Sanusi vows to challenge suspension by President Jonathan in court

CBN Governor, Lamido Sanusi

The CBN governor said he was out to protect the Bank’s independence.

The Governor of the Central Bank of Nigeria, CBN, Lamido Sanusi, says he intends to challenge the legality of his suspension from office, to establish whether President Goodluck Jonathan has the legal authority to take such decision.
“It has never been my desire to hold on to a job. However, I believe if the CBN governor cannot be removed from office, then he cannot be suspended. He can be queried, but the exercise of the arbitrary decision to remove him must be challenged,” he said.
Mr. Sanusi was speaking to the cable news network, CNBC Africa, from Niamey, the Nigerien capital, shortly after news broke that he had been suspended from office by the Presidency.
The former governor, who was in Niamey to attend the ongoing conference of the West African currency zone with other governors of the Central Banks in West African, said he had to hurriedly leave venue of the meeting shortly after the Nigerian Ambassador to Niger confirmed to him the directive by the presidency to inform him of the suspension.
Though he said he was not bothered about the suspension as an individual, as he was proud about his achievements and legacies, Mr. Sanusi said his plan to challenge the action bordered on the need to protect the independence of the CBN as an institution.
“There is the view by some people on whether the president has the authority to remove or suspend the Central Bank governor, or whether the action is not illegal. I am not interested.
“As an individual, I was invited to serve my country, and I have always known that at any point the government feels it is time to go, I will go. But, in terms of the institution, it would be helpful to establish the principle by the court, and I think that is the step I intend to take,” Mr. Sanusi said.
Inspite of his decision to challenge the decision in court “to establish once and for all if the President has the powers to do what he has done,” Mr. Sanusi said he has resolved not to return to the job, as it was never his desire to hold on to any office.
“If it (the decision) is not challenged, then from now the next CBN governor cannot be independent. He can be suspended for any reason, and the independence of the CBN would be totally undermined. It is important to establish the point legally whether this can happen. I do plan to ask the court to confirm if, indeed, that authority exists. I will challenge it,” he said.
Expressing surprise that the decision took so long in coming, he pointed out that though one can suspend the individual, he did not believe the truth can be suspended.
“This is all about concerns around oil revenues and corruption in the oil sector. If the suspension is going to bring back the missing $20 billion, then it is fine,” he said.
He said his major concern was for the financial system, particularly the negative impact of the decision on the Nigerian economy and the need to protect the interest of the CBN.
He listed the legacies of his tenure at the CBN to include slow inflation rate, stable exchange rate, well governed banking system, robust reserves, independent Central Bank and financial inclusion, pointing out that he was satisfied with the service he rendered, which he would not want to see unraveled.
On allegations by the Presidency that his suspension was based on the report received from the Financial Reporting Council of Nigeria, FRCN and other investigating agencies about various acts of financial misconduct that characterized his tenure, Mr. Sanusi said he intends to see what those allegations are when he returns to the country.
Sounding dismissive of the allegations, Mr. Sanusi said the only thing he was aware of, which are not new, were the questions asked by FRCN about the published CBN audited account, which he had since sent a response to the President, who did not give any feedback.
He dismissed insinuations that the decision was politically motivated, saying he has opted not to comment on that, pointing out that he believed it was the consequence of the actions he took while in office.
On the capacity of his successor, Sarah Alade, to sustain the momentum of his achievements, Mr. Sanusi described her as a very competent person, whom he has every confidence in to run the CBN successfully.
“I wish her the very best. I have no ill feeling. I am happy and proud of what I have done. I am looking forward to the future. I am very happy with what I have done during my tenure,” he said.
Ms. Alade is expected to act as CBN governor until a substantive one is confirmed by the Senate. Already, President Goodluck Jonathan has submitted the name of the current Zenith Bank boss, Godwin Emefiele, as new CBN governor.


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  • danuwa

    knew it will come to this. When you fight corruption, corruption will
    fight back. Sanusi should keep his head high because the downtrodden,
    the marginalised, the defenceless, and the poor are with him. Sanusi has
    fought a good fight and keep faith with
    the good people of Nigeria. Shame on those who cornered $ 20 billion of
    our commonwealth for they shall acount for their action and inaction.
    Up Sanusi! Up the good people of Nigeria!!

    • redeem

      CBN audited accounts for the year that ended on December 31, 2012 and which was submitted to the President by the apex bank showed that there were several grievous issues bothering on impunity, incompetence, non-challance, fraud, wastefulness and gross abuse of and noncompliance with the provisions of the Public Procurement Act 2007 by Sanusi. Hence the move to issue a 22-paragraph query to the suspended CBN governor on May 4, 2013 and the subsequent written explanation by Sanusi, which was forwarded to the President on May 22, 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 a 13-page response to the President with various critical observations and far-reaching recommendations. One of the recommendations, stated thus: “Your Excellency may wish to exercise the powers conferred on Mr President by Section 11(2) (f) of the CBN ACT 2007 or invoke Section 11 (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 totaling 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 Responsibility of the CBN, ONLY 3 of the contracts above 1 billion Naira were referred to the bureau of Public Procurement as required by law. Yet some animals call that tranparent-and want Sanusi to continue to fund boko haram and APC abi.

  • Jr IBE

    Sanusi shouldn’t challenge that imbecile reta,rd called GEJ who have a ridiculous veto power! Time will tell before GEJ find himself in a 24/7 dark prison cell!

    • Canada Boy

      Surely I agree with you, Jonathan will NEVER go unpunished with all the atrocities he has committed. Character like him don’t ever learn from history. Jonathan is a real thief.

    • redeem

      let a thief like sanusi try it-he will go to jail from the court-to kirikiri prison

  • Bala R

    If his suspension will bring back the 20 billion stollen, Walillahi hamd.

  • max

    Hisssssssss!!!! Going to court? I thought that heaven will fall.
    You are surprised that it took Jonathan time to suspend you lol !
    Even sis stella oduah claimed that her travail was because of her good works and stepping on powerful toes.
    That you have been suspended does not mean that your false allegation is off your neck.
    Sanusi now that you are no longer in government this is the time that you will tell us all you know about the missing money all am begging you is to get your mathematics correct since you don’t know 1+1. No truth have been suspended and your falsehood will not sustain.
    You came and fought for the independence of cbn and use it to masticate and chew our money because to you independence means nobody can query you.
    You are a thief!

  • Mani_Kay

    I had thought the “emir of kano to be” is the law himself ….. why is he going to court.

    Did he go to court before he started sleeping around with other men’s wives?

    Did he go to court when he decided to unilaterally and corruptly divert the nations resources to APC and to his pockets.

    • Mutum

      Can you or any other person probe the claim of the diversion of the nation resources to APC? You are just suffering from Islamaphobia.

    • 9jaIsFinished

      Can you back your claims and point us to your source?

  • Mani_Kay

    Investigations have so far revealed that the “emir of kano to be” Sanusi Lamido Sanusi corruptly diverted over N58.5Billion in cash and frivollous expenses to the pockets of his adulterous mistresses …… this money must be recovered now.

    The money he has so far diverted to APC and to himself totalling over N2Trillion must also be recovered now.

    • Naijagogoodagain

      Have you started drinking ogogoro with GEJ?

  • kolapo04

    Yes, given the Federal Senate approves of this Mr Jonathan appointments,
    I will strongly advises and hopes that whoever is in charge of the CBN,
    the Senate and the Nigeria’s people still insist on a full scale
    judical probe of the NNPC, CBN and all these corruption madness, going
    on, this clueless moronic President must not be allowed to be above the
    law in his management of Nigeria affairs, it is time that we set
    precedents, a line in the sands for probity in our country and society.

  • Usman

    what a composed gentle man, he is not challenging the suspention to go back to the seat, rather, to establish the independence of the institution, bravo malam Sanusi, above all, we have never had any central Governor that backs the award you did, keep up and life goes on

    • Mani_Kay

      You are talking of awards …… may be you do not know how the so called awards are arranged.

      Don’t forget that many of the failed Banks received glowing international awards a few days before their collapse.

      When @Premium Times exposed details of Sanusi’s adulterous maneuvers, why did Sanusi not go to court to establish the innocence of the women implicated with him even if he (Sanusi) did not want to go to court to defend himself.

      • muzik

        I think ur imbecile

      • Statement

        Good talk

      • Naijagogoodagain

        Anytime you write in defence GEJ, you just make it worse for him in the mind of the people! How long do you think it gonna take before your paymasters cotton on to the fact that you are becoming a liability and that you actually help people to make their mind up against GEJ! I understand that you got to eat, but there should be a limit to stupidity! Where is Abacha today?

  • Estefania wumardeli

    Now the whole nation will be watching what the National Assembly will do, this is impeachment offence by the presidency and should not go unpunished every day but surely one day you will account for all you are doing now.

  • BlackieUmukoro

    Face your emirship project or active politics on the platform of APC. But for the CBN job, goodnite

  • kingbaabu

    The bottom line is that Nigeria has weak institutions. Even laws that guide institutions as old as the CBN can be set aside by the “sitting president” when it suits his whim. Let’s not even begin to talk about independence for relatively newer agencies like the EFCC and ICPC.

  • Tonnero

    GEJ, the drunken sailor, continues his mad dance of destruction.

  • RICH


  • Joshua C. King

    The man has always been destined for suspension and sack altogether but a lack of prudence on the part of the presidency left the Kano born risk banker at the helm of our apex bank.
    However, that failure amounts to incompetence, negligence and shambolic indifference to the nation’s economy by suspending him now.
    Just when the man began speaking about sharp practices within the NNPC the fedora wearing president decides to take his most popular decision thus far.

    • Amaechi Victor

      Sanusi cause his own downfall.He knows that his reporting line is to d President yet he engaged himself in courting controversies to the embarrasment of the President. He started with NNPC, state govt and donations here and there instead of focusing on his job.Again, he became More vocal in politics. There were insinuations here a d there that he wud either b d next Kano state Gov or e emir.He loves power so he should HV resign long ago and face his political career full time with his APC friends who he is sympathetic to. Let him go to court but he also should be prob for his all edge abuse of office.Thanks

  • redeem

    The Central Bank of Nigeria governor before the Senate committee had alleged a missing 20 billion dollars.

    In an interactive session with reporters in Abuja, Babatope accused Sanusi of trying to incite the public, especially the opposition, against the administration of President Goodluck Jonathan.

    He said were it not that Sanusi would be leaving office in a few months, it would not be out order to call for his sack as he had exposed himself as somebody not capable of holding such a sensitive office.

    He said: “It disheartening and highly embarrassing for the Governor of the CBN to be contradicting himself like that. Look at how he was raking before the Senate a few days ago that the actual money that was missing was $20 billion; the same man had initially quoted different figures of $49 billion and $12 billion respectively.”

    In the same vein, Anosike also expressed concern about Sanusi’s conduct, saying: “It is quite worrisome the way Sanusi is carrying himself. Nobody is after his job but we are all Nigerians. The CBN governor is supposed to be seen not heard. But in the case of Sanusi, he talks too much and more of a politician than as a technocrat.”
    According to him, instead of Sanusi going public whenever he has concern about the management of the nation’s resources, he should consult the appropriate government officials to find solution to the problems.

    “If Sanusi wants to join us as politicians, he can. The place is open, it is an open field. There is no day that passed that we will not hear Sanusi either accusing NNPC or the Ministry of Finance of one thing or the other. NNPC has sustained this country for over 40 years. We almost live on NNPC. So we should stop disparaging or discrediting the NNPC. If there are mistakes, they should be discussed and sorted out instead of trying to destroy the organisation.

  • Bill Hansen

    What do you people at premium Times have against using the language (words, grammar, etc.) properly? Sanusi was not suspended from office by the “presidency”. He was suspended by the “President”. Neither is he the “former” Central Bank Governor until he is “removed” from office. That is, after all, the distinction between the words “remove” and “suspend”.

  • Kayode Oyin-Zubair

    I agree with Mallam Lamido Sanusi that though the decision to challenge the illegality in court is not for him to return to office, it is one aimed at ensuring the independecy of the institution. Good one there, at any rate it is an open secret that the unprecedented exposure of the oil scandal must have cost the finest banker his job.

  • Excisionist

    When his romance with Mrs. Yaro was revealed, he found himself in a tight corner where he could be tried by Sharia law or dismissed for conflict of interest. He was quiet for a while. Then BANG ! The government must be charged with something. Something needed to be invented in order to divert attention. Money is missing. GEJ has stollen it. Blah, blah, blah. But wait a minute; how much is missing Mallam Sanusi ? Well, he could not come up with one figure. Then meeting after meeting with the opposition. Sanusi’s ranting is one case of smoke without fire.

    It’s all about Mrs Yaro. If Sharia is not just about oppressing the poor, let them take Sanusi and try him for adultery

    Sanusi has been a disappointment right from the begining. The only problem with GEJ is that he should have sacked Sanusi long time ago. Sanusi can become the CB governor of the Islamic Arewa Republic after the partituion