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So today we bring you Sanusi Lamido Sanusi biography, age, career, state of origin, profile, wife, house, net worth and many more.
Sanusi Lamido Sanusi Biography
Sanusi Lamido Sanusi was born on 31 July 1961, he is known by the religious title Khalifa Sanusi II.
He is a spiritual leader in the Tijanniyah Sufi order of Nigeria. He is a member of the Dabo dynasty and was emir (sarki) of the ancient city-state of Kano.
He was born in Kano in 1961 into the royal family as the grandson of Muhammadu Sanusi I.
He succeeded his great-uncle Ado Bayero to the throne on 8 June 2014, and spent most of his reign advocating for cultural reform in Northern Nigeria, until his dethronement on 9 March 2020 by the state government.
Early Life and Education
Sanusi was born on 31 July 1961 in Kano to a ruling class Fulani family of the Sullubawa clan.
He grew up in the palace of his great-uncle Ado Bayero, who reigned for over five decades.
His father, Aminu Sanusi, was a prince and diplomat who served as the ambassador to Belgium, China and Canada, and later permanent secretary of the Ministry of Foreign Affairs.
He was also the Chiroma of Kano and son of Muhammadu Sanusi I, who was the 11th Fulani Emir of Kano from 1953 to 1963, when he was deposed by his cousin Sir Ahmadu Bello.
Sanusi received early religious education at home, where he learnt Qur’an and the traditions of Prophet Muhammad.
He then attended St. Annes Primary School, a Catholic boarding school in Kaduna, before proceeding to King’s College, Lagos from 1973 to 1977.
He received a bachelor’s degree in Economics from the Ahmadu Bello University in 1981.
After graduating, he spent a year undergoing his National Youth Service as a teacher in a girls boarding school in Yola.
He then returned to the university where he received a master’s degree in Economics in 1983, and lectured at the faculty for two years.
Sanusi later moved to Khartoum where he read Islamic studies at the International University of Africa.
He became fluent in Arabic and also studied the Qur’an, law (fiqh) and philosophy (falsafa), amongst others, he read the works of prominent Western thinkers and Islamic authorities and was also exposed to the four Sunni madhhabs of Hanafi, Maliki, Shafi’i and Hanbali.
Sanusi Lamido Sanusi Career
In 1985, Sanusi began his banking career when he was hired by Icon Limited (a subsidiary of Barings Bank and Morgan Guaranty Trust) – as a merchant banker before later becoming head of financial services and manager of the office in Kano.
He left the bank in 1991, when he travelled to Sudan, to pursue studies in Arabic and Islamic studies at the International University of Africa in Khartoum.
In 1997, he returned to Nigeria and joined the United Bank for Africa working in the credit and risk management division – he rose through the ranks to the position of general manager.
In 2005, Sanusi became a board member and executive director in charge of risk management at First Bank of Nigeria – Nigeria’s oldest bank, and one of Africa’s largest financial institutions.
In January 2009, Sanusi became the chief executive officer, becoming the first northern Nigerian to head the bank.
On 1 June 2009, Sanusi was nominated as Governor of the Central Bank of Nigeria by President Umaru Musa Yar’Adua; his appointment was confirmed by the Nigerian Senate on 3 June 2009, during the global financial crisis.
In Nigeria, the effect of the crisis took a hit at the economy and the banking system, with the stock market collapsing by nearly 70%.
It was amidst this crisis that Sanusi led the central bank in rescuing top tier banks with over ₦600 billion of public money, dismissing and imprisoning chief executives who had mismanaged customer deposits – and strictly dealing with banks found responsible for financial crimes.
Sanusi attributed the crash in the capital markets to “financial illiteracy” on the part of Nigerian investors.
He also introduced a consolidation process which reduced the number of Nigerian banks through merger and acquisitions, in a bid to make them stronger and more accountable to depositors.
He also led efforts in increasing the level of investment in infrastructure and support for small and medium enterprises.
Sanusi’s tenure initiated several extensive banking reforms termed the “Sanusi Tsunami”.
The reforms were built around four pillars: enhancing the quality of banks, establishing financial stability, enabling healthy financial sector evolution and ensuring the financial sector contributes to the real economy.
Sanusi developed the cashless policy – whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties; he also introduced and supported the establishment of Islamic banking in Nigeria, a move which was criticized by the Christian Association of Nigeria.
He also clashed with the National Assembly over its budgetary spending of 25% of all government revenue; and rejected the International Monetary Fund insistence for a currency devaluation.
He also advised the government on the removal of the fuel subsidy, which he argued engendered a culture of high level corruption and economic inefficiency – the removal of the subsidy was unpopular and led to the Occupy Nigeria movement, which called for his resignation.
His reforms received both criticism and appraisal from the industry. The Banker magazine recognised him as the 2010 Central Bank Governor of the Year, for his reforms and leading a radical anti-corruption campaign in the sector – the first of its kind during the financial crisis.
Sanusi is widely recognized for pacifying the overtly corrupt banking industry and his contribution to a risk management culture in Nigerian banking.
Sanusi has spoken at a number of international events including the 2013 World Economic Forum.
In December 2013, Sanusi in a leaked letter to President Goodluck Jonathan revealed that the Nigeria National Petroleum Corporation (NNPC) failed to remit US$48.9 billion of government oil revenue to the central bank– the NNPC has a history of financial irregularities and oversees the corrupt petroleum industry in Nigeria.
In February 2014, after a series of public investigations and raising the alarm on the US$20 billion NNPC scandal, Sanusi was suspended as Governor of the Central Bank of Nigeria by President Goodluck Jonathan.
In April 2014, he won a court case against the federal government, after he was detained and his international passport confiscated by the State Security Service.
Sanusi Lamido Sanusi Net Worth
Sanusi Lamido Sanusi is known by the religious title Khalifa Sanusi II. He has an estimated net worth of $10 millions.