5 April 2014

Nigeria: Court Stops Sanusi's Probe

Photo: This Day
Nigeria, banking, Lamido Sanusi

A Lagos Federal High Court yesterday stopped the ongoing probe of suspended Governor of Central Bank of Nigeria, Malam Sanusi Lamido Sanusi being carried out by the Financial Reporting Council of Nigeria (FRCN) over alleged financial recklessness. Justice John Tsoho ordered parties to maintain status quo pending otherwise directed when the matter was mentioned yesterday. Sanusi had filed the suit to challenge his probe by the FRCN.

Tsoho's order followed a suit filed on behalf of the former boss of the apex bank by three Senior Advocates of Nigeria, Professor Yemi Osibajo, Dr. Kanyinsola Ajayi and Kola Awodehin against the FRCN and its Executive Secretary. According to the suit, Sanusi is praying for a declaration that the Financial Reporting Council of Nigeria constituting itself into investigating body in the manner contained in newspapers advertorials of 24th of March 2014 acted ultra vires. He is requesting the court to set aside and nullify any report, conclusion and recommendation based on any purported investigation conducted as advertised in newspapers. A Federal High Court in Lagos had Thursday restrained the Federal Government from arresting the suspended Governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi. The court also awarded the sum of N50million to Sanusi as damages for the seizure of his international passport and intimidation by government agents.

Also, the Department of State Security Services (DSS) has said it is disappointed with the Judgment of a Federal High Court in Lagos State, which ruled in favour of suspended CBN governor Sanusi Lamido Sanusi. In a statement yesterday, the spokeswoman of the Service, Marilyn Ogar said not only is the Service dissatisfied, it has also taken steps to appeal what she described as an erroneous Judgement.

Ogar added that, it is therefore necessary to state that in impounding the passport of Malam Lamido, the Service acted in accordance with the law. For the avoidance of doubt, section 3(2) (b) of Instrument SSS No. 1 of 1999 made pursuant to section 6 of the National Security Agencies (NSA) Act, provides as follows: "The State Security Service is hereby empowered to impound and keep in its custody the passports or any other property of persons or organizations under investigation if considered appropriate by the Director-General. Returns of all such seizures shall be rendered to the National Security Adviser, while such passports shall be returned to the owners as soon as the investigation is concluded," she said.

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