Chief (Dr.) J. O. Sanusi, CON
Served in the CBN from 5/29/1999 To 5/29/2004
CHIEF (DR.) JOSEPH OLADELE SANUSI, (CON) was
born on 24th September, 1938 in Ogbagi-Akoko, Ondo State, Nigeria. He attended
South-West London College and Kingston College of Technology, England from 1962
to 1965 and qualified as a Chartered Accountant in England. In 1969, he became a
member of the Institute of Chartered Accountants of Nigeria (ICAN) and became a
fellow of the Nigerian Institute of Bankers in 1987.
Chief Sanusi worked as an Accountant in England and with the
Board of Customs and Excise in Nigeria before joining the CBN in 1966 as a
Deputy Manager. He rose to the post of a Departmental Director in 1977, after
which he was appointed the first Chief Executive of the Securities and Exchange
Commission in 1978. Between 1979 and 1984, he was the Executive Director,
Monetary and Banking Policy, CBN and later Deputy Governor in 1988. In 1990,
Chief Sanusi became the Managing Director and Chief Executive of United Bank for
Africa, one of the three biggest banks in Nigeria, a post he held until 1992,
when he was moved to First Bank of Nigeria, the oldest bank in Nigeria in the
same capacity. Chief Sanusi retired from First Bank of Nigeria in 1998, and in
May, 1999, he was brought out of retirement and appointed the Governor of the
Chief Sanusi has rich and versed experience in the financial
sector. He had held various appointments and under different types of
assignments, including chairmanship of financial services firm and membership of
various technical committees and panels. He has participated in several training
attachments, workshops and seminars in Nigeria and abroad, including Harvard
University, Federal Reserve Bank of New York, US Securities and Exchange
Commission, and Bank of England amongst others. He was awarded
Banker Extra Ordinary by the University of Ibadan, Man of Achievement by the Corporate Press Services
Ltd., and Doctor of Science - Honoris Causa by
the Federal Universities of Technology, Akure and Yola.
Indigenous Banking in Nigeria:The story of indegenous banking in Nigeria began with the establishment of the National Bank of Nigeria Limited in February 1933.
This was followed by the Agbonmagbe Bank Limited in 1945, now Wema Bank.
Afterwards, the African Development Bank Limited, now known as African Continental Bank Plc., was constited in 1948.