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Nigerian President Suspends Central Bank Head for ‘Financial Recklessness’
Written by Nwachukwu Egbunike On 20 February 2014 @ 15:36 pm | No Comments
In Citizen Media, Economics & Business, English, Nigeria, Politics, Sub-Saharan Africa, Video, Weblog
Sanusi Lamido Sanusi , the governor of the Central Bank of Nigeria (CBN), was relieved of his job on February 20, 2014 by President Goodluck Jonathan for “financial recklessness and misconduct”. He has since been replaced  by the most senior CBN deputy governor Dr. Sarah Alade.
A press release  from the presidential adviser for media and publicity detailed the reasons for suspending Sanusi:
It's not the first time the former chief banker of Nigeria has been in the news. Last year, the contents of a letter he wrote to the president were leaked to the press :
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; 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.
Mr. Sanusi’s had in September written a letter to to President Goodluck Jonathan detailing the theft of close to $50 billion in oil proceeds by the Nigerian National Petroleum Corporation (NNPC). The letter later to the press and became a subject of public discourse.
Although Mr. Sanusi later revised the figure of the missing funds down to $12 billion, reportedly due to threats by associates of President Jonathan to make an issue of his reckless spending and philandering, the president concluded that the CBN governor’ pronouncement is set out to embarrass his government and demean his office.
Nigerian National Petroleum Corporation (NNPC) yesterday denied reports credited to the Governor of the Central Bank of Nigeria Sanusi Lamido Sanusi that it withheld $49.8bn (equivalent N8 trillion) representing 76% of the total crude oil revenues from January 2012 to July 2013.
NNPC spokesman Omar Farouk Ibrahim said in a statement that the allegation is borne out of misunderstanding of the workings of the oil and gas industry and the modality for remitting crude oil sales revenue into the Federation Account.
A defiant Sanusi late last month once again accused the NNPC of corruption, according to a report by Premium Times :
Nigeria’s Central Bank Governor, Sanusi Lamido, struck a defiant tone again Tuesday, accusing state-run oil firm, the Nigerian National Petroleum Corporation, NNPC, of failing to pay to the federation account at least $20 billion of government oil revenues.
Prior to the announcement, a YouTube video uploaded by Chime Asonye  titled “Overcoming the fear of vested interest, Sanusi Lamido at TEDxYouth@Maitama” had gone viral in Nigeria's blogosphere.
The suspension of the bank chief has drawn the ire of Nigerian netizens. Namama thought it's another imprudent decision by the president:
GEJ has made so many unforgivable mistakes, from mass looting, mass killings to replacing professionals for selfish resons #SanusiSack 
— Namama (@Muneermaisaje) February 20, 2014 
Tunde Bakare asserted that suspending Sanusi will not arrest the corruption in the Nigerian National Petroleum Corporation (NNPC):
Helen Alfred insisted that Nigerians deserve the truth about the missing funds that Sanusi spoke about:
— Helen Alfred (@HelenAlfredi) February 20, 2014 
Another tweep accused the government of double standards:
.@stellaoduah  and @diezanimadueke  keep their jobs while investigations are ongoing. SLS [the suspended governor Sanusi Lamido Sanusi] gets suspended. #Noted . #20BNNPC  ….. — A Nation @ War (@_yemia) February 20, 2014 
Not all tweets were critical of the government though. For instance, blogger and writer, Willy Wonka wondered about the uproar on Twitter:
Twitter is up in arms over #Sanusi  sack. But the people on the street are rejoicing. Am I missing something?
— Willy Wonka (@sirwebs) February 20, 2014 
Article printed from Global Voices: http://globalvoicesonline.org
URL to article: http://globalvoicesonline.org/2014/02/20/nigerian-president-suspends-central-bank-head-for-financial-recklessness/
URLs in this post:
 Sanusi Lamido Sanusi: http://en.wikipedia.org/wiki/Sanusi_Lamido_Sanusi
 replaced: http://www.reubenabati.com.ng/PRESIDENT-JONATHAN-SUSPENDS-LAMIDO-SANUSI-AS.html
 were leaked to the press: http://abusidiqu.com/tag/goodluck-jonathan/
 Nigerian National Petroleum Corporation: http://en.wikipedia.org/wiki/Nigerian_National_Petroleum_Corporation
 Daily Trust: http://dailytrust.info/index.php/top-stories/12045-nnpc-replies-sanusi-over-n8tr-oil-funds
 a report by Premium Times: http://premiumtimesng.com/news/154610-cbn-governor-sanusi-accuses-nnpc-kerosene-subsidy-fraud-says-20-billion-unaccounted.html
 Chime Asonye: http://www.youtube.com/user/phantomoutlaw1?feature=watch
 #SanusiSack: https://twitter.com/search?q=%23SanusiSack&src=hash
 February 20, 2014: https://twitter.com/Muneermaisaje/statuses/436451293767684096
 #Sanusi: https://twitter.com/search?q=%23Sanusi&src=hash
 February 20, 2014: https://twitter.com/Backarray/statuses/436449043494223872
 #whereisourmoney: https://twitter.com/search?q=%23whereisourmoney&src=hash
 @ocupynigeria: https://twitter.com/ocupynigeria
 February 20, 2014: https://twitter.com/HelenAlfredi/statuses/436448016174960640
 @stellaoduah: https://twitter.com/stellaoduah
 @diezanimadueke: https://twitter.com/diezanimadueke
 #Noted: https://twitter.com/search?q=%23Noted&src=hash
 #20BNNPC: https://twitter.com/search?q=%2320BNNPC&src=hash
 February 20, 2014: https://twitter.com/_yemia/statuses/436454542843314176
 February 20, 2014: https://twitter.com/sirwebs/statuses/436443430093598720
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