By Y. Makanjuola
This ebook captures Nigeria's obstacle administration event and classes learnt in the course of the five-year tenure of Sanusi Lamido Sanusi as CBN Governor. It offers a backdrop of the sub-prime personal loan quandary within the US characterized through the Lehman Brothers debacle in 2007-08, which caused international financial and fiscal crisis.
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Extra info for Banking Reform in Nigeria: The Aftermath of the 2009 Financial Crisis
Cascading through the economy, rising illiquidity and falling asset values – especially stocks and real estate – resulted in a loss of consumer confidence hence a contraction in consumption and overall economic activities. First the US investment bank, Bear Stearns, wobbled (later sold to JPMorgan Chase) followed in September 2008 by the collapse of the much larger Lehman Brothers. Suddenly, the US stock market took a dive and the entire global stock market went into a steep decline. Aside from President Bush, the two key lieutenants in direct firing line were the US treasury secretary, Hank Paulson, and the Federal Reserve chairman, Ben Bernanke.
Sadly for them, the future President Jonathan rebuffed them. The second tactic entailed the sustained use of the media, particularly popular national newspapers, to publish insidious attacks and veiled threats directed at the CBN governor and his reforms. These publications combined outright misinformation, innuendoes, blatant lies and ethnic High Stakes Intervention 21 propaganda in an effort to deceive and mislead the reading public. Whether it was an individual or an alliance of detractors, only people with extremely deep pockets could have sustained the virtual takeover of newspaper advertorials for months on end.
Starting May 1997, the Bank of England would have full autonomy to set and adjust interest rates, with the government setting the Monetary Policy Committee an inflation target of 2%. Whenever inflation exceeded or undershot this target by 1%, the Bank of England governor was obliged to formally write to the chancellor, give an explanation and propose a remedy. In Nigeria, possibly the signature reform during this period was the introduction of the concept of universal banking into the Nigeria financial system.