President Jonathan Suspend Sanusi, CBN Governor

CBN Governor
CBN Governor with president jonathan

Below is the Press Release on President Jonathan Suspends Sanusi as CNB Governor by Reuben Abati.

President Goodluck Jonathan today ordered the suspension of Nigeria’s Central Bank Governor, Sanusi Lamido Sanusi, weeks after the CBN Governor exposed the theft of at least $20 billion by officials of  Nigerian petroleum ministry.

A press release issued by the spokesperson to the President, Reuben Abati explained that the CBN governor was suspended because of reports by the Financial Reporting Council claiming the CBN governor had engaged in “financial recklessness and misconduct”. The release did not specifically name any particular financial crime but goes ahead to announce a replacement for Mr. Sanusi.

SaharaReporters could not reach the CBN governor who is currently traveling in Niger for his reaction by an aide who spoke on his behalf said he was not aware of his suspension as the President did not communicate his intention to suspend him to the governor.

Mr. Sanusi had recently refused to back down from allegations that the NNPC and the Petroleum minister, Diezani Allsion-Madueke could not account for over $20 billion of crude oil exports carried out by the NNPC.

 Below is the text of Mr. Abati’s press release announcing President Jonathan’s action.

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.

Reuben Abati

Special Adviser to the President

(Media & Publicity)

February 20, 2014

Whats your view, join the discussion.

22 Responses to "President Jonathan Suspend Sanusi, CBN Governor"

  1. Engr Salami   February 20, 2014 at 11:11 am

    Well, this may as well as credibility to his fight for corruption, letting go key leaders without fear of favour.

  2. Lekan   February 20, 2014 at 11:15 am

    @ Dale , I will tell you what, Sanusi was never even qualified for the job in the first place, It is the foolish quota formula that brought him to spoil the banking sector with his arrogance, No wonder he under-performed and over talked.

  3. Mustafojaro Musa   February 20, 2014 at 11:16 am

    Goodluck Jonathan and his Sister Okonjo-Iweala Should go blazes. They have to sack Sanusi in order to have their hitch-free access to loot the more since Lamido refused to play accordingly.
    This rather not all well timed. i think Mr. President should have waited to have the outcome of Sanusi’s claims, though inconsistent.

  4. Yobo Marshal   February 20, 2014 at 11:17 am

    dont say wat u dont know @ Lekan

  5. Ranger   February 20, 2014 at 11:18 am

    I think Mr president is up to something, this definitely look like a plan to frustrate the north. Self centered Politics will never stop in Nigeria.

  6. Akansi   February 20, 2014 at 11:18 am

    I think Jonathan is making a deadly political mistake fighting Sanusi.
    Here is what financial times had to say on this issue,

    ” Nigeria’s central bank governor has exposed a multibillion-dollar subsidy racket inside the state-owned oil company that may partly explain huge shortfalls in what Africa’s leading oil producer is earning from its crude.
    The allegations by Lamido Sanusi about the mismanagement of Nigeria’s oil industry are ensuring a stormy end to his tenure at the central bank, which began when he tackled widescale financial fraud during a 2009 banking crash. ”

  7. Eno Jack   February 20, 2014 at 11:20 am

    Sanusi may go but all investigations on misappropriation and missing funds goes on. Besides, he is equally acused of financial recklessness, let it be investigated as well. No one is indispensible, the seat of the Governor of the CBN is not part of the Emirate, get that clare.

  8. Funto Adebola   February 20, 2014 at 11:22 am

    As you fan,You fall my hand Baba Jona, infact you Fu*k up big time on this.

  9. Moses Strong   February 20, 2014 at 11:24 am

    This is the biggest disgrace to the Nigerian Government! Sanusi is one of the last few patriotic Nigerians in this Government. He should have been awarded for his efforts in enlightening the Country of the misdeeds he has seen as the CBN Governor.

    Instead of Diezanni getting sacked for flouting presidential directives, the CBN Governor has been suspended.

    What does this say of the type of Government?

    • saeed   February 21, 2014 at 11:10 am

      This clearly defines the type of leaders we have, u either dance to their tune or be smarsh away.

  10. Dr Chuks   February 20, 2014 at 11:26 am

    Trust me , this is more about politics then competence or economy, why was he not suspended all along until now.

    This is because of his links to the new found party APC. BELIEVE ME.

    • McPhils   February 20, 2014 at 11:32 am

      What will you say to the man that operates the nations financial confer as his palace.

      Good bye Sanusi ” The Emir of CBN ” , met you in court or even jail. Through you friends and I have lost means of livelihood.

  11. Eno Imoh   February 20, 2014 at 11:27 am

    Uncle jonna as shown the whole world that another hidden name of his is curruption your action is not in the best intrest of nigerian we the masses of this country no your game plan the highest you can have is another four years,some of us later scumble to your removal of goverment incentive on fuel because of this aticulated man all you can do is to sack the technocrat in your goverment and leave the mediocrat to wreak nigeria in the high sea of the westarn world.Sanusi you are the best cbn governor of all time the most aticulated mouthpice of the masses God Bless sanusi,God bless the masses,God bless nigeria. God Bless You

  12. Uncle Joe   February 20, 2014 at 11:30 am

    This is no more a democrazy bt is jonacrazy/okonjocrazy.
    They sack this man bcos he is d only psn disturbing them to loot d treasury.

  13. Manafrek Musa   February 20, 2014 at 11:31 am

    Come to think of it, I thought Sanusi said he can not be sacked. That was too rude of him, who knows if he is going to return. Do we still have democracy in Nigeria as my brothers truly said.

  14. Tjay   February 20, 2014 at 11:37 am

    I remember this debate, made about 5 years ago ( Sept , 2009 ) as the man came,

    It is now becoming relevant as he goes… lmao.

  15. uche   February 20, 2014 at 11:56 am

    It is my position since the beginning, that we have Ngozi and Sanusi as our leader(s) while the president is a figure head. It is unfortunate that one of the leaders decided to let us know how they steal our money and the others are not happy. So he must be remove by any means. The president have not told us where the money sanusi mentioned went to rather inquiring on the activities of Sanusi was set up in order to robe him. Look at what we are going through with a president that is a PHD holder Some times I wonder how GEJ takes his decisions

  16. AKUMBE   February 20, 2014 at 6:02 pm

    I expect that, Mr president, Goodluck would have set up an investigative committee to look into the allegations of mal Lamido sanusi. Thereafter any action would have followed.I think this would have been more diplomatic and Democratic.

  17. Ayegbege   February 21, 2014 at 9:40 am

    Jonathan is doing the WRONG thing at the WRONG time. The suspension of CBN Gov. clearly revealed that he (GEJ) has removed Sanusi in order to stop further revelations on the missing money which is capable of implicating the presidency. GEJ ought to also suspend the petroleum and the finance ministers or send them on leave while investigation is on-going in order to prevent any fraudulent interference. GEJ has technically killed the missing money investigations having removed the key witness on the case. Why did GEJ acted as such? because he also has hands on the missing money and he has to cover his ass and that of all his cronies period.

  18. Ayegbege   February 21, 2014 at 10:15 am

    GEJ should stop thinking that ALL Nigerians are fools. Nigerian money is alleged to be missing. You are NOT interested in seeing or pursuing the course of how it can be recovered. You hastily suspend/removed the accounting officer from office by robing some silly accusations on him while leaving the conduit pipe officers untouched.
    Who are you?
    You know about the missing money
    You are an accessory to the facts on the missing money
    A co-shearer of the missing money
    A defender or god-father of rouges

    All has not been heard about the facts of the missing money, so the suspension of Sanusi at this time is ill-timed, ill-advised and illegal.

    GEJ should return Sanusi to office immediately except if what you are telling Nigerians is that you do not want the on-going investigations about the missing money to continue. Then be ready to face the implications of your actions.

  19. Alade Ogunfemi   February 21, 2014 at 8:25 pm

    “The President reportedly did not warm up to Sanusi when he visited Kano last Saturday. Besides, there were insinuations last night that Jonathan might have consulted the Emir of Kano, Alhaji Ado Bayero, on his plan to suspend Sanusi whom he claimed was taking the government for granted.

  20. Ahmed A Adamu   February 26, 2014 at 5:50 am

    It is a clear facts that ,the suspension of the CBN Governor Sunusi lamido Sunusi has demonstrated that, Nigerian leaders have legalized corruption,this is because in the press release read by Abati was saying that Sunusi was reckless what of the NNPC, which diverted billions of dollars from oil revenue and in the name of kerosine subsidy, history will not forgive this type of leaders who are mortgaging Nigerian citizens just to remain at all cost


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