By Dele Sobowale “When the going gets tough, the tough gets going.” — John Wayne, US Actor Right now, nobody on earth has a tougher assignment than you. You have my sympathies. Because you lead a team of Deputy Governors, all new to the Central Bank of Nigeria, CBN, embarking on the nearest thing to “Mission Impossible”, I want to start by congratulating you on your appointment as Governor of CBN. The occupant of that seat is the Governor of Governors. None of the thirty-six elected Governors can impact our lives as the CBN Governor. In fact, once you are sworn in, you will become the second most powerful man in Nigeria — after the President. It is an awesome responsibility which will test your competence and character every single minute. So, let me start by assuring you of support in the discharge of your duties — as long as you operate within the confines of your legal responsibilities. Despite the fact that you are Yoruba and from my Popo Aguda area of Lagos Island, I must inform you that it is the policy here to be objective and not allow ethnic sentiments to get in the way of the truth. You must agree that Nigeria’s interests demands nothing else. Incidentally, you are the second CBN Governor born and raised in our Lagos Island. Late Pa Ola Vincent, scion of the Vincent family of No.8, Vincent Street, Lagos Island, was CBN Governor from 1977 to 1982. I was not in the media at the time. From information available to me, Pa Vincent served without blemish. I wish you the same — whether one or two terms. So, rest assured that you will receive support when it is the right thing to do irrespective of the number of those rising against you. You will also receive lessons in history of the CBN, and advice; whether you ask for it or not. That is one of the responsibilities of those privileged to write columns; dispensing views. As a matter of fact, you are about to receive a few now, which it will profit you to remember. Short history of CBN. “When an old man dies, you lose a library.” – Anonymous. Because you are being thrown into the deep-end of financial crisis engulfing the CBN, you will not have the time to read the history of the bank. Let me summarise for you the crucial ones that must be remembered. As you will soon get to know, I have been on this page since 1987 and have observed five CBN Governors at close quarters. Abdulkadir Ahmed, 1982-1993, was the longest serving Governor, eleven years in all. He taught me a lesson about how powerful CBN Governors can be. He ordered me arrested and detained for more than twelve hours on account of one article written, titled ”CBN: Confused Bank of Nigeria”. I warned the Governor that a dual-exchange rate system would defeat the aims and objectives of the Structural Adjustment Programme, SAP, launched by the Babangida administration. I also opposed the weekly Dutch auction of foreign exchange to banks. Ahmed was furious. The affair ended peacefully by Divine intervention. He lived long enough to see SAP become a major problem for Ex-President Babangida, as all the banks engaged in round-tripping and steadily pushed up the exchange rate. Dr Paul Ogwuma, 1993-1999, and I actually worked together without meeting face to face. My article titled FUNNY MONEY, not only exposed how most of the banks were falsifying their Annual Reports and Accounts, it led to the promulgation of the Failed Banks (Recovery of Debts) and Financial Malpractices Act of 1994. I had pointed out in the article that virtually all banks, at the time were falsifying their accounts. It made no sense that banks would be declaring record profits and paying huge dividends to shareholders in an economy that was growing at two per cent and there was massive unemployment. Nineteen banks were specifically named among those I suspected distressed after analysing their returns for three years. Related News Why youths stand for Mohbad in death, By Owei Lakemfa How Nigeria’s courts became ‘the lost hope of the common man’, By Chidi Odinkalu Deputy Governor’s impeachment: Akeredolu, beware, By Tonnie Iredia In the end, 17 of the banks went under. Two were saved by forced merger by the military government. I was warning the Abacha government despite two trips to detention under the regime. The bank crisis which started in 1994 resulted in the crash of the Nigerian Stock Exchange, NGX, two years after. Chief J O Sanusi, 1999-2004, was the last CBN Governor to start and end his five years tenure without a major incident. Why he was denied a second term by Obasanjo remains a mystery. He was, however, the second Yoruba Governor of CBN to be appointed. Professor Chukwumah Soludo, 2004 to 2009, was the first of three highly controversial governors we have had in a row. They include Malam Sanusi Lamido Sanusi, 2009-2014 and Godwin Emefiele, 2014-2023. Before going forward, let me give you the first strict warning. Avoid radical changes and don’t tamper with the currency. Soludo was denied a second term in office because Banking Consolidation collapsed. From 25 banks approved in 2006, by the CBN, less than 12 were in good shape by 2009. More importantly, Soludo had to go because he had proposed re-decimalisation of our currency as a short-cut to taming rising exchange rates and inflation. The measure would have meant that our highest currency would have been N100; billionaires would have become ordinary millionaires; and millionaires mere “thousandnaires”. He had even minted coins for ten and five naira to replace bills. He announced the reforms to a packed hall in the CBN Auditorium; and received polite applause. I was there; and that evening attended a meeting of highly influential people in Kano — where a call was made to Yar’Adua by one of them. “Soludo must go”; said the billionaire to

  By Dakuku Peterside PRESIDENT Bola Tinubu and Vice President Kashim Shettima, in their first 100 days in office, hold the record of the most travelled presidency since 1999. The President’s first trip abroad was to France to participate in the Summit for a New Global Financing Pact. Next was attending the ECOWAS summit in Guinea Bissau, then the AU meeting in Kenya and the G-20 Summit in India quickly followed. His biggest on the global stage is the UN General Assembly, UNGA, last week in New York. These exclude stopovers in Benin Republic, London and the UAE. Vice President Kashim Shettima, on his part, has represented the President in Italy, Russia and at the G77 Summit in Cuba. Some diplomacy scholars have described the President’s diplomatic shuttle as regenerating economic growth through foreign policy. A common theme in the President’s many foreign trips is the search for Foreign Direct Investment, FDI, re-establishing Nigeria as the premium economic powerhouse in Africa and situating her regional leadership status across the sub-Saharan region. Historically, this would not be Nigeria’s first attempt to weave her foreign policy around economic diplomacy.   General Ike Nwachukwu, as IBB’s Foreign Minister, introduced economic diplomacy as a conscious policy. It simply meant that Nigeria’s economic interests would guide her external affairs. That interest emphasised Afrocentric self-reliance. The success or failure of the current economic diplomacy is left for political economists to decipher. However, this new government is wittingly or unwittingly being bullish internationally and weaving Nigeria’s socio-economic renaissance on her regional relevance and soft power in dealing with subregional problems like the coups in the West African region and beyond. It is also a collaboration with global powers and global private capital to direct investments to Nigeria. The President is eager to show the world that Nigeria is ready and open for business and the new government is a significant driver in facilitating and enabling such businesses. Nigerians are divided about the value of these global engagements and diplomatic shuttles. Two schools of thought have emerged. First, those who believe our economic growth can only be strengthened by solid external relations. Especially one that prioritises attracting foreign capital to build up our capital base. The second school believes that the frequency of travel is unacceptable as economic diplomacy as the mainstay of our economic plans is short-sighted. This school believes the country should tackle foundational issues such as insecurity, decrepit infrastructure, poor governance and inefficient institutions before inviting foreign investors. Both schools have some merit in their arguments. A critical review of these two schools reveals they are not as dichotomous and polarised as they may seem at first. They are part of a two-pod solution to the economic regeneration of Nigeria. A comprehensive economic plan that combines economic diplomacy’s merits, revitalises domestic structural and economic systems by tackling fundamental local problems is needed and must be implemented efficiently. There is no chicken-and-egg situation here. One must not do one before the other sequentially. Instead, economic diplomacy can be woven together with domestic improvements so that both work together and reify each other to produce more remarkable results. I advocate a multi-prong approach to bringing about growth in Nigeria. However, we must synchronise these approaches so they are not counterproductive. Thus far, it is established that Nigeria, under President Tinubu, intentionally or unintentionally, is changing the focus of her foreign policy to an economic growth-led policy. Therefore, the government must match its extensive travels with articulating an overarching economic agenda showing a direction. Only such an agenda can drive this new economy-centric foreign policy regime. The second established issue is the need to address institutional, infrastructural and socio-economic barriers that can stop us from realising the benefits of economic diplomacy. Indeed, the obstacles are mountainous. The recent disruptions in the domestic economy need to be fixed quickly with a balance of structural economic innovation and social responsibility at home. The message of economic reform must showcase something new on offer from Nigeria. Otherwise, we will have only executive air miles to show at the end. Global capital goes where there are clear opportunities that are unencumbered. These opportunities must exist in a context of manageable risk and good returns on investment. The Tinubu administration is gradually providing the enabling environment for FDI when it pledged to allow companies to repatriate revenue through an open and robust exchange system. We advocate that despite the temporary pain of these economic reforms, the government must sanitise the system and make it fit for purpose to attract investments both locally and abroad. The phrase “strong abroad, weak at home” typifies the common sentiment expressed by observers of Nigerian politics and governance. It reflects the perception that Nigeria tends to perform better internationally than it does in addressing her domestic challenges. This perception creates bias immediately. When Nigerians feel that a government is bullish internationally, the assumption is that the government will neglect domestic needs. Nigeria faces numerous domestic challenges. These challenges include political instability, corruption, inadequate infrastructure, a struggling healthcare system, a poorly performing education system, high poverty levels, unemployment and insecurity. These issues have hindered the country’s socio-economic development and the well-being of citizens. The government must prioritise these issues as Nigeria strives to convince the world to come and do business with us. Furthermore, this Nigerian leadership must address the perceived hypocrisy of Nigerian leaders. What we say to foreign investors differs from what we do at home. The policy environment (fiscal/monetary) could be more stable yet often out of sync with global best practices. The Nigerian factor makes most policies difficult to implement and impunity reigns supreme. The integrity of actors, actions and processes is sine qua non with the trust deficit inherent in the Nigerian business environment. This we must urgently address and Nigeria’s leadership must imbibe and exemplify this. We must never forget that nothing is permanent. Our regional and continental position is often under threat. Knowingly or unknowingly, in our quest to attract FDI