PEOPLES DAILY, FRIDAY, FEBRUARY 21, 2014
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News
Why Sanusi was suspended – Presidency By Lawrence Olaoye, Abuja, Suleiman Idris, Lagos & Ado Abubakar Musa, Jos
P
resident Goodluck Jonathan has said that governor of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, was suspended on account of several grievous issues bothering on impunity, incompetence, non challant, fraud, wastefulness, and gross abuse of office and noncompliance with provisions of the Public Procurement Act, 2007. This is coming as men on the Department of Security Services (SSS)also yesterday seized Sanusi's international passport after detaining him briefly shortly after his arrival at the Lagos airport yesterday. Jonathan, in the statement issued by his Special Adviser on Media and Publicity, Reuben Abati, said "the issues that culminated into the suspension of the CBN Governor dates back to April 2013 following the submission of the CBN audited accounts for the year that ended on December 31, 2012 and which was submitted to the president by the apex bank. "This caused Mr. President to issue a 22-paragraph query to the suspended CBN governor on the 4th of May, 2013 and the subsequent written explanation by Malam Sanusi which was forwarded to the president on the 22nd of May 2013. After painstaking analysis and examination, the response was forwarded to the Financial Reporting Council of Nigeria for further scrutiny and professional advice. "The Financial Reporting Council of Nigeria thereafter forwarded a13-page response to Mr. President with various critical observations and far-reaching recommendations. One of the recommendations states thus "
SSS seizes his passport Your Excellency may wish to exercise the powers conferred on Mr. President by Section 11(2) (f) of the CBN ACT 2007 or invoke Section11 (2) (c) of the said Act and cause the Governor and Deputy Governors to cease from holding office in the CBN" "It is also important to note the unrestrained manner, recklessness and impunity with which the CBN governor had governed the apex bank in the last few
years. In 2013 alone, the suspended CBN governor Single-handedly made spurious donations and awarded questionable contracts totalling 163 billion Naira (over 1 billion US dollars) to various institutions without recourse to the President as stipulated by Section 7 sub-section 5(a) of the CBN Act. "Most unfortunate is the fact that of the 63 projects listed under the Corporate Social Responsibil-
ity of the CBN, only 3 of the contracts above 1 billion Naira were referred to the bureau of Public Procurement as required by law. "It was based on this and other recommendations contained in the said report and after further consultations among stakeholders that Mr. President in his wisdom and in the interest of probity, accountability and in order to preserve the integrity and sanctity of the Nations apex bank, decided to
President Goodluck Jonathan (2nd right), exchanging pleasantries with former CBN Governor, Malam Sanusi Lamido Sanusi (left), during the president's visit to Emir of Kano’s palace, last Saturday in Kano. With them are Wamban Kano, Alhaji Abbas Sanusi (2nd left) and Emir of Kano, Alhaji Ado Bayero (sitting-right).
take the appropriate decision to place Mr Sanusi Lamido Sanusi on immediate suspension. "This action of Mr. President is coming after a painstaking appraisal and investigation of all issues involved. The fact that this has occurred at the same period that Mr Sanusi accused the NNPC of non-remittance of 20 billion dollars to the Federation Account does not in any way derogate from the grave infractions and illegalities discovered in the audit report of the CBN and its operations. "For the avoidance of doubt, Nigerians should be assured that Government will go to any length to ensure that Malam Sansui’s allegations against the NNPC are fully and conclusively investigated and if anyone is found culpable, they will be subjected to the full weight of the law", it further said. Meanwhile, former Minister of the Federal Capital Territory (FCT), Malam Nasir el-Rufai yesterday confirmed that officials of the SSS have seized the travelling documents of Sanusi, shortly after he arrived Lagos from Niger, where he had gone to attend a meeting of governors of central banks in the West African subregion. Shortly after his plane landed at the Executive Terminal of the Murtala Muhammed International Airport in Lagos, he was accosted by plain cloth operatives who detained him briefly and insisted he must surrender his passport. They also insisted that he would not be allowed to leave the airport until the Lagos state director of the SSS arrives. But after a while, the operatives had a change of heart after communicating with their superiors. The CBN governor was allowed to leave but only after his passport was confiscated. See more reports on Page 5
You cannot suspend the truth - Sanusi tells Jonathan Below is the transcript of the major parts of Sanusi's first interview after his suspension. He spoke to CNBC Africa. Excerpts:
O
n whether he was on notice with respect to his suspension: Well, I have been told by my office that a letter was received. As you know, I flew in this morning to Niamey along with other Governors of West African Central Banks to meet with the President of Niger and President of Ghana... Fortunately, I came in with my VP Sarah Alade whom I have been asked to hand over to. I have left the meeting to hand over to her. I have just met the Nigerian Ambassador to Niger who confirmed to me that the President asked him to inform me of the decision. On accusations of "various acts of financial misconduct and recklessness" he said: I don't know what they are talking about. When I come back, I will see what those allegations are...I don't think there is any issue raised that has not been raised before. We all know what this is about. This is about consequences for decisions I have taken... This is something that is long overdue. I am surprised it took them so long. On concerns for the market: Basically, my concern is for the safety of the market...I have had
a wonderful time in service to my country. I would not want to see all of my work unraveled. No individual is worth it. On whether his suspension is politically motivated: It is not for me to comment. I am not sure that erm... I think the answer to that is obvious...there is a legal question of whether the president has the authority to suspend the Governor and whether suspension is not removal. It will be helpful to establish the principles by court. Even if I challenge it, I will not go back to the job. Even if I challenge it successfully, I will not go back to it. I think it will be in the interest of the institution for the courts to establish once and for all if the president has the powers to do this... If it is not challenged, the next Central Bank Governor cannot be independent with fear of being suspended by a politician. I do plan to have the courts confirm if indeed that authority exists and I will challenge it. On his legacy: He pointed out Low inflation. Stable exchange rate. Reformed and well governed banking system, robust reserve, independent central bank, financial inclusion,
systems reform...history will record this, nothing is going to change that. You can suspend an individual, you can't suspend the truth. And this is all about these concerns around oil revenues,
around decadence in the oil sector and if this is going to bring about the $20 billion then that's fine. Sanusi Lamido also emphasized the fact that he trusted the competence of his successor Sarah Alade and the other deputy governors to continue his good work. His grouse seemed to be on the legality of his suspension and the future independence of the CBN
Governor. He insisted he'd go to the courts to contest the arbitrariness of his suspension, citing the fact that the President himself did not sign his suspension letter as it was signed by the Secretary to the Federal Government. He finished by saying he had no regrets or ill feelings towards anyone on the matter.
L-R: Former CBN Governor, Malam Sanusi Lamido Sanusi with Malam Nasir el-Rufai shortly after the former arrived Lagos yesterday from Niger, where he had gone to attend a meeting of governors of central banks in the West African sub-region.