Sanusi to Jonathan: You can’t suspend the truth

 I have no  regrets;  I   have no ill-feelings  and with no sadness.  I’m happy; I’m proud of what I have done.”

These were the words of  Lamido Sanusi  as he reacted to his suspension  as the Central Bank of Nigeria governor by President Goodluck Jonathan on Thursday.

Although it was learnt that  he might  challenge his suspension in court, Sanusi  reminded the Jonathan administration: “You can suspend an individual but you can’t suspend the truth.”

Sanusi, who added that   his suspension did not bother him, said his  “biggest concern is for the system .”

He was  attending a meeting of the West African Central Bank Governors in  Niamey, Niger Republic when the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, announced his suspension.

Abati,  in a statement in Abuja,  said Jonathan  took the decision because  Sanusi’s tenure  had been  characterised by acts of financial recklessness and misconduct.

The presidential aide ,who claimed that such  acts  were  inconsistent with  the vision of the  Jonathan  administration, said the most senior  CBN deputy governor,   Dr. Sarah Alade,  would   act as the  governor  of the bank.

But  the President later sent the name of the Group Managing Director of Zenith Bank, Godwin Emefiele, to the Senate for confirmation as the  new CBN governor.

Abati said  that  Alade would remain in charge until  the  conclusion of ongoing investigations into breaching of enabling laws, due process and mandate of  the CBN levelled against Sanusi.

 Abati’s  statement reads, “Having taken special notice of reports of the Financial Reporting Council of Nigeria and other investigating bodies, which indicate clearly that Mallam  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  from the pursuit and achievement of its statutory mandate; and

 “Being determined to urgently re-position the  CBN  for greater efficiency, respect for due process and accountability, President   Jonathan has ordered the immediate suspension of Mallam   Sanusi from the Office of Governor of the CBN.

 “President Jonathan has further ordered that Mallam Sanusi should hand over to the most senior Deputy Governor of the CBN, Dr. Alade, who will serve as acting governor until the conclusion of ongoing investigations into breaches of enabling laws, due process and mandate of  the CBN.

“The President expects that as acting governor of the CBN she 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  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.”

The  Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe,  also  defended     Sanusi’s suspension saying it  was neither a witchhunt  nor a deviation from the anti-corruption drive  of the Jonathan administration.

 He  said  that there were several grievous issues bordering on impunity, incompetence, nonchallant attitude, fraud, wastefulness, and gross abuse of and noncompliance with provisions of the Public Procurement Act 2007 by   Sanusi.

 These, Okupe  said,   caused the   President to issue a 22-paragraph query to the suspended CBN governor on   May 4,  2013.

He  added that  a written explanation by  Sanusi   was forwarded to the President on May 22,  2013.

He  explained that   after painstaking analysis and examination, the response was forwarded to the Financial Reporting Council of Nigeria for further scrutiny and professional advice.

 The FRCN, according to  Okupe,   thereafter forwarded a 13-page response to  the President with various critical observations and far-reaching recommendations.

 One of the recommendations, according to him,  states thus: “ Your  Excellency (Jonathan) may wish to exercise the powers conferred   onyou by Section 11(2) (f) of the CBN Act 2007 or invoke Section 11 (2) (c) of the said Act and cause the governor and deputy governors to cease from holding office in the CBN.”

The section states  that  “a person shall not remain a Governor, Deputy Governor or Director of the Bank if he is; guilty of a serious misconduct in relation to his duties  or is removed by the President,provided that the removal (of the CBN governor)   shall be supported by two-thirds majority of the Senate praying that he be so removed.

PUNCH