Sanusi Still Governor of CBN, President Jonathan Insists

Deposed Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi is still Governor of the bank and was only stepped aside, President Goodluck Jonathan said on Monday evening.
Responding to questions during his sixth presidential media chat — one that subsequently trended on Social Media as too mechanical and somewhat stage-managed — Jonathan stated that Sanusi was only asked to step aside momentarily, pending the conclusion of Financial Reporting Council of Nigeria’s inquiry into the audited account of CBN.
Should Sanusi be found innocent of the allegations of financial recklessness against him, Jonathan explained, he would have the opportunity to return to his job.
“Jonathan is not going there to audit CBN. It is the FRCN that is auditing CBN. Even in village meetings, if a member commits an issue, he will have to step aside first. So on Sanusi, we must allow the financial reporting council of Nigeria to work”, he said.
“The issue of the Central Bank is unfortunate but on whether the president has powers to suspend, I will tell you yes! The president has absolute powers. The president appoints, but must clear with the Senate to remove anybody in that capacity.
“The president has oversight functions over the CBN. This is why the president approves audited accounts of the CBN or any changes to be made in the country's currencies. But Sanusi is still the Governor of CBN and Nigerians must know that”.

He blamed controversies over his rights to suspend the governor on the “anomalous” CBN Act. He also defended the gap in the date of FRCN’s indictment of Sanusi and the timing of his suspension, saying the delay was occasioned by exchange of correspondences between all parties concerned.
“If the grey areas are settled by the FRCN and they feel that the infractions are real, then I will go to the Senate. I cannot say I am firing him”, he said, warning Nigerians to be careful in passing comments and publishing stories on the suspension, which is “sensitive” since FRCN is still investigating the allegations.
On Sanusi’s allegation of unremitted $20bn by the Nigeria National Petroleum Corporation (NNPC), Jonathan recalled that the suspended governor gave conflicting figures before finally settling for $20bn.
“I received calls from all over the world from people asking if such huge amount as $49bn, more than the aid to Africa, could disappear like that”, Jonathan said.
“I don't even know which one to believe anymore. But even if the amount is merely N1, it would be investigated and nobody indicted would go scot-free. I can tell you that no president will be happy to hear that money, no matter how small, disappeared from the treasury of the government”.
Jonathan also recalled that his first query to Sanusi was back in April 2013, hence, the suspension could never have been the consequence of allegations of missing money.
“In societies, we must respect the rule irrespective of whose ox is gored”, he said, before going on to make a case for the amendment of certain parts of CBN act such as the dual role of the governor also heading the board of the bank.
“Last year, the National Assembly wanted to amend the CBN Act, but some wrong signals were sent that government wanted to amend the Act to subject CBN to its control”, he said.
“It was a private member bill. We pleaded with the National Assembly to step it down and they suspended it... There are aspects of the CBN that should be autonomous, but not every aspect. For example, the issue of monetary policy, if the CBN wants to devalue the Naira or strengthen it, you cannot say it doesn’t need to take any permission from anybody. If it wants to change the colour of a naira note, it has to seek my permission”.