ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Wednesday, March 3, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
From January 1,  Lagosians can’t withdraw beyond N150,000 cash from banks

CBN Governor, Lamido Sanusi

Sanusi vows to challenge suspension by President Jonathan in court

byBassey Udo
February 20, 2014
3 min read

RelatedNews

Again, court adjourns Diezani’s fraud case amid extradition deadlock

  Re-imagining Nigeria’s Governance Architecture and Leadership Model, By Simbo Olorunfemi

COVID-19: Nigeria records 479 new cases, eight deaths

AfDB approves $320,000 for gender digital financial operations in Nigeria, others

ADVERTISEMENT

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.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Why petrol scarcity is on in some Nigerian states – NNPC

Next Post

Audit of Nigeria’s Extractive Industry: BPP asks NEITI to select new auditors

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

Oba of Lagos, Rilwanu Akiolu

#EndSARS: Hoodlums stole $2 million, N17 million from my palace – Oba of Lagos

March 3, 2021
The Police Inspector-General (IGP), Mohammed Adamu. [PHOTO CREDIT: Official twitter handle of the Nigerian Police]

#EndSARS: Panel threatens to order arrest of SARS operatives

March 3, 2021
foodstuffs

Northern traders to resume movement of food items to South

March 3, 2021
Maryam Abu Shinga

Court convicts Ponzi scheme operator, orders restitution of N110 million

March 3, 2021
A Christian cleric, Bulus Yikura, who was kidnapped by Boko Haram, has been freed.

Boko Haram frees kidnapped pastor who begged FG, CAN for help

March 3, 2021
RAMON OLORUNWA ABBAS, aka “Ray Hushpuppi,” [PHOTO CREDIT: Official Instagram account of Hushpuppi]

EXCLUSIVE: U.S govt asks court to block information on Hushpuppi’s victims, others

March 3, 2021
Next Post
NEITI carpets NNPC on oil subsidy payments

Audit of Nigeria’s Extractive Industry: BPP asks NEITI to select new auditors

JTF in the Niger Delta

13 killed in fresh attack in Barkin Ladi, Plateau

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,627,660 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.