Presidency's Reasons For Suspending Sanusi

Governor Sanusi Lamido Sanusi of the Central Bank of Nigeria has been suspended from the office since today, following the order of President Goodluck Jonathan. His passport was subsequently confiscated by the officials of the State Security Service.

It will be recalled that last year, Mr. Sanusi alerted the Presidency of the missing $20 billion oil money and exposed the Nigerian National Petroleum Corporation as the harbinger of corruption and financial mismanagement.
Anyim Pius Anyim, GCON, Secretary to the Governor of the Federation, appealed to Mr. Sanusi, informing him of the President's decision.
The official statement was composed on February 19, and Mr. Sanusi has been suspended with effect from 20^th February, 2014.
The reasons for his suspension are the following:

• loss of confidence in Mr. Sanusi's abilities to lead the Apex Bank towards the achievement of its statutory mandate;
• unprofessional conduct, breaching due process and accountability principles, carrying out acts of financial recklessness;
• failing or refusal of the CBN to implement the provisions of the Personal Income Tax (Amendment) Act 2007;
• promoting financial recklessness, waste and impunity;
• refusal and negligence to comply with the Public Procurement Act in the Procurement Practices of the CBN (procuring goods and services worth billions of naira yearly without adhering to the express provisions of the PPA);
• report of the Financial Reporting Council of Nigeria on the Audited Financial Statements of the CBN;
• unlawful expenditure of over N163 billion on about 63 'Intervention Projects' across the country; expenditure of N3.086bn on 'Promotional Activities' in 2012, 20.20bn on 'Legal And Professional Fees' in 2011; expenditure of N1.257bn on 'Lunch For Policemen' in 2012, among other cases;
• questionable write-off of N40bn loans of a bank.

Mr. Sanusi was directed to hand over to the most senior Deputy Governor, Dr. Sarah Alade.