Anthony Ani

Early Life and Background

Chief Anthony Asuquo Ani was born on March 24, 1936, in Ifiok Nsit, a community situated within Cross River State, Nigeria. His formative years unfolded in a period of significant socio-political transition in Nigeria, moving towards independence from colonial rule. Ani received his foundational education at Presbyterian Primary School, Ikom, where he attended from 1943 to 1950. This early schooling provided him with the academic discipline and analytical skills that would become central to his distinguished career. His upbringing in the vibrant cultural landscape of southeastern Nigeria instilled in him strong community values and a commitment to diligence.

Education

Anthony Ani's educational path was marked by a clear and focused pursuit of financial expertise. After completing his primary education, he proceeded to the highly regarded Hope Waddell Training Institute in Calabar, Cross River State, for his secondary education, attending from 1951 to 1956. Recognizing the burgeoning importance of professional accountancy, Ani subsequently traveled to the United Kingdom for advanced studies. He enrolled at the South West London College of Commerce, where he intensively studied accountancy from 1960 to 1963. His dedication culminated in 1964 when he successfully qualified as a Chartered Accountant in England, a prestigious professional accreditation that paved the way for his illustrious career in both the private and public sectors.

Career

Chief Anthony Ani embarked on his professional journey with the international accounting firm Coopers & Lybrand (now part of PwC) in London, United Kingdom, in 1964, immediately after qualifying as a Chartered Accountant. He gained valuable international experience over five years before returning to Nigeria in 1969 to join the Nigerian operations of Coopers & Lybrand. His exceptional skills and leadership potential were quickly recognized, leading to his promotion to Partner in 1974. By 1977, he had ascended to the top leadership role within the firm, becoming the Senior Partner and Chairman of Coopers & Lybrand Nigeria, a position he held with distinction until 1993. During his tenure, he played a pivotal role in shaping the accounting profession in Nigeria and fostering a culture of excellence. His commitment to professional standards extended to his leadership of the Institute of Chartered Accountants of Nigeria (ICAN), where he served as President from 1987 to 1988.

Ani's distinguished career in the private sector led to his entry into federal public service. In 1993, he was appointed Secretary of State for Foreign Affairs under the Interim National Government (ING) led by Chief Ernest Shonekan. Following the military takeover by General Sani Abacha, Ani continued to serve, initially as the Minister of State for Finance from 1994 to 1995. His deep understanding of economic affairs and financial management made him an indispensable figure. In 1995, General Abacha elevated him to the substantive position of Minister of Finance, a critical role he occupied until Abacha's death in 1998. During this challenging period, Nigeria faced severe international sanctions and economic isolation. Ani was instrumental in implementing the "Guided Deregulation" policy framework, which sought to balance market-oriented reforms with strategic government oversight. He introduced the Autonomous Foreign Exchange Market (AFEM) in 1995 to stabilize the Naira and improve foreign currency access. He also oversaw the successful implementation of the Value Added Tax (VAT) and was key in establishing the Petroleum Trust Fund (PTF) for infrastructure development. Under his stewardship, Nigeria's foreign exchange reserves remarkably increased from approximately $1.4 billion in 1993 to an impressive $7.7 billion by the end of 1997, a testament to his fiscal discipline and professional economic management amidst political turbulence.

Major Achievements

Anthony Ani's career is marked by several significant achievements that left an indelible impact on Nigeria's economic and professional landscape. As Senior Partner and Chairman of Coopers & Lybrand Nigeria, he was a pivotal figure in developing one of the nation's leading accounting firms. His presidency of the Institute of Chartered Accountants of Nigeria (ICAN) from 1987 to 1988 further cemented his influence in professionalizing accountancy standards.

His most widely recognized achievements, however, came during his tenure as Minister of Finance from 1995 to 1998:

• Economic Stabilization through Guided Deregulation: He spearheaded a policy framework aimed at introducing market reforms while maintaining economic stability during a period of severe international sanctions.
• Establishment of the Autonomous Foreign Exchange Market (AFEM): This crucial reform in 1995 helped to stabilize the Nigerian Naira, reduce parallel market activities, and provide a more transparent mechanism for foreign exchange transactions.
• Successful Implementation of Value Added Tax (VAT): Ani played a key role in the introduction and effective administration of VAT, significantly diversifying government revenue sources beyond oil.
• Significant Growth in Foreign Reserves: Under his financial management, Nigeria's foreign exchange reserves dramatically increased from $1.4 billion in 1993 to $7.7 billion by late 1997, demonstrating strong fiscal stewardship.
• Contribution to the Petroleum Trust Fund (PTF): He was instrumental in the conceptualization and establishment of the PTF, an agency that allocated funds from petroleum subsidy removals to vital infrastructure projects nationwide.

Personal Life

Chief Anthony Ani was married to Mrs. Eugenia Ani, and their union was blessed with children. While he maintained a private stance on his immediate family, his commitment to his personal and communal life was evident. Deeply rooted in his cultural heritage, he held traditional titles, notably "Otuekong" of Ifiok Nsit, signifying his esteemed status and respect within his community in Cross River State. In his later years, Ani authored his memoir, "The Story of an Accountant: A Nation's Wealth," published in 2005, offering profound insights into his professional journey, his time in government, and his perspectives on Nigeria's economic development. He remained an influential elder statesman, often contributing his informed views on national economic issues.

Controversies

Anthony Ani's tenure as Minister of Finance under General Sani Abacha was intrinsically linked to the controversies surrounding the Abacha regime, which was widely condemned for human rights abuses and allegations of massive corruption, including the notorious "Abacha loot." As the chief financial officer during this period, Ani faced scrutiny regarding his role and awareness of these alleged illicit financial activities. He consistently maintained his professional integrity, asserting that his mandate was to manage the national economy professionally and not to oversee the personal financial dealings of the Head of State. He often cited the significant increase in Nigeria's foreign reserves to $7.7 billion under his watch as evidence of his sound financial management, contending that these funds were intact upon his departure from office. Ani positioned himself as a technocrat focused on fiscal discipline and economic stability, operating within the constraints of a military government. While critics questioned the possibility of such large-scale embezzlement occurring without the finance minister's knowledge, Ani's defense, articulated in his memoir and public statements, highlighted his efforts to implement transparent financial mechanisms like AFEM. Despite the persistent public debate, no direct evidence personally implicating Ani in the direct siphoning of the "Abacha loot" has been publicly substantiated, and he consistently defended his record as a dedicated professional serving his country.

Legacy

Chief Anthony Ani's legacy is multifaceted, spanning his profound influence on the Nigerian accounting profession and his impactful, albeit controversial, role in national economic governance. He is revered as a pioneering figure in professional accountancy, having led Coopers & Lybrand Nigeria to prominence and served as President of ICAN, setting high standards for ethical practice and professional development. In public service, Ani's legacy is largely defined by his technocratic stewardship of Nigeria's economy as Minister of Finance during the tumultuous Abacha era. His implementation of key policies such, Guided Deregulation, the Autonomous Foreign Exchange Market (AFEM), and the Value Added Tax (VAT), are widely acknowledged as significant structural reforms that aimed to stabilize and diversify the Nigerian economy. The substantial growth in foreign exchange reserves under his management is often cited as a testament to his fiscal acumen. While his association with the Abacha government ensures continued scrutiny and debate, Ani left an enduring mark as a professional who, by his own account and that of some contemporaries, diligently applied sound economic principles to national governance, striving for stability and growth for Nigeria. His memoir further contributes to understanding this complex chapter of Nigerian economic history. He passed away as a respected elder statesman, leaving behind a record of significant professional achievements and a complex but influential chapter in Nigeria's economic history.