Why Tinubu May Appoint Sanusi As New CBN Governor

Reports have emerged claiming some powerful individuals close to the President-elect, Asiwaju Bola Ahmed Tinubu, are pushing for the appointment of the deposed Emir of Kano State, Sanusi Lamido Sanusi, as governor of the Central Bank of Nigeria (CBN).

According to Vanguard, Sanusi, a seasoned banker, enjoys the backing of Tinubu’s close ally, Governor Nasir El-Rufai of Kaduna State.

“The Nigerian economy is estimated to have lost N20trillion between January and March 2023, according to the Centre for the Promotion of Private Enterprise, a think tank, by way of 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,” a source said.

According to the publication, Tinubu is predisposed to a new monetary management template, synergized with sound fiscal policy to immediately revitalize the national economy upon the assumption of office on May 29.

CityNews reports that Sanusi, who governed the CBN between 2009 and 2014, 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 from around N155 to $1 for four years.

Sanusi is seen as a credible technocrat with a solid character to sanitize the banking/financial sector.

Recall that Sanusi was suspended by the governor of President Goodluck Jonathan president after he alleged that $20bn (£12bn) in oil revenue had gone missing.

Sanusi was removed as the apex bank governor and replaced by Godwin Emefiele.