APC Says Sanusi's Removal Is Illegal
The All Progressives Congress (APC) has said Thursday's suspension of
Malam Sanusi Lamido Sanusi as Governor of the Central Bank of Nigeria
(CBN) by President Goodluck Jonathan is patently illegal, poorly
thought-out and in bad taste, noting that it will definitely have negative
consequences for the nation's economy.
In a statement issued in Lagos on Thursday by its Interim National
Publicity Secretary, Alhaji Lai Mohammed, the party also said the action
is the clearest indication yet that President Jonathan, whose body
language does not abhor corruption, is willing to silence any
whistle-blower, no matter his or her status.
”As the country wallows in unprecedented corruption under the rudderless
and corruption-hugging Jonathan Administration, the President may have
finally decided to send a strong signal to all Nigerians that it will not
tolerate any exposure of corruption under any circumstance. What better
way to do this than to silence the man who has exposed the alleged missing
20 billion dollars in the NNPC accounts?” it queried.
APC said that Sanusi's suspension has also shown clearly that President
Jonathan as a leader does not care if he destroys national I nstitutions
on the altar of personal ego and political expediency.
”First it was the judiciary which came under his sledge hammer, when he
suspended then President of the Court of Appeal, Justice Ayo Salami, just
to satisfy the hawks in his party. Then it is the turn of the National
Assembly, the Police and now the financial sector. President Jonathan
should not destroy our institutions before he bows out of office next
year. These institutions are older than him and will definitely outlive
him,” APC warned.
The party said while Section 11 (f) of the CBN Act 2007 empowers the
President to remove the CBN Governor, the section is clear that he can
only do so if he has the support of two-thirds majority of the Senate.
”Nowhere in the Act is it said that the President can suspend the CBN
Governor, as he has done in another of his serial rape of the country's
laws,” it said, adding that the reasons given by the presidency for
Sanusi's suspension are as puerile as they are unprecedented, and amount
to calling the dog a bad name just to hang it.
The party said the questions that arise, based on those ridiculous
reasons, are: ”Why has it taken almost five years of Sanusi's tenure for
the President to realize the irregularities of CBN under Sanusi?
Why is the President acting on questionable allegations against Sanusi at
a time the CBN Governor has opened the can of worms in the NNPC? Why has a
President, who has always treated glaring corruption allegations against
his political appointees with so much levity, now so quick to move against
a CBN Governor who has never been accused, let alone indicted of
corruption?
APC expressed serious concerns at the implication of Sanusi's suspension
for the nation's economy, especially on the value of the Naira; local and
international investments; the stock market; inflation and the overall
health of the economy.
”Coming at a time when the economy was already under pressure due to
internal and external factors and is in need of significant investments in
several sectors, such as power and manufacturing to maintain its economic
growth rates, the uncertainty caused by the suspension will leave both
local and international investors questioning the economic direction of
the country and therefore their
investment approach to Nigeria.
”At best, new investments will be delayed until investors consider that
economic and political stability has been restored, and at worst, which is
more likely, both new and existing investors will pull back.
”The Nigerian Stock Exchange that was already witnessing a withdrawal of
portfolio investors, due to the US tapering exercise, is likely to be
exacerbated as more investors, local and international, exit the market,
further putting downward pressure on the country's exchange rate at a time
the CBN is already having difficulty defending the currency. In fact, the
devaluation of the national currency looms.
”All these factors will also drive higher inflation rates with its
attendant economic, social and political costs. No one can say for certain
exactly how costly this action will be for the nation but there are no
doubts it will be high,” the party said.
It called on Nigerians to stay strong in their determination to fight the
canker worm of corruption, even as the government of the day makes clear
it will not hesitate to punish whistle-blowers and reward corrupt persons.
”If anyone in this country is still doubting that the Jonathan
administration lacks the wherewithal to fight corruption, operate under
the rule of law and take Nigeria to greater heights, that person should
now clear the doubt. This administration has clearly reached the end of
its tethers and should be voted out next year to pave the
way for a party that is willing and able to rescue Nigeria,” APC said.