NIGERIA: FIRST BANK GMD EDGING OUT SOLUDO FOR CBN

C O N F I D E N T I A L ABUJA 000921 SIPDIS TREASURY FOR DFIELDS, AIERONIMO,RHALL, DPETERS STATE PASS OPIC FOR DERB, ZHAN, MSTUCKART, JEDWARDS STATE PASS TDA FOR LFITTS, PMARIN STATE PASS USAID FOR NFREEMAN, GBERTOLIN, GWEYNAND, SLAWAETZ STATE PASS EXIM FOR JRICHTER, KJACKSON, KJANIK DEPT PASS TO USTR-AGAMA DEPT PASS USAID/AFR FOR DATWOOD AND USAID/EGAT FOR MOTT BAGHDAD FOR DUNDAS MCCULLOUGH TREASURY FOR PETERS, IERONIMO,AND HALL DEO FOR GPERSON AND CHAYKLOCK DOC FOR 3317/ITA/OA/KBURRESS AND 3130/USFC/OIO/ANESA/MCREED E.O. 12958: DECL: 05/26/2019 TAGS: EAID ECON EFIN EINV EPET NI SUBJECT: NIGERIA: FIRST BANK GMD EDGING OUT SOLUDO FOR CBN GOVERNOR REF: A. LAGOS 00154 ¶B. ABUJA 00614 Classified By: Ambassador Robin Renee Sanders for reasons 1.4 (b) and ( d) ¶1. During the Ambassador's series of Lagos meetings May 7-11 with five managing directors of key Nigerian banks -- Zenith, Diamond, Eco, First Bank, Oceanic -- she was told that current Governor of Nigeria's Central Bank (CBN) Charles Soludo has instituted a full court press to have his appointment as Governor renewed for another five year term. His current term expires on May 29, 2009. There were varying reports that Soludo had paid off a number of bank managing directors with large sums of money for their support, as well as drafted specific CBN policies that assist or favor a particular bank over others, including opening a new CBN office in the President's home state of Katsina. Meanwhile, long-time Mission contact and Group Managing Director (GMD) of First Bank Sanusi Lamindo Sanusi appears to now be edging Soludo out for the job not only because of his financial acumen, but also because of his strong northern Kano credentials, including being the grandson of the late Emir of Kano. ¶2. Currently, Sanusi is the only northerner that is a group managing director of any Nigerian bank. His prominent Kano family is well respected and becoming Kano Emir himself is reportedly Sanusi's ultimate dream job. The First Bank GMD has an economics degree from Ahmadu Bello University in Zaria, and a Masters in Islamic Studies from Khartoum University, where he lived for three years in the 1990s. He has three wives and eleven children. Sanusi also has been quietly lobbying for the job, underscoring his northern credentials with those in the GON from both Kano and Kaduna, such as National Security Advisor Mukthar, who is also from Kano. Sanusi has been worrisome to some given his very conservative Islamic views as he has written a number of works on the subject, but this concern has been overshadowed by a strong desire by the Yar'Adua Administration to put a northerner in the CBN position. ¶3. Comment: Given that there are only a few days left on the clock on the CBN Governor's tenure with the expiry date of May 29 just around the corner, we should know soon enough whether Soludo has paid enough bribes into the corruption pot to keep his job, or whether Sanusi has the job sewn up. SANDERS