Early Life and Education
Muhammad Sanusi II, born Sanusi Lamido Sanusi, was born into the royal family of Kano on July 31, 1961. His lineage connects him to a rich legacy of leadership as he is the grandson of Emir Muhammadu Sanusi I, who reigned as Emir of Kano from 1953 to 1963. Sanusi grew up in an environment steeped in tradition and leadership, which shaped his worldview.
Sanusi pursued higher education at King’s College in Lagos before moving on to Ahmadu Bello University, where he earned a degree in Economics in 1981. He later completed a master’s degree in Development Economics at the same institution and furthered his education at several prestigious universities abroad, including the University of Khartoum in Sudan and the International University of Japan. His robust educational background gave him a global perspective, which he carried into his professional life.
Career in Banking and Economics
Sanusi’s early career was rooted in the banking sector, where he rose quickly due to his expertise and strong understanding of economic principles. He began his professional journey at Icon Limited, a subsidiary of Barclays Bank, where he worked as a banker. His keen insights into Nigeria’s financial system earned him a position at United Bank for Africa (UBA) in 1997, where he rose to the rank of Executive Director.
In 2005, Sanusi joined First Bank of Nigeria, one of the largest financial institutions in the country, where he eventually became the Group Managing Director in 2009. His time at First Bank was marked by his ability to steer the bank through the economic challenges posed by the global financial crisis, stabilizing its operations and safeguarding customer interests.
Appointment as Central Bank Governor
In June 2009, Muhammad Sanusi II was appointed the Governor of the Central Bank of Nigeria (CBN) by then-President Umaru Musa Yar’Adua. His appointment came at a time when Nigeria’s banking sector was in turmoil due to poor governance and rising non-performing loans. Sanusi took bold steps to reform the sector, notably through his banking sector consolidation policy, which involved the recapitalization of several banks.
Sanusi’s tenure as CBN Governor was characterized by his strong stance on transparency, accountability, and his focus on tackling corruption within Nigeria’s financial institutions. His reforms led to the dismissal of several bank executives and the stabilization of the sector. His work earned him recognition both within Nigeria and internationally, including being named “Central Bank Governor of the Year” by several financial publications.
Whistleblowing and Controversy
Sanusi’s time as CBN Governor was not without controversy. In 2013, he raised the alarm about missing funds from the Nigerian National Petroleum Corporation (NNPC), alleging that $49.8 billion was unaccounted for. This whistleblowing incident created a public scandal and led to a rift between Sanusi and the administration of then-President Goodluck Jonathan.
Sanusi was suspended from his role as CBN Governor in 2014, just months before his tenure was due to expire. The government cited financial mismanagement at the CBN as the reason for his suspension, but many saw it as retaliation for his whistleblowing. Sanusi’s claims regarding the missing funds were later investigated, with mixed findings from various reports.
Ascension to the Throne as Emir of Kano
In June 2014, shortly after his suspension, Muhammad Sanusi II was announced as the 14th Emir of Kano, following the death of his great uncle, Ado Bayero. His appointment marked a return to his royal roots and allowed him to wield considerable influence, both culturally and politically, within Nigeria.
As Emir of Kano, Sanusi maintained his outspoken nature, using his platform to advocate for reforms in northern Nigeria. He spoke out on issues such as poverty, illiteracy, and gender inequality, calling for the empowerment of women and children. His progressive views often put him at odds with conservative elements within the region, but he remained a steadfast advocate for change.
Removal as Emir and Legacy
In March 2020, Muhammad Sanusi II was deposed as Emir of Kano by the Kano State government, citing insubordination and a breakdown of relations with political authorities. His removal was widely viewed as politically motivated, stemming from his outspoken criticism of certain government policies.
Despite his removal, Sanusi’s legacy as both a reformist CBN Governor and progressive Emir of Kano continues to shape his reputation. He remains a respected figure, both nationally and internationally, for his efforts to bring transparency, accountability, and social reform to Nigeria.
Influence To The General Public
Muhammad Sanusi II’s life is a blend of royal heritage, economic expertise, and bold advocacy for societal reforms. Whether in his role as a banking reformer, central banker, or traditional ruler, Sanusi has left an indelible mark on Nigeria’s financial and social landscape.
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Written By Fortune Davidson