President Jonathan suspends Lamido Sanusi as CBN Governor

published on Thursday, 20 February 2014

Reuben Abati, the spokesperson for President Goodluck Ebele Jonathan has announced that the commander-in-chief has suspended CBN Governor Sanusi Lamido Sanusi.Lamido Sanusi is to effectively hand over power to senior Deputy Governor of CBN Dr Sarah Alade. She will serve as Acting Governor until all on-going investigations is concluded.Read the official statement;“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 characterized 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; andBeing 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.The President expects that as Acting Governor of the Central Bank, Dr. Alade will focus on the core mandate of the Bank and conduct its affairs with greater professionalism, prudence and propriety to restore domestic and international confidence in the country’s apex bank.The Federal Government of Nigeria reassures all stakeholders in Nigeria’s financial and monetary system that this decision has been taken in absolute good faith, in the overall interest of the Nigerian economy and in accordance with our laws and due process.”

CNBC Africa however got in touch with Lamido Sanusi. He speaks about the recent allegations by the government, his thoughts on the Nigerian economy, and the memorable moment of his tenure.A quote from the interviewOn whether he was on notice with respect to his suspension: Well, I have been told by my office that a letter was received. As you know, I flew in this morning to Niamey along with other Governors of West African Central Banks to meet with the President of Niger and President of Ghana…Fortunately, I came in with my VP Sarah Alade whom I have been asked to hand over to.I have left the meeting to hand over to her. I have just met the Nigerian Ambassador to Niger who confirmed to me that the President asked him to inform me of the decision. On accusations of “various acts of financial misconduct and recklessness” he said: I don’t know what they are talking about. When I come back, I will see what those allegations are…I don’t think there is any issue raised that has not been raised before.We all know what this is about. This is about consequences for decisions I have taken… This is something that is long overdue. I am surprised it took them so long.