Profile of New Emir of Kano, Sanusi Lamido Sanusi
Ex-Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi today emerged the new Emir of Kano to replace the former Emir Alhaji Ado Bayero who died on Friday.
As the Emir sets to ascend the throne, we take a look at his profile.
Mallam Sanusi Lamido Sanusi was born on 31st of July,1961. He was born into a prominent family, his father was a permanent secretary in the Ministry of Foreign Affairs in the 1960’s and he was the grandson of Emir of Kano and Islamic Scholar, Alhaji Mohammadu Sanusi.
He started his western education at St. Anne Primary School, Kakuri, Kaduna (1967 – 1972).
He had his West African School Certificate at the prestigious King’s College, Lagos in 1977.
He also proceeded to further his education to another equally prestigious Ahmadu Bello University, Zaria where he earned a Bachelor of Science degree in Economics in 1981 and he also did his course work for Masters of Science degree in Economics where he obtained a distinction in Monetary Policy in 1983.
He did his National Youth Service in former Gongola State (now Adamawa and Taraba State). Sanusi quest for more knowledge took him outside Nigeria and he went to study Sharia law from International University of Africa, Khartoum in Sudan where he bagged a first class degree in 1997.
Sanusi started his career working as a academic at Ahmadu Bello University, Zaria where he lectured economics in 1985 before he moved to the banking sector in 1985 before he moved to the banking sector in 1985 where he worked with Icon Limited ( Merchant Bankers), a subsidiary of now Gauranty Trust Bank of New York, and Baring Brothers of London.
He later moved ahead his career and joined United Bank of Africa Plc( UBA) in 1997 where he worked in the Credit and Risk Management Division where he rose to the position of the General Manager. While working in United Bank of Africa has a General Manager he anchored the transformation of the credit and risk management division into an enterprising risk management sector, and also spearhead United Bank of Africa’s Basel 2 focus by establishing policies, framework, processes and systems necessary for compliance with the guidelines of the new capital accord.
In September 2005, he was also the chairman of Kakawa Discount House. He later joined the Board of First Bank of Nigeria as an Executive Director in charge of Risk and Management Control and was in later appointed Group Managing Director (CEO) in January 2009.
Sanusi championed remarkable development in First Bank of Nigeria enterprises, risk management control mechanism and sat on the Board of the First Bank of Nigeria (UK) Limited. He was the first northerner to be appointed CEO in First Bank of Nigeria history of more than a century.
Sanusi was appointed Governor of the Central Bank of Nigeria (CBN) on 3 June 2009, in the middle of a global financial crisis with the Banking system on the verge of collapse due to large exposure to the stock market in the form of babble capital and excessive margin lending by some banks, as well as concentration of lending to other areas like petroleum marketing. Under his leadership, the Central Bank of Nigeria moved swiftly and boldly to implement far- reaching reforms in the Banking Industry aimed at addressing the root causes of the crises in poor corporate governance and risk management practices, management fraud, insider abuses and weak regulation supervision and enforcement.
A joint audit exercise carried out by the Central Bank and the Nigeria Deposit Insurance Corporation (NDIC) revealed that eight out of the twenty four deposit money banks in the country were in a grave situation leading to the removal of the management by the CBN and injection of bail-out funds to stabilize the institution. The first set of intervention occurred on August 14, 2009. Since that date the CBN has issued guidelines and implemented new regulation as policies. Among these are:
- Review of Prudential guidelines to encourage lending to the real sector
- Compulsory adoption of common year ended for financial reporting and enhanced reporting standards
- Compulsory retirement of CEO’s who have spent upwards of 10 years in office
- Tenure limit of 12 years for non executive directors enforced in line with guideline issued in 2006
- Compulsory change of external auditors after ten years also as approved in 2006
- Abolition of Universal Banking and issuance of graduated authorization for licenses at international nature and regional levels
- Spearheading real sector reform advocacy with government for power, petroleum, agriculture and industrial policy.
- Enhanced coordination with regulatory agencies like Securities and Exchange Commission (SEC), Pension Commission (PENCOM) and NDIC to entrench overall system stability.
- Restoration of stability to the foreign exchange and money markets, and
- Increased focus on capacity building and process efficiency in the CBN.
Mr. Sanusi was awarded the National Honour of Commander of the Order of the Niger (CON) by His Excellency, President Goodluck Jonathan on July 22, 2010 and has been admitted into the fellowship of the Chartered Institute of Bankers of Nigeria (CIBN).
The global financial intelliegence magazine, The Banker, published by the Financial Times, has conferred on Sanusi two awards, the global award for Central Bank Governor of the Year, as well as for Central Bank Governor of the Year for Africa. The TIME magazine also listed Sanusi in its TIMES 100 list of most influential people of 2011
Mr. Sanusi came from a family with a very long tradition of public service. His father, Muhammad Lamido Sanusi was a technocrat and a career diplomat who served as the Permanent Secretary of Federal Ministry of Foreign Affairs after serving as Nigerian Ambassador to Canada, Belgium and China. He is also the grandson of the 11th Emir of Kano and Islamic Scholar, Alhaji Muhammadu Sanusi.
As a profilic writer, Mr. Sanusi has written and presented numerous papers at National and International conferences and seminars bordering on banking, politics, religion and society. Many of his papers have been published in academic/professional journals, books and newspapers around the world.
Some of his papers just to mention a few include:
- ‘’Managing Credit Risk Under Basel 2’’- 2004
- ‘’The New Capital Accord (Basel 2): challenges, opportunities and threats – 2004
- The New Capital Accord (Basel 2): The standardized Approach to minimum Capital Requirements Under the first Pillar’’ – 2004
- ‘’ Bank lending: Approval Administration & Control’’ – 2004
He was suspended from office by President Goodluck Jonathan on 20 February 2014 after exposing a $20 billion fraud committed by the presidents associates in the Nigerian National Petroleum Company (NNPC), though the president claimed the suspension was based on a report of the Financial Reporting Council indicting him for reckless spending.
Sanusi is married and blessed with children.
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