Sanusi responds to allegations


“I am publishing these responses to enable the general public see that each and every allegation levelled against the CBN [Central Bank of Nigeria] under my leadership is false and unfounded, and that many of the allegations were malicious and fabricated, having been designed to mislead the President,” Sanusi said in a statement.

“A careful examination of the allegations will show that each of the allegations could easily have been resolved by a simple request for clarification or more careful review. There is no doubt that if the CBN had received the briefing note, which was prepared in June 2013, all the misconceptions, misrepresentations and erroneous inferences contained therein would have been cleared.”

(READ MORE: Nigeria’s Sanusi responds to suspension)


Sanusi, who was accused of financial recklessness and misconduct, indicated that he submitted a memorandum to Nigerian President Goodluck Jonathan with supporting documentation on 10 March 2014.

The memorandum, according to Sansui, addressed all of the allegations contained in the Financial Reporting Council of Nigeria (FRCN) briefing note, the letter of suspension and the Akingbola Petition.

The CBN itself has been accused of weak corporate governance, reduced expenses on ethics and anti-corruption, missing stockpiles of foreign currency, alleged fraudulent activities as well as wasteful in its expenditure incurred in the course of 2012.

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“This allegation is clearly at variance with the reality of the financial performance of the CBN under my leadership. It is noteworthy that in the five years of my tenure as CBN Governor, the CBN has contributed 376 billion naira to the Federal Budget as IGR (Internally-Generated Revenue). The CBN has been able to achieve this through prudent management of costs, including currency expenses and overheads,” said Sanusi.

“With this level of prudent financial performance, it is puzzling to imagine the basis for the levied allegation of “wastefulness”. It must be underscored that central banks all over the world are not considered as profit centres. The primary task of the CBN is the attainment of price stability rather than revenue generation. However, the CBN under my leadership has strived to deliver on its key mandate, while also maximising revenues for government.”

Sanusi emphasised his expectation that Jonathan apply the same rationale and rigour to other agencies of the Federal Government that have had serious allegations and queries levied against them.

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“It is now my sincere hope that, having painstakingly provided detailed explanations, backed by verifiable documents, the President will find the response satisfactory, and in line with his adherence to fairness and justice, revisit and redress the issue of my suspension,” he said.

“I would like to place on record the dogged professionalism and patriotism of the staff of the CBN. They have, over the years, served this country creditably, loyally and diligently. I hereby restate my enduring passion for, and commitment to, our great country Nigeria.”