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Thursday, February 20, 2014

Suspended CBN Governor, Sanusi Lamido reacts to his suspension.

Ousted CBN governor, Sanusi Lamido Sanusi, who just returned from Niger Republic after travelling on official duty has revealed that he will challenge his suspension. He made this known in an interview with CNBC Africa.

His words below:
"I have been told by my office that a letter was received. As you know, I flew in this morning to Niamey along with other Governors of West African Central Banks to meet with the President of Niger and President of Ghana. Fortunately, I came in with my VP Sarah Alade whom I have been asked to hand over to. I have left the meeting to hand over to her. I have just met the Nigerian Ambassador to Niger who confirmed to me that the President asked him to inform me of the decision.
About financial misconduct and recklessness he's being accused of...
"I don't know what they are talking about. When I come back, I will see what those allegations are. I don't think there is any issue raised that has not been raised before. We all know what this is about. This is about consequences for decisions I have taken. This is something that is long overdue. I am surprised it took them so long.
When asked whether his suspension is politically motivated, he said
I think the answer to that is obvious. There is a legal question of whether the president has the authority to suspend the Governor and whether suspension is not removal. It will be helpful to establish the principles by court.
Even if I challenge it, I will not go back to the job. Even if I challenge it successfully, I will not go back to it. I think it will be in the interest of the institution for the courts to establish once and for all if the president has the powers to do this. If it is not challenged, the next Central Bank Governor cannot be independent with fear of being suspended by a politician. I do plan to have the courts confirm if indeed that authority exists and I will challenge it.

2 comments:

  1. Let him challenge all he wants! Bankers are rejoicing. Full stop!

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  2. Sanusi's suspension from the CBN is a welcome development. It's been a long time coming.
    While not stamping an imprimatur on the management of our economy, I believe that Sanusi has been everything a Central Bank Governor should not be.
    Embarrassingly loquacious and rabidly political, Sanusi has removed the veil of mystique and respect that usually covers that office.
    I once described him as the most loquacious Central Bank Governor in the world.
    In his interventions in public discourses, he has brought the office to global disrepute by peddling conflicting figures about missing funds. 40 million today, 28 million tomorrow.....oh, sorry, 10.8 million today. This is crass incompetence from a man who heads the nation's reserve bank.
    Acting like an opposition party member, he relishes any opportunity to embarrass the government he works with in public....and in doing so, he fails to produce any evidence that he had exhausted established channels of official communication.
    Acting like a Lord of the Manor, Sanusi turned the CBN into the unofficial economic policy opposition.
    Relying on the so called independence of the CBN, he turned the apex bank into a Father Christmas by doling out huge sums of money to causes unconnected with the bank's mandate.
    Disagreeing openly with his boss, the President and daring him to fire him is not the hallmark of a true reformer which Sanusi claims to be. My position has been ...RESIGN HONORABLY IF YOU CONSCIENCE CANNOT ACCEPT WHAT IS HAPPENING!
    There are serious issues and infractions about the way our economy is run but Sanusk's whistle blowing antics and unbridled penchant to covet public attention is most certainly not the way to resolve these hydra headed issues.
    This suspension will also raise far reaching and interesting constitutional issues bothering on the powers of the President to suspend a CBN Governor considering the provisions of the CBN Act which empowers the President to remove the Governor only with two thirds majority of the Senate.
    Mr President and his inside men played smart here...they avoided the word...REMOVED FROM OFFICE, so one cannot argue about removal. Besides, he is due to retire in June, so the hullabaloo will continue until then.
    For me, Sanusi was a big bull in a China shop. Let him go to Kano and fully understudy the Emir preparatory to taking over.

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