The founding father of Stanbic IBTC Holdings Plc, Atedo Peterside, has rejected an invite by the Central Financial institution of Nigeria, to be a panellist on the apex financial institution’s Consultative Roundtable Session scheduled to carry on Wednesday.
Mr Peterside, in a letter despatched to the CBN Governor, Godwin Emefiele, stated his resolution is as a result of elimination of Muhammad Sanusi II as Emir of Kano, and his eventual exile to Nasarawa State.
Sanusi had been deposed by the Kano State authorities on Monday on the allegation that he persistently refused to abide by directions given to him.
The choice cut up opinions with many blasting the federal government for it, whereas others argued that the federal government was inside its rights.
Peterside, who described Sanusi’s elimination and exile as “disturbing news”, believes that boycotting the roundtable is the right factor to do beneath the circumstances.
“I have decided to stay away from your Consultative Roundtable and to instead use the opportunity of this letter to draw the attention of a wider audience to my displeasure with the events of yesterday,” he stated.
“Please forgive me because I am in no mood to immediately pretend as if all is well by proceeding with business as usual.”
For him, the motion of the Kano State authorities “confirmed what can go wrong when those in authority pay lip service to the Nigerian Constitution and then proceed to violate the fundamental freedoms that it guarantees each individual because they prefer to cling to practices like exile which they learnt from colonial masters and the military”.
Learn his full response to the invite under:
I acquired an Invitation, at brief discover, to be a panelist at a CBN Consultative Roundtable Session going down in Abuja tomorrow. While thanking you for the Invitation, I consider the right factor for me to do is to respectfully decline to take part.
It’s true that I’m at present overseas, however it’s also true that I may have reorganised my actions and flown into Abuja in time to affix you tomorrow morning. My refusal to affix you has extra to do with the monumental occasions that came about yesterday viz the elimination of the Emir of Kano from workplace and the discharge of knowledge that purportedly seeks to exile him and limit his actions or confine them to just a little identified enclave in Nassarawa State.
My spouse and I have been invited to the Commonwealth Service that held in Westminster Abbey in London yesterday and so we witnessed a vibrant ceremony which included speeches by quite a lot of personalities, together with Anthony Joshua, the Nigerian-British heavyweight boxing champion. Anthony Joshua and different audio system yesterday reminded us eloquently about what can go proper once we embrace the forces of modernity while recognising and upholding our proud cultural heritage. At the very same time, I used to be distracted by disturbing information from Kano yesterday which confirmed what can go mistaken, when these in authority pay lip service to the Nigerian Structure after which proceed to violate the basic freedoms that it ensures every particular person as a result of they like to cling to practices like exile which they learnt from colonial masters and the army. These practices haven’t any place in a democratic dispensation.
The theme to your Roundtable Session is Going for Progress. Speedy development is simply achieved on the again of serious funding exercise. Going for development ought to due to this fact be a holistic idea that embraces the sum whole of actions and actions that we have to encourage to be able to enhance investor confidence, together with respect of particular person freedoms and the rule of legislation. Sadly, yesterday’s occasions have turned again the clock at a time when our economic system is at a precipice and when we have to inform ourselves some dwelling truths and communicate fact to energy in a constructive method.
By coincidence, the Ex-Emir of Kano is your predecessor in workplace at CBN. Ordinarily, he qualifies to be invited for tomorrow’s occasion. Did you invite him?
I’ve determined to avoid your Consultative Roundtable and to as a substitute use the chance of this letter to attract the eye of a wider viewers to my displeasure with the occasions of yesterday. Please forgive me as a result of I’m in no temper to instantly fake as if all is nicely by continuing with enterprise as regular.
At an applicable time I’ll ship you my ideas on shortly remove the coverage inconsistencies that threaten the steadiness of our macroeconomy as CBN continues to hunt to defy the chances by concurrently pursuing a low home rate of interest regime which clearly can’t coexist with excessive inflation and naira trade fee stability within the face of collapsed/collapsing oil costs and an insatiable and uncontrolled urge for food for overseas foreign money loans. This unsustainable coverage combine has spooked buyers (native and overseas), thereby making it more and more doubtless that the Nigerian economic system slides again right into a recession, until you shortly embark on some course correction.
I want you content deliberations tomorrow.