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DPA10s: 10 things you SHOULD know about Sanusi’s response to FRCN allegations against him (READ)

As expected, the suspended governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi has forwarded a response to President Goodluck Jonathan detailing his achievements and conduct during his tenure at the helm of the apex bank.

He responded to tens of allegations levelled against him by the FRCN while he was governor of the bank. The governor opined that most of the allegations could have been easily trashed out without him having to go on suspension.

Here are the 10 things you should know about the robust (while we await COZA pastor, Biodun Fatoyinbo’s response to recently married Ese Walter’s allegations) response by Sanusi Lamido Sanusi below:
1.)  It appears Sanusi Lamido Sanusi was reluctant in putting up a public response thus his statement about being “compelled to make a public statement.”
“I am compelled to make this public statement to address the various allegations levied against the
Central Bank of Nigeria (CBN) and cited as the reasons for my suspension from office as the Governor of the CBN on the 19 of February 2014.”

2.)  The suspended CBN governor started by recognising the hard work put in by staff of the Central Bank and the solid foundation laid by the former governor of the Bank, Dr. Charles Chukwuma Soludo.
“I would also like to acknowledge for the record, the foundation laid by my predecessor, Professor Charles
Chukwuma Soludo, in a number of areas. The CBN Act, 2007, which he championed, established the CBN as a truly autonomous entity of the Federation, and made it possible for us to take the difficult decisions necessary for restoring and maintaining macroeconomic stability…”

3.)  Sanusi reeled out the giantr strides made by the CBN while he was at the helm of affairs at the apex bank. He
mentioned achievements in money policy, stability of the local currency, banking system, human capital development, provision of long-term low-cost funding
to priority sectors of the Nigerian economy and more.
On monetary policy, the Bank has improved the institutional framework for policy-making. A properly constituted Monetary Policy Committee (MPC ) with a
clear mandate for maintaining stability has been established. The MPC has been supported by improvements in research, data and forecasting capacity, and we have also paid attention to clear
communication of our objectives to the market. As a result, headline inflation has remained below 10 per cent since January 2013, from a peak of 15.1 percent and 13.9 percent in 2008 and 2009 respectively. Core inflation declined from 11.2 per cent in December 2009
to 7.9 percent in December 2013, while food inflation maintained a downward trend from 15.5 percent in December 2009 to 9.3 percent in December 2013. In
addition to the conventional liquidity management products, the Bank approved financial products to manage liquidity in non-interest financial institutions.
The CBN also promoted the formation of the financial Markets Dealers Quotations Over–the-Counter (FQDM OTC) Plc as a self-regulatory OTC operator.
In the area of safeguarding the value of the local currency and maintaining stability in the foreign exchange market for the overall sustenance of
macroeconomic stability and growth, the CBN over the period has successfully maintained a stable exchange rate regime and a robust external reserve position
conducive to sustainable growth and development…

4.) Just in case the guys at the FRCN who laid allegations against him somehow found a way to forget, Sanusi reiterated the fact that he’s a globally recognised
Central Banker with lots of accolades from reputable organisations. Well, if he does not blow his trumpet, who will… Reuben Abati?
“In 2010, The Banker Magazine, a publication of Financial Times in London, named me Best Central Bank Governor in the World and Best in Africa. At the Annual World Bank/IMF Meetings, Emerging Markets, a publication of Euromoney Institutional Investor named
me Best Central Bank Governor in Sub-Saharan Africa for 2009, 2010 and 2012. The African Banker Magazine named me Best Central Bank Governor in Africa, 2012.
This is in addition to being named Forbes Africa Person of the year 2011 and listed by TIME as one of the 100 most influential people in the world, 2011.

5.)  From Sanusi Lamido’s response it is clear that he isn’t in the best of relationships with the former MD/CEO of Intercontinental Bank Plc, Mr. Erastus
Akingbola. Hear what he has to say about the banker and man of God. The Central Banker effectively called Akingbola a thief.
As for the Akingbola petition, it is a rehash of baseless allegations he has been making since 2010 which apparently he must have been asked to reproduce on
February 9, ten days before the suspension. It is indeed strange that the CBN Governor can be suspended based
on allegations written by a man who ran his bank into the ground and against whom judgement has been obtained in a London court, and who furthermore is
facing criminal prosecution at home for offences including criminal theft.

6.) And he goes straight for the FRCN’s jugular…
I am publishing these responses to enable the general public see that each and every allegation levelled against the CBN under my leadership is false and
unfounded, and that many of the allegations were malicious and fabricated, having been designed to
mislead the President into believing that the Management of the Central Bank was guilty of misconduct and recklessness.

7.)  Sanusi went on to respond to thirty five allegations levelled against him by the FRCN. He touched on allegations of unlawful expenditure on CBN intervention
projects, non-compliance with the provisions of the Public Procurement Act, non-approval of 2012 financial statement by CBN Board, Non adoption of IFRS
standards, abridgement of Financial Statements, write off of N3.85 billion loan, training and travel expenses, Expenses on Private Guards and Policemen, missing stockpiles of foreign currency, alleged financial recklessness and much more.

8.)  He also responded to allegations that the CBN under his watch oversaw the writing off of N49.07 billion loan incurred by former Kwara governor, Sen. Bukola Saraki in Intercontinental Bank Plc.
From the submissions of ICB to the CBN, the said loan write-off, involved over 1000 customers accounts, totalling N49.07 billion – including accounts held by
companies related to Dr. Bukola Saraki
It is well known that decisions on loan write-offs in the process of recovering non-performing loans are taken
by the management and board of banks in line with their internal credit policies. The outstanding amounts are then written off the books of banks after receiving
approval of the CBN. ICB therefore only approached the CBN, after it has completed all its negotiations and
agreements with its customers, to seek CBN ‘ No Objection’ approval to write-off the loans. Indeed, after a careful review of the submission by ICB, the CBN initially raised objections to the justifications provided for the write-off of the debts on the accounts related to Dr. Bukola Saraki.

9.)  In his concluding statement, Sanusi put it to President Goodluck Jonathan to expend as much energy on other
corruption cases as he has used in pursuing his (Sanusi’s) case in the CBN effectively implying that what is good for the goose is also good for the gander.
According to him, the president should “apply the same rationale and rigour to other agencies of the Federal Government that have had serious allegations and
queries levied against them.”
“Furthermore, it is my wish that His Excellency, Mr President, will apply the same rationale and rigour to
other agencies of the Federal Government that have had serious allegations and queries levied against them, and presume [prevail] upon them to provide responses and explanations with the same level of clarity and transparency.”

10.)  Sanusi’s response to allegations of financial misappropriation and recklessness is over 9,500 words
long- it’s not something to read while on a morning walk.
This could pass for a book.

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