Thursday’s suspension of Mallam Sanusi Lamido Sanusi as Governor of the Central Bank of Nigeria (CBN) by President Goodluck Jonathan is patently illegal, poorly thought-out, in bad taste and will definitely have negative consequences for the nation’s economy, the All Progressives Congress (APC) has said.
In a statement issued in Lagos on Thursday by its Interim National Publicity Secretary, Alhaji Lai Mohammed, the party described the action as the clearest indication yet that President Jonathan, whose body language does not abhor corruption, is willing to silence any whistle-blower, no matter his or her status.
“As the country wallows in unprecedented corruption under the rudderless and corruption-hugging Jonathan Administration, the president may have finally decided to send a strong signal to all Nigerians that it will not tolerate any exposure of corruption under any circumstance. What better way to do this than to silence the man who has exposed the alleged missing $20 billion in the NNPC accounts?” it queried.
“Sanusi’s suspension has also shown clearly that President Jonathan, as a leader, does not care if he destroys national institutions on the altar of personal ego and political expediency.
“First, it was the Judiciary which came under his sledge hammer, when he suspended then President of the Court of Appeal, Justice Ayo Salami, just to satisfy the hawks in his party. Then, it is the turn of the National Assembly, the Police and now the financial sector. President Jonathan should not destroy our institutions before he bows out of office next year. These institutions are older than him and will definitely outlive him”.
The party said that while Section 11 (f) of the CBN Act 2007 empowers the president to remove the CBN governor, the section is clear that he can only do so if he has the support of two-thirds majority of the Senate.
“Nowhere in the Act is it said that the resident can suspend the CBN governor, as he has done in another of his serial rape of the country’s laws. The reasons given by the Presidency for Sanusi’s suspension are as puerile as they are unprecedented, and amount to calling the dog a bad name just to hang it”.
The party said the questions that arise, based on those ridiculous reasons, are why it has taken almost five years of Sanusi’s tenure for the president to realize the irregularities of CBN under Sanusi, Why the president is acting on questionable allegations against Sanusi at a time the CBN governor has opened the can of worms in the NNPC, why a president who has always treated glaring corruption allegations against his political appointees with so much levity is now so quick to move against a CBN governor who has never been accused, let alone indicted of corruption.
APC expressed serious concerns at the implication of Sanusi’s suspension for the nation’s economy, especially on the value of the Naira, local and international investments, the stock market, inflation and the overall health of the economy.
“Coming at a time when the economy was already under pressure due to internal and external factors and is in need of significant investments in several sectors, such as power and manufacturing to maintain its economic growth rates, the uncertainty caused by the suspension will leave both local and international investors questioning the economic direction of the country and therefore their investment approach to Nigeria.
“At best, new investments will be delayed until investors consider that economic and political stability has been restored, and at worst, which is more likely, both new and existing investors will pull back.
“The Nigerian Stock Exchange that was already witnessing a withdrawal of portfolio investors, due to the US tapering exercise, is likely to be exacerbated as more investors, local and international, exit the market, further putting downward pressure on the country’s exchange rate at a time the CBN is already having difficulty defending the currency. In fact, the devaluation of the national currency looms.
“All these factors will also drive higher inflation rates with its attendant economic, social and political costs. No one can say for certain exactly how costly this action will be for the nation but there are no doubts it will be high,” the party said.
It called on Nigerians to stay strong in their determination to fight the canker worm of corruption, even as the government of the day makes clear it will not hesitate to punish whistle-blowers and reward corrupt persons.
“If anyone in this country is still doubting that the Jonathan administration lacks the wherewithal to fight corruption, operate under the rule of law and take Nigeria to greater heights, that person should now clear the doubt. This administration has clearly reached the end of its tethers and should be voted out next year to pave theway for a party that is willing and able to rescue Nigeria,” APC said.
Also analysing the suspension, the Socio-Economic Rights and Accountability Project (SERAP) called it a distraction that can only contribute to shifting the focus of the Government from the real issue, which is finding the missing $20 billion oil money.
“The Government should not politicise the fight against corruption. Our concern remains the urgent, thorough, transparent and effective investigation into allegations that $20 billion oil money is missing from the account of the Nigerian National Petroleum Corporation (NNPC)”, SERAP said in a statement issued on Thursday by its executive director, Adetokunbo Mumuni.
“If it is true that the suspension is linked with Sanusi’s public disclosure of the missing funds, SERAP believes that this will be clearly wrong and contrary to the Government’s obligations under the UN Convention against Corruption to target a whistle-blower simply for putting the information in the public domain. No one should be victimized for contributing to the fight against corruption, which is the moral and legal responsibility of any serious, open and people oriented government.
“Unless the Government comes clean about what exactly has happened to the $20 billion missing oil money, the NNPC will remain unaccountable to Nigerians for its action. This will not be consistent with the attitude of a government establishment funded with tax payers’ money.
“The Government’s action in finding the missing money and punishing suspected perpetrators is critical if it is to enjoy the trust and confidence of Nigerians in the fight against corruption.”
Human rights lawyer, Bamidele Aturu described Sanusi’s removal as the most egregious desecration of the rule of law and the principle of legality in Nigeria to date.
“It is unsurpassed in its blatant illegality and immorality. The decision is symptomatic of the desperation that has gripped the Presidency and its allies in the wake of the troubling allegations made by the governor of the bank that public officials in NNPC are looting the country blind in the name of subsidy payments. To the best of my knowledge, the allegation has not been coherently answered by the Corporation or by the Government”, Aturu said
“As far as the law goes, the purported suspension of the governor is unwarranted. Section 11 of the Central Bank of Nigeria Act, 2007 clearly lists the instances when the governor or any of his deputies can cease to remain in office. For the avoidance of any doubt whatsoever, none of such instances include suspension by the president. The only mention of the word ‘suspension’ is in section 11 (1) (d) and that relates to the removal of the governor when he or she is disqualified or suspended from practising his or her profession in Nigeria. Of course, the illegal suspension of the governor is not from a professional body and is not at all contemplated by the law.
“It should be pointed out that the only occasion the president can recommend the removal of the governor or exercise any disciplinary control over him is under section 11 (1) (f) and that recommendation must be supported by two-thirds majority of the Senate before he can be removed. Now, the law is indubitably clear that the express mention of one thing is the exclusion of the other. In other words, if the law had intended that the president exercises the power of suspension over the governor of the Central Bank it would have expressly stated so, particularly as the same law provides for the removal of the governor based on his suspension from professional practice”.
Aturu listed the entire provision of Section 11 of the CBN Act goes thus:
CESSATION OF CBN GOV OFFICE
11. Disqualification and cessation of appointment.
(1) A person shall not remain a Governor, Deputy Governor or Director of the Bank if he is-
(a) a member of any Federal or State legislative house; or
(b) a Director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act.
(2) The Governor, Deputy Governor or Director shall cease to hold office in the Bank if he-
(a) becomes of unsound mind or, owing to ill-health, is incapable of carrying out his duties;
(b) is convicted of any criminal offence by a court of competent jurisdiction except for traffic offences or contempt proceedings arising in connection with the execution or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act;
(c) is guilty of a serious misconduct in relation to his duties under this Act ;
(d) is disqualified or suspended from practising his profession in Nigeria by order of a competent authority made in respect of him personally;
(e) becomes bankrupt;
f) is removed by the President:
Provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed.
(3) The Governor or any Deputy Governor may resign his Office by giving at least three months’ notice in writing to the President of his intention to do so and any Director may similarly resign by giving at least one months’ notice in writing to the President of his intention to do so.
(4) If the Governor, any Deputy Governor or Director of the Bank dies, resigns or otherwise vacates his Office before the expiry of the term for which he has been appointed, there shall be appointed a fit and proper person to take his place on the Board for the unexpired period of the term of appointment in the first instance if the vacancy is that of-
(a) The Governor or a Deputy Governor, the appointment shall be made in the manner prescribed by section 8 (1) and (2) of this Act; and
(b) Any Director, the appointment shall be made in the manner prescribed by section 10 (1) and (2) of this Act.
“The purported removal of the governor of the Central Bank is a continuation of the atrocious illegalities perpetrated by the present administration. From Salami to the serial acts of infamy imposed on the people of Rivers State and now to Sanusi, one can say without any fear of equivocation that the cup of illegalities of this administration is full”, Aturu continued.
“If we don’t act now, we don’t know whose turn it would be next. We must challenge the desecration of the laws of our country by its chief custodian. The Senate must view the so-called suspension of the governor for what it is: a naked usurpation of its powers and privileges. There is no room for illegal removal of the governor through the back door.
“The Nigeria Bar Association now has an opportunity to redeem whatever is left of its image by demanding that the Attorney General of the Federation, who is deemed to be privy to this embarrassing decision, step aside or is declared persona non grata. The people and in particular the civil society must ensure that this latest rape of our laws does not stand”.
In his own reaction, Former Vice President Atiku Abubakar cautioned the Federal Government against abuse of power, maintaining that the president has no power to remove or suspend the CBN Governor in such manner.
According to Atiku, silence in the face of such abuse of power by the president of the country is capable of sending the wrong message and setting a dangerous precedent. He recalled that when he became a victim of such abuse of power in the past following his suspension as Vice President by former President Olusegun Obasanjo, he went to court to challenge the action and the Federal High Court, the Court of Appeal and the Supreme Court ruled that a president cannot suspend a public officer he has no power to sack.
The former Vice President, who confessed that he has no details of the nature of Sanusi’s alleged offences neither was he in the position to defend them, said that whatever Sanusi’s offence is, President Jonathan should have followed constitutional process to suspend or remove the CBN governor instead of exceeding the boundary of his powers.
“This is not about Sanusi as a person, or the person nominated to succeed him, Godwin Emefiele who is a thoroughbred professional. It is about due process that should be upheld,” Atiku said.
Atiku therefore advised the suspended the CBN governor to go to court to challenge his suspension in the interest of constitutionalism and the rule of law.
In another reaction, members of the Federal House of Representatives condemned the suspension.
On resumption of plenary session at about 11.05am, Samson Osagie, the minority whip, raised a point of order under matters of national importance titled ‘Suspension of the Governor of Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi’, which was unanimously supported for consideration by the majority.
In his lead debate, Osagie noted that “the president on Thursday 20th of February announced through his special adviser Media and Publicity, Dr Reuben Abati the suspension of the CBN Governor Sanusi Lamido Sanusi over the report made against him by the Financial Reporting Council and other investigative bodies.
Osagie, who kicked against the suspension quoted Section 11 (7) of the CBN Act, 2007, which gives the president powers to remove the governor subject to two-thirds majority approval of the Senate, did not contemplate suspension, adding that it was also doubtful if Sanusi was given fair hearing in accordance with the provisions of the Constitution.
In a swift reaction, some PDP lawmakers, including Leo Ogor, deputy House Leader; Ralph Nnanna Igbokwe; and Henry Ofongo intermittently interrupted with point of orders to puncture Osagie’s position.
In his submission, Ogor defended the suspension as a beginning of a process, and not an end in itself. “For you to remove somebody, there has to be a process; and the suspension is the beginning of that”, the lawmaker stated amidst shouts of ‘No! ‘No!! No!!!’ from supporters of the motion.
On his part, Igbokwe also quoted the same section of the CBN Act earlier cited by Osagie, which gives the president powers to appoint and remove the CBN governor.
According to him, if CBN was a public institution operating under the public service rules with Sanusi as a public officer heading the institution, he can be removed under such rules if found wanting in the discharge of his duties. He urged the House to resist every temptation not to act on the side of the law.
In his view, Nkoyo Toyo, through another point of order on matters of privilege, warned that Sanusi, no doubt is an important personality and a great Nigerian whose case should not be reduced to politicking on the floor of the House, a position the speaker told members to note as they debate the issue.
In separate interviews with some lawmakers, Minority Leader, Femi Gbajabiamila condemned the president’s action, describing it as an attack on CBN autonomy and setback for the fight on corruption.
“I am concerned about its legality. Whilst it can be argued that an employer has the right to suspend an employee, the question here is whether this is a suspension or a removal in the guise of suspension”, he said.
“For good reason, the CBN Governor world over, is independent and autonomous. To remove him, you need confirmation and buy-in of the Senate. You cannot do it through the backdoor. If you read carefully the reasons advanced by the Presidency, then it becomes clear that this is a removal and not a suspension; and [it is] therefore illegal and unconstitutional.
“It becomes more worrisome when you consider the timing and the fact that the CBN governor has just blown the lid off a monumental scandal involving the disappearance of $20billion from our coffers. The message being sent out is not the best. There can be no worse attack on the autonomy of the apex financial institution as envisaged by the Constitution. For God’s sake, the man only has three months left!”
On his part, Pally Iriase challenged President Jonathan to disclose allegations of “various acts of financial recklessness and misconduct” in the bid to justify the suspension.
“We have been talking about impunity. This is yet another show of impunity by this administration. The suspension is personal and is not unconnected with the recent disclosure of missing money from the NNPC. It is a clear case of if you cannot shut him up, ship him out. It should be condemned in its totality”, he said.
“If the bidding of APC is to have a robust economy, a responsible government that is corruption-free, then Nigerians should be happy. Sanusi’s suspension is simply a case of the administration shooting itself on the foot”.
