Missing $20bn: Reuben Abati- President Jonathan Suspends CBN Governor Sanusi Lamido For CBN "Mismanagement"

Feb. 20, 2014

PRESS RELEASE

Having taken special notice of reports of the Financial Reporting Council of Nigeria and other investigating bodies, which indicate clearly that Mallam Sanusi LamidoÂ Â Sanusiâs tenure has been characterized by various acts of financial recklessness and misconduct which are inconsistent with the administrationâs vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline;

Being also deeply concerned about far-reaching irregularitiesÂ Â under Mallam Sanusiâs watch which have distracted the Central Bank away from the pursuit and achievement of its statutory mandate; and

Being determined to urgently re-position the Central Bank of Nigeria for greater efficiency, respect for due process and accountability, President Goodluck Ebele Jonathan has ordered the immediate suspension of Mallam Sanusi Lamido Sanusi from the Office of Governor of the Central Bank of Nigeria.

President Jonathan has further ordered that Mallam Sanusi should hand over to the most senior Deputy Governor of the CBN, Dr Sarah Alade who will serve as Acting Governor until the conclusion of on-going investigations into breaches of enabling laws, due process and mandate ofÂ Â the CBN.

The President expects that as Acting Governor of the Central Bank, Dr. Alade will focus on the core mandate of the Bank and conduct its affairs with greater professionalism, prudence and propriety to restore domestic and international confidence in the countryâs apex bank.

The Federal Government of Nigeria reassures all stakeholders in Nigeriaâs financial and monetary system that this decision has been taken in absolute good faith, in the overall interest of the Nigerian economy and in accordance with our laws and due process.

Reuben Abati

Special Adviser to the President

(Media & Publicity)

February 20, 2014