Jonathan Suspends CBN Governor, Sanusi Lamido Sanusi

Today it was announced that the governor of the Central Bank of Nigeria Sanusi Lamido Sanusi has been suspended by President Goodluck Jonathan for ‘financial recklessness’ and 'misconduct'. One of his Deputies, Dr. Sarah Alade has been appointed by the President as the acting CBN Governor. She would be the first female CBN Governor ever.

The suspended CBN Governor would have ended his tenure in about 3 months.

The news that the President was considering a suspension for the CBN Governor hit the tabloids early in January with many calling on the President to shelve the plan. 

The All Progressives Congress, APC, about a month ago got wind of the impending suspension and is said to have ‘advised President Goodluck Jonathan to tread carefully on his reported plan to force the Governor of the Central Bank of Nigeria, CBN, Lamido Sanusi, to resign.’

Sanusi is being suspended for his open letter to Mr. President as well as his subsequent statements revealing the tens of billions of US Dollars were missing from the government coffers: Funds accruing from the removal of the fuel subsidies since 2012 (20 months) were not released to the CBN.

The NNPC and the Presidency so far has not countered any of these allegations and figures with credible evidence and suspending the CBN Governor for financial recklessness for revealing that between $10 billion and $49 billion was missing seems quite odd at this point.

Suspending Sanusi may keep him from testifying before the Senate Finance Committee probing the NNPC fuel subsidy controversy.

President Jonathan, through his special adviser on Media and Publicity Reuben Abati has made a statement claiming the suspension of the CBN Governor was necessary because his (Sanusi's) conduct "distracted the Central Bank away from the pursuit and achievement of its statutory mandate."

However in FinIntell’s May 2013 edition, Dr. Sarah Alade was one of the predicted contenders to replace the outgoing (now suspended) CBN Governor. See the article here.

 

myfinancialintelligence.com