Sanusi should be blamed for his suspension as CBN Governor – Falana

FEMI Falana said Lamido Sanusi should have resigned.A Senior Advocate of Nigeria, Femi Falana, has blamed Lamido Sanusi for the Central Bank Governor’s suspension from office.President Goodluck Jonathan, Thursday, suspended Mr. Sanusi, Nigeria’s Central Bank, CBN, governor, from office over allegations of financial recklessness. Mr. Sanusi has denied anywrongoings and alleged that he was suspended because he exposed the corruption in Nigeria’s state owned oil company, NNPC. He said he would challenge his suspension in court.Mr. Falana, in a statement he circulated on Saturday, said the CBN governor dared the President by refusing to resign when he was purportedly asked to.“Convinced that he could only be removed by the President with the approval of the Senate Mr Sanusi turned down the request and dared the President to remove him,” Mr. Falana said.“Having regard to his irreconcilable differences with the Jonathan Administration on the operation and management of the Federation Account Mr Sanusi ought to have voluntarily resigned his appointment.“But he decided to remain in office while taking the Administration to the cleaners at the tail end of his 5-year tenure. To that extent, Mr Sanusi has himself to blame for his suspension from office on account of alleged financial recklessness,” Mr. Falana added.President Jonathan has already forwarded the name of Godwin Emefiele, the Managing Director of Zenith Bank Plc, to the Senate as a replacement for Mr. Sanusi. Mr. Emefiele, if cleared by the Senate, will resume in June, when Mr. Sanusi’s tenure as BN boss expires. However, the most senior Deputy Governor of the CBN, Sarah Alade, is currently acting as the governor.Mr. Falana said that since Mr. Sanusi had been placed on suspension, the law presumes that he remains the substantive Governor of the CBN.“Therefore, pending the end of his tenure or removal from office through the Senate there is no basis for the appointment of a new CBN governor,” said Mr. Falana.“President Jonathan is advised to suspend the process for the replacement of the CBN governor by withdrawing the new nomination forwarded to the Senate as the nation cannot have a suspended governor and a substantive governor of the CBN at the same time.“In the alternative, the Senate should put off any debate on the fresh nomination pending the end of the tenure of the suspended governor,” he added.Mr. Falana further stated that the diversion of huge public funds from the Federation Account as alleged by Mr. Sanusi should not be swept under the carpet, while calling for the investigation of the alleged financial recklessness against the suspended CBN governor.“Once again, I call on the Federal Government to allow the Auditor-General of the Federation to audit the accounts of the CBN and the NNPC by virtue of section 85 of the Constitution.“The reports of such audit should then be submitted to the National Assembly for necessary action in line with the provisions of section 85(4) of the Constitution,” Mr. Falana added.

President Jonathan Suspends CBN Governor Sanusi Lamido Sanusi, Lists His Sins

President Goodluck Jonathan has suspended Central Bank governor Sanusi Lamido Sanusi over alleged breach of enabling laws and mandate of the apex bank.

The president disclosed this in a statement by presidential spokesperson Dr Reuben Abati.

Read full statement 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 theNigerian economy and in accordance with our laws and due process.

Reuben Abati

Special Adviser to the President
(Media & Publicity)

Breaking: Sanusi insists “Let us know what happened to the remaining $20 billion.

CBN Governor, Sanusi Lamido Sanusi, sparked the investigation.

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Meeting is adjourned to next Thursday 10 am. Mr. Makarfi said the committee will go into actual examination of issues when it receives all responses from the parties.

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Mr. Makarfi said some issues raised by CBN governor, Sanusi, in his letter to the committee, do not relate to the immediate subject of investigation.

But Mr. Sanusi said the issues raised by him relate directly to why the NNPC has not remitted money to the government account. Mr. Sanusi said what must be agreed is that NNPC shipped $67 billion worth of crude, but what came to the CBN after all reconciliation, stands at $47 billion.

“Let us know what happened to the remaining $20 billion.”

We have confirmed that the FIRS received $16 billion which was paid by IOCs. CBN has accepted that. We have accounted that out of $67 billion that NNPC shipped, $47 billion has come to CBN.

Mr. Sanusi said NNPC’s claim on subsidy on kerosene cannot stand since a presidential directive had long barred such subsidy. “NNPC must show where it got the authority to buy kerosene at N150 and sell at N40, and then put the burden of loss on the federation account,” he said.

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Mr. Okogu: I know that they have made progress with the PPPRA. This one week we are seeking will be enough for us to bring this to closure.

He said the need to deliver a satisfactory, and thorough job.

FIRS is asked by the committee whether it received part of the money as NNPC claimed, and if they did, how much, and did they remit the amount to government?

A representative of the FIRS said at the inter-agency reconciliation committee, FIRS was to account for “$15 billion” of the total $49.8 billion.

The FIRS representative confirmed the agency received “$16 billion” and remitted same.

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PPPRA representative said we have been working on the reconciliation and we have gone far. Probably before the end of the week, we would be able to conclude. PPPRA said they are still “looking for some documents”.

Makarfi said the committee cannot wait forever. The PPPRA must be able to state on the date given to them how far they have reconciled (10%, 30% or 90%, or what figure). That must be provided to the committee in writing.

Bukola Saraki: Said the process does not “instil confidence”. “For a letter that was written September, and was only made public later, why did the reconciliation not start? “It’s not the amount now, but the issue of process.”

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Bright Okogu, DG Budget:

The figure has come down from $49.8billion to about $10.8 billion. That figure has been on the table since. He said the inter-agency committee asked NNPC to provide all necessary documents to account fully for the outstanding figure.

He said the last time NNPC/ and Ministry of Petroleum were contacted last week, informally, and they said they have gone very far with the PPPRA on the reconciliation of the outstanding amount. The NNPC requested for more time.

Mr. Okogu requested for one more week to sort out all outstanding figure.

Makarfi has asked PPRA to respond. “We want to know exactly what is going on at this point,” he said.

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Mr. Makarfi said the two ministers, likely Ngozi Okonjo-Iweala and Diezani Allison-Madueke, have the permission of the committee to be absent due to ill health. But the committee expects that by next week, all of them will appear before it.

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Mr. Makarfi said NNPC has made submission which the committee finds not comprehensive. NNPC asked to re-submit latest Feb.14.

NEITI’s response also covered only 2011. The committee wants it to send in more info by February 7.

The committee said it has yet to receive the inter-agency reconciliation report on the alleged unremitted funds.

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Ahmed Makarfi: All should know that this particular hearing is basically on the issue of unremitted revenue by the NNPC.

Recalls that the first hearing last December was suspended to allow the parties involved reconcile the figures.

Mr. Makarfi said the committee wrote letters to finance ministry to ask whether the NNPC has outstanding unremitted funds.

To CBN, the committee requested the copy of the letter Mr. Sanusi sent to President and any other letter

To NNPC: The committee asked if there are unremitted funds; whether they received the CBN letter and responded. If they did, they should furnish the committee with a copy.

The committee also wrote to the Department of Petroleum Resources, FIRS, NEITI, and the ministry of petroleum resources.

Ogala EmmanuelAN HOUR AGO

Ahmed Makarfi, chairman of the committee, has confirmed the hearing is to investigate the alleged missing oil billions. OPEN the floor then. He is reading an address.