Premium Times (Abuja)

20 February 2014

Nigeria: President Suspends Central Bank Governor, Lamido Sanusi

Photo: THIS DAY
Reserve Bank Governor Lamido Sanusi.

Nigeria's President, Goodluck Jonathan has suspended the country's Central Bank Governor, Sanusi Lamido Sanusi, from office.

Mr. Jonathan Thursday morning ordered Mr. Sanusi to hand over to the most senior Deputy Governor of the bank, Sarah Alade, who will serve as Acting Governor until the conclusion of ongoing investigations into alleged breaches of enabling laws, due process and mandate of the Central Bank, Reuben Abati, Special Adviser to the President, Media and Publicity, has said.

Mr. Abati, who broke the news on twitter less than an hour ago, gave a link to an official statement which the reason the president purportedly took the action.

The statement said, "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. Abati said the President expects that as Acting Governor of the Central Bank, Mrs 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" he said, in the statement signed February 20, 2014," the statement added.

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InFocus

Nigeria Central Bank Governor Suspension Sparks Outcry

Reserve Bank Governor Lamido Sanusi.

Protests greet the decision by President Goodluck Jonathan to suspend Sanusi Lamido Sanusi from his position as the Governor of the Central Bank of Nigeria for alleged financial ... Read more »