Sanusi’s suspension is in order, says Ozekhome

More people react to Mr. Sanusi’s suspension

A Senior Advocate of Nigeria, SAN, Mike Ozekhome, on Friday said President Goodluck Jonathan’s suspension of Lamido Sanusi as Governor of Central Bank of Nigeria, CBN, was legal.

Mr. Ozekhome, who is also a constitutional lawyer said this in an interview in Abuja.

“Constitutionally and legally, what President Jonathan did was correct. He does not require the consent of the National Assembly to do so.

“Anyone who is an employee has to know that he is answerable to his employer. You cannot bite the finger that feeds you.

“The Nigerian Constitution and the CBN Act give the President the authority to suspend or remove the Governor of the CBN,” he said.

Mr. Ozekhome claimed that Mr. Sanusi had deviated from his primary duty of leading the apex bank to the path of monetary stability.

“A governor of a Central Bank in any part of the world should be seen and not heard.

“When he should be heard, he should only be discussing monetary policies which will uplift the economy of his country.

“In Nigeria, what we have is a CBN governor that has been fighting the government of his country,” he said.

Mr. Ozekhome alleged that Mr. Sanusi had been making very provocative and highly derogatory statements about the monetary policies of his own country.

“When you say all that, then how do you want international investors to come to the country, when a very reliable figure is saying all these negative things about his country,” he claimed.

The lawyer alleged that the ousted CBN governor had been acting like a political leader or traditional ruler by donating public funds to universities, political aides and at other functions.

He said Mr. Sanusi was not versatile and had made six mistakes on the missing funds from the Nigeria National Petroleum Corporation, NNPC, within the last two months.

“This variation in figures of the missing funds has caused chaos in the country, which is not supposed to be so,” Mr. Ozekhome said.

He said in as much as Mr. Sanusi could lay claim to some notable achievements, it was evident that he still made some notable mistakes.

“People should look at this from all sides. It is easy for people to say Sanusi’s sack was because he exposed the truth. But, no! This is not it.

“When Sanusi became the governor, the exchange rate of the Dollar with the Naira was about N130.

“Today it is anything between N160 to N170 to a dollar. This is the poorest so far in the history of this country,” the lawyer said.

He said it was undeniable that Mr. Sanusi had some good impact on the banking industry “by weeding out bad banks and restructuring the entire banking sector”.

“He has succeeded in that area. No doubt. But his visibility and intrusion into matters that are highly political and have nothing to do with his office are questionable character,” Mr. Ozekhome



Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: Revealed!!! The Only Way Left of Getting an Extra Large Manhood and also Last Up to 38Mins+. Get the Insider Secret Here

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.

  • redeem

    CBN audited accounts for the year that ended on December 31, 2012 and which was submitted to the President by the apex bank.
    The statement said 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.
    Okupe said this caused Jonathan 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.
    The presidential aide said 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, Okupe said, 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.”
    Okupe said further in the statement: “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.

  • Shehu Umar

    I hope the legal big wigs have properly gone through the provisions of the law before misleading Nigerians to what is not obtainable in our legal system…we were taught to read through scripts and present it the way its been spelt out….the CBN act says “Provided a 2/3 majority votes of the senate supports the president’s authority…”etc…pls and pls we should learn how to lead the C-in-C on the right course but not to mislead him for some certain selfish interest that will be at the detriment of the common man….long live Nigeria…