TheGuardian Conscience, Nurtured by Truth
Friday, February 21, 2014
Vol. 30, No. 12,839
www.ngrguardiannews.com
N150
Jonathan suspends Sanusi By Ade Ogidan, Chijoke Nelson, Geoff Iyatse (Lagos), Adamu Abuh, Azimazi Momoh Jimoh and Terhemba Daka (Abuja) RESIDENT Goodluck P Jonathan yesterday ordered the immediate suspension from office of Malam Sanusi Lamido Sanusi as the Governor of the Central Bank of Nigeria (CBN). Jonathan’s action was contained in a terse statement by his Special Adviser, Media and Publicity, Dr. Reuben Abati, which directed him (Sanusi) to hand over to the most sen-
ior Deputy Governor, Dr. Sarah Alade, who will act as the governor until a substantive one is appointed. According to the statement, the action was taken in pursuance of Jonathan administration’s determination to urgently re-position the CBN for greater efficiency, and respect for due process and ac-
MORE ON PAGE 3 countability, which were thrown away under the watch of Sanusi as the CBN boss. It said in part: “Having taken special notice of reports of the
• SSS allegedly seizes his passport • Nominates Emefiele as replacement • Alade to resume in acting capacity • CBN ex-chief to query removal in court • Senators, Reps disagree Financial Reporting Council of Nigeria and other investigating bodies, which indicate clearly that Malam Sanusi Lamido Sanusi’s tenure has been characterised 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 Malam 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 Malam Sanusi Lamido Sanusi from the Office of Governor of
the Central Bank of Nigeria. “President Jonathan has further ordered that Malam 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 CONTINUED ON PAGE 2
How trouble began for him By Martins Oloja HE President’s decision to T suspend the Central Bank of Nigeria’s Governor Sanusi Lamido Sanusi was not a spontaneous action, after all, The Guardian confirmed last night. It was learnt last night that trouble began brewing for Sanusi following the Presidency’s decision to seek the Senate’s approval for his suspension three weeks ago to pave the way for a full-blown probe into the apex bank over infractions allegedly discovered in its book and operations. It was confirmed last night that President Goodluck Jonathan had four weeks ago signed a nine-page letter writCONTINUED ON PAGE 4
I’m not going back to the job, says Sanusi — Page 24
Sanusi
Emefiele
Alade
‘Changes in apex bank won’t affect economic stability’ From Mohammed Abubakar, Mathias Okwe, Anthony Otaru (Abuja), Marcel Mbamalu and Bukky Olajide (Lagos) N assurance yesterday A came from the Presidency and the Co-ordinating Minister for the Economy and Finance Minister, Dr. Ngozi Okonjo-Iweala, that the suspension of Malam Sanusi Lamido Sanusi as the Governor of the Central Bank of Nigeria (CBN) would affect the monetary policy of the country, but was intended to re-engineer strong and viable economy. The Special Adviser to the
President (Media and Publicity), Dr. Reuben Abati, who stated this yesterday while answering questions from State House correspondents, also gave details of the alleged financial infractions as reported by the Financial Reporting Council of Nigeria. Abati said there was no need for public anxiety as no new decision had been taken on the country’s monetary policy as it remains the same and there is stability in the system and so investors in the Niger-
ian economy have no reason whatsoever to fear. He said: “That decision was taken only with regards to internal governance issue within the CBN. In the statement, issues raised were very clear that there are issues of internal governance. Government remains committed to the stability of the economy, stability of the naira and stability of the country’s monetary policies. “The lady who has taken over in acting capacity has been long within the system and so
everyone can remain assured that there will be stability and that the institution will remain very strong.” Okonjo-Iweala declared the preparedness of the Federal Government to manage the post-Sanusi economy in such a way that it would continue to be the envy of all stakeholders. She added: “When the news broke out on the suspension of Sanusi, the governor of the CBN, there have been concerns in the market, which is
not unusual. You know when there is movement of one of the major avenues for managing an economy, there are bound to be some reactions but I just want to use this opportunity to focus on our market participants of the resolute attention of this government to begin to manage the economy.” In this regard, she said the Federal Government would continue to maintain macroeconomic stability with a view to transforming the different
• Why NNPC can’t remit all revenues, by Adoke — Page 4 • WRAPA wins $750,000 MacArthur award — Page 5
sectors of the economy. “Our objective remains to maintain macro-economic stability that has been the hallmark of this government and of this administration. It is the maintenance of macroeconomic stability that has enabled us to continue to transform the different sectors of the economy and that will not change”, she said. Analysts believe the suspension of Sanusi will weaken the autonomy of the CBN governor. They added that the suspension may also weaken domestic and foreign investors’ confidence in the Nigerian financial markets.