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
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