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Published On: Mon, Mar 17th, 2014

Sanusi responds to FRC allegations

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Sanusi-Lamido-SanusiBy Chris Alu, Abuja and Adesoji Oyinlola, Lagos

The outgoing Central Bank Governor Sanusi Lamido Sanusi has responded to the 34 allegations leveled against him by the federal government that lead to his suspension, describing it as a script orchestrated by the federal government to tarnish his achievements within his five years tenure.

He said that the allegations leveled against him were false unfounded and maliciously fabricated by the presidency to spur his career, according to him, the Apex body of the financial regulatory body withiness a tremendous growth and development and was regarded as the one of the best regulatory bank in Africa.

Sanusi said that the central bank during his time generated over N376 Billion naira as internally generated revenue to the federal government alone which the committee on finance publicly commended him as the highest contributor of revenue to the FGN between 2009-2013.

He explained that CBN during his tenure wittiness prudent management of cost, currency expenses and over heads, according to him currency expenses was brought down from N50.8 Billion in 2009 to N29.08 Billion in 2012.

Sanusi stated this in a statement sign by himself and made available to People’s Daily, in which he described the allegations as baseless and lacking in merit.

The former CBN governor said that it was during his time that the MPC was improved in research data and forecasting in capacity as well as controlling inflation rate below ten percent from a peak of 15.1

percent and 13.9 percent within his years.

The statement said that, it was during his five years tenure that the formation of the financial market dealer quotation over the counter FQDMOTC was emerged as a self-regulatory OTC operator.

He said that the CBN broke up universal banks and encouraged the setting up of specialized banks (including the first Non – interest Bank in the Country’s history), pushed for the adoption of IFRS and

Basel 3, enhanced risk-based supervision, issued Competency Guidelines for the staff in the banking industry, established a Consumer Protection Department and developed a Financial Inclusion Strategy and Roadmap, among others within his tenure as governor of CBN.

Meanwhile, the Peoples Democratic Party (PDP) has demanded for a detailed forensic audit of all the accounts and financial activities of the Central Bank of Nigeria from 2009 till date.

The PDP in a statement by its National Publicity Secretary, Chief Olisa Metuh on Sunday also demanded that the audit must establish and publish all movement of monies from the CBN accounts such as contract sums, donations and other extra budgetary spending under the suspended CBN governor, Sanusi Lamido Sanusi.

The party said the audit will reveal all contracts awarded by the apex bank within the period, the beneficiary companies and persons behind them as well as the value of the contracts and their status of


It further said facts available to it, some of which have already been published by the Financial Reporting Council, show that within the period, the apex bank engaged in reckless award of inflated contractsthrough which over N680 billion CBN money was frittered away.

Stating that the beneficiaries of the contracts consist of highly corrupt persons who have been hiding under the toga of anti-corruption crusaders and whistle blowers to syphon the nation’s resources, the PDP said it has been established that there were huge infractions on the management of the bank’s funds which made it impossible for it to properly prepare its financial statements since 2012 usingInternational Financial Reporting Standards (IFRS).

The ruling party also said its investigation revealed that the APC and its stalwarts have been the beneficiaries of syphoned CBN money surreptitiously diverted to them by the suspended CBN governor

Asserting that a fraudulent N48 billion contract was awarded to a leader of the APC while N5 billion was further paid to another stalwart of the party as consultancy fee, the PDP said the bank also

diverted over N1billion to the APC to open offices across the nation in addition to N100 million donated each to some chieftains of APC to fund their activities last year.


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