More reactions from financial experts continued on Thursday following the suspension of the Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, by the President, According to Naija247news.com reports.
Some financial analysts told Naija247news.com in Lagos that the suspension was long overdue.
Mr Okechukwu Unegbu, a former President, Chartered Institute of Bankers of Nigeria (CIBN), said that the suspension came late because some people would assume that he was suspended for his recent outbursts.
Unegbu said that Sanusi would have been suspended two years ago for disobeying CBN’s financial regulation.
He said that the pronouncement would affect banking equities on the nation’s bourse as well as the price of Naira at the foreign exchange market.
Unegbu said that the Sanusi was too argumentative and should have resigned when he was asked to retire by the presidency.
Mr Emeka Madubuike, President, Association of Stockbroking Houses of Nigeria (ASHON), said that the suspension would create some uncertainty among the investing public.
He said that the development had showed the need for government to build strong institutions that would grow the economy rather than individuals.
According to him, public officeholders should be accountable and work within their job description.
“There should be checks and balances to ensure that people work in line with their job description,”Madubuike said.
Mr Harrison Owoh, the Managing Director, H J Trust & Investment Ltd., said that the news would halt economic activities in the short-term.
Owoh said that the suspension might also affect foreign direct investment into the country.
“Most foreign investors will not be willing to invest in Nigeria until they know the direction of the new governor,” he said.
Mr Adebayo Adeleke, General Secretary, Independent Shareholders Association of Nigeria (ISAN), said that his suspension was long expected.
Adeleke said that the suspension had proven shareholders right on his high level of financial recklessness.
He said that Sanusi should be asked to account for his stewardship.
Alhaji Gbadebo Olatokunbo, member, Nigeria Shareholders Solidarity Association, described the suspension as “not good for the economy”.
Olatokunbo said that the governor should have been allowed to complete his tenure which ends in June
“It’s a dangerous signal to the nation’s economy, the government should have waited for the man to retire and then go after him if he has questions to answer,” he said.
Olatokunbo said that the action could affect economic stability and the welfare of shareholders because of uncertainties.
President Goodluck Jonathan on Thursday suspended Sanusi and appointed Mrs Sarah Alade as the acting governor.
Jonathan has also forwarded the name of Mr Godwin Emefiele and Adelabu Adekoya to the Senate, as CBN governor and deputy governor designates.
