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President Goodluck Jonathan has suspended Central Bank of Nigeria Governor, Mallam Sanusi Lamido Sanusi and announced the appointment of Dr. Sarah Alade, the most senior Deputy Governor of CBN, as Acting Governor. This was made known in a State House Press Statement released on Thursday.

Though Sanusi’s ouster was called suspension, President Jonathan has gone ahead and picked the current Managing Director of Zenith Bank, Godwin Emefiele to replace Sanusi as the new Governor of CBN, Mr. Emefiele’s name has been forwarded to the Senate for confirmation.

Meanwhile, the ousted CBN Governor Sanusi said he will challenge the suspension in court even though he does not intend to continue the job.

In an interview with CBNC Africa shortly after he was removed, Mallam Sanusi who was in Niger Republic attending an official ECOWAS event, said “There is a legal question of whether the President has the authority to suspend the Governor and whether suspension is not removal. It will help to establish the independent of CBN. If it is not challenged, the next CBN Governor cannot be independence with fear of being suspended by a politician.”

Sanusi caused shockwave earlier this month when he told a Senate Committee that out of $67bn of oil sold between January 2012 and July 2013, $20bn had not been accounted for. But the Nigerian National Petroleum Corporation (NNPC) said the allegations showed Sanusi’s “little understanding of the technicality of the oil Industry.”

President Jonathan had asked Sanusi to resign in December 2013 but he refused, source told the BBC Hausa Service.

President Jonathan had announced the suspension of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi early Thursday.

A statement signed by Reuben Abati, Special Adviser to the President (Media & Publicity, directed that 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 statement reads: “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 the Nigerian economy and in accordance with our laws and due process.”

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