Sanusi Suspended, Dr Sarah Alade Is Acting CBN Gov

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Governor of Central Bank of Nigeria

…Names of Successors Sent To Senate

The Governor of Central Bank (CBN), Mr. Sanusi Lamido has been suspended from office.

Presidency quoted reports of the financial reporting council of Nigeria and  investigation panel which indicated that Sanusi’s tenure has been characterized by various financial recklessness.

In a statement issued by Dr Reuben Abati, Special Adviser to the President (Media & Publicity), Mallam Sanusi was  suspended because his tenure has been characterized by various acts of financial recklessness and misconduct which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline;

The statement reads:

“Having taken special notice of reports of the Financial Reporting Council of Nigeria and other investigating bodies, which indicate clearly that Mallam Sanusi Lamido  Sanusi’s tenure has been characterized by various acts of financial recklessness and misconduct which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline;

“Being also deeply concerned about far-reaching irregularities  under Mallam Sanusi’s watch which have distracted the Central Bank away from the pursuit and achievement of its statutory mandate; and

“Being determined to urgently re-position the Central Bank of Nigeria for greater efficiency, respect for due process and accountability, President Goodluck Ebele Jonathan has ordered the immediate suspension of Mallam Sanusi Lamido Sanusi from the Office of Governor of the Central Bank of Nigeria.

“President Jonathan has further ordered that Mallam Sanusi should hand over to the most senior Deputy Governor of the CBN, Dr Sarah Alade who will serve as Acting Governor until the conclusion of on-going investigations into breaches of enabling laws, due process and mandate of  the CBN.

“The President expects that as Acting Governor of the Central Bank, Dr. Alade will focus on the core mandate of the Bank and conduct its affairs with greater professionalism, prudence and propriety to restore domestic and international confidence in the country’s apex bank.

“The Federal Government of Nigeria reassures all stakeholders in Nigeria’s financial and monetary system that this decision has been taken in absolute good faith, in the overall interest of the Nigerian economy and in accordance with our laws and due process.”

The Presidency has also forwarded the names of the Chief Executive Officer and Group Managing Director of Zenith Bank Plc, Mr. Godwin Emefiele, as new CBN Governor and Executive Director with the First Bank of Nigeria Limited,  Mr. Adebayo Adelabu,as deputy governor.

Meanwhile, Dr. Sarah Alade, senior most Deputy Governor at the CBN has been directed to serve as acting CBN governor.

Presidency says action taken against Sanusi was in response to internal governance issues within the CBN system, adding that investigation of unlawful expenditure has been leveled against Sanusi  by the council and has since been queried on this.

Special Adviser to the President on Media and Public Affairs, said the suspension was to allow unbiased investigation.

Sanusi has however, vowed to challenge his suspension in court to determine whether the president has the right to suspend the CBN governor.