Lamido Sanusi: Nigeria’s central bank governor suspended over missing $20 billion

Lamido Sanusi – Nigeria’s central bank governor – has been suspended by the president pending investigations into “far-reaching irregularities”.

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

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

Lamido 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 in 2010 by Banker magazine.

Nigeria is one of the world’s biggest oil producers but the sector is marred by widespread allegations of theft and corruption.

Lamido Sanusi caused shockwaves in Nigeria when he alleged that $20 billion in oil revenue had gone missing

In February, Lamido Sanusi told a senate committee that out of $67 billion of oil sold between January 2012 and July 2013, $20 billion had not been accounted for.

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

Lamido Sanusi is currently in Niger attending a meeting of regional central bank heads.

He is to be replaced by his deputy, Sarah Alade, who is travelling with him.

President Goodluck Jonathan asked Lamido Sanusi to resign in December but he refused.

The president does not have the power to sack the central bank governor – only the National Assembly can do this.

Lamido Snausi’s term in office was due to end in June but correspondents say the decision to suspend him now is still very significant.

The presidential statement announcing Lamido Sanusi’s suspension said he had been removed pending “investigations into breaches of enabling laws, due process and mandate” of the Central Bank of Nigeria.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Donald Trump and Elon Musk Celebrate Election Victory at UFC 309

Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…

5 days ago

White House 2024: Donald Trump Wins, Kamala Harris Calls Him to Concede Election

Millions of voters across the US chose to return Donald Trump to the White House…

2 weeks ago

Who Won? Donald Trump Declares Victory as He Addresses Jubilant Supporters in Florida

Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…

2 weeks ago

Stocks Soaring as Donald Trump Closes in on US Victory

Stocks around the world are rising as Donald Trump appears to be on the cusp…

2 weeks ago

Who Won? Kamala Harris Cancels Election Night Party as Path to Victory Narrows

Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…

2 weeks ago

Quincy Jones Dead at 91

Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…

2 weeks ago