and honest governor (though professionally qualified). Rather he came there and operated more as a politician than a professional. No sooner he got to Central Bank of Nigeria than he started issuing political, and taking on himself, on behalf of the bank non-bank, and non- financial functions. In one of his unkind, primitive and unguarded statements he attacked the Yoruba race by saying “YORUBAS ARE THE PROBLEMS OF NIGERIA”. Apart from his insulting the Yoruba race as being the problem of Nigeria, he took the advantage of his new position as governor to seize some Yoruba banks under the pretext of banking reform and got them liquidated or taken over by other banks through merger and acquisitions.

Though some of these banks played into his hand, it was an opportunity and a smoke-screen to display his anti-Yoruba agenda. Apart from the above, he embarked on dolling money to private institutions like Universities, individuals and Northern organisations all of which are non Central Bank of Nigeria functions related and completely strange to Central Bank of Nigeria functions of monetary and price stability. During his tenure he centralised all operations of the banks in his office such as the purchase of office stationery materials for distribution to all offices in the country to the embarrassment of those he met in the service who were not used to the new style of operation introduced by him.

I will illustrate with our experience here in Ekiti which led to my writing him a letter-indeed a stinker-which he never replied till today. Ekiti State has a CURRENCY OFFICE before he became the governor of Central Bank of Nigeria. He started the CENTRAL BANK OF NIGERIA BRANCH OFFICE IN ADO-EKITI. He was so mean, divisive and tribalistic that every material for the construction of the branch office had to come directly from his office. A ridiculous situation was his choice of a young Fulani/Hausa lady resident in Ado-Ekiti who had to supply sand and gravel to the site as if there are non indigenes who can supply such materials. This is true of every aspect of the construction of the branch office until the building was abandoned until his leaving the Central Bank of Nigeria as governor.

It will be of interest to know the contractor employed for that branch office who not only has abandoned the project, but remains abandoned until today. I had the opportunity both as, a junior staff and as director of research in 1984, to have served six Central Bank of Nigeria governors all of whom I can vouchsafe never engaged in such reckless and irresponsible adventure most of which bordered on criminality as he did. That was why former President Jonathan had to remove him from Central Bank of Nigeria as governor.

What keeps bothering me now is this: “Is it that he has become the Emir of Kano that he is now above criminal charges for which he was removed from office just because he is now untouchable ? It is because of the above that many people especially parliamentarians were clamoring for the removal of the autonomy of the Central Bank of Nigeria, the noise that has happily died down.

Part two of this paper will continue with Trade Bank Plc, which, under the leadership of Late Chief J O Asabia I helped established for Kwara State Government which he and the then Governor Saraki destroyed with all the scandals surrounding it.


This was copied from [Nigeria’s] THE NEWS and was forwarded to this blog by one of the blog’s readers, Ṣade F.

Chief S. B. Falegan, former director of Research, Central Bank of Nigeria and one time Managing Director, Federal Mortgage Bank posted this on FB. 



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5 Comments on “Nigeria:Sanusi Part of Nigeria’s Problem – S.B. Falẹgàn”

  1. bisisowunmig Says:

    Many many thanks for this illuminating and well written piece. I also recall that Sanusi as CBN and Governor sent some people (Muslims only?) abroad to train on Islamic banking using public funds!

    I also learned that he recklessly and single-handedly invested some of Nigerian money in an Islamic bank abroad. I am not very sure of this, though, and perhaps you can please verify. There’s no doubt that he promoted Islamic banking throughout the country.

    I am so relieved that the writer has come out to publicly expose the hypocrisy and outright subversive actions not to talk of criminal ones perpetrated by Sanusi, including bailing out or covering up his friend, Saraki and the Societe Generale Bank!

    Also thanks for the piece on what happens if Buhari doesn’t return. I think an alarm should be sounded that we must not have a repeat of what happened in Yar Adua’s time. The constitution is quite clear on what should happen.

    Stay blessed.
    S. Bisi

    Sent from my iPad



    • emotan77 Says:

      Thanks, very much for this, Ma.

      It’s worse than annoying that Sanusi has increasingly taken to public space to posture on issues that he contributed in large measure to while CBN governor, issues that – as Ọga Dele Falẹgàn eloquently pointed out – are at the root of Nigeria’s economic present malaise.

      The issue of people getting away what are clearly criminal – or at the least, illegal – acts while in government will continue to plague Nigeria because others will continue to commit the same atrocities.

      One of Sanusi’s many strange, definitely questionable acts as governor of the apex bank: (the gifting of N100 million when such was substantial money) to an entity in his native Kano State remains very fresh. Fresh, too, is the non-issue that Jonathan as president saw the matter as.

      Nigeria stinks, and it just rankles that the star-crossed citizens take everything in our collective stride and show our fed-up(ness!) with the determination of reactionaries like Sanusi who are determined not to ever allow Nigeria to rise to nationhood.

      Fond regards, Ma.




    Thank Godness for the onerous decision of Baba S. B. Falegan coming out to remind all of us “omo Yoruba” about the past. Thank you baba. Posterity shall remember you and those like you, positively, someday when the future generations are cultured with knowledge- based education.




    Thank Godness for the onerous decision of Baba Adenegan coming out to remind all of us “omo Yoruba” about the past. Thank you baba. Posterity shall remember you and those like you, positively, someday when the future generations are cultured with knowledge based education.



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