SINS Of Sanusi-Lamido-Sanusi From 2009 to 2014--Timeline-Statistical Data-Reports SINS Of Sanusi-Lmaido-Sanusi: Nigerians Reacts As Jonathan Whittled Down Sanusi And Impose Zenith Bank CEO Godwin Emefiele As New CBN Governor--Reports New York[RR] ABUJA--Credible sources from Federal Capital Territory (FCT) Abuja said that the embattled Nigerias central bank Governor Lamido Sanusi has been suspended by the president for financial recklessness and misconduct, Republic Reporters gathered. For record, Mr. Sanusi made multiple allegations of missing funds from NNPC special funds. At first Sanusi alleged that $49.8Billion was, missing, then he change his story to $20Billion, and later he said $10Billion was still missing without substantiating these with with facts and figures. BBC said: Mr Sanusi caused shockwaves in Nigeria when he alleged that $20bn (£12bn) in oil revenue had gone missing.Nigerias state oil firm has denied failing to account for the money, saying the claim was unsubstantiated. Adding that: Mr Sanusi is widely respected after undertaking reforms to the banking sector since his appointment in 2009.He was named central bank governor of the year for 2010 by Banker magazine..., it said. Reuters reported that there is confusion in trading NIgerian stocks and selling and buying its bonds due to Sanusis removal from offfice. Foreign exchange, bond and money markets have stopped trading because of uncertainty caused by the move, Reuters news agency reported. According to BBCs Will Ross in Lagos, says, Mr Sanusis allegations threaten to expose high-level fraud in Nigerias notoriously opaque and corrupt oil sector. Nigeria is one of the worlds biggest oil producers. The reality is anyone who challenges the oil sector is striking at the heart of the vested interests that control the Nigerian state and one should be ready for the consequences, Mr Sanusi told the BBCs Focus on Africa programme. Reactions: Centre for Social Justice (CSJ) notes with regret the removal of Nigerias Central Bank Governor Lamido Sanusi, who has been suspended from office by the President pending investigations into 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. The presidential statement announcing his suspension said he had been removed pending investigations into breaches of enabling laws, due process and mandate of the Central Bank of Nigeria. However, the purported removal or suspension of the Central Bank Governor raises a lot of issues. First, the action of the President seems unjustifiable in law. The CBN Act in section 11 specifically provides that: 11. – (1) A person shall not remain a Governor, Deputy Governor or Director of the Bank if he is - (a) a member of any Federal or State legislative house; or (b) a Director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act. (2) The Governor, Deputy Governor or Director shall cease to hold office in the Bank if he - (a) becomes of unsound mind or, owing to ill health, is incapable of carrying out his duties; (b) is convicted of any criminal offence by a court of competent jurisdiction except for traffic offences or contempt proceedings arising in connection with the execution or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act; (c) is guilty of a serious misconduct in relation to his duties under this Act; (d) is disqualified or suspended from practicing his profession in Nigeria by order of a competent authority made in respect of him personally; (e) becomes bankrupt; (f) is removed by the President: Provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed.(underlining supplied). Against the background of the foregoing provisions, CSJ finds it difficult to locate the legal basis of the President’s action considering that the suspension cannot be justified under any of the subsections. To the best of our knowledge, the Senate has not delivered any prayer to the President for Sanusi’s removal. The law only recognizes removal as the term “suspension” is unknown to the CBN Act. If the “far reaching irregularities and breaches of enabling laws, due process and mandate” have not been investigated as indicated in the presidential statement, then the removal was based on mere conjecture without even a prima facie evidence of the allegations. Suspending the CBN Governor at a time he raised serious allegations of corruption against the NNPC and its opaque procedures is an apparent endorsement of corruption, a validation of fiscal impunity and assault of incalculable proportions on the rule of law. It is apparent that the President has not received good advice from his barrage of advisers. The President, choosing to open up more controversies and political battlefronts at a time he should be taking action to calm frayed nerves shows lack of tact and political sagacity. CSJ therefore enjoins the President to reverse the suspension, recall Malam Sanusi and tread the path of legality..., Lead Director, Eze Onyekpere said. It is clear that the President is out to promote corruption in Nigeria. It is unfortunate.., said Justin A. Gbagir, Esq.,Executive Director, Justice & Rights Initiative Benue State NGO Initiative (BENGONET). Ambassador Onoja said: Removal is political and affirmation of the impunity and disregards for the rule of law and order orchestrated by our Leaders. The Central Bank Act does not have any provision for suspension. It only provided for removal subject to the governor being found guilty of malpractices for which two-third of the majority of Senate have to support and pray the President to do so. The aim is all a ploy to weaken Lamido Sanusis access to further information to nab the perpetrators of the endless corruption going in the Nigerian National Petroleum Corporation. The strategy hatched was to stab Sanusi at the back and rubbish him. It is an open game and there is nothing to defend here. But Nigeria must overcome its travails. Only time will tell..., he fumed. Samuel Obeifuna disagree. Ambassador, you are wrong, sorry! You sound surprisingly sentimental and prejudicial. Sanusis suspension was well deserved. In civil/ public service, insubordination is a terrible offense. Again, you can fight your boss but you can NOT win..., he said. “I agree that the suspension should be challenged, in the highest courts of the country. Does the president have the authority to summarily suspend the Chairman of the Central Bank?.., Fabara David-West The 2007 CBN Act requires Senate consent to remove the CBN governor, and David Mark’s Senate has issued a statement endorsing Jonathan’s sack of Sanusi Lamido. “Gov. Kwankwaso stated that the suspension was a grand design to dislodge Kanawa from the economic and financial decision-making agencies of the Federal government in order to further impoverish and marginalize the state” - Halilu Dantiye, Kano state Director of Press & Public Relations. Utter rubbish!! While the sack of the CBN governor is condemnable, it is idiotic and totally irresponsible for a governor to trivialize the issue by indulging in asinine conspiracy theories of FG against his state. Sanusi’s sack for exposing NNPC fraud, is a setback for the entire nation, not a Kano state issue..., Nafata Bamagujie But here are the sins of SLS: Beneath are the sins of embattled former Central Bank Governor of Nigeria, CBN, Sanusi-Lamido-Sanusi--Reports A. The governor claimed that CBN paid a total of N38.233 billion to the Nigeria Security Printing and Minting Company (NSPMC) in 2011. In the same 2011 NSPMC reported a total turnover of 29.370 billion Naira for all its transactions with all clients including CBN.-That was false Sanusi lied B: CBN in 2010, acquired 7% shares of International Islamic Liquidity Management Corporation of Malaysia to the tune of N0.743 billion without the consent and approval of President Jonathan. This transaction was not within his mandate as CBN governor and was in clear violation of CBN Act of 2007. - That was false Sanusi lied C. CBN which is not in competition with any agency in Nigeria, spent N3.086 billion in promotional activities in 2012-That was false Sanusi lied D. CBN Spent in 2012 N1.257 billion for private guards and lunch for policemen- That was false Sanusi lied E: CBNs questionable write-off of N40 billion bank loans without the approval of CBN Board of Trustees.-That was false Sanusi lied F. CBN claimed it paid Emirate air N0.511 billion in 2012 to distribute currency nationwide, while Emirate Airline does not operate local charter flights in Nigeria.-That was false Sanusi lied G: CBN claimed it paid Associated Airline N1.025 billion in 2011 for local distribution of currency. Upon inquiry, it was determined that Associated Airline does not have a billion Naira turnover in 2011.-That was false Sanusi lied H. CBN staff loan write-off in the tune of N3.855 billion in 2012.-That was false Sanusi lied The source added: Sanusi came to rob Nigeria in the broad daylight. Other reports say, Mr Sanusi told a senate committee that out of $67bn of oil sold between January 2012 and July 2013, $20bn had not been accounted for. Curiously, the Nigerian National Petroleum Corporation, NNPC said the allegations showed little understanding of the technicalities of the oil industry. In the hour of his removal from office, Mr Sanusi was allegedly attending a top official meeting in Niger State, his whereabout at this time is unknown. Update later... ____________________________________________________________________________ REPULBIC-REPORTERS....standing between civilization and anarchy....
Posted on: Sat, 22 Feb 2014 04:04:35 +0000
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