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Published On: Fri, Feb 21st, 2014

Sanusi Dismisses Findings of Financial Report Council of Nigeria, Says Its Out of Order

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LAGOS FEBRUARY (URHOBOTODAY) The suspended Governor of Central Bank, Mallam Lamido Sanusi, has said his suspension by President Goodluck Jonathan cannot be justified on any grounds, including the findings of the Financial Reporting Council of Nigeria (FRCN) cited by the Presidency for his removal from office.
The council, in its June 7, 2013 recommendations to President Jonathan had accused Sanusi of “a clear display of incompetence, nonchalance, fraud, wastefulness, and abuse of due process and deliberate efforts to misrepresent facts.”
It asked the President to exercise the powers conferred on him by Section 11(2) (f) of the CBN Act 2007 or invoke Section 11(2) (c) of the said Act “and cause the governor and the deputy governors to cease from holding office in the apex bank.”
But defending his actions while in office, Sanusi said that contrary to the position of the Council, he never acted beyond his powers.
The alleged infractions listed against Sanusi include “persistent refusal and/or negligence to comply with the Public Procurement Act in the procurement practices of the Central Bank of Nigeria” and “Unlawful expenditure by the Central Bank of Nigeria on ‘Intervention Projects’ across the country.”
His leadership, for instance ,was said to have “refused and/or neglected to comply with the provisions of the Public Procurement Act (PPA);” “engaged in procurement of goods, works and services worth billions of naira each year without complying with the express provisions of the PPA;” and financial recklessness “ typified by the execution of ‘Intervention Projects’ across the country.
From available information, the bank has either executed or is currently executing about 63 such projects across the country and has committed over N163billion on them.”
Sanusi, while speaking on Channels Television, dismissed the Council report as being out of order.
He said that not only did the council fail to follow due process, the standard used in arriving at its conclusions on him are questionable.
He said, “just a little over a week ago, the Petroleum Minister and the GMD of NNPC, sat in front of the Senate on national television and actually said they have paid billions of dollars on subsidy of kerosene without appropriation” without regard for a Presidential directive to stop the payment since 2009.
He wondered why “no one has called this financial recklessness.”
He added,“ The NNPC itself has not been audited since 2005…They are now rushing to get all those back audits.”
On the allegation that he got involved in intervention projects, he said: “is there is any problem in investing in education; building structures in universities; building structures in secondary schools? Is there evidence that these contracts were inflated or we awarded the contract to ourselves? What exactly is reckless about contributing to education?”
He insisted that the CBN is an independent institution whose governor cannot be removed by the President without the consent of two thirds of the Senate.
“You cannot go round that section. It undermines the entire principle,” he stressed

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