THEMATIC ANALYSIS OF SANUSI LAMIDO SANUSI’S PUBLIC UTTERANCES ON NIGERIA FINANCIAL SECTOR
The thematic analysis of Sanusi Lamido Sanusi’s (SLS) public utterances on Nigerian financial Sector is a study which focused on effects (positive or negative) of SLS public utterances in Nigerian Financial Sector. The study formulated three (3) Research Questions which are: Aspect of Nigerian Financial Sector he made Public Utterances upon, Media used in disseminating his Public Utterances and Extent of Influence Sanusi Lamido Sanusi’s Public Utterances had on the Financial Sector. The research was conducted using Quantitative with Mathematical statistical Analysis by considering three major newspapers; Leadership, The Nation and Daily Trust. A total of 425 issues were consulted with 98(32.7%), 124(41.3%) and 78(26%) relevant issues in the Leadership, The Nation and Daily Trust newspapers respectively. From January to December 2015, Leadership newspaper gave 1342 column editions in it dailies on SLS Public Utterances with 345, 234 and 763 Single, Double and Multiple extent of coverage respectively. Major cause of SLS’s Public Utterances was self consciousness (30.21% of total factors considered) and the aspect towards which his Public Utterances were geared towards include: Economy, Bank, Recapitalization, Consolidation, Risk Management and Inflation. The impact of his utterances led to a committee setup by the federal government to investigate the issue of the stolen Twenty billion naira (#20,000,000,000) made in his public utterances. This study found that SLS’s Public Utterances saved the Financial Sector from collapsing by systematically consolidating the banks and sacking chief executives of the failed banks. The Nation newspaper had 232(25.1%) issues on bank consolidation discussed within the study period. The study concluded that; the government should recognize the utterances of SLS on the financial sector and conduct an investigation into the allegations raised by SLS on the Nigerian Financial Sector. Conclusively the study has identified that the newspapers gave little coverage of Sanusi Lamido Sanusi’s public utterances on Nigeria financial sector except Daily Trust News Paper.
1.1 Background to the Study
Nigeria is a country with diverse cultures and languages spoken by its people. This diversity influences the manner in which a person makes his public utterance especially on political and socio-economic issues. Such public utterances are mostly made in the local languages or in the official language and sometimes translated into another language.
Generally, public utterance can be conceived as the “positive or negative statements, comments, observations and contributions made by individuals, groups, institutions, organizations, systems and communities especially through speeches and in print and electronic media to support, accept and associate or to disassociate and reject controversial or noncontroversial issues and matter at hand” (Mohammed 2015). Public utterances can be positive to motivate people to be law abiders. They could also be negative to stir crisis, violence, destructions of lives and properties and finally cause instability in any given society, community or country. By and large, public utterances tend to cause public reactions and counter-reaction especially on controversial issues and matters expressed by individuals, groups, communities, institutions, organizations. Public reactions could be inform of public acceptance, rejection or frustration expressed through variety of media and environment found most convenient and appropriate.
Traditionally, information is disseminated through community and ward heads, courtiers, scribes, town criers, and also through using such instruments as; flute, drum; whistle; horn; bell; knockout; smoke; burning arrow and spear; gagi; facial marks and body tattoos, and a host of other traditional communication and media instruments. However,
with the introduction of modern technology, information is directly and indirectly disseminated through the use of print media such as; newspapers; magazines, posters, journal publications, books, bill-boards and directly through radio and television ; telephone systems; computer networks; and satellite systems. It can also be through songs, films, drama, and cable network communication systems, etc. The advent of digital technologies especially the ICTs and particularly the Internet has made, information to be easily disseminated to individuals and to the general public through web technologies, more importantly, the social networking tools and services (Mohammed,2015)
However, the extent to which information is optimally accessed and utilized and its effective impact on the target audience is contingent upon the language of communication; the relevance of the content and context of the information; and the message of the information being disseminated. The foregoing suggests that the extent to which information is disseminated and optimally accessed and utilized to effectively impact on the target audience is dependent upon: the choice of the medium or the technology that is used to disseminate such information (Mohammed, 2015). Examples of Public Utterance that were positively stated to urge for unity, prosperity and success in Nigeria were that made by former President Dr Goodluck Jonathan in which he warned and urged the Nigerian political class to encourage their supporters and followers across the country to focus on saving the nation‟s democracy. He stated that : “We must reinforce and recommit our various supporters across the nation to the Nigeria project irrespective of party affiliation, ideological differences and alliances‟. He added that; history will not judge us kindly if the country fails as a result of our actions and inactions. Let us bear in mind that no advantage or benefit can be gained by any political party over the other if our
democracy fails, and we have no choice but to work together and the time is now” (Daily Trust June,2015). As President Jonathan was reviewing the nation‟s political outlook, he noted with dismay the comments and conducts of some leading Nigerian politicians. He stated that they were heightening tensions among the various political parties. The conduct and public utterances of some leading politicians in Nigeria and abroad are rapidly creating and spreading unnecessary tension in the country. He further noted that their unguarded public utterances fan the embers of discord, bitterness, and rancor in the country that such unfortunate development play into the hands of extremist elements waging a vicious campaign of terror against the state (Daily Trust June, 2015).
(A) The Nigerian financial sector comprised of four sectors. They are: (a) Primary sector: which involves the extraction and harvesting of natural product from the earth such as agriculture, mining and forestry. (b) The secondary sector: this consists of processing, manufacturing and construction. (c) The tertiary sector: which provides services such as retail sales, entertainment and financial services and (d) The quaternary sector: which is made up intellectual pursuits like education (Investopedia, 2016).
(B) In describing the state of the Nigerian financial sector; the world bank remarked that the productive base of the Nigerian financial sector remains weak, narrow and externally-oriented with primary production activities of agriculture and mining and quarrying (including crude oil and gas) accounting for about 65 percent of the real gross output and over 80 percent of government revenues (CIA WORLD Fact book, 2015). In addition, primary production activities account for over 90 percent of foreign exchange earnings and 75 percent of employment. In contrast, secondary
activities comprising manufacturing and building and construction, which traditionally have greater potential for broadening the productive base of the economy and generating sustainable foreign exchange earnings and government revenues account for a mere 4.14 percent and 2.0 percent of gross output respectively(Nigeria Financial Sector,2015). Services or tertiary activities which depend on wealth generated by the productive sectors for their operations comprise about 30 percent of gross output. Significantly, service activities have been expanding their influence in the economy over the last decade accounting for over 35 percent of the growth of the real gross domestic product (GDP) (Security Exchange Commission, 2015).
Over the last five years, certain changes have taken place in the structure of output in the Nigerian financial sector, prominent among which is the entry of the telecommunications sector which has witnessed explosive and sustained real GDP growth. The sector‟s share of GDP and contribution to GDP growth jumped from barely 1 percent and 3 percent respectively (Nigeria Financial Sector, 2015) in 2005 to over 3 percent of GDP share and over 14 percent of GDP growth respectively, in 2010. This represents an annual average growth rate of about 34 percent in the last five years. Similarly, wholesale and retail trade sector accelerated by more than 10 percent per annum in the last five years, accounting for over 32 percent of GDP growth and 16 percent of GDP during 2006-2010.3 By contrast, the oil and gas sector shrank in importance during 2006-2010 as its share of GDP declined from about 25 percent in 2005 to about 16 percent in 2010. With an average annual real growth rate of -3 percent, the sector‟s contribution to GDP growth was negative between 2005 and 2009 (SEC, 2015). It however had a positive growth rate in 2010 as normalcy
returned to the Niger Delta region. Manufacturing sector‟s contribution to real GDP growth which declined from over 5 percent in 2005 to about 3.96 percent in 2009, however edged up to 4.14 % in 2010. The lackluster performance of the manufacturing sector reflects the appalling state of infrastructure and a constellation of other growth-inhibiting constraints as well.
Agricultural activities comprising crop production, forestry, livestock and fishery recorded an average annual growth rate of about 5.74 percent and remain the dominant sector of the economy with 41 percent share of the real GDP during 2006-2010(Lynch D.1996). The sector‟s activities are largely informal and dominated by use of simple technologies. Consequently, productivity is low as growth has been largely induced by expanding hectares cultivated. However, recent entry of commercial farmers notably from Zimbabwe and the planned land reform by the Federal Government can engender greater productivity in the agricultural sector.
Mallam Sanusi Lamido Sanusi was born on 31st of July, 1961. He was born into a Royal 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 Muhammadu Sanusi.
His grandfather was Sir Muhammadu Sunusi, the 11th Emir of Kano. He is of the Sullubawa clan of the Torobe Fulani. His father was Muhammad Lamido Sanusi, a career diplomat and technocrat who was the Nigerian Ambassador to Belgium, China and Canada, and thereafter served as the Permanent Secretary of Federal Ministry of Foreign Affairs. He was the first son of Hajiya Anduwa. He had his primary school education at the St. Anne‟s Catholic Primary School, Kakuri, Kaduna (1967-1972, where he got his First
School Leaving Certificate, FSLC) then he went for high school education at the King‟s College, Lagos from 1973 to 1977. He was admitted in 1977 to the Ahmadu Bello University in Zaria, Kaduna State where he finished with a degree in Economics in 1981 and later he was off to the International University of Africa, Khartoum, Sudan and got a degree in Islamic Law. He did his national youth service (NYSC) at the old Gongola State (now Taraba and Adamawa States) after graduating from ABU and later registered for his masters degree programme in Developmental Economics at the same ABU and he finished in 1983 with a distinction in Monetary Policy. From 1983 to 1985, he was a lecturer of economics at ABU. It was after his brief teaching career that he veered off to banking (Abusiddiqu, 2014). He was at the International University of Africa in Khartoum, Sudan where he was at first a student of Arabic before bagging a second Bachelor‟s degree, in Shariah and Islamic Studies. He finished in Sudan in 1997 with a First Class Degree in Sharia and Islamic Studies with a strong elective in Arabic.
He started his sojourn in the banking industry when he joined Icon Limited (Merchant Bankers) in 1985 and spent seven years. At Icon Limited, he gained experience in various fields as follows: financial advisory services, issuing house activities, privatization, debt conversion, marketing and credit. He later became the Area Manager of the Kano Area Office (North) before he tendered his resignation in order to pursue his higher education. This organization is a subsidiary of Morgan Guaranty Trust Bank of New York, and Baring Brothers of London.
By May 1997, he was back to banking as he joined the United Bank for Africa (UBA) Plc, then newly-privatized, as a Principal Manager II in the Credit Risk Management Division (Uche, 2014)
In January 1998, he was promoted to Principal Manager I and in December 1998, he was made the Assistant General Manager. In January 2002, he was promoted to the position of a Deputy General Manager and a General Manager, March 2005. In September 2005, he moved on to the First Bank of Nigeria as an Executive Director (Risk and Management Control).
In January 2009, he was elevated to the post of the Group Managing Director/Chief Executive Officer of First Bank, becoming the first person from the northern region of the country to be appointed to such a post since the bank‟s establishment in 1894 (as Bank of British West Africa). It was the oldest bank in the country. In the banking industry, he is widely respected and known for his contribution to the development of risk management culture and control mechanisms. Sanusi was also the Chairman of the Kakawa Discount House and he was also on the Board of the First Bank of Nigeria (UK) Limited.
His nomination for the position as Central Bank Manager (CBM) came on the 1st of June, 2009. He was popular for saying he never lobbied for the job and that he never even knew President Yar‟adua when he nominated him. The Nigerian Senate confirmed his nomination on the 3rd of June after grilling him for three hours, some top bankers in the country made spirited moves to block his confirmation; he was already at loggerheads with the Chief Executive Officer of the Intercontinental Bank Plc, Erastus Akingbola over the de-marketing of the bank.
1.2 Statement of the Problem
Nigeria is said to be endowed with natural resources and talents. It has made over one trillion dollars from export and trading of crude oil since the discovery of oil in 1950. Such an enormous resource would have been used to transform the landscape of Nigeria.
Regrettably by 2009, at the dawn of 21st century, Nigeria has not been able to provide clean drinking water and electricity to her citizens. It is nearly impossible for foreign investors to choose Nigeria for investment without steady electricity to power their industries and residential areas (Chiakwelu 2014). The way people speak and make public utterance on important community and national issues can affect the stability, development of the country and community because they viewed either as positive or negative act of criticism . The government has been relying much on Petroleum as the sole and strong source for revenue.
It has been observed that the crisis in the Nigeria financial sector became eminent during the period when Sanusi Lamido Sanusi (SLS) was the Governor of Central Bank of Nigeria (CBN). He realized that there was a gap between the Petroleum product sold to foreign countries and the amount of monies said to be deposited in the Central Bank of Nigeria. This led to his public outcry in which he said that about N20 billion naira has not been remitted to the CBN account by the Nigeria National Petroleum Corporation (NNPC).
Based on the position of SLS as CBN governor and his public utterance on the said financial deficit, it is essential that a thematic analysis is carried out on his public utterance on the Nigeria financial sector.
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THEMATIC ANALYSIS OF SANUSI LAMIDO SANUSI’S PUBLIC UTTERANCES ON NIGERIA FINANCIAL SECTOR