Wednesday, 3 April 2013

MI6 and the death of Patrice Lumumba



A picture taken in December 1960, shows soldiers guarding Patrice Lumumba Patrice Lumumba was elected independent Congo's first prime minster in 1960

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A member of the House of Lords, Lord Lea, has written to the London Review of Books saying that shortly before she died, fellow peer and former MI6 officer Daphne Park told him Britain had been involved in the death of Patrice Lumumba, the elected leader of the Congo, in 1961.
When he asked her whether MI6 might have had something to do with it, he recalls her saying: "We did. I organised it."
During long interviews I conducted with her for the BBC and for a book that in part covered MI6 and the crisis in the Congo , she never made a similar direct admission and she has denied that there was a "licence to kill" for the British Secret Service.
But piecing together information suggests that while MI6 did not kill the politician directly, it is possible - but hard to prove definitively - that it could have had some kind of indirect role.
Daphne Park was the MI6 officer in the Congo at a crucial point in the country's history. She arrived just before the Congo received independence from Belgium in the middle of 1960.
'Elimination'
Congo's first elected prime minister was Patrice Lumumba who was immediately faced with a breakdown of order. There was an army revolt while secessionist groups from the mineral-rich province of Katanga made their move and Belgian paratroopers returned, supposedly to restore security.
Lumumba made a fateful step - he turned to the Soviet Union for help. This set off panic in London and Washington, who feared the Soviets would get a foothold in Africa much as they had done in Cuba.

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The comments attributed to Daphne Park by Lord Lea are subtler than saying that Britain killed Lumumba”
In the White House, President Eisenhower held a National Security Council meeting in the summer of 1960 in which at one point he turned to his CIA director and used the word "eliminated" in terms of what he wanted done with Lumumba.
The CIA got to work. It came up with a series of plans - including snipers and poisoned toothpaste - to get rid of the Congolese leader. They were not carried out because the CIA man on the ground, Larry Devlin, said he was reluctant to see them through.
Murder was also on the mind of some in London. A Foreign Office official called Howard Smith wrote a memo outlining a number of options. "The first is the simple one of removing him from the scene by killing him," the civil servant (and later head of MI5) wrote of Lumumba, who was ousted from power but still considered a threat.
MI6 never had a formal "licence to kill". However, at various times killing has been put on the agenda - but normally at the behest of politicians rather than the spies.
Anthony Eden, prime minister at the time of Suez, had made it clear he wanted Nasser dead and more recently David Owen has said that as Foreign Secretary, he had a conversation with MI6 about killing Idi Amin in Uganda (neither of which came to anything).
But in January 1961, Lumumba was dead.
Did Britain and America actually kill him? Not directly. He went on the run, was captured and handed over by a new government to a secessionist group whom they knew would kill him.
The actual killing was done by fighters from the Congo along with Belgians- and with the almost certain connivance of the Belgian government who hated him even more than the American and the British.
Powerful enemies
The comments attributed to Daphne Park by Lord Lea are subtler than saying that Britain killed Lumumba.
Lord Lea claims Baroness Park told him that Britain had "organised" the killing. This is more possible.
Among the senior politicians in the Congo who made the decision to hand Lumumba over to those who eventually did kill him were two men with close connections to Western intelligence.
One of them was close to Larry Devlin and the CIA but the other was close to Daphne Park. She had actually rescued him from danger by smuggling him to freedom in the back of her small Citroen car when Lumumba's people had guessed he was in contact with her.
Do these contacts and relationships mean MI6 could have been complicit in some way in the death of Lumumba? It is possible that they knew about it and turned a blind eye, allowed it to happen or even actively encouraged it - what we would now call "complicity" - as well as the other possibility of having known nothing.
The killing would have almost certainly happened anyway because so many powerful people and countries wanted Lumumba dead.
Whitehall sources describe the claims of MI6 involvement as "speculative". But with Daphne Park dying in March 2010 and the MI6 files resolutely closed, the final answer on Britain's role may remain elusive.

Tuesday, 2 April 2013

No need to fight over political leaderships – Jonathan





BY TONY EDIKE
…Says I have sanitized electoral system
ENUGU—PRESIDENT Goodluck Jonathan, Monday, asked those Nigerians who are bent on pulling the nation down on account of their dissatisfaction with the political set up to have a rethink, saying political leadership is transient and there was no need for people to fight over it.
He said those who are not too comfortable with any particular situation in government should patiently wait for the expiration of the tenure of the holder of such a political office and vote him out rather than engaging in violence that would have adverse consequences on the nation.
Jonathan was speaking during the dedication of the All Saints Anglican Covenant Church, Mpu in Aninri Local Government Area of Enugu built by the Deputy Senate President, Chief Ike Ekweremadu. Mpu is the hometown of the Deputy Senate President.
The president told the congregation that what should be uppermost in the mind of Nigerians should be how to join hands to build the nation, saying he was committed to making those little things that would make a difference in the lives of the people.
According to him, one major desire he had on assumption of office as president was to sanitize the flawed electoral system which had made Nigeria a laughing stock in other countries, stressing that he had succeeded in effecting a positive change which could make votes really count in elections.
He said: “My message is just to concur with what His Grace, the Anglican Primate, Most Rev. Nicholas Okoh said in the sermon.  I totally agree with you that if we leave Nigeria and go elsewhere, we may have business friends, we may have all kinds of friends, we may use different passports that will give us automatic entry into some countries without even visas, but they still regard you as a Nigerian.  You cannot fit in properly until you come home, so as we talk about building the church, let us join hands and build the nation that we, our children, grand-children and our children yet unborn will be happy.
President Goodluck Jonathan
President Goodluck Jonathan
“Irrespective of provocations, yes, during political system, just like the Primate said, political leadership is very transient, every leader comes and goes.  As a leader you always pray that as you leave a footprint behind, you lead and go. Other people take over and continue.  And we believe that if every leader puts something solid that he could be remembered for then as you progress, as different regimes come and go, the whole country will become developed and more solid.
“So, there is no need for people to fight over political leadership that is transient to the extent that you want to even burn your house down because you perceive that you are not too comfortable with a particular situation, be it at  the local government level, be it at the federal constituency level, be it at the senatorial level , be it at the state level or the federal level.
“These are transitional leadership, luckily we have a constitution that defines the maximum tenure any individual can stay in office and even if the constitution does not clearly define it, no one individual will stay there for life because we are biological specimen.
“I think collectively, we should think more about our own country; think more of building a society that our children will be happy in.
“For me, I believe that no leader can do everything for the society but think about some key things and try and do those ones very well.  Just like the philosophy of the Singapore leader when he was asked how he was able to take that country from third world to first world, he said ‘take some few things and do those few things very well and continue to do those things very well’.  He didn’t say do everything, you can’t do everything and succeed.
“And that is one of the reasons why in this present dispensation, by divine providence, grace of God and goodwill of Nigerians I happen to be the president. My feeling is that since the political dispensation, the first and foremost is to have free and fair elections.  I always say that you can’t even talk about good governance where the elections of people are manipulated.
“You cannot steal a mandate and turn round to say you can govern well. Lawyers will say you can’t build something on nothing, so if your coming to power at all levels – from councillorship to presidency is based on manipulation, then there is no good thing you can do there.  You cannot go and celebrate it.  First and foremost, the people must vote for you.  People must put you there before you can begin to talk about whether you will even run the system well or not”.
“If it is during the military dispensation, of course that one you use a bigger gun to overthrow the people with smaller gun and take over, that is the system.  But in a political dispensation, you must be properly elected.
“So I believe, first and foremost, it is to make sure that our electoral system is sanitized and the votes of Nigerians count.  And it has paid off because wherever we go I know the kind of statements people make.  I knew when I came in as vice president and I travelled out the kind of statement people make, sometimes I feel so diminished and so humiliated and now the story has changed.
“What I can promise Nigerians is that with your prayers we will succeed. We have our challenges no doubt about that, most other countries have their challenges but we are committed that we will make those little changes that will make the difference in our lives.”
President Jonathan applauded Senator Ekweremadu for building the house of God just like Solomon built a temple in the Bible, stressing that for him to think about home and provide a house of worship for his community was a landmark achievement for which he would ever be remembered by his  people.
Earlier in his sermon, the Anglican Prelate, Most Rev. Okoh said that the problem affecting the nation was because of “human manipulation” stressing that even when Nigeria was highly regarded as a strong religious nation, the available potentials have not been well harnessed to build the nation.
He expressed regrets that most places of worship had been turned to houses of bickering and unnecessary squabbles, advising that the church should endeavour to assume its rightful place as a corrective institution and to serve as a guide to those in positions of authority.
“We must work hard to deliver our country together. Sometimes if you read newspapers you can find that some people are being deliberately mischievous and when you read that, there is nothing you conclude than we are not yet serious,” he said.
In his remarks, Ekweremadu said he built the church in fulfillment of the covenant he made with God when he was coming up in life that if he was protected and blessed in his life career, he would build a church for the Lord.
“As a young man growing up, I looked around me both in my home, my local government and the greater part of my state and I saw hopelessness. Just finished secondary school, I went to church and we were asked to pray and ask God to do for us whatever we wished and I remember that particular day, I said to God because of these challenges I can see around me, if you make me an instrument of solving these problems and make me successful in life, I will build a church for you.
“And from that day my life changed completely, it has been one progress after the other, I have never known failure since then and God has been faithful. Sometime in the past severally I have come close to death but I was rescued because of this church,” Ekweremadu said.
He thanked all those who assisted him in realizing the project just as he donated two buses and a Hilux van for use by the church.
However, a renowned businessman and Chairman of Triax Group, Prince Engr. Arthur Eze also made a donation of N10 million to the Anglican Diocese during the occasion, which was attended by eminent personalities including the Senate President David Mark, several members of the National Assembly, Governors of Anambra and Abia States, Peter Obi and Theodore Orji as well as Deputy Governor of Enugu State, Sunday Onyebuchi.

Jonathan to Buhari: Stop Boko Haram





By Soni Daniel, Regional Editor, North
ABUJA— President Goodluck Jonathan, Tuesday, sent a strong message to former Head of State, General Muhammadu Buhari, pleading with him to spearhead the campaign to persuade members of the Boko Haram sect to accept dialogue, as a means of ending the orgy of violence in the North.
Similarly, Jonathan asked Buhari to emulate the role he ( Jonathan) played by going to meet militants in their vast hideouts in the Niger Delta to plead with them to lay down their arms and accept the general amnesty granted by the late President Umaru Musa Yar’Adua on June 25, 2009.
Jonathan and Buhari
Jonathan and Buhari
Jonathan said he expected Buhari to lead the way in persuading the Boko Haram insurgents in the North to stop bombings and enter into dialogue with the Federal Government with a view to ending the violence in the region, which is threatening to disrupt the economy of the region and Nigeria.
The President, who sent the message to Buhari through his Senior Special Assistant on Public Affairs, Dr. Doyin Okupe, accused the former head of state of making false allegations against him during his interview in London last week.
What Buhari told BBC in London
During the interview with the BBC, Buhari had said that the Federal Government should be held responsible for the worsening state of insecurity in Nigeria, accusing the leadership of not taking steps to halt the slide, which has claimed many lives and property in the region.
Buhari said: “The problem of terrorism is not confined to the North alone. Insecurity generally should be blamed on the Federal Government.
“The world is very much concerned about two things — the issue of security and economic wellbeing of a nation. Security is number one. A nation can only be economically viable if there is security. But how did all these crises start? How did the crises begin and assume this dimension?
“Until now, everyday, they abduct people and receive ransoms. How was the problem reduced? How did it start? What method was employed to convince them to mellow down?
“Similarly, what we should look at is, how did the Boko Haram start? We know all these. Security is the responsibility of the government.
“It is the responsibility of the Federal Government to know how this thing started and how to go about it.”
Jonathan takes on Buhari
But Okupe asked Nigerians to demand from Buhari what he had done as a leader in the North and a former head of state to halt the attacks by the sect.
He said: “Nigerians should ask him (Buhari) that as a former Head of state and as someone who wants to be president again, what he has  done to end this insurgence in the country.
“Or is it when he becomes President, he will stop the insurgence? No, it does not work that way. He should emulate President Jonathan who went to the creeks of the Niger Delta canvassing peace and dialogue with the militants of the Niger Delta.
“Everybody knows that it was General Buhari, who vowed to make Nigeria ungovernable for President Jonathan if he loses the last presidential election. It was in Minna, that he said that once votes are countered and he loses that people should go for blood. He said in Hausa language. General Buhari is the person who sowed the wind that the nation is now reaping in whirlwind.
“He is not in any position to apportion blames on the issue of violence in the North or in Nigeria in general. He is a protagonist of violence. The only position he sees for not being the President is to call for violence. This government has tried as much as possible to contain some of Buhari’s unguarded statements. I don’t think anybody in Nigeria will take Buhari very serious when he makes such comments.
“If there is anybody to blame, General Buhari comes number one on that list. Have you ever seen General Buhari visit BornoState or condemn the acts of the Boko Haram or condole  whether Christians or Muslims that have been killed?
“A man who can traverse the whole length and breadth of Nigeria, yet he cannot use that clout that he has and get leaders together to put an end to the insurgence in the country. And yet he finds it comfortable to blame other people. What has he done as a former Head of State to help Nigeria and Nigerians stop the militancy in the North or in other parts of the country?”

Monday, 1 April 2013

In the beginning was ‘celebration of mediocrity’




bishop-kukah
THE fact that a Dutch journalist and writer, Femke Van Zeijl, has had to write so authoritatively about the way we are and indeed the new trouble with Nigeria confirms Shakespearean quote that, “the eye sees not itself, but by reflection, by some other things.”
Certainly, Femke’s thesis that “widespread celebration of mediocrity” is the new trouble with Nigeria at all levels of the society is worth discussing as we are still celebrating the life and times of one of Nigeria’s few icons, Prof. Chinua Achebe who in 1983 noted that “the trouble with Nigeria” is leadership, that was beginning to breed corruption then. For quite some time now, most citizens have been concerned about how corruption has suddenly become a bad ulcer that thrives on the medications applied to it. Interestingly, this Dutch journalist has added a new dimension to our unending conversation on corruption as she notes that the new common enemy that “we the people” have to contend with is “widespread celebration of mediocrity”. But what our new researcher on Nigeria did not know is that this is not new at all. Femke did not know that the military government that midwifed the Second Republic transferred a culture of mediocrity to the new ‘democrats’ through the then ruling party, National Party of Nigeria (NPN 1979-1983). According to the records of primaries in 1978, there were six strong presidential candidates in the ‘truly national’ party then, including Joseph Tarka, Prof. Iya Abubakar, Dr. Olusola Saraki, Alhaji Maitama Sule, Alhaji Shehu Shagari and one other candidate. But at the Casino Cinema, Yaba, Lagos, convention venue of the party then, there was a tie between Alhaji Shehu Shagari and Alhaji Maitama Sule. It was said then that the ‘progressives’ in the party preferred Maitama because of his sophistication, experience and erudition but the ‘moderates’ that did not mind Shagari’s limitations then preferred him (Shagari) and that was how they mounted pressure on Maitama to concede to Shagari. Those who knew what happened then recalled that the then powerful Sokoto and other principalities were behind the pressure. And as we often say here, whatever happened to the Second Republic under the then President Shehu Shagari is history but well known.
On April 26, 2012, a famous scholar and cleric, Bishop Matthew Hassan Kukah who spoke at the second NLI Guest Speaker Forum in Abuja reflected on the political way we have been. Specifically, in the lecture entitled “Power without authority: Leadership crisis in Nigeria”, Bishop Kukah spoke extensively on a history of how widespread mediocrity has become “a fundamental objective and directive principle of state policy” of some sort in Nigeria. His words on a thread in the conversation:
“… I have spoken severally of the fact that Nigeria has consistently produced office holders but not leaders. The climate has not been favourable for the erection of a structure/platform (political parties) and the development of a process and culture for leadership recruitment and discipleship. There has been no continuity in party formation or membership.
“There have been no ideologies to draw from and so the political space has been thrown open to all kinds of species of humanity. We have watched spineless politicians migrate from one party to the other in search of bread and butter even while the game is on. We have watched new parties formed each time the whistle was blown at the end of the military era
“The Peoples Democratic Party (PDP) may pride itself as being the largest political party in Africa. However, that is not to say it can pride itself as being the most disciplined or cultured party within West Africa. The PDP is not the ANC with over one hundred years of history, tradition and discipline. This is why we find Nigerian political parties often breaking the plates, glasses and tables after their political orgies.
“This is why party chairmen often have a very short lifespan. Indeed, if you calculate the number of chairmen of the party, including those in acting capacity, the lifespan of a party chairman in the PDP since we returned to democracy in 1999 will be less than two years!  This is why the party lacked the moral authority to resolve its zoning arrangement and foisted an albatross around the neck of our nation.
“Coups and counter-coups, propelled by greed threw up different characters with very little preparation and questionable competence for managing a country of such complexity as Nigeria. We have had some really fine gentlemen and professionals but they were men who were trained for other things and not for political leadership.
“Thus, we have produced through different processes, men and women who have come to power and office largely unprepared.  Most were clearly caught unawares by the offer to lead Nigeria and others were often shanghaied to power.  Let me give a light- hearted, one liner popular narrative of our former office holders.
“The Sardauna who should have become the Prime Minister did not want to go all the way to Lagos as he was more interested in being the Sultan of Sokoto.  He decided to send Tafawa to Lagos to be the Prime Minister. Neither Generals Gowon, Ironsi, Murtala nor Obasanjo had ambitions of taking up power in Nigeria as none of them was directly involved in the coups that brought them to power.
“They were what we might call circumstantial beneficiaries of power.  Alhaji Shagari’s preference had been for the Senate.  Both Buhari and Babangida, who directly plotted their ascent, were more engaged in settling personal scores and other forms of scheming than running Nigeria. Chief Ernest Shonekan, a very decent gentleman, was conscripted by Gen. Babangida to do Maigadi as a Head of Interim Government (HIG) while he, Gen. Babangida stepped aside hoping to come back to take his thing back.  Abacha anchored his coming to power by the belief that it was his turn having saved Babangida’s skin in the Orkar coup and the belief that it was his turn to eat.
“Gen. Abdulsalam had been pencilled for retirement before Abacha’s death as we heard and Obasanjo’s jail term had not run its course before Abacha died and his prison trap was sprung. Babangida and his people were not ready and so they wanted Obasanjo to serve as a stop-gap, but they did not know that ‘Uncle Sege’ had branched to Damascus in the course of his trip from Jos to Yola Prison.  He returned from prison, fully baptised and confirmed as Matthew.  Yar’Adua, a decent man, had submitted his papers to teach Chemistry in Ahmadu Bello University, Zaria, at the end of his two terms as Governor.
“Goodluck was a beneficiary of the face-off between such powerful interests like Dangote, Otedola, El-Rufai who used Ribadu’s EFCC to blackmail Odili out of the race for the Vice Presidency (ask Segun Adeniyi for details). So, we have been a nation of leaders with good luck as individuals, but not much to be said for the leadership of the country.
“I have gone to all this length because we owe ourselves an explanation, we owe ourselves a proper reading of our history, we owe ourselves a narrative that can help the young men and women who, through the Nigerian Leadership Initiative (NLI) of which I am a proud founding-father, could and should aspire to lead Nigeria to begin to check out the facts about our country. In that way, we can avoid the mistakes of the past.  Perhaps, it is due to the fly-by-night, conspiratorial scheming that have brought many people to power that has made it impossible for our former leaders to give us a narrative of their involvement in the affairs of our country.
“None of these great men came to office with any degree of mental preparation or experience in governance. The soldiers might have employed subterfuge and treachery to ascend to power, but as we now know, many of them came to power first to settle personal, ethnic or regional scores than to rebuild our nation. They had the best of intentions for the country but a nation as complex as ours, with huge resources but severely undeveloped, required more than just good men and good intentions. This is why the sight of oil and free money threw the military into wild ecstasy and the riches of the nation became a distraction rather than an opportunity for our office holders to deliver on the basics of good governance….”
Between “Mediocre” & “Mediocrity” in Nigerian English
Curiously, the word “mediocrity” appears to be one of the most abused, or wrongly used words by even scholars in Nigeria. All English dictionaries list the word as an “adjective”, a qualifier. But in Nigeria, most users have turned it to a “Proper Noun” and so whoever puts up a mediocre performance as a “mediocre”. There is no such word in any English dictionary.     The correct word is “mediocrity”. Anybody that showcases a mediocre performance is called a “mediocrity”. Please check this up in your dictionary. That is the beginning of the war against mediocrity in Nigeria. Note Please: It is not correct to call anyone a “mediocre”. The correct word is “mediocrity”. The word mediocrity is used both as a “Common and Proper Noun”.
Author of this article: By Martins Oloja, Editor

Mediocrity overtakes graft, wrecks Nigeria




femke-oyingbomarket
‘NEEDLESS to say the politician is probably hailed by those awaiting part of the loot he is stealing; the writer might have got his sponsorship from buddies he has been sucking up to in hagiographies paid for by the subjects; and the young woman’s promotion is likely to be an exchange for sex or the expectancy of it. So, some form of corruption plays a role in all of these examples.
But corruption per se does not necessarily stand in the way of development. Otherwise, a country like Indonesia — number 118 on Transparency International’s Corruption Perception Index, not that far removed from Nigeria’s 139 — would never have made it to the G-20 group of major economies. An even more serious obstacle to development is the lack of repercussions for under-achievement. Who in Nigeria is ever held accountable for substandard performance?
Since I came here, I have been on a futile search for a stable Internet connection that does what it promises. I started with an MTN FastLink modem (I consider the name a cruel joke), and then I moved on to an Etisalat MiFi connection (I regularly had to keep myself from throwing the bloody thing against the wall), and now I am trying out Cobranet’s U-Go. I shouldn’t have bothered: equally crap. And everyone knows this. They groan and mutter and tweet about it. But still, to my surprise, no one calls for a class-action suit against those deceitful providers.
A one-day conference I attended last year left me equally puzzled. Organisation, attendance and outcome left a lot to be desired, if you ask me. But over cocktails, after the closing ceremony, everyone congratulated each other over the wonderful conference—that started two hours late, of which the most animated part was undeniably lunch, and in which not a single tangible decision had been made. This left me wondering whether we had attended the same event.
I thought these issues to be unrelated at first, but gradually I came to see the connection. Nigeria is the opposite of a meritocracy: you do not earn by achieving. You get to be who and where you are by knowing the right people. Whether you work in an office, for an enterprise or an NGO, at a construction site or in government, your abilities hardly ever are the reason you got there. Performing well, let alone with excellence, is not a requirement, in fact, it is discouraged. It would be too threatening: showing you’re more intelligent, capable or competent than the ‘oga at the top’ (who, as a rule, is not an over-achiever either) is career suicide.
It is an attitude that trickles down from the very top, its symptoms eventually showing up in all of society, from bad governance to bad service to bad craftsmanship.
Where excellence meets no gratification, what remains to be celebrated is under-achievement. That is why it is not uncommon to find Nigerians congratulating each other with sub-standard results. It is safer to cuddle up comfortably in shared mediocrity than to question it, since the latter might also expose your own less than exceptional performance. Add to this the taboo of criticising anyone senior or higher up and it explains why so many join in the admiration of the emperor’s new clothes.
I have been writing this column for the last year, and after 10 months, I realised my angles were getting more predictable and my pieces less edgy. I figured newcomers do not remain newcomers forever and therefore decided to round up the ‘Femke Becomes Funke’ series this month, a year after it started. Ever since I announced the ending, tweeps have been asking me to change my mind and in comments on the columns and through my website, I get songs of praise that make me feel my analyses of Nigerian society are indispensable. If I had no sense of self-criticism, I might be tempted to reconsider my decision to discontinue the series and start producing second-rate articles. Who would point this out to me if I did?
The hardest thing to do in Nigeria is to continue to realise there is honour in achievement and pride in perfection. I imagine the frustration of the many Nigerians who do care for their work, who take pride in their outcomes and who feel the award is in a job well done. When you know beforehand that excellence will not be rewarded, you are bound to do the economically sane thing and limit your investments to accomplishing the bare minimum. This makes Nigeria a pretty cumbersome place for anyone striving for perfection.
This piece by Femke van Zeijl, a Dutch journalist/writer who lives and works in Lagos, was culled from www.fvz-journaliste.nl/english.php. Van Zeijl is the author of the Gin-tonic and Cholera, a book on city life in Africa.
Author of this article: EDITOR

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Nigeria: Sanusi's Monetary Policy Scorecard in 5 Years


BY BLESSING ANARO


ANALYSIS
Nothing lasts forever. The regime of one of the most controversial Central Bank of Nigeria (CBN) governors will come to an end this year.
Sanusi Lamido Sanusi, CBN governor in a rare move that contradicts the 'Nigerian character,' opted out of a second term arrangement and thus, may not vie for the position in 2014.
Sanusi, the bold and courageous CBN governor, announced his intention not to seek reappointment in 2014. This only formalises speculations that he is not interested in a second term.
His decision came a day after the Monetary Policy Committee (MPC) held its 2nd meeting in 2013, where it retained its tightening stance, leaving interest rates unchanged.
Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company Limited said the combination of his imminent exit from the Nigerian policy making scene and the MPC's decision has only served to increase the interest and jitters about the implication of these events on the markets, monetary policy and Nigeria's sovereign credit rating.
Sanusi was sworn-in as the CBN governor on June 3, 2009, in the midst of a banking crisis of confidence, solvency and liquidity. He came at a time of global financial turmoil and domestic uncertainty. His job was cut out for him. The scorecard below shows a "then and now" comparison.
Monetary policy as defined by Augus Swanenberg in the book, Macroeconomics Demystified "is a Central Bank's policy directed or causing changes in the availability of money in the economy in order to achieve price stability." If that definition is anything to go by, then the primary goal of monetary policy therefore, is the stability of price level.
The monetary policy stance during this period was accommodating. The monetary policy regime adopted was that of targeting the intermediate monetary aggregates and by implication, managing inflation. It was in other words, a move towards implied inflation targeting.
The results of the monetary policy strategy are self-evident. Growth rates were elevated within an environment of financial stability. Most of the parameters for evaluating monetary policy performance including exchange rate stability, moderating inflation, capital and trade flows were generally positive.
Rewane argues that the central bank, whilst not adopting the explicit inflation targeting framework, has implemented policy using the discretionary rule.
"No matter what rule, or whether it is anticipatory or reactive, the goals of monetary policy remain the same. In other words, because the economy works best with predictable prices, the stability of the price level is the primary goal of monetary policy. A low single digit price level growth is considered the practical equivalent of price level stability", he said.
Nigeria's inflation rate currently at 9.5 percent (February 2013), is below the Federal Government's target of 12.9 percent. Short and long term interest rates have been approximately 100-200 basis points (bps) above rate of inflation, thus real interest rates have been positive.
Capital formation has grown from a negative of -6.8 percent of Gross Domestic Product (GDP) in 2008 to six percent in 2012. The exchange rate volatility of the naira has been maintained at a +/- 3 percent and there has been greater convergence of rates in the forex market.
The central bank, during this period, moved in an unpredictable manner to protect the value of the naira. It reduced the net open positions of banks and introduced limited exchange controls.
There has been an increase in the inflow of portfolio funds also known as hot money to approximately $12 billion, due to the attractive interest rates and stable currency.
John Okolo, an analyst in Lagos, said foreign investors who brought in these monies will not hesitate to withdraw them the moment they think new policies will not be friendly.
Rewane said, in all, it can be said that the period has been one of revolutionary reforms like the cashless policy and bringing Nigerian monetary policy in line with global best practices.
However, despite the increase in the velocity of circulation of money, growth in intermediate aggregates of money supply has been muted, while inflation has been kept relatively under control.
The CBN Governor's intention to leave office upon completion of his tenure creates a void that will be difficult to fill. Finding a candidate with the appropriate qualities of courage, forthrightness and candor will be a tall order.
Rewane agrees with analysts who are afraid of what will happen to monetary policies between now and when he leaves.
Like foreign portfolio investors who are on the edge, Rewane asked, "Will he be a lame duck, dead duck or keep on with the aggressive autonomy of instruments and policy as of today."
Nigeria
Nigeria Loses U.S.$6Billion Annually to Crude Oil Theft
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Letter from Africa: Chinua Achebe betrayed




A man with an anti-corruption T-shirt in Lagos in January 2012Government critics say corruption is rampant in Nigeria
In our series of letters from Africa, Sola Odunfa in Lagos writes that acclaimed Nigerian author Chinua Achebe, who died last week, was a fierce critic of corruption and misrule and would not have welcome the decision to pardon a former state governor.
Achebe would have preferred his beloved country to climb out of the pit of corruption in his lifetime but the gods did not wish it so.
He died last week while the Nigerian government was labouring to defend its decision to pardon a convicted thief, Diepreye Alamieyeseigha, a former state governor and ally of President Goodluck Jonathan.
Achebe built a strong reputation not only as a literary giant but also as a patriot who felt great pain as his country's politicians thrust daggers of misrule and impunity into its body. He cried through his writings.

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Wherever we went - even to countries of little consequence - presenting our national passport was a signal to immigration and customs officials to be on alert”
Imagine then what his agony would have been when he learnt on his sick bed of the latest government action.
Some people may now suggest that the shock drained the 82-year-old man and what will to live was left in him.
After all, our elders say that a person who lives for too long will see terrible things.
I still remember what hurt many Nigerians suffered in the 1990s when the whole world turned against them because of the crass irresponsibility and lawlessness of their rulers.
Travelling abroad by air was an embarrassing experience for Nigerians. Wherever we went - even to countries of little consequence - presenting our national passport was a signal to immigration and customs officials to be on alert.
'Voracious predators'
The consensus among Nigerians at the time was that the country, under tyrannical military rule, was so corrupt that no Nigerian could, on the surface, be trusted to be earning a clean living - we must all, therefore, be rigorously screened for narcotics and fraudulent intentions when we went abroad.
Acclaimed Nigerian author Chinua Achebe (L) and former South African President Nelson Mandela chat on 12 September 2002 in Cape TownChinua Achebe, seen here with Nelson Mandela, died at the age of 82
But let's face it - corruption and the drugs trade were rampant.
Each successive military government instituted public enquiries which exposed the underbelly of its predecessor in lurid details.
The published reports were disgusting enough for foreigners to ridicule and insult Nigerians individually and collectively.
The death of Sani Abacha brought Nigeria relief and the hostility from abroad stopped.

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The bad old days seem to be creeping in again for Nigerians”
Corruption did not necessarily stop, though. Rather, new and more voracious predators emerged at all levels of government but, unlike their predecessors, they knew how to eat without smearing oil on their lips and cheeks.
In exasperation, then-President Olusegun Obasanjo instituted two anti-corruption agencies to carry out investigations across the country.
The effort netted many officials, including former state governors, ministers and bank executives.
The second, Diepreye Alamieyeseigha, was arrested in the UK in 2005 and charged with money-laundering.
He jumped bail and escaped to Nigeria, reportedly disguised as a woman - although he denies this detail. He was declared a wanted person in the UK.
Diepreye Alamieyeseigha, centre, stands outside his house guarded by policemen in Yenagoa, Nigeria, on 27 November 2005Diepreye Alamieyeseigha denies he fled the UK disguised as a woman
Because his escape became a national scandal the Nigerian authorities went after him, got him impeached as governor and charged him in court.
He pleaded guilty and in 2007 was sentenced to two years in prison. His then deputy, Goodluck Jonathan, took over as state governor. This was the man that Mr Jonathan, now the president, awarded a pardon two weeks ago to national outrage.
The normally conservative Lagos-based newspaper, The Guardian, says the pardon is "patently ill-conceived, morally reprehensible and should be reversed immediately".
Achebe's former colleague and friend, Nobel laureate Wole Soyinka, says it "amounts to encouragement of corruption", though the government defends the decision by saying that the ex-governor had shown remorse and deserved to be pardoned.
I wonder what Achebe would say if he were alive. The bad old days seem to be creeping in again for Nigerians.
If you would like to comment on Sola Odunfa's column, please do so below.