Peterside rejects CBN’s invitation over removal of Sanui as Kano Emir

The founder of Stanbic IBTC Holdings Plc., Mr. Atedo Peterside,  has turned down an invitation by the Central Bank of Nigeria (CBN) to participate in a consultative roundtable with the CBN Governor, Mr. Godwin Emefiele, following the banishment of the dethroned Emir of Kano, Muhammadu Sanusi II, from Kano emirate by the state government.

Specifically, the investment and banking expert, who is currently out of the country and attended the Commonwealth Service that held in Westminster Abbey in London yesterday, linked his refusal to attend the roundtable partly to “the monumental events that took place yesterday (Monday) viz the removal of the Emir of Kano from office and the release of information that purportedly seeks to exile him and restrict his movements or confine them to a little known enclave in Nassarawa State.”

In the letter to the CBN Governor titled “CBN Consultative Roundtable: A Conscientious Objection” Peterside said “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.

Please forgive me because I am in no mood to immediately pretend as if all is well by proceeding with business as usual.”


Peterside, however, offered to share his thoughts in the near future, promising that  at an appropriate time he will send his “thoughts on how to quickly eliminate the policy inconsistencies that threaten the stability of our macroeconomy as CBN continues to seek to defy the odds by simultaneously pursuing a low domestic interest rate regime which clearly cannot coexist with high inflation and naira exchange rate stability in the face of collapsed/collapsing oil prices.

During the service which he described as a colourful ceremony which featured speeches by a variety of personalities, including Anthony Joshua, the Nigerian-British heavyweight boxing champion, Mr Peterside recalled that Joshua and other speakers “reminded us eloquently about what can go right when we embrace the forces of modernity whilst recognising and upholding our proud cultural heritage.”