Financial Recklessness: I Did Nothing Wrong By Donating Funds To Universities, Others, Says Sanusi

The suspended governor of the Central Bank of Nigeria, Malam Sanusi Lamido Sanusi has faulted his suspension by President Goodluck Jonathan on Thursday, saying it was “unconstitutional” because the presidency did not follow due process.

Sanusi, who spoke in an exclusive interview with Channels Television on thursday, maintained that he would explore some form of legal intervention over his suspension.

He queried the double standards employed in arriving at the conclusion that his leadership of the apex bank was characterized by financial recklessness saying that “just a little over a week ago, the petroleum minister and the GMD of NNPC, sat in front of the Senate on national television, actually saying they have paid billions of dollars on subsidy of kerosene without appropriation”.

This, according to Sanusi was happening in flagrant disregard of an existing presidential directive to stop the payment of subsidy on the product since 2009, wondering why “no one has called this financial recklessness”.

“The NNPC itself has not been audited since 2005” alleging that “they are now rushing to get all those back audits”, he said.

On the findings of the Finacial Reporting Council of Nigeria, which the president acted upon to suspend him, Mr Sanusi asked “if there is any problem in investing in education; building structures in universities; building structures in secondary schools?” or “is there evidence that these contracts were inflated or we awarded the contract to ourselves?” wondering “what exactly is reckless about contributing to education?”

He stressed that the “Central Bank is an independent institution” insisting that “there is a section of the Act that says the president cannot remove the governor without two thirds of the Senate”.

“You cannot go round that section” he continued, noting that “it undermines the entire principle”.

He reminded Nigerians that “the president does not appoint” insisting that “he proposes and the Senate confirms” claiming that the CBN governor is appointed by both the president and the senate and cannot be removed by either independent of the other.

He noted that he wants to seek legal intervention so that “governors coming after me will not refuse to act or refuse to be independent because of fear that they will be suspended”.