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CBN Governor, Sanusi, to go on forced pre- retirement leave

By The Rainbow

Governor, Central Bank of Nigeria, Sanusi Lamido Sanusi,  will be eased out of office three months before the expiration of his tenure, Sahara Reporters has reported.

The online news medium reported that  the garrulous CBN governor was compelled to take  an early retirement following his recent leaked letter to President Goodluck Jonathan detailing the theft of close to $50 billion in oil proceeds by the Nigerian National Petroleum Corporation (NNPC).

The governor later revised the figure to $12 billion.

The report quoted anonymous sources as  claiming that President Goodluck Jonathan believes that Sanusi has been making erratic pronouncements just to demean the office of the President. The source also claims that the CBN governor agreed to the early retirement following threats from the presidency to investigate his spending habits.

Sanusi’s tenure as CBN governor is supposed to expire in June 2014, after which he is expected to pursue his ambition to become the next Emir of Kano.

The Nigerian National Petroleum Corporation (NNP), which is at the centre of his allegation, has vehemently denied any such diversion of funds meant for the Federation Account as alleged by the CBN governor.

According to the NNPC, three agencies of government are involved in collecting accruals from oil for the Federal Government and that the one that concerned it was properly lodged in the Federation Account with the CBN.

The corporation said that CBN should have crossed checked his facts with relevant agencies before embarking on such misinformed letter and leaking it to the media.

The NNPC insinuated that Sanusi might just be driven by a hidden political agenda or simply playing to the gallery.

The CBN governor has been roundly condemned across the country for making such huge allegation on the flight of his imagination, without proper checks and investigation.

A professor of political economy and Director of Lagos Business School, Prof Pat Utomi, was quoted as saying that the tenure of Sanusi as the CBN governor had been an unmitigated disaster.

Utomi said , while reacting to the change of position by Sanusi in the investigation of the almost $50billion he alleged was missing from the coffers of the Nigerian National Petroleum Corporation (NNPC),  that the Nigerian economy is in grave danger of possible collapse due mainly to wrong actions, decisions and comments of the governor of the Central Bank, Mallam Sanusi Lamido Sanusi.

He said that if not urgently attended to the damage that he may leave after his tenure in office will take the nation's economy more than 10 years to recover from.

This was the view of a professor of political economy and Director of Lagos Business School, Prof Pat Utomi while

Describing Sanusi as the wrong man for the job of the Central Bank governor because of his inability to control his emotions and lack of depth on some economic issues, Utomi wondered why Sanusi will always want to be the first to comment on critical national issues despite his sensitive position.

Reacting to the change of position of Sanusi who had in a memo to President Goodluck Jonathan, which was leaked to the press, accused the government-owned oil firm, the Nigerian National Petroleum Corporation, NNPC, of systematically diverting over N8 trillion crude oil sales proceeds being sales proceeds between January 2012 and July 2013, Utomi cautioned Sanusi to watch his steps.

Wondering if Sanusi is not aware of the implications of whatever he says about the economy, Utomi said, 'the comments of a Central Bank governor can make an economy to collapse, the damage Nigeria has suffered from some of his mistakes will take the nation about 10 years to recover from.'

'I have always told him when we were friends that the last person to comment on an issue like missing money in the economy should be the Central Bank governor, because the comment of a Central Bank governor can make the economy to collapse.

'He cannot help himself, that is why I have always said that he is the wrong person for the job, because he reacts to emotion rather than thinking it through and if you are in such position you cannot afford such a luxury,' he said.

Your Comment

JERRY I. E. | 12/27/2013 10:56:00 AM
AYI KWEI in his NOVEL says "the beautiful ones are not yet born" i perceived that it must be d govt of nigeria. then, i ask wen would d beautiful ones be borne in our beloved & only nation? If d right thing is nt done because of d action or inaction of d driver of d vehicle,there s bound 2b a journey of no return. but, my question s who is d right person\driver? OH LORD! let ur WILL be done in our country!
SHUAIB D | 12/27/2013 3:41:00 PM
Mallam | 12/28/2013 11:53:00 AM
Keep quiet f**lish northerner. Go inside your cage. Haven't you guys suffered enough?...even in the hands of your kinsmen!!!!
Truth | 12/27/2013 1:04:00 PM
Even if Nigeria collapse, Northerners feel dat they hav nothng 2 lose.sanusi talks d way he does bcos d president is frm south. We all knw wat is going on n God wil surely send us a messiah dat'll deliver us frm d hands of dis wolfs.
Anonymous | 12/28/2013 11:51:00 AM
f**ls like you only cry wolf where there is none. If you think you have the right to express your st*p*d and gullible opinion, then Sanusi also has that right to talk as a nigerian. Why do you people fail to realise Nigeria belongs to all and not the president or the part he came from. We all have the right to comment on the economy of our dear nation and people like don't and might not have the opportunity to steal with your so-called brethren...oponu ode. Nigeria needs better than GEJ and your likes.sycophant oshi.
big joe | 12/27/2013 4:08:00 PM
Sanusi remains the correct and right person for the job since the creation of that office.
ik | 12/27/2013 7:48:00 PM
sanusi is a cooperate boko harm, he is in a mission to create pain and destroy families. the banking industry that use to be highest employer of labour and the hope of every avarage student has turn to hoplessness. FCMB is paying graudate 25,000 a month all bcos of sanusi.
Johnny | 12/28/2013 7:03:00 AM
Words of wisdom from great Prof Pat Utomi to CBN governor Mallam Sanis Lamido Sanusi... I wish he cqn learn from his past mistakes, knowing fully well that he cannot outleave his entire life making greavious mistakes.
Teacher | 12/28/2013 11:58:00 AM
Johnny living up to your name....johnbull!!! Ego won't kill you. If Utomi has such wisdom as you have acclaimed he does, then he should be living better today than running for the presidency and losing every time he tries. We need to work for this country and be selfless as we do. Enough of the deceits. GEJ has under-performed..even the blind, deaf, lame etc can attest to it except for f**ls like you
ETOMI PHILIP | 12/28/2013 10:35:00 PM
The truth of the matter is that Sanusi is being relieved of his duties not solely because of his leaked letter to the president on alleged non-remittance of $50 billion (which he would later review downwards, with apologies, to $8 billion) to the Federation Account. There is more to it... Indeed one of the persons inherited by the Jonathan administration and marked for summary relieve of duty upon the president's assumption of office was Sanusi, the charge being that he was pursuing a nationalist agenda in the CBN; and that he was a fifth columnist for Northern elements opposed to Jonathan's presidency. Of course no administration will gladly stomach anyone, who though a critical part of it, acts out of sync with its agenda and interest... Indeed the so-called leaked letter was only a subterfuge as it was diversionary, albeit an icing on the cake regarding Sanusi's numerous shocking acts and pronouncements, which have tended to embarrass Jonathan's government for to umpteenth time. Sanusi once contrived with ill-motive, to introduce N5000 notes, which pundits argued against, saying it could spell disaster on the economy under Jonathan and advised the president to quickly shoot the move down... In early 2012, Sanusi went so far as to blame the government for fueling Boko Haram insurgency by promoting economic growth in the south, especially the south south, at the expense of the north, saying government's continued servicing of the 13% oil derivation formula is at the root of insurgency in parts of the north. According to him, Boko Haram elements are reacting angrily against the derivation formula... The question that rang out that period was: How did Sanusi came about that for a fact? The fact of the matter is that Sanusi constituted himself the most controversial CBN governor ever.. His antics and pronouncements as Nigeria's CBN governor tended to plunge the government into one controversy or the other... What's more? Ernst and Young, an international auditing firm recently carried out a comprehensive audit of the CBN. The revelation they came off with was a bang as it was damning. It discovered massive profligacy, fraud, corruption, and bare-faced pillaging of the national till under the watch of Sanusi as CBN governor... But before ever the cudgel will fall on Sanusi following the malodorous stench emerging with the E&Y audit, the disingenuous CBN governor took preemptive strikes (like George Bush on Saddam Hussein's Iraq) at the heart of Jonathan's government by going to press with his so-called letter to the president alleging fraud in the NNPC to the tune of $50 billion. Which is why those who are in the know in fact know that Sanusi's letter, like his move, was diversionary, the scheme of a sly and devious character designed to deflect public attention from the monument of fraud he erected at the CBN, while besmearing Jonathan's government in toe with his letter. PART OF ERNST &YOUNG'S FINDS IS THAT SANUSI WITHOUT AUTHORIZATION DONATED N1 BILLION TO APC'S PURSE FOR ITS DETERMINED AGENDA TO FRUSTRATE AND DISCREDIT GEJ'S GOVERNMENT AND TAKE OVER ASO ROCK IN 2015. MOREOVER, Sanusi seems to impress the idea that he has some grouse to grind not just with President Jonathan, but with the south south region generally and shining stars like Jonathan from that region particularly... Perhaps it was coincidental that when this man struck with his Nazi-style banking reform in 2009, the bankers most affected by his reforms were of south south extraction mostly, viz: Francis Atuche of Bank PHB; Sabastine Adigwe of Afribank; Cecilia Ibru of Oceanic Bank, Bartholomew Ebong of Union Bank, aside from the likes of Jim Ovia and Tony Elumelu, among others, who were quietly eased out following the enactment of a new law, said to have been orchestrated to operate retroactively by Sanusi as CBN governor. He was to indicate his interest in this respect to Financial Times of London thus: "When you look at the figures and look at the size of the population in the north, you can see that there is a structural imbalance of enormous proportions." It is beginning to read like late President Umaru Yar'Adua deployed Sanusi to the CBN to correct the economic structural imbalance between the north and south south... But as per whether he has succeeded in his assignment, your guess is as good as mine. My take is simple: Good riddance to bad rubb**h!!!!
Daimon | 1/1/2014 10:22:00 PM
Nigerians are the most ungrateful set of human beings I know. They never think beyond their selfish interest. This man has cleaned up the mess that would have left our financial system in ruin, and the thanks he gets is some unpatriotic nonentity saying he has an agenda. Who doesn't? Most of Sanusi's critics should be reassessed to see if they are truly Nigerians or Nigerian mistakes