Sanusi kicked out of CBN

The eventful and controversy-laden tenure of Sanusi Lamido Sanusi at the Central Bank of Nigeria came to a screeching halt yesterday when President Jonathan suspended him over misconduct and financial recklessness.Malam Sanusi, in a swift response, said he will challenge the suspension in court, though he has no intention of returning to the CBN even […]

The eventful and controversy-laden tenure of Sanusi Lamido Sanusi at the Central Bank of Nigeria came to a screeching halt yesterday when President Jonathan suspended him over misconduct and financial recklessness.
Malam Sanusi, in a swift response, said he will challenge the suspension in court, though he has no intention of returning to the CBN even if he won the case.
His removal was announced by Presidential spokesman Reuben Abati, who said Sanusi was found wanting in an investigation by the Financial Reporting Council of Nigeria.
In his reaction, the suspended governor said his removal was illegal as the president lacked powers to suspend him.
“Even if I challenge it (in court) I will not go back to the job. Even if it is successful, I will not go back but I think in the interest of the institution for the court to establish once and for all if the president has the power to do it,” Sanusi told CNBC Africa television.
“If it is not challenged the next CBN governor cannot be independent and will be suspended by politicians. I do plan to have the court confirm if indeed that authority exists, I will challenge it.”
Sanusi, who became CBN governor in June 2009, almost immediately found himself in controversy with the removal of some bank chiefs over mismanagement.
Along the line, he got on to a war path with the National Assembly when he said lawmakers soaked up too much money from the public purse.
He also drew public criticism when he joined the government’s campaign for removing petrol subsidies.
Late last year, Sanusi opened a can of worms by accusing the Nigerian National Petroleum Corporation (NNPC) of withholding about $50 billion in oil proceeds.
It was this claim, in a letter to Jonathan, that triggered a set of events which reached a crescendo yesterday.
Speaking yesterday, Sanusi alleged witch-hunt over his missing oil money claims.
“This is all about the concerns around oil revenues and leakages in the oil sector, but if this is going to bring back the $20bn fine,” he told CNBC Africa.
“You can suspend an individual but you can’t suspend the truth,” he added.
Sanusi’s suspension was announced while he was in the Niger Republic capital Niamey, along with other governors of West African nations’ central banks, for a meeting with presidents of Niger and Ghana on the West African currency zone.
In his place, President Jonathan appointed CBN deputy governor for economic policy Dr. Sarah Alade as acting governor.
Sanusi said on learning about his suspension, he left the meeting and handed over to Mrs Alade who was with him in Niamey.
Earlier in the day, Jonathan directed the immediate suspension of the CBN governor, in a letter to Sanusi signed by Secretary to the Government of the Federation Anyim Pius Anyim.
He also asked the Senate to confirm Managing Director of Zenith Bank, Mr. Godwin Emefiele, as new CBN governor, and nominated Mr. Adelabu Adebayo Adekola as deputy governor to replace Tunde Lemo who retired recently.
In the statement announcing Sanusi’s suspension, Presidential spokesman Abati said: “Having taken special notice of reports of the Financial Reporting Council of Nigeria and other investigating bodies, which indicate clearly that Mallam Sanusi Lamido  Sanusi’s tenure has been characterised by various acts of financial recklessness and misconduct which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline;
“Being also deeply concerned about far-reaching irregularities  under Mallam Sanusi’s watch which have distracted the Central Bank away from the pursuit and achievement of its statutory mandate; and
“Being determined to urgently re-position the Central Bank of Nigeria for greater efficiency, respect for due process and accountability, President Goodluck Ebele Jonathan has ordered the immediate suspension of Mallam Sanusi Lamido Sanusi from the Office of Governor of the Central Bank of Nigeria.  
“President Jonathan has further ordered that Mallam Sanusi should hand over to the most senior Deputy Governor of the CBN, Dr Sarah Alade, who will serve as Acting Governor until the conclusion of on-going investigations into breaches of enabling laws, due process and mandate of the CBN.”
But Sanusi dismissed the allegations against him, saying: “I don’t know what they are talking about. What I will do is when I come back I will see what those allegations are.
“I am aware some time ago the reporting council looked at our audited account, asked questions that were frankly responded to and we didn’t see any feedback. I don’t think there is any issue raised which has not been raised before. We all know what it is about, it is about consequences for decisions I have taken and this is something that was long overdue, I am surprised it took them so long.”
Later at a news conference, Presidential spokesman Abati said Sanusi was free to go to court.
“If he (Sanusi) goes to court, he is a free citizen. The country is governed by laws and individuals have the right to express themselves under the constitution,” he said.
He said investigations into allegations of financial recklessness against Sanusi started in May last year when the CBN submitted its financial statement for the end of 2012.
“Last year when the CBN submitted its financial statement for the year ended 31st of December 2012, a query was raised about some of the issues in the financial statement and the CBN governor was asked to offer some clarification with regards to these issues. This was around first week May 2013. A response came from the CBN which was then forwarded to the Financial Reporting Council of Nigeria,” he said.
On whether Jonathan has the power to remove the CBN governor, Abati said “what the president has done is not removal, it is suspension….and that is perfectly within the purview of the law.”
Abati also denied that Sanusi was suspended for telling the National Assembly that $20 billion oil sales money was still missing.
“I’d like to state very clearly that this has nothing to do with that,” he said.
Also speaking, Presidential senior special assistant on public affairs Doyin Okupe said: “Nigerians should be assured that government will go to any length to ensure that Malam Sanusi’s allegations against the NNPC are fully and conclusively investigated and if anyone is found culpable, they will be subjected to the full weight of the law.”
Jonathan had called the missing money allegation “spurious”, in his reply letter to former president Obasanjo who had referred to Sanusi’s claims in his own letter to the president in December.
Jonathan subsequently demanded the CBN governor’s resignation at a private meeting in January, but Sanusi refused to go until his tenure expires in June. Reports later said following intervention by highly-placed individuals, the dispute was resolved. But while speaking with CNBC Africa on January 23 in Davos, Switzerland, Jonathan said: “The central bank of any country is very sensitive. I wouldn’t want to discuss the issues of the Governor of the Central Bank. We are discussing, we will get over it.”