President Goodluck Jonathan has defended his decision to suspend the Governor of Central Bank of Nigeria, Sanusi Lamido Sanusi, saying he has absolute powers to suspend him.
The President made this known on Monday while fielding questions from a team of journalists (Mark Amarere of AIT, Tunji Bello of New Telegraph, Grace Ekpo of Wazobia FM and Goodluck Nnaji of Blaize FM) at a special Centenary Presidential media chat.
However, Jonathan insisted that Sanusi remains the CBN governor and could be recalled to complete his tenure depending on the outcome of the investigation being carried out by the Board of the CBN and the Financial Reporting Council of Nigeria.
Justifying further the suspension, the President said the CBN Act was an anomaly because the CBN governor is the Chief Executive Officer and at the same time the Chairman of the CBN board.
President Jonathan said it was only fair that since the Board of the CBN is involved in the investigation and the chairman, Sanusi, as a key actor, should step aside pending the conclusion of investigation.
He said: “The President of Nigeria by virtue of the constitution has powers to suspend the governor of CBN.
“The President has absolute powers to suspend the CBN governor.
“The CBN laws make provisions that the appointment of governors, deputy governors and executive directors, the President appoints and sends to the Senate.
“But, the President has oversight functions over the CBN.
“For the CBN governor to change the colour of the Naira, the president must approve.
“When you audit the CBN, you will publish it and for you to even publish it, the President must approve.
“Sanusi is still the governor of CBN and that is why there can never be a substantive governor until the issue is sorted out.
“Sanusi can come back tomorrow to continue his work because the issues raised are issues that the Board of CBN and the Financial Reporting Council of Nigeria have powers to look into.
“The issue of suspension came in because the CBN Act is somehow anomalous.
“The CBN Governor is also the chairman of the CBN Board.
“The CBN Governor is also the chief executive of CBN.
“So, if there are allegations, it becomes a problem for you to look into it.
“And there are issues raised in the 2012 audit report and for you to be sure of what you are doing, the CBN Governor can just step aside.
“You cannot go to the Senate to ask for powers to suspend and may be in a week or so, may be the Financial Reporting Council of Nigeria sorted out the grey areas and you go back to the Senate and say this man is coming back.”
Asked why he waited this long before moving against the CBN governor, Jonathan said due process must be followed.
He disclosed that the first query he issued to Sanusi was in April 2012, followed by the second one in May and had to refer back to the financial council once he responded to the queries.
Jonathan explained: “The issue is sensitive.
“You are dealing with the treasury of a country.
“You have to be careful.
“You have to take all the necessary steps to make sure that asking the CBN governor to step aside does not affect the economy.
“The issues that affect the capital market are very sensitive.
“So, no president will just wake up and take a decision to suspend the governor of CBN.
“You have to consult.
“We have to send the name of the successor to the National Assembly just to tell the international community that the succession is there while there is an acting person.
“We want to make sure that the succession is to let the international investors to know that whatever happens will not affect the CBN.
“We must be careful and that is what we have just done and I am quite pleased that it will stabilize.
“I want to use this opportunity to just advice people that the CBN governor, who is a key actor there, cannot preside over his own activities.
“We must allow the Financial Reporting Council to work.”
On the alleged missing $20 billion oil money, the President assured Nigerians that he would not cover it up, saying that every kobo must be accounted for by the Nigeria National Petroleum Corporation and other agencies of government.
He admitted that he was embarrassed when the suspended CBN governor first made the allegation of a missing $49.8 billion, as he got calls from leaders across the world.
His words: “Sanusi first spoke about $49.8 billion.
“Everybody was alarmed.
“I got calls from all over the world that so in Nigeria a lot of money more than the total foreign aids coming into Africa could just disappear.
“We were all alarmed and finally Sanusi said it was $12 billion.
“Later, he said it was $20 billion.
“I don’t even know which figure to believe anyway whether it is $49.8 billion, whether it is $10 billion or $20 billion.
“But, whatever, even if it is one kobo or one dollar that has disappeared, NNPC will find out.
“That, I can guarantee you.
“But, while doing that, we must follow due process.
“If you have to do the correct thing, it looks a bit odd.
“We must follow due process and we must follow rule of law.
“Nobody ever mentioned the Auditor General of the Federation in this matter.
“But I can tell you that even one dollar, $20 billion is a lot of money.
“So, no president will accept that $20 billion should disappear whether from NNPC or any government agency.
“Nobody is covering anybody up but we have to do things right.
“The first query I sent to Sanusi was in April 2013 and the second one was in May.
“So, the right thing must be done irrespective of whose ox is gored.”
On the possible prosecution of Sanusi, Jonathan had this to say: “People must know how government functions.
“The government doesn’t just prosecute anybody.
“No, it is not done that way.
“Until when they conclude investigations, he may go back if he has no case to answer.
“If he has a case to answer, that is when they prosecute.”
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