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President Jonathan Suspends Sanusi Lamido Sanusi As CBN Governor

President Goodluck Jonathan has Thursday suspended Lamido Sanusi as the Central Bank of Nigeria Governor.

In a statement issued by the Presidential Spokesman Reuben Abati, Sanusi is suspended due to financial recklessness and misconduct which are inconsistent with the administration’s vision of a Central Bank under his watch..

The statement issued reads below….

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 Governor of the CBN is due to retire from the apex bank by June 2014. What must have led to the suspension by the President will not be unconnected to the letters and recent outburst over the missing funds at the Nigeria National Petroleum Cooperation, NNPC.

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