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Showing posts from February, 2014

On the Removal of Sanusi Lamido Sanusi as the Central Bank of Nigeria Governor

Former CBN Governor: Sanusi Lamido Sanusi

President of Nigeria: Goodluck Jonathan
On Thursday the 20th of February 2014, Nigerians woke up to the unexpected news that the President had decided to “suspend” the Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi (SLS), for “various acts of financial recklessness”. The Financial Council of Nigeria (FRC) had reportedly uncovered various cases of financial impropriety within the Apex Bank's 2012 financial statement.
The fact that the suspension order comes after SLS’ shock revelation that billions from oil sales could not be accounted for continues to fuel suspicions as to the President's real motives in removing the CBN Governor. SLS had recently alleged that the nation’s state oil company, the Nigerian National Petroleum Corporation (NNPC), could not account for the entirety of what it realized from the sale of oil for the periods January 2012 – July 2013; and that the ‘missing’ sum could amount to as much as $20 b…