CBN and Reputation Management
By Abdulrahman Abdulraheem
In his all-time best seller, “48 Laws of Power,” Robert Greene’s 5th law for gaining, sustaining and keeping power has to do with Reputation. In fact, he advises men of power to guard their reputation with their lives and protect it fiercely and jealously.
Not too long ago, this country was unfortunate enough to have a Central Bank of Nigeria (CBN) leadership which printed currencies needlessly without corresponding production, gave out Ways and Means recklessly, perpetrated forex round tripping in broad day light, stole the country blind with impunity and confiscated people’s cash in the name of an insane currency redesign policy, thereby subjecting people to untold torture and avoidable death.
So, when Olayemi Cardoso, a first-rate banker with a no-nonsense pedigree, was asked to come and clean the Augean Table, he knew he had his job cut out for him as the CBN was in reputational ruins.
One of the greatest qualities of great leaders is the ability to recognise capacity, competence and brilliancy when they see these assets in any fellow human being. Cardoso therefore started well by choosing Mrs Hakama Sidi-Ali, as the Bank’s spokesperson.
Hakama not only shattered the glass ceiling by becoming the first woman to be appointed CBN spokesperson, as a renowned member of the Nigeria Institute of Public Relations (NIPR), her appointment also fulfilled all professional and legal requirements.
Hakama came into the office fully prepared. She served as Deputy Director in the same Department at the Bank before her appointment as spokesperson.
The CBN spokesperson is a 1992 graduate of the Bayero University, Kano, where she bagged a Bachelor of Arts degree in Mass Communication. She also has an MSc in Mass Communication and PGDE in English Language.
Rather pity herself and lament the heavy task she was given, she rolled her sleeves and hit the ground running, moving from one media house to the other and engaging all the influential stakeholders, social media influencers and credible bloggers to explain the vision of the new leadership at the apex bank and promising to put a stop to the disaster of the recent past. But as Hakama was talking and promising, Cardoso was acting and doing exactly what the former was telling the world.
With the active support of her boss, Hakama has used every PR tool in the book to restore the confidence of Nigerians in the CBN. In just a few months in office, her excellent shuttle diplomacy, robust media relations and proactive media engagements have helped to rebuild a fantastic goodwill for the CBN.
That was exactly why she won the prestigious award of Distinguished Spokesperson in Financial Service at the National Spokespersons Awards (NSAwards) organised by the NIPR last month.
From time immemorial, the world has placed enormous responsibilities on the shoulders of the media. Aside from the traditional functions of informing, educating and entertaining the populace, the media has metamorphosed into the most credible institution of accountability – a truth-telling watchdog whose duty it is to hold the people in positions of authority accountable to the masses.
One of America’s founding fathers and its third President, Thomas Jefferson, laid the foundation for these enormous responsibilities when he famously wrote that: “If I had a choice to pick between government without the press or the press without government, I would not hesitate to pick the latter.”
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But it seems the media has the added role of agenda setting which means deciding the most important issues to be put on the front burner at any point in time.
So, woe betides any individual or government official who says he can succeed without the cooperation and support of the media. What Cardoso and Hakama have done is to sincerely engage all media stakeholders across the country on their honest approach to fixing the rot in the forex market, recover Ways and Means owed to the CBN, address inflation and boost the people’s purchasing power.
During the chaotic days of Cardoso’s predecessors, even to convey the statutory meeting of the Monetary Policy Committee (MPC) was a problem. The meeting did not hold for months, leaving the monetary side of the economy on auto pilot until Cardoso took charge and began to restore sanity in the system.
The moment Hakama announced that her boss was reconvening the MPC and the media celebrated the story with pomp and pageantry, it was obvious to all and sundry that a new dawn was here.
The media has in a nutshell been the cornerstone of Cardoso’s reputation management which has put the economy on a better footing. The communication is now positive, media reviews are now optimistic and are no longer about doom and gloom. This has encouraged a lot of investors, both local and foreign, to show interest in investing in Nigeria.
Speaking at the recent annual National Week of the NIPR held in Abeokuta, Ogun state, Cardoso described public relations as an indispensable tool for any country to achieve economic prosperity.
Cardoso, who spoke on the theme “Strengthening Trust and Communication: The Role of Public Relations in Nigeria’s Economic Development,” noted that in an era when global perceptions significantly influence economic prosperity and international standing, public relations is indispensable to a country’s reputation capital.
“Public relations shapes perceptions and tells Nigeria’s story in a way that builds trust, attracts investments, and fosters international partnerships.
“However, a strategic, focused, inclusive, and comprehensive approach is required for public relations to drive economic and reputational transformation.
“The connection between a strong national reputation and a thriving economy is undeniable. Developing a robust national brand is crucial; it should capture Nigeria’s vibrancy, diversity, and limitless potential,” he said.
The CBN governor added that achieving this task required a collective commitment to trust, transparency, and honesty by every Nigerian within and outside the country.
He explained that the CBN under his watch had emphasised principles of transparency, accountability and compliance, believing that those were unique selling points for the apex bank and the country.
“Specifically, over the past six months, the CBN, under my watch, has succeeded in stabilising the Nigerian foreign exchange market, with the exchange rate now enjoying excellent stability.
“We have also moved to guarantee price stability and control inflation to ensure that ordinary Nigerians’ purchasing power is restored in the short to medium term,” he added.
He revealed that revitalising Nigeria’s economy would pose less of a challenge if all hands were on deck to comply with the rules and guidelines across all sectors.
Last Line
Cardoso’s confession above speaks to the connection between robust public relations with solid reputation and getting results as well as achieving organisational mandate.
The dynamic duo of Cardoso and Hakama understand the game very well and they play it perfectly.
Abdulrahman Abdulraheem is the author of “eNaira Revolution: A Peep into Nigeria’s Cashless Future”
