Despite the assurance by President Goodluck Jonathan that Mallam Lamido Sanusi remains the Governor of the Central Bank of Nigeria irrespective of his recent suspension, investigation has revealed that the embattled banker is not likely to return to his duty post.
Investigations by Saturday PUNCH showed that the Financial Reporting Council of Nigeria currently investigating the tenure of the suspended governor had concluded plans to indict him for some alleged financial infractions.
Sources at the FRCN and the Presidency told our correspondents on Thursday that details of the findings made so far had shown that Sanusi could not escape being indicted at the conclusion of the investigation.
The sources, who pleaded anonymity because they were not authorised to speak on the issue, said that the council might likely indict the former CBN governor for alleged financial infractions and acts of recklessness. These infractions, it was learnt, were seen in the CBN’s audited financial statements for 2012.
They added that the suspended CBN boss would be nailed for bank’s failure to comply with the Public Procurement Act in its procurement practices over the years.
A source close to the investigation explained, “The CBN under Sansui’s watch has deployed huge sums of money without appropriation and outside the CBN statutory mandate. This is contrary to the CBN Establishment Act 2007. The 2012 audited financial statement is also characterised by inexplicable increases in some overheads of expenditures during the year, including those spent on security, currency issue expenses and some promotional activities.
“All these are aside the various infractions the CBN committed in its procurement practices. The long and short is that the suspended governor will be indicted for financial recklessness, disregard for due process and accountability as well as unprofessional conduct.”
Saturday PUNCH also learnt that Sanusi would be nailed for allegedly approving the CBN’s acquisition of shares of the International Islamic Liquidity Management Corporation of Malaysia in 2010 without either the consent of Mr. President or the CBN Board.
This, the source said, was contrary to sections 34 and 31 of the CBN Act 2007, which forbids the CBN from acquiring the shares of any corporation or company, unless an entity set up by the approval of the Federal Government.
“Sanusi also utilised funds under the Banking Resolution Sinking Fund without the approval of the Board of Trustees of the Fund. The reason is that the BOT for this fund has not been constituted since 2010 when it was established. It is against the provisions of the Memorandum of Understanding signed by the CBN and Deposit Money Banks on the Fund,” the source alleged.
It was learnt that the issue of alleged tax evasion by CBN workers and the central bank’s failure to prepare its financial statements using the International Financial Reporting Standards would also be used against the suspended CBN boss.
Copyright PUNCH.
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