The Reason Sanusi Was Sacked

**Sanusi claimed a whooping N1.257 Billion for “Lunch For
his Police guards” and expenses for “Private Guards” In
2012.
**Bogus Payments To Non-operating and non-existing
Airlines To Distribute Currency Nationwide Exposed.
**Operated Bogus Expense Heads To Hide Fraudulent
Activities.
**CBN Has Held An Account With A Balance Of N1.423
Billion For An Unknown Customer Since 2008.
Following Thursday’s suspension of Mr. Sanusi Lamido
Sanusi as Governor of the Central Bank by President
Goodluck Jonathan, 247Nigerianinfo has exclusively obtained a
copy of the Financial Reporting Council of Nigeria report that
ripped apart the 2012 audited financial statement of the apex
bank and exposed the fraud, excesses and wastefulness of
Sanusi and the CBN.
Sanusi had over the years projected an image of an anti-graft
banker, activist, reformer and crusader against graft and
waste in government, as well as the financial sector. Weeks
before his ouster as CBN Governor, Mr. Sanusi had accused
the NNPC of failing to remit billions of dollars in oil revenue
to the federation account, a claim which the NNPC has
continued to dispute.
The 13-page Council report emanated following Sanusi’s
response to a query issued him in early 2013 by President
Goodluck Jonathan over the apex bank’s alarming reckless
donations nationwide and its finances.
Whilst describing Sanusi’s response to the President’s query
as “a clear display of incompetence, nonchalance, fraud,
wastefulness, abuse of due process and deliberate efforts to
misrepresent facts…”, the Council accused the suspended
banker of several violations including but not limited to
carrying out activities with financial implications that are not
related to the CBN’s mandate, especially billions of naira in
ambiguous payments to invoices referred to as “Centre of
Excellence” and “Contribution to Internal National Security”,
and the CBN’s claim that it paid N38.233 billion to the
Nigerian Security Printing and Minting Company Plc in 2011
for the “printing of bank notes” whereas the turnover of the
entire printing and minting company group is N29.370
billion.

The Council also accused Sanusi of rogue payments as air
charter fees to Emirates Airways (N0.511b), Associated
Airline (N1.025b) and Wing Airline (N0.425b), for the
distribution of currency nationwide whereas Emirates does
not operate local charter flights within Nigeria, Wing Air is
unregistered in Nigeria with the Nigeria Civil Aviation
Authority (NCAA), and Associated Airlines did not have a
billion naira turnover in 2011 and have no financial
statements because the company said it had not had any
significant operation in two years to warrant preparing a
financial statement.

In lieu of the serious misconduct found against Sanusi and
the leadership of the CBN, the Council urged the President to
exercise the powers conferred on him by “Section 11 (2) (f) of
the Central Bank of Nigeria Act, 2007 or invoke Section 11 (2)
(c) of the said Act and cause the Governor and the Deputy
Governors to cease from holding office in the CBN and also
direct the Financial Reporting Council of Nigeria to carry out
a full investigation of the activities of the CBN…”

It is a shame that a very Corrupt Sanusi Lamido after getting
copy of this Report in June, 2013, started to sabotage and
blackmail the government by writing his bogus letter to the
President in September, 2013 claiming that NNPC did not
remit the sum of $49.8 billion, a figure he later apologized
that he did not calculate properly.