You were initially considered a viable candidate for the post of Central Bank Governor – to succeed Alhaji Abdulkadir Ahmed – but your supposed rigidity was seen as a threat. Did you attribute this to your failure to succeed Ahmed?

Late Bisi Oladipupo, a young Lt. Colonel at that time, from Dodan Barracks came to see me in my office at Investment House building on Broad Street, where I was with Interstate Securities Ltd., from which First Interstate Merchant Bank Limited emerged. Without mincing words, he told me that 22 of us had been shortlisted and further pruned to two to succed Alhaji Abdukadir Ahmed as CBN Governor, who Babangida administration had decided to remove. He went further to say that I was the preferred candidate but I was a very rigid man. I asked what he meant and he explained that if a contract for a road construction was to cost N10 million and another N1 million or N2 million was added to meet “exigencies” I would not allow it but stick to the original N10 million. I replied: ‘If I had not been rigid, particularly at FMBN, I wouldn’t be here talking to you. Instead I would be in Kirikiri prisons where my board members at FMBN were taken to while I was set free.’ I finally told him that if the post was meant for me and it would benefit me and the nation, God would grant it. He told me that the other candidate was already lobbying for the post. I thought it wise to inform Alhaji Ahmed. After telling him the story, he looked at me and said: ‘Chief, you are your typical, brutally frank self. I heard about your nomination three days ago while the other man started campaigning and lobbying six months ago in Algiers. Rest assured, Chief, you have my support.” But those in authority in the North convinced General Babangida not to remove Ahmed, or else he would be overthrown for doing so. And that was how he was left untouched. Unfortunately, Governor Ahmed became a victim of a probe, where the Pius Okigbo Panel Report on the reorganisation and reform of the CBN which recorded the disappearance from the country a sum of $12.4 billion oil windfall illegally transferred abroad through dedicated accounts.

You are the immediate past chairman, Ekiti State Special Intervention and Empowerment Programme Committee, known as SURE-P at the federal level. Many Nigerians are of the opinion that the SURE-P initiative has lost credibility, especially with the controversial N500 billion missing fund that compelled the resignation of the chairman, Dr. Christopher Kolade. What do you think?

I need to first of all clarify the supposed N500 billion missing fund. It is not that any N500 billion was missing or that Dr. Kolade resigned as a result of the supposed missing fund. If anything, Dr. Kolade, who I know very well – we grew up here together in Ekiti; his mother is from Igede-Ekiti while his father, who was a godly priest here where Christopher was born, was from Erin Ijesa, Osun State – a transparent, honest and shrewd diplomat, must have resigned because of evidence of compromised cheating and inequities and partially, made up of ungodly and heartless discrimination against his own part of the country by an organisation over which he is supposed to preside. Why should he continue, as of conscience, to be the chairman of an organisation that discriminates against his own part of the country? Discretion, they say, is the better part of valour. Why are we building some people up and bringing others down, yet pledging we live together in peace as one? It is a spiteful political decision which does not reflect any credit on the balance and the maturity of the people who take such decision. It is an avoidable arbitrariness in the utilisation of funds which in turn breeds corruption.

You earlier talked about the marginalisation of the South-West; please expatiate.

After deciding to remove oil subsidy, the federal government set up a subsidy withdrawal organ (SURE-P), which is to use the proceeds or savings from the subsidy to finance development projects nationwide. Under it, each state, including the Federal Capital Territory, share in the proceeds of the oil subsidy in accordance with the federal revenue allocation formula. While each state is free to use its own share for projects of its choice, the federal share is to cover the whole federation in key areas warranting development. The crux of the matter is the inequity, political disfranchisement and bias on the utilisation of the federal portion, which has marginalised the core South-West of Nigeria. I will illustrate with three specific instances. A major marginalisation of the core South-West is the federal government announcement that it plans to construct 10 new rail lines as reported in The Punch of 24 December, 2012, page 26. With the 10 new railway lines excluding the core South-West Oyo, Ekiti and Ondo. Why was such planned railway not extended between Oyo State (Ibadan) to Ekiti State (Ado-Ekiti) to Ondo State (Akure)? After all, each state capital was planned to be connected by rail under the Obasanjo Administration. Of the 1,326km roads, the 295km allocated to South-West covers Benin-Ore-Sagamu dual carriageway. It should be observed that Benin-Ore-Sagamu dual way has always been factored into the annual federal budget for roads for the past 20 years. It was reported in The Nation of Saturday 16 February, 2013, that the federal government had obtained SURE-P fund to dualise Abuja-Benin road. Yet, the federal authorities were aware of the appalling state of federal roads in middle and core South-West states. It is common knowledge now and as revealed and confirmed in some dailies that all PDP states received N2 billion Ecological Funds for utilisation for ecological and environmental problems to the exclusion of non-PDP states, which largely affects the whole of South-West states. For instance, Ekiti State Environmental Protection Agency has submitted about 25 ecological projects to the Federal Environmental Protection Agency, all with negative replies; as if Ekiti is not entitled to attention from this commonwealth purse. I have it on good authority that Dr. Kayode Fayemi and his officials have severally visited both the Federal Ministry of Environment and (FEPA) on the ecological devastated areas in the state without any polite or positive result. Is this how to live together as one country?

Reference to Sanusi Lamido’s case as CBN Governor, is it lawful for a president to suspend CBN Governor and how does this affect CBN autonomy?

The case of Federal Government with Sanusi, if I may put this way, is the case of dog eating dog. I worked with six governors and I think we are having the tenth. The case of Sanusi was an abuse of office. When I read of all he did and the way he was donating money, I felt the board members were equally culprits. I never saw such an abuse all through the time I worked with those CBN Governors. He is now an Emir but does that mean what the federal government thought was unlawful or criminal cannot be pursued? I think it is ideal for the CBN to be autonomous. I believe it was Sanusi’s style and approach that warranted the move against the CBN autonomy.