Sanusi's Letter Of Suspension From The CBN

 

 

19th February, 2014

Reference:

Mallam Sanusi Lamido Sanusi Governor,

Central Bank of Nigeria, Abuja.

SUSPENSION FROM OFFICE

1. Following the Report of the Financial Reporting Council of Nigeria on the Audited Financial Statements of the Central Bank of Nigeria (CBN) for the year ended 31st December 2012, and other related issues, I write to convey to you His Excellency, Mr. President’s decision that you be suspended from office as Governor of the Central Bank of Nigeria with effect from Thursday 20th February 2014.

2. The decision is predicated on the loss of confidence in your ability to lead the Apex Bank towards the achievement of its statutory mandate. Of particular concern is the fact that, under your watch, the bank has carried out its functions in a manner characterized by disregard for due process and accountability.

3. This is exemplified by various acts of financial recklessness and unprofessional conduct which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline.

4. The particulars of the infractions are highlighted below:

5. Persistent Refusal and/or Negligence to comply with the Public Procurement Act in the Procurement Practices of the Central Bank of Nigeria

(a) By virtue of Section 15(1) (a) of the Public Procurement Act, the provisions of the Act are expected to apply to all ‘procurement of goods, works and services carried out by the Federal Government of Nigeria and all procurement entities.’ The definition clearly includes the Central Bank of Nigeria.

(b) It is however regrettable the Central Bank of Nigeria under your leadership, has refused and/or neglected to comply with the provisions of the Public Procurement (PPA). You will recall that one of the primary reasons for the enactment of the PPA was the need to promote transparency, competitiveness, cost effectiveness and professionalism in the public sector procurement system...read more

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