Vanguard (Lagos)

20 February 2014

Nigeria: Jonathan Suspends Lamido Sanusi As CBN Gov

Photo: THIS DAY
Reserve Bank Governor Lamido Sanusi.

President Jonathan has announced the suspension of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi.

This was made known in a statement signed Thursday by Reuben Abati Special Adviser to the President (Media & Publicity.

The statement further Directed that 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".

The statement reads thus

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.

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.

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.

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