February, 25, 2010

The Lamido Sanusi revolution that occurred in the Nigerian banking industry on August 14, 2009, generated sweeping changes. The ripples it formed have continued to reconfigure things in the financial sector. But there is a dimension of the phenomenon that many people do not seem to have considered - that is the lessons of life which the incident provides. Let me briefly digress before discussing this matter.

At the weekly editorial board meeting of a Lagos-based newspaper where I served until recently, a prolonged debate occurred when members began to discuss a topic canvassed by a colleague. The debate centred on the acquisition of private jets by some Nigerian bank executives, a trend that was beginning to evolve. As usual, the argument towed two opposing lines, depending on each member's point of view.The opposing view maintained that Nigerian business environment generally lacks visible and convincing evidence of a robust economy.

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