President Jonathan has made his most controversial move with the suspension of the individual responsible for the buoyancy of the financial markets in Nigeria today. Sanusi Lamido Sanusi (SLS) will step outside his normal duties today overseeing the financial health of Nigeria.
Reuben Abati has provided lacklustre responses to the logic of this decision and we wait for more details about the charges of recklessness and misconduct against SLS. Sarah Alade the deputy CBN governor will take over as acting governor.
My knee jerk reaction is could the Presidential decision have been influenced by the SLS’s insistence on the mismanagement of funds by the NNPC. The popular maxim those in glass houses shouldn’t throw stones comes to mind, maybe his aggressive stance against others has caused an overly critical ‘gaze’ on his ‘house’.
The financial health of the Nigerian markets is at risk, and any form of risk management would weigh whether the action would add greater value or the damage it might cause. Our perception could be dented because there is an undue influence in financial free markets by the state, or our global perception could be improved because we are a vigilant watchdog state ready to stamp out and punish any misdemeanour.
From knee jerk reaction to sustained effect… we will watch this space as the day unfolds!!!