The appointment of Nigeria CBN Governor & His scripted discharging Duty Dilemma.
Contrary to international Communities ‘expectation and opinion of appointing at least Core North radical knowledgeable Economic/Finance University Professor to saddle with the sensitive and complex nature of CBN think tank job, the Nigeria President Musa Yar’dua has instead appointed an IBB crony/point man, a renowned UBA/First Banker, better referred to, as Risk/Crisis Manager, otherwise regarded as Risk/Crisis initiator or programmer, whom the World assumed that does not posses the type of vast knowledge based academic think tank Reservoir, technical/tactical micro or macro Economic Strategy and well grounded in Brenttwood Strategy and finance World bank/IMF Policy fellowship with the required intra world Tactics and intrigues of positioning sensitive CBN policy & coordinate Nigeria in line or in par with the US driven complex Brenttwood strategy.
Now, the modern CBN job includes articulation/formulation of styled US modern Brenttwood Economics/Finance, composition of various short/long term Analysis with clinical Policy Guidance and the lubrication of Policy association with the World Bank/IMF, as either as contractual World bank Policy Academic contributor or Brenttwood Scholar.
The sources had it that CBN and NDIC recent Nigeria banking books auditing exercise, were technically to have some discrepancies of bank unauthorized encroachment and not large scale case, if compared to the bank volume of bank Asset/Reserve, as bank abuse is being expected, as far as banks are institutions peopled by humans not Angels and cannot exist without one fault or the other.
The CBN Governor using a distress sanction, instead of using in house of CBN regulatory cautioning, oversight regulatory correction and possibly advising these erring banks,put the world to look at Nigeria with caution.
The CBN distress tactics by sacking the affected Banks’ MDs with entire Board with a fiat action,portray danger for Nigeria Economy. This CBN action has already erased the needed bank trust, confidence and have created bank panics, which have rubbished whatever good intention CBN Gov had and have cause irreparable long economic damage for Nigeria with multiple economic effects, which Nigerians are going to witness in 6 months time.
...to be contd..