Lamido Sanusi has just contemptuously dismissed five Managing Directors of some prime Banks to an ignominious retirement. The “immediate effect” part of this sack was so dramatic the powerful money lenders could not return to their posh offices to pack or receive the teary crocodile farewells normally extended to such permanent vacancies by “loyalists” anxious to start networking with new power. These noisy Bankers appear to have recklessly run their Banks into near total insolvency.
The strong rooms are empty and steep mountains of loans are crushing the National economy. When some daring few among the lot grumbled and mumbled words about court cases, Sanusi immediately ordered the EFCC to do some harassment. That is the stage this movie is delivering currently.
In order to prop up these Banks so they do not crumble and crush poor depositors, he injected 420 billion into the bottomless financial latrines. The President immediately announced that he was 100% with the Governor on this. He ordered the EFCC, SSS and other “Security Agencies” to “attack” the Bankers. As if a Country’s President has no better job than spending time on loan recovery.
HOW RIGHT ARE THESE ACTIONS
Starting with the President, what business has the high office of State with debt collection? If the man is busy, the structure of Government and the laws of the land are clear and their dynamics frictionless would he have time to issue orders about crimes and criminals? The EFCC, the Police and all those structures recognized by law must be sufficient to pronounce on issues relating appropriately to commercial interactions within the economy. And only after clear and honest investigation with all concerned making submissions. It is my humble belief that Nigerians have a duty to appoint vigilance as a guiding principle in their relationship with their leaders. It must not be assumed that those appointed or elected into office necessarily understand the law enough for them to function within the limits of their powers.
Now the Central Bank Governor injected 420 whoping billions into these near failed sinks. Loan or grant, we must feel adequately shocked that such abnormal powers can be exercised by any employed individual without rigorous process of appropriation! My believe is that were the President himself to be legally entitled to take such unilateral actions, there surely would be no need for a National Assembly. I refer to the measures taken to shore up the meltdown in the Western World. I recall that Congress was at the centre of approvals of such proposals forwarded as Bills by the President. Does the President or the Central Bank Governor have the privilege or the powers of appropriation similar to that which Sanusi Lamido has exercised? If so, then the law must be examined. If not, then the National Assembly must tell us when they will wake up from this deep sleep. The EFCC in this matter is both embarrassing and curious. It is no secret that the EFCC under the watch of Mrs. Waziri is efficient at arresting any moving object but ineffective at serious investigation and prosecution particularly of the rich and mighty. Look at Ibori, recall the Igbinedion case and do not forget the speed at which Agagu was arrested and released. All these monstrously wealthy MD.s cannot be handled by Waziri. It is also curious, the procedure whereby the EFCC was called in after punishment was given. The ongoing trial by the media will obviously suit the current efforts to beef up Mrs. Waziri’s image. I doubt if we can get a fair investigation from ongoing efforts.
RULE OF LAW
There are poor ways of weaving a proper wig. This may well be one example of it. The poverty in Sanusi’s haste is too choking for objective position on these Bankers and their Banks now being polished for sale to new money. I pray that the product Sanusi is selling is good even if the marketing techniques are not so good. Otherwise, Nigerians will soon see through an agenda. And it takes very little time for their eagle eyes to start seeing different colours in a hazy rainbow. Sanusi, or the Central Bank, if you like, is the Examiner and Inspector in Chief of Banks around the Country. It is the duty of Central Bank to prevent or quickly arrest malpractices, malfeasance or incompetence in that Industry. That a gross violation of ethical and professional practices must have taken place over a period of time is visible now. But why did Central Bank with a whole Department in charge of Banking supervision not able to detect wrongdoing earlier. I know what the retort will be. Oh! If Sanusi had been there instead of Soludo, the story would be different. Well, o.k., why are the Directors working with Soludo still working with Sanusi today? Again, I can hear somebody say: Oh! Because they have tenure and we do not want to do the Ribadu show for them. I say bull! There are no saints in Nigeria or anywhere in human existence. It is Institutions, rule of law and the enforcement of procedures and due diligence that make for proper conduct, politically, economically socially and otherwise. It is supervision failure staring us starkly in the face. If anybody must go, it is the Directors in Central Bank that have failed and must go. It is the law that must take its course around the Bankers before penalties are meted out. When you punish before calling in EFCC to investigate, have you not put the cart before the horse? Pray, what now is their offence? Incompetence, Fraud or stealing? What have you now opened up for me to read in the charge sheet? Pardon my effrontery, but I will tell you clearly that Sanusi is too hot headed and I hate to say this, “fundamentalist” for the tradition that his current office requires. His action will not stand the tests of our courts. And he must know this. That is why he is making noise all over the place. It is the rule of law, the rigour of investigation and the maintenance of Institutions at all times that bother my thoughts at this time. How have these few days measured up to this?
MISTAKES
Now, some have complained that Sanusi could have rearranged the sequence for more credibility. For example, why not secretly brief the EFCC and hand them some fraudulent audit report. Then, EFCC, that decay seriously begging for deodorizing would swoop immediately on these ambushed MDs, with Television cameras flashing. Two days in the cell, Sanusi could then announce their dismissal and surely, Nigerians would have been adequately briefed of their offence without any specifics of crimes committed. But we must thank God Lamido does not have enough “ Maradona” in him for the calmness and patience to go with such evil methods. Right now, what are the charges. If they embezzled, how much? If they connived to dupe their Bank, with whom and how much was their take? We are told that borrowers have not paid billions owed. Well, I believe it is the business of Banks to lend and borrowers to borrow. Nobody in my limited knowledge has done that which he has not promised to do. All we know right now is that the Bank strong rooms are empty. We see no rats inside the vaults so those mint notes were not consumed by those black things. But we see fat human rats all over the Banking Industry. The logical deduction therefore is that they must have eaten up all this money. The untidy and dangerous subject now is that Sanusi did not pin charges against them before their removal. That margin and petroleum loans are none performing . That a few heavy individuals have dipped their hands into billions in loans and are either not paying or cannot pay. These cannot stand the rigour that our lawyers will subject Sanusi to in court. With the millions of dollars in the accounts of these Bankers, and with election tribunals over, Senior Advocates , lucky sons of a gun, are going to be buying new Homes in Ikoyi soon.
CENTRAL BANK
The regulator, constant examiner and corrector suddenly moves in for a tsunami. Acting on an audit carried out in May, and in financial terms, obsolete, he acted in late August and simply dissolved the entire Board of 5 banks. Instead of submitting findings to the Police or EFCC whose polite invitation and diligent investigation should power further quiet but firm action, Sanusi, the accuser boasts that some of these harassed individuals may go to jail. The president of the entire Country, Umaru Yar”Adua breathes into the Breaking News to confirm that people will be dealt with. Just before dawn, the sleeping lackluster dog, I mean EFCC, wakes up to start barking. Haba! The Press is motivated to weigh in on the matter and the entire five fat cats suddenly could not defend themselves. A few days later, the Governor, who accused them of some undefined malfeasance starts messing up and treating this matter as a commercial issue. He talks about selling these Banks to some foreign bidders and off shore investors. Now that got a few calm thinkers working on a conspiracy theory. Why is this vehicle moving so fast and what date does the driver have with history! You tell me.
SANUSI LAMIDO SANUSI
Poor Sanusi. He must suffer from whatever credibility deficit Yar’Adua brings to the table. This hypertensive Government enjoys rather dismal goodwill and its believability ratio right now is 0. Every action, no matter how well intentioned is doomed. As of the last count, practically 80% of those sitting around the national Security table are friends, friends of friends or former lecturers or students of Bayero University Kano. No wonder therefore that this Government is being labeled “KANGERIA”. You know, Katsina Kano area Council. In the National economy particularly at the income receipt level, the goose is practically caged by Yar’ Adua’s friends all pretending to be Northerners. Minister of Petroleum, NNPC group MD, you name it. At the Management of our collective resources, the insensitivity is even more grave. National Planning Minister, Minister of Finance, Governor central Bank and lately Controller General Customs. Why then should Nigerians be objective when they perceive actions smelling funny and the speed martially dictatorial with immediate action labeled loudly on it. At a time when the First Lady collected 6 billion at a Cancer auction recently. Imagine that ending up in some Bank . Is that not enough take off grant when these Banks come up for sale?
BANKS AND BANKERS A HISTORY THAT SMELLS
Clearly the recently audited Banks cannot but reveal the putrefaction in an Industry that has traditionally cheated Nigeria and has enjoyed “ forbearance “ that no patriot and law abiding citizen has been awarded. Remember that till date, poor and honest hard working customers of Societe Generale, Savannah Bank and many others are yet to get their life back. That was just the second tier Bank collapse. Recall the events leading to the ungainly escape of the Jimi Lawals, the Forum fiasco and Adekanyes in the early 90s. One way or the other, citizens have always paid dearly with Central bank, the regulating institution claiming no responsibility and bearing no culpable penalty. For as long as there are Banks and bankers and a Central Bank, so long will there be victims like those of collapsed Banks. If the objective of Sanusi is to ensure that citizens do not plead guilty to the crimes of Bankers, we must welcome the initiative and try to give him some benefit of doubt. We have to insist on strict compliance with the rule of law and decency however as he enjoys his time in the limelight.
THE FIVE BANKERS
Whatever you say about the fate of these recently deposed Bankers, they are doomed. We have judged them and they remain sentenced in the deep domain of our angry minds. That is understandable. But it is also wrong. Our sentiments cannot favour these grossly flamboyant “boys and girls”. They are too loud and extravagant. Just like 419 people. Close to a dozen modern executive long haul jets sit grandiosely on the ill maintained tarmacs of Nigeria’s airports, belonging to these Bankers, waiting for these fat individuals to wake up from alate night dinner dance at some of our cities around the Country. How many Presidents of developed Nations have jets? Richard Branson, the multi billionaire Airline Chief has no private jet! Bankers , Nigeria’s toiling masses believe, are corrupt and insatiable. They dress like pimps, speak like they own the Country and pray noticeably on the front pews of our contaminated Churches and mosques. They even buy fraudulent awards. But sadly, unlike poor and unprotected citizens, they cannot be kidnapped. Because, they have Security details and SSS operatives covering their entourage with screaming sirens sweeping their path. Just like Military Administrators and Service Chiefs in Babangida’s time. How sad. How immoral and immodest. Why should they now enjoy our sympathy.
We may be right to allow our emotions to run their course. But we must insist that justice and the rule of law guide the treatment of these individuals until the process is finished with their case. Only by ensuring the just trial of the most violent murderer can decent citizens enjoy the promise of safety from impunity and extra judicial murder by agents of Government. The rule of law must prevail through all the long and untidy processes that have bored and bothered us. If we leave these people to these people before proper definition of their offences due consideration of penalties appropriate to their offences, we expose our future to the swinging mood of big men occupying current office. Then, we invite the rule of man to superimpose itself on the rule of law. And we shall all regret it.
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