News / Africa

Nigeria's Cenbank Governor to Challenge Suspension in Court

FILE - Nigeria's central bank governor Sanusi Lamido Sanusi gestures during an interview with Reuters in London.
FILE - Nigeria's central bank governor Sanusi Lamido Sanusi gestures during an interview with Reuters in London.
Reuters
Nigeria's graft-fighting Central Bank Governor Lamido Sanusi said on Friday he would go to court to challenge his suspension by the president, saying he did not want his job back but wanted to question the legality of the move.
 
President Goodluck Jonathan suspended Sanusi on Thursday, removing an increasingly outspoken critic of the government's record on tackling rampant corruption in Africa's top oil producer.
 
Since the suspension, presidential spokesman Reuben Abati has listed alleged procurement irregularities at the central bank during Sanusi's tenure, most of them dating back to 2011.
 
Sanusi told Reuters in a phone interview that he had already been in correspondence about queries concerning the bank's budget, and that he had been through all the processes outlined by the bureau of public procurement.
 
“I'm going to court to challenge the suspension,” he said. “I'm concerned about the precedent... I'm concerned about the idea that if you want to remove someone and you want a way around the law, you just write any kind of letter with all sorts of funny allegations and suspend the person.”
 
But he added he had no intention of retaking the post.
 
Sanusi, who was due to end his term in June, had been presenting evidence to parliament that he said showed the state oil company Nigeria National Petroleum Corporation (NNPC) failed to remit $20 billion that it owed to federal government coffers. NNPC has repeatedly denied Sanusi's allegations.
 
“I'm not going back. I have had my last day at work. I'm very glad to hand this over,” he said.
 
Markets panicked over the suspension of a man whose policies are credited with stabilizing the naira and bringing inflation in Africa's second biggest economy to single digits.
 
The naira fell one percent against the dollar on Friday, although it has not moved since the central bank said it hoped to keep it within its current band of 150-160 to the dollar.
 
Longer term, it is unclear whether investors will be put off Nigeria, whose governance problems are balanced on the positive side by attractive prospects, including abundant energy reserves, a potentially huge consumer market and a fast-growing economy.
 
Sanusi said he never intended to be an anti-corruption crusader, but had been alarmed by the sheer extent of losses to the treasury by corruption at the state oil firm.
 
“I'm trying to get to the heart of collapsing oil revenues,” he said.
 
“My primary motive ... is that oil prices have not come down, oil output has not come down, [but] oil revenues are crashing, and therefore my job as central bank governor in managing the exchange rate and reserves is threatened.”
 
Some commentators, including twice president and former Jonathan mentor Olusegun Obasanjo, have said oil corruption now is worse than at any time since the end of military rule in 1999, a charge Jonathan dismisses as politically motivated.
 
“I haven't compared it to any other [presidential] terms, but I've certainly been alarmed by what I've seen,” Sanusi said.

You May Like

Republican Majority in Congress Off to Rough Start

Standoff over Homeland Security funding exposes philosophical, tactical problems within party More

Pakistan Blocks Baloch Activist from US Trip

Human Rights Commission of Pakistan slams Islamabad officials for stopping people from leaving country to attend human rights conference More

Video Muslims Long Thrived in North Carolina Before Students Killed

Idyll shattered February 10, when three Muslim university students living in Chapel Hill were gunned down by a neighbor More

This forum has been closed.
Comment Sorting
Comments
     
by: PETER OLUNIYI from: Lagos
February 23, 2014 10:37 AM
It is now very obvious that President Goodluck Johnathan is not only encouraging corruption but also promoting it. By suspending the Central Bank governor, he is telling every Nigeria to be corrupt.

by: Anuoluwapo Oladipo from: Nigeria
February 22, 2014 7:24 AM
If Sanusi wants to be hot, he should be hot, If Sanusi wanted to be cold he should be cold.
You cannot mix both and not be spewed out. There is corruption in NNPC no doubt about that and likewise there is corruption in Central Bank. It is a case of kettle calling pot black.
The way and manner he went about destroying Oceanic Bank, Intercontinental bank etc shows personal vendetta. That is why those banks were either acquired or nationalized without following due process. Sanusi weakened those banks further by appointing cronies as CEO's who destroyed those banks by granting undue waivers.
The man must answer for his sins and those friends he appointed as CEO's to those banks that went under must be charged to court. The unjust write-offs granted to their friends to the tune of billions of naira must also be revisited and reversed. I admonished the erstwhile sacked CEO's to approach the law courts and tender the state in which they left those banks before Sanusi's illegal intervention which was not backed by any law at that time.
I also admonish all ordinary shareholders who lost fortunes to seek a medium to challenge the atrocities committed by Sanusi Lamido led Central Bank in the court of law.
Secondly the mismanagement or should I say the taking undue advantage of loop holes in the CBN act makes Sanusi an immoral man. How on earth can someone justify spending over one billion naira to feed police officers attached to CBN and private guards. This is rather absurd and can only be nothing except corruption. What is the justification behind doling out money to boko aram victims in Kano without appropriation, investing Nigerian tax payers money in an Islamic Bank in Malaysia, Flying and distributing currency all over Nigeria using frivolous Airlines that probably Sanusi has interest in among others.
How can a man given the mandate to manage Nigeria's Central Bank not be accountable by being corrupt? Those useless awards that Central Bank was buying at ridiculous amount of naira only portraits inferiority complex.
While there is the urgent need to sanitize the NNPC, there is also an equal need to sanitize the Central Bank and put upright unbiased people at the helm of affairs.
I make bold to say that in other for the Federal Government of Nigeria not to be seen as partisan, the following ministers and directors must also be shown the way out of government;
(i) Minister for Petroleum.
(ii) NNPC Managing Director
(iii) Finance Minister.

by: Gabriel Umoh from: Port Harcourt
February 21, 2014 4:01 PM
The allegations against Mr. Sanusi are indeed grave and we await the outcome of the investigations. His dabbling into political issues and anti government utterances has not helped his cause. As reported, he was openly hobnobbing with opposition party members and doling out huge questionable donations and contracts without due process. To cap it, he virtually thumbed his nose at the President and dared to be fired. Now he got his wish.

by: Ajakayi Ija
February 21, 2014 11:27 AM
It is shocking indeed that Nigeria's president Jonathan failed to order an investigation into the allegation by the Central Bank governor. Twenty billion dollars is about a fifth of the country's annual oil revenue.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Muslims Long Thrived in N Carolina Before Slaying of 3 Studentsi
X
Jerome Socolovsky
March 05, 2015 9:04 PM
The killings of three Muslim students in North Carolina early last month came as Muslims across the United States have felt under siege, partly as a result of terrorist attacks being committed internationally in the name of their faith. But Muslims have long thrived in university cities in this part of the American South. VOA's Jerome Socolovsky reports.
Video

Video Muslims Long Thrived in N Carolina Before Slaying of 3 Students

The killings of three Muslim students in North Carolina early last month came as Muslims across the United States have felt under siege, partly as a result of terrorist attacks being committed internationally in the name of their faith. But Muslims have long thrived in university cities in this part of the American South. VOA's Jerome Socolovsky reports.
Video

Video Fuel Shortages in Nigeria Threaten Election Campaigns

Nigeria is suffering a gas shortage as the falling oil price has affected the country’s ability to import and distribute refined fuels. Coming just weeks before scheduled March 28 elections, the shortage could have a big impact on the campaign, as Henry Ridgwell reports for VOA.
Video

Video Report: Human Rights in Annexed Crimea Deteriorating

A new report by Freedom House and the Atlantic Council of the United States says the human rights situation in Crimea has deteriorated since the peninsula was annexed by Russia in March of last year. The report says the new authorities in Crimea are discriminating against minorities, suppressing freedom of expression, and forcing residents to assume Russian citizenship or leave. Zlatica Hoke has more.
Video

Video 50 Years Later African-Americans See New Voting Rights Battles Ahead

Thousands of people will gather to mark the 50th anniversary of a historic civil rights march on March 7th in Selma, Alabama. In 1965, dozens of people were seriously injured during the event known as “Bloody Sunday,” after police attacked African-American demonstrators demanding voting rights. VOA’s Chris Simkins introduces us to some civil rights pioneers who are still fighting for voting rights in Alabama more than 50 years later.
Video

Video Craft Brewers Taking Hold in US Beer Market

Since the 1950’s, the U.S. beer industry has been dominated by a handful of huge breweries. But in recent years, the rapid rise of small craft breweries has changed the American market and, arguably, the way people drink beer. VOA’s Jeff Custer reports.
Video

Video Video Claims to Show Shia Forces in Iraq Executing Sunni Boy

A graphic mobile phone video is spreading on the Internet, claiming to show Iraqi forces or Shia militia executing a handcuffed Sunni boy. Experts have yet to verify the video, but already Islamic State followers are publicizing it across social media, playing on deep-rooted sectarian fears. VOA’s Jeff Seldin reports.
Video

Video Ukrainian Authorities Struggle to Secure a Divided Mariupol

Since last month's cease-fire went into effect, shelling around the port city of Mariupol has decreased, but it is thought pro-Russian separatists remain poised to attack. For the city’s authorities, a major challenge is gaining the trust of residents, while at the same time rooting out informants who are passing sensitive information to the rebels. Patrick Wells reports for VOA.
Video

Video Volunteer Gauge-Watchers Help Fine-Tune Weather Science

An observation system called CoCoRaHS is working to improve weather science, thanks to thousands of volunteers across the country who measure precipitation in their own backyards, then share their data through the Internet. VOA's Shelley Schlender reports.
Video

Video NASA Spacecraft Approaches a Dwarf Planet

NASA’s Dawn spacecraft will make history on Friday, March 6, when it becomes the first man-made object to orbit a dwarf planet named Ceres. It is located in the asteroid belt between Mars and Jupiter, almost 500 million kilometers from Earth. Among other objectives, Dawn will try to examine two mysterious bright white spots detected on the planet’s surface. VOA’s George Putic has more.
Video

Video Young Muslims Radicalized Online

Young Muslims are being radicalized ‘in their bedrooms’ through direct contact with Islamic State or ISIL fighters via the Internet, according to terror experts. There are growing concerns that authorities and Internet providers are not doing enough to counter online extremism - which analysts say is spread by a prolific network of online supporters around the world. Henry Ridgwell reports from London.
Video

Video Positive Messaging Transforms Ethiopia's Image

Ethiopia was once known for famine and droughts. Now, headlines more often point to its fast-growing economy and its emergence as a regional peacemaker. How has Addis Ababa changed the narrative? VOA's Marthe van der Wolf reports.
Video

Video Answers Elude Families of MH370 Passengers

For the families on board Malaysia Airlines flight MH370, an airline official’s statement nearly one year ago that the plane had lost contact with air traffic control at 2:40 AM is the only thing that remains confirmed. William Ide reports.

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More