Stay Connected
Atlanta Black Star/Africa
AfricaNewsWorld

Nigerian President Fires Central Bank Head After Uncovering Possible Corruption

By | Published on February 20, 2014 | Updated on February 20, 2014 10:19 PM EST
CommentsComments (0) Add as a preferred source on Google i

Lamido SanusiNigeria‘s central bank governor Lamido Sanusi has been suspended by the president for “financial recklessness and misconduct”.

Mr. Sanusi caused shockwaves in Nigeria when he alleged that $20bn in oil revenue had gone missing.

Nigeria’s state oil firm has denied failing to account for the money, saying the claim was “unsubstantiated”.

Mr. Sanusi is widely respected after undertaking reforms to the banking sector since his appointment in 2009.

He was named central bank governor of the year for 2010 by Banker magazine.

He told the BBC he would challenge his suspension in order to preserve the central bank’s independence.

Foreign exchange, bond and money markets have stopped trading because of uncertainty caused by the move, Reuters news agency reported.

The BBC’s Will Ross in Lagos says Mr. Sanusi’s allegations threaten to expose high-level fraud in Nigeria’s notoriously opaque and corrupt oil sector. Nigeria is one of the world’s biggest oil producers.

“The reality is anyone who challenges the oil sector is striking at the heart of the vested interests that control the Nigerian state and one should be ready for the consequences,” Mr. Sanusi told the BBC’s Focus on Africa program.

The controversy also comes ahead of next year’s elections, with the governing party split over whether President Goodluck Jonathan should contest.

Earlier this month, Mr. Sanusi told a senate committee that out of $67bn of oil sold between January 2012 and July 2013, $20bn had not been accounted for.

The Nigerian National Petroleum Corporation said the allegations showed “little understanding of the technicalities of the oil industry”.

Mr. Sanusi is currently in Niger attending a meeting of top officials. His deputy, Sarah Alade, who is traveling with him, will fill in until a new governor is appointed.

President Jonathan asked him to resign in December but Mr Sanusi refused, sources told the BBC Hausa service. The president does not have the power to sack the central bank governor – only the National Assembly can do this.

Read the full story at bbc.co.uk

 

Subscribe To The ABS Newsletter — Get our stories in your inbox.

Independent journalism still matters.

We hope this story was worth your time. For over 14 years, Atlanta Black Star has stayed Black-owned and independently run. We didn't get here by waiting on ad budgets that were never built to prioritize us. Our readers did that.

Corporate support for Black media has always been thin. Outlets like ours get roughly 1% of the $170 billion spent on U.S. advertising each year, and that margin is shrinking further as advertisers walk back the DEI-linked commitments they made in 2020. That's the backdrop. It's not why we're asking.

The wider picture isn't any steadier. Newspaper ad revenue has fallen more than 80% since 2005, and local newsrooms are closing at a rate of roughly two a week nationwide. When outlets go under, it's rarely the ones built to center a Black perspective from the ground up that get to stick around.

We know a request for support isn't why you came here. But without readers choosing to fund this work directly, the depth of reporting we can do at home and abroad shrinks along with everyone else's. If you're not in a position to give, that doesn't change how much we value you as a reader.

If you are able to, a recurring contribution does more for us than a single one-time gift, because it lets us plan the next investigation instead of just the next invoice. It takes about 30 seconds, no long form, no account. Thank you for continuing to support independent journalism and freedom of the press.

Give once Give monthly Support another way

Latest from Atlanta Black Star

Back to top