The axe came hard on Mallam Sanusi Lamido Sanusi yesterday when the President announced his suspension as the CBN Governor. Many reactions came up from different concerned individuals and groups, some of which boils down to the legality of President Jonathan's decision. However, others are concerned about the real reason for this action. Many, especially, those from the opposition party (APC), claim that it was a retaliation for Sanusi's exposure of $20 billion spent by NNPC/Presidency without appropriation. The CBN Governor himself had reacted thus:
"It has never been my desire to hold on to a job. However, I believe if
the CBN governor cannot be removed from office, then he cannot be
suspended. He can be queried, but the exercise of the arbitrary decision
to remove him must be challenged….. This is all about concerns around
oil revenues and corruption in the oil sector. If the suspension is
going to bring back the missing $20 billion, then it is fine. "
We go back to last year to review a query given to the suspended CBN Governor on several unexplained issues. Here is an extract from the publication, which many among the public didn't know about. Here, it is alleged that Mallam Sanusi invested in Islamic Banking in Malaysia and also has been donating funds to a political party in Nigeria. Do these amount to any crime? Read more:
"In a move that has surprised many, President Goodluck Jonathan has queried the governor of the Central Bank of Nigeria, CBN, Sanusi Lamido Sanusi, over various infractions detected in the apex bank’s 2012 audited account.
The
query, which covered 22 issues bordering on massive fraud at the bank,
was sent to the governor on May 6 and the response, though expected back
on May 8, was submitted to the President on May 21.
The
query of the bank’s account, which its auditors, Ernst and Young,
passed without officially signing, with only a comment that it complies
with the CBN Act, covers issues such as investment of a huge amount of
money in an Islamic bank in Malaysia without any guarantee of its
generating returns.
Others
are write-off of about N3.5 billion CBN staff housing loan and the
donation of about one billion naira to a political party to open up
offices across the country. This donation, which was given under the
special access item in the account, is believed to be geared towards
furthering Sanusi’s alleged political ambition in the 2015 general
elections.
The
query touched other issues such as refusal of the apex bank to
consolidate in its account, the trillion debt owed by the Asset
Management Company, AMCON, and the non-disclosure of the total
liabilities through the bond floated by the company.
The
governor was also asked to explain the discrepancies noted in the 2012
account regarding the Nigerian Security Printing and Minting Company, a
subsidiary of the apex bank.
Other
issues include the controversial donations made to some higher
institutions in the country. Investigations have shown that some of the
donations were inflated in the bank’s books.
For
example, while the Bayero University Kano, BUK, was said to have
collected N4billion, the school authorities claimed it got only
N1billion.
The
apex bank’s account became suspicious when the governor refused to
submit it to the Financial Reporting Council, FRC, the body with the
mandate to ascertain the compliance of companies with accounting
standards, and the International Financial Reporting Standards, IFRS.
Rather than submitting it to the body, the governor requested for seven years’ grace for the CBNto comply with FRC stipulations.
The
audit report of the account, which was submitted directly to the
President, was later forwarded to the economic adviser to the President
for his appraisal. The official okayed the account and noted that it
complied with the CBN Act.
However,
unhappy with the economic adviser’s comment, Jonathan returned the
report to him and drew his attention to the refusal of the auditor to
sign the account.
An
official of Institute of Chartered Accountant of Nigeria, ICAN, told
our reporter that an audit report is worthless when it does not carry
the signature of the auditor.
This
is not the first time the CBN account will be open to scrutiny but the
bank has always hidden under its autonomy to stave off close inspection.
The apex bank is on the first line charge and receives its
appropriation directly from the federation account and exercises
enormous financial autonomy.
In
May, the public accounts committee of the House of Representatives also
had cause to query several expenditure items amounting to N4.7 billion
in the CBN accounts. This included the N2.8billion which the bank said
it spent on the construction of its Port Harcourt branch.
The
House in turn had worked with a report from the office of the auditor
general of the federation which queried extravagant expenditure by the
apex bank for which documents were not made available for verification.
Chairman
of the House committee on public accounts, Solomon Olamilekan at a
meeting with officials of the bank alleged that there were indications
that due process was not followed in expenditure as no documents were
provided.
Some
of the transactions that the committee queried include the sums of N23
million and N50claimed to have been spent for the same purpose of
renovating the governor’s official residence as well as N848 million
spent on the purchase of a property from the National Planning
Commission without any transaction agreement.
However, like many probes of public institutions by the National Assembly, the matter appears not to have been pursued.
The
N4 billion donation to BUK questioned in the President’s query had not
even been known to the public. What had irked many Nigerians, including
federal lawmakers, was the donation earlier in the year of N100 million
to victims of terrorism in Kano, Sanusi’s hometown.
The
House of Representatives entertained a motion on misuse of public funds
on the donation which degenerated into a rowdy session. Many members
accused Sanusi or misuse of public funds.
Member
from Yobe State, Goni Lawan, described Sanusi’s donation of N100
million to Kano State and another N25m gift to Madalla bomb blast
victims as “an act of terrorism”, arguing that attacks in Yobe and Borno
states did not attract the same monetary consolations from the CBN
governor.
“When
I first heard of the action of the CBN governor, I was surprised. I
asked whether Yobe andBorno states were not parts of Nigeria, as these
attacks took place there first,” Lawan said.
Attempts
to get the apex bank to react our story were unsuccessful. Over a week
ago, when our reporter contacted the corporate affairs director of the
CBN, Ugochukwu Okoroafor, and confronted him with the various issues
noted in the CBN 2012 audited account, he claimed ignorance of any
presidential query to the governor.
“I
don’t know what donation you are talking about. Was it done in cash?
I’m not aware of the things you are saying. If you can provide me with
this document that would help, because I haven’t seen it,” he said.
Okoroafor said he was out of town on an official assignment in Abia State and would not be back until last weekend.
A
mail asking him to respond to specific allegations about a write-off of
about N3.5 billion CBN staff housing loan, donation of about N1 billion
to a political party to open up offices across the country as well as
the donation of N4 billion to the Bayero University Kano, among others,
has not been replied.
Also, reminder text messages to the CBN spokesman have been ignored.
Courtesy International Center for Investigative Reporting ICIR." (culled)
Now, a critical question arises. If Sanusi is guilty of financial recklessness, as alleged, and if his accusation of NNPC misapproapiation of subsidy fund is also true, why is the Petroleum and Finance Ministers not sacked or suspended for blatantly flouting the President's order, albeit verbal, that subsidy on kerosene be stopped last year? Are all these part of the politics of 2015? Is any of the opposition party going for feature Sanusi as a Presidential candidate against Jonathan? Is GEJ scared of Sanusi?
Sanusi has vowed to challenge his suspension in court, though he says it is not for himself or for him to be restored, but for the sake of the institution called CBN. Let's see how it goes in the court.
But a report has it that "about 200 women, some dressed in short skirts, gathered outside the national theatre to voice their anger".
