{"id":3283,"date":"2011-05-27T14:29:00","date_gmt":"2011-05-27T14:29:00","guid":{"rendered":"https:\/\/ibrahimsheme.com\/?p=3283"},"modified":"2023-07-03T09:11:58","modified_gmt":"2023-07-03T09:11:58","slug":"is-sanusi-pushing-us-towards-the-stone-age","status":"publish","type":"post","link":"https:\/\/ibrahimsheme.net\/?p=3283","title":{"rendered":"Is Sanusi Pushing Us Towards the Stone Age?"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\">Malam Sanusi Lamido Sanusi is a man whose sense of judgement I would not rush to condemn. His anti-corruption crusade in the banking industry has led to the jailing of hitherto untouchable bank executives and the bail-out of the five big banks that were brought almost to their knees by those thieving, irresponsible bank CEOs, among others. Sanusi\u2019s watershed actions have been endorsed by highly regarded international agencies. Some youths are so proud of the Kano prince that they have in recent times begun a SLS-for-President-in-2015 campaign on Facebook; they see in him a credible, formidable candidate the North could present in the next polls.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">My faith in the man, however, faltered recently when the Central Bank of Nigeria (CBN) announced a policy that would limit cash withdrawals by individuals to N150,000 and by corporate bodies to N1 million only per day. \u201cSilly,\u201d was the word that first came to mind, knowing that in our kind of society the policy would surely bomb even before it takes off. The CBN intends to start operating the policy from June 1, next year, in the urban centres of Lagos, Aba, Port Harcourt, Abuja and Kano. The idea, according to the smart alecks under Governor Sanusi, is to encourage the nation to start moving towards a \u201ccashless economy\u201d such as the ones we see in developed countries.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">On face value, the policy is good because it is an extension of the CBN governor\u2019s legendary anti-corruption fight; it is believed by its supporters that most huge chunks of money withdrawn from banks are for corrupt purposes like money laundering and payment of kickbacks. It would check inflation, they say. The policy, according to these proponents, would also discourage the movement of huge sums that should remain in bank vaults. Moreover, it would help modernise our financial system further and bring it closer to those of developed economies.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Granted that these are welcomed ideas. But would they translate into the overnight modernisation of the system? In the first place, the policy is cumbersome; one Facebooker wondered: \u201cSo, if I want to use let\u2019s say N750k from my account, does that mean I should start withdrawing from Monday, each day N150k?\u201d This shows that the amounts pegged are too small. This fact is even more glaring when you consider that our economy is not THAT developed; people are still learning how to use simple devises such as the ATM, with many in fact running away from them. Credit card usage is very minimal.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">I also beg to disagree with those who claim that most huge withdrawals are for laundering, kickbacks and money politics. Crooks can still do these within the proposed limits as they are going to find ways to circumvent the rules in spite of the CBN\u2019s threat. For instance, individuals would register fake companies in order to be able to withdraw high sums for personal use. I rather tend to look at the mind-boggling cash transactions taking place in our big markets, where grain merchants, cloth dealers, car sellers, etc., engage in mostly gargantuan cash transactions.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The CBN has over 12 months to force the policy down our throats, as such there is time to re-examine it. The first thing the apex bank should consider is the small size of the pegged amounts. One, therefore, suggests that the withdrawal limits should be raised to N500,000 for individuals and N3 million for corporate customers. Two, the bank should extend the take-off date of the policy by another year. Within this period, it should gear attention towards readying the country for an electronic economy, complete with a suffusion of credit card usage nationwide and strengthening of the naira\u2019s value, among others. We should take note that enforcing Sanusi\u2019s new initiative without amendments could virtually take the nation back to the Stone Age where monies were kept under beds or, to put it appropriately, under stones. Needless to say, thieves and armed robbers would find it easier to collect money from persons and families who are forced to keep their cash within reach.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Published in the 1st issue of BLUEPRINT, on May 16, 2011<\/p>\r\n<div class=\"pvc_clear\"><\/div><p id=\"pvc_stats_3283\" class=\"pvc_stats total_only  \" data-element-id=\"3283\" style=\"\"><i class=\"pvc-stats-icon medium\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.0\" viewBox=\"0 0 502 315\" preserveAspectRatio=\"xMidYMid meet\"><g transform=\"translate(0,332) scale(0.1,-0.1)\" fill=\"\" stroke=\"none\"><path d=\"M2394 3279 l-29 -30 -3 -207 c-2 -182 0 -211 15 -242 39 -76 157 -76 196 0 15 31 17 60 15 243 l-3 209 -33 29 c-26 23 -41 29 -80 29 -41 0 -53 -5 -78 -31z\"\/><path d=\"M3085 3251 c-45 -19 -58 -50 -96 -229 -47 -217 -49 -260 -13 -295 52 -53 146 -42 177 20 16 31 87 366 87 410 0 70 -86 122 -155 94z\"\/><path d=\"M1751 3234 c-13 -9 -29 -31 -37 -50 -12 -29 -10 -49 21 -204 19 -94 39 -189 45 -210 14 -50 54 -80 110 -80 34 0 48 6 76 34 21 21 34 44 34 59 0 14 -18 113 -40 219 -37 178 -43 195 -70 221 -36 32 -101 37 -139 11z\"\/><path d=\"M1163 3073 c-36 -7 -73 -59 -73 -102 0 -56 133 -378 171 -413 34 -32 83 -37 129 -13 70 36 67 87 -16 290 -86 209 -89 214 -129 231 -35 14 -42 15 -82 7z\"\/><path d=\"M3689 3066 c-15 -9 -33 -30 -42 -48 -48 -103 -147 -355 -147 -375 0 -98 131 -148 192 -74 13 15 57 108 97 206 80 196 84 226 37 273 -30 30 -99 39 -137 18z\"\/><path d=\"M583 2784 c-38 -19 -67 -74 -58 -113 9 -42 211 -354 242 -373 16 -10 45 -18 66 -18 51 0 107 52 107 100 0 39 -1 41 -124 234 -80 126 -108 162 -133 173 -41 17 -61 16 -100 -3z\"\/><path d=\"M4250 2784 c-14 -9 -74 -91 -133 -183 -95 -150 -107 -173 -107 -213 0 -55 33 -94 87 -104 67 -13 90 8 211 198 130 202 137 225 78 284 -27 27 -42 34 -72 34 -22 0 -50 -8 -64 -16z\"\/><path d=\"M2275 2693 c-553 -48 -1095 -270 -1585 -649 -135 -104 -459 -423 -483 -476 -23 -49 -22 -139 2 -186 73 -142 361 -457 571 -626 285 -228 642 -407 990 -497 242 -63 336 -73 660 -74 310 0 370 5 595 52 535 111 1045 392 1455 803 122 121 250 273 275 326 19 41 19 137 0 174 -41 79 -309 363 -465 492 -447 370 -946 591 -1479 653 -113 14 -422 18 -536 8z m395 -428 c171 -34 330 -124 456 -258 112 -119 167 -219 211 -378 27 -96 24 -300 -5 -401 -72 -255 -236 -447 -474 -557 -132 -62 -201 -76 -368 -76 -167 0 -236 14 -368 76 -213 98 -373 271 -451 485 -162 444 86 934 547 1084 153 49 292 57 452 25z m909 -232 c222 -123 408 -262 593 -441 76 -74 138 -139 138 -144 0 -16 -233 -242 -330 -319 -155 -123 -309 -223 -461 -299 l-81 -41 32 46 c18 26 49 83 70 128 143 306 141 649 -6 957 -25 52 -61 116 -79 142 l-34 47 45 -20 c26 -10 76 -36 113 -56z m-2057 25 c-40 -58 -105 -190 -130 -263 -110 -324 -59 -707 132 -981 25 -35 42 -64 37 -64 -19 0 -241 119 -326 174 -188 122 -406 314 -532 468 l-58 71 108 103 c185 178 428 349 672 473 66 33 121 60 123 61 2 0 -10 -19 -26 -42z\"\/><path d=\"M2375 1950 c-198 -44 -350 -190 -395 -379 -18 -76 -8 -221 19 -290 114 -284 457 -406 731 -260 98 52 188 154 231 260 27 69 37 214 19 290 -38 163 -166 304 -326 360 -67 23 -215 33 -279 19z\"\/><\/g><\/svg><\/i> <img loading=\"lazy\" decoding=\"async\" width=\"16\" height=\"16\" alt=\"Loading\" src=\"https:\/\/ibrahimsheme.net\/wp-content\/plugins\/page-views-count\/ajax-loader-2x.gif\" border=0 \/><\/p><div class=\"pvc_clear\"><\/div>","protected":false},"excerpt":{"rendered":"<p>Malam Sanusi Lamido Sanusi is a man whose sense of judgement I would not rush to condemn. His anti-corruption crusade in the banking industry has led to the jailing of hitherto untouchable bank executives and the bail-out of the five big banks that were brought almost to their knees by those thieving, irresponsible bank CEOs, [&hellip;]<\/p>\n<div class=\"pvc_clear\"><\/div>\n<p id=\"pvc_stats_3283\" class=\"pvc_stats total_only  \" data-element-id=\"3283\" style=\"\"><i class=\"pvc-stats-icon medium\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.0\" viewBox=\"0 0 502 315\" preserveAspectRatio=\"xMidYMid meet\"><g transform=\"translate(0,332) scale(0.1,-0.1)\" fill=\"\" stroke=\"none\"><path d=\"M2394 3279 l-29 -30 -3 -207 c-2 -182 0 -211 15 -242 39 -76 157 -76 196 0 15 31 17 60 15 243 l-3 209 -33 29 c-26 23 -41 29 -80 29 -41 0 -53 -5 -78 -31z\"\/><path d=\"M3085 3251 c-45 -19 -58 -50 -96 -229 -47 -217 -49 -260 -13 -295 52 -53 146 -42 177 20 16 31 87 366 87 410 0 70 -86 122 -155 94z\"\/><path d=\"M1751 3234 c-13 -9 -29 -31 -37 -50 -12 -29 -10 -49 21 -204 19 -94 39 -189 45 -210 14 -50 54 -80 110 -80 34 0 48 6 76 34 21 21 34 44 34 59 0 14 -18 113 -40 219 -37 178 -43 195 -70 221 -36 32 -101 37 -139 11z\"\/><path d=\"M1163 3073 c-36 -7 -73 -59 -73 -102 0 -56 133 -378 171 -413 34 -32 83 -37 129 -13 70 36 67 87 -16 290 -86 209 -89 214 -129 231 -35 14 -42 15 -82 7z\"\/><path d=\"M3689 3066 c-15 -9 -33 -30 -42 -48 -48 -103 -147 -355 -147 -375 0 -98 131 -148 192 -74 13 15 57 108 97 206 80 196 84 226 37 273 -30 30 -99 39 -137 18z\"\/><path d=\"M583 2784 c-38 -19 -67 -74 -58 -113 9 -42 211 -354 242 -373 16 -10 45 -18 66 -18 51 0 107 52 107 100 0 39 -1 41 -124 234 -80 126 -108 162 -133 173 -41 17 -61 16 -100 -3z\"\/><path d=\"M4250 2784 c-14 -9 -74 -91 -133 -183 -95 -150 -107 -173 -107 -213 0 -55 33 -94 87 -104 67 -13 90 8 211 198 130 202 137 225 78 284 -27 27 -42 34 -72 34 -22 0 -50 -8 -64 -16z\"\/><path d=\"M2275 2693 c-553 -48 -1095 -270 -1585 -649 -135 -104 -459 -423 -483 -476 -23 -49 -22 -139 2 -186 73 -142 361 -457 571 -626 285 -228 642 -407 990 -497 242 -63 336 -73 660 -74 310 0 370 5 595 52 535 111 1045 392 1455 803 122 121 250 273 275 326 19 41 19 137 0 174 -41 79 -309 363 -465 492 -447 370 -946 591 -1479 653 -113 14 -422 18 -536 8z m395 -428 c171 -34 330 -124 456 -258 112 -119 167 -219 211 -378 27 -96 24 -300 -5 -401 -72 -255 -236 -447 -474 -557 -132 -62 -201 -76 -368 -76 -167 0 -236 14 -368 76 -213 98 -373 271 -451 485 -162 444 86 934 547 1084 153 49 292 57 452 25z m909 -232 c222 -123 408 -262 593 -441 76 -74 138 -139 138 -144 0 -16 -233 -242 -330 -319 -155 -123 -309 -223 -461 -299 l-81 -41 32 46 c18 26 49 83 70 128 143 306 141 649 -6 957 -25 52 -61 116 -79 142 l-34 47 45 -20 c26 -10 76 -36 113 -56z m-2057 25 c-40 -58 -105 -190 -130 -263 -110 -324 -59 -707 132 -981 25 -35 42 -64 37 -64 -19 0 -241 119 -326 174 -188 122 -406 314 -532 468 l-58 71 108 103 c185 178 428 349 672 473 66 33 121 60 123 61 2 0 -10 -19 -26 -42z\"\/><path d=\"M2375 1950 c-198 -44 -350 -190 -395 -379 -18 -76 -8 -221 19 -290 114 -284 457 -406 731 -260 98 52 188 154 231 260 27 69 37 214 19 290 -38 163 -166 304 -326 360 -67 23 -215 33 -279 19z\"\/><\/g><\/svg><\/i> <img loading=\"lazy\" decoding=\"async\" width=\"16\" height=\"16\" alt=\"Loading\" src=\"https:\/\/ibrahimsheme.net\/wp-content\/plugins\/page-views-count\/ajax-loader-2x.gif\" border=0 \/><\/p>\n<div class=\"pvc_clear\"><\/div>\n","protected":false},"author":4,"featured_media":3284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_FSMCFIC_featured_image_caption":"Sunus Lamido","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[3],"tags":[],"class_list":["post-3283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-columns"],"a3_pvc":{"activated":true,"total_views":13,"today_views":0},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is Sanusi Pushing Us Towards the Stone Age? - Ibrahim Sheme<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ibrahimsheme.net\/?p=3283\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Sanusi Pushing Us Towards the Stone Age? - Ibrahim Sheme\" \/>\n<meta property=\"og:description\" content=\"Malam Sanusi Lamido Sanusi is a man whose sense of judgement I would not rush to condemn. His anti-corruption crusade in the banking industry has led to the jailing of hitherto untouchable bank executives and the bail-out of the five big banks that were brought almost to their knees by those thieving, irresponsible bank CEOs, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ibrahimsheme.net\/?p=3283\" \/>\n<meta property=\"og:site_name\" content=\"Ibrahim Sheme\" \/>\n<meta property=\"article:published_time\" content=\"2011-05-27T14:29:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-03T09:11:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ibrahimsheme.net\/wp-content\/uploads\/2022\/11\/Lamido_Sanusi_Time__282264160.png?fit=280%2C207&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"280\" \/>\n\t<meta property=\"og:image:height\" content=\"207\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Nafisat\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ibrahim Sheme\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/ibrahimsheme.net\\\/?p=3283#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ibrahimsheme.net\\\/?p=3283\"},\"author\":{\"name\":\"Nafisat\",\"@id\":\"https:\\\/\\\/ibrahimsheme.net\\\/#\\\/schema\\\/person\\\/bb4e2be5e35db546de899bf1493897e4\"},\"headline\":\"Is Sanusi Pushing Us Towards the Stone Age?\",\"datePublished\":\"2011-05-27T14:29:00+00:00\",\"dateModified\":\"2023-07-03T09:11:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ibrahimsheme.net\\\/?p=3283\"},\"wordCount\":700,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ibrahimsheme.net\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ibrahimsheme.net\\\/?p=3283#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ibrahimsheme.net\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/Lamido_Sanusi_Time__282264160.png\",\"articleSection\":[\"Columns\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ibrahimsheme.net\\\/?p=3283#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ibrahimsheme.net\\\/?p=3283\",\"url\":\"https:\\\/\\\/ibrahimsheme.net\\\/?p=3283\",\"name\":\"Is Sanusi Pushing Us Towards the Stone Age? 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His anti-corruption crusade in the banking industry has led to the jailing of hitherto untouchable bank executives and the bail-out of the five big banks that were brought almost to their knees by those thieving, irresponsible bank CEOs, [&hellip;]","og_url":"https:\/\/ibrahimsheme.net\/?p=3283","og_site_name":"Ibrahim Sheme","article_published_time":"2011-05-27T14:29:00+00:00","article_modified_time":"2023-07-03T09:11:58+00:00","og_image":[{"width":280,"height":207,"url":"https:\/\/i0.wp.com\/ibrahimsheme.net\/wp-content\/uploads\/2022\/11\/Lamido_Sanusi_Time__282264160.png?fit=280%2C207&ssl=1","type":"image\/png"}],"author":"Nafisat","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Ibrahim Sheme","Estimated reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ibrahimsheme.net\/?p=3283#article","isPartOf":{"@id":"https:\/\/ibrahimsheme.net\/?p=3283"},"author":{"name":"Nafisat","@id":"https:\/\/ibrahimsheme.net\/#\/schema\/person\/bb4e2be5e35db546de899bf1493897e4"},"headline":"Is Sanusi Pushing Us Towards the Stone Age?","datePublished":"2011-05-27T14:29:00+00:00","dateModified":"2023-07-03T09:11:58+00:00","mainEntityOfPage":{"@id":"https:\/\/ibrahimsheme.net\/?p=3283"},"wordCount":700,"commentCount":0,"publisher":{"@id":"https:\/\/ibrahimsheme.net\/#organization"},"image":{"@id":"https:\/\/ibrahimsheme.net\/?p=3283#primaryimage"},"thumbnailUrl":"https:\/\/ibrahimsheme.net\/wp-content\/uploads\/2022\/11\/Lamido_Sanusi_Time__282264160.png","articleSection":["Columns"],"inLanguage":"en-GB","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibrahimsheme.net\/?p=3283#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibrahimsheme.net\/?p=3283","url":"https:\/\/ibrahimsheme.net\/?p=3283","name":"Is Sanusi Pushing Us Towards the Stone Age? 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