With a whim of regret of not achieving the policy during his term, governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi has stated the apex bank will “in a matter of time” introduce higher denominations.
”It is only a matter of time before the introduction of the N5,000 or N10,000 as the CBN will deem fit” stated Mr Sanusi in a One on One interview with African Independence Television (AIT) on Saturday.
In the exclusive interview monitored by our correspondent in Lagos, Mr Sanusi explained the President Goodluck Jonathan had approved the restructuring of the nation’s currency which was to include introduction of N5,000 but ”there was strong political opposition to the policy and it had to be dropped.”
He however noted that ”it is only a matter of time before the CBN will introduce the N5,000 or N10,000 note as it deem fit because the cost of printing the lower denominations can be reduced.”
The apex bank’s policy on the introduction of N5,000 was reversed in 2012 following widespread outrage against the policy which critics claim will accentuate corruption.
But Mr Sanusi objects to that position arguing that the policy was in line with the bank’s move to reduce the cost of printing excessive paper for lower denominations.
”We will need to print a 100,000 papers for N1,000 to make N1million when we can have just 2000 pieces of N5,000 to give the same amount” he stated.
He further adds that the excessive notes makes it difficult to convey currency adding that ”in place of this, people now go about with dollars.”
Another suggested image of the planned N5,000 note with Ojukwu’s image
”Someone with $1,500 in his pocket moves about freely and you know what the dollar currency does to the Naira. So it is only a matter of time” he added.
He also linked the prevailing scarcity of lower denominations in the country to the abrupt change in the approved currency restructuring.
According to him, the bank had already made orders for the printing of the new currency before the reversal, hence new orders have to be made.
Speaking further on a myriad of questions from AIT’s Nancy Ilo, Sansusi re-affirmed his decision not to seek another term as the CBN governor. When asked whether he reached the decision following perceptions that he is no longer wanted in the role, he revealed that he took the decision earlier on, shortly after his appointment in 2008.
”I decided from the beginning that I want to be a one term governor. I took the decision around 2010 very early because the decisions and actions I took in 2009 were not actions taken by someone who will want to come back to the system.”
”I took this decision because I don’t want to apologise to anyone and I don’t want to belong to a group, I don’t fully belong to, so I just do what I have to do and move on” he added.
Sanusi’s tenure rounds off in June 2015.
The former banker is famed for sweeping reforms in the nation’s banking sector in 2009 which led to the dismissal, arrest and trial of some bank chiefs following years of gross misconduct.
Referring to the saga, the bank chief expressed his delight in taking the decision which he claimed saved depositors funds, noting that he does regret the controversy.
”It is no controversy when over a million depositors lose their savings in the bank and die, have their children pulled out of schools because their school fees cannot be paid. All because some bank executive mismanaged their funds and it is controversial to deal with such individuals.”
According to him, if decisive actions were not taken over the corrupt bankers, they will just migrate to another sector of the economy with the slush funds they’ve acquired illegally or establish another scam bank.
He observed that ”it will be wrong to let the Ibru family for instance get away with the collapse of Oceanic bank and get away with about 250 – 300 houses in Dubia. It is wrong.” ”Someone has to pay the rise.”
Ceclia Ibru, the former MD/CEO of Oceanic bank was convicted in 2010 for corruption and mismanaging the banks fund. Her prison sentence was however lessen with a plea bargain which had her forfeiting numerous property around the world.
The drastic reform by Mr Sanusi led to the creation of Asset Management Company of Nigeria (AMCON) which took over all the bad loans and debt of banks affected in the shake up.
The CBN governor who has garnered diverse awards and recognition during his tenure as best Central bank boss in the world and on the continent, urged African states to work on creating a single or regional currency. He lamented the poor level of trade amongst African countries and with the world. He opined that Eco which is planned for the West African region will go a long way in limiting disruptions to business transactions. Leaders of East African nation comprising Presidents of Kenya, Uganda, Rwanda, Tanzania and Burundi, agreed on Saturday to work towards establishing a common currency for the region.
Natural ambition
When asked about his reported ambition to become the Emir of Kano, Mallam Sanusi confirmed it, explaining that it is a ”natural ambition.”
”Their is nothing unnatural about princes in the royal family waiting to be Kings.” He likened to the succession of some notable Nigerian families in medicine and accounting.
”It is just like the Dafinones’ where the father is an account and all the children are accounts just as the Sarakis’, where the father is a doctor and later a politician and his son, Bukola has also followed suit by being a doctor and later a politician. So it is a natural ambition and not a do or die affair.” ”And it is only when God ordines that one will made the Emir, that it will happen because there are a number of princes to select from when the Emir passes on” he added.
Mallam Sanusi is the grandson of the penultimate Emir of Kano. He described the late paramount ruler as his role model because ”he abdicated his throne in the 1960′s in order not to compromise his stance with the political class.”
The prince from Kano emirate courted massive criticism in 2012 when he donned his traditional chieftancy attire to work after his installation as the …… of Kano shortly after the fatal Dana Air crash which claimed a number of CBN officials. The picture of him in the turbaned outfit was boldly placed on the wall beside him through out the interview.
Regret Yar Adua’s death
Asked if he’s got any regrets in serving as the manager of the nation’s apex bank, Sanusi expressed immense sadness over the death of late President Umaru Yar’Adua, who appointed him.
Sanusi and late President Umaru Yar’Adua
”I regret the death of Yar’Adua” he said. ”I wish he were alive to see what we achieved that depositors money was saved and a major collapse was avoided. I wish he was alive and was able to validate for himself what we achieved” Sanusi stated solemnly.
He pre-empted a question on any political ambition as his term comes to conclusion, reiterating that he’s got no political ambition.
”I’ve got this farm that I have just bought and I hope to do proper horticulture” the CBN governor revealed as plans for his post CBN days.
The exceptional banker further revealed future plans for agro-allied industry saying, ”I also want to put my money where my mouth is. I having talking about the need to increase the value chain of agriculture and I think I should prove that it can be done.”