Nigeria’s president suspends the Central Bank Governor

Nigeria's suspended Central Bank Governor
Nigeria's suspended Central Bank Governor
Nigeria’s suspended Central Bank Governor

The Nigerian president has suspended the country’s Central Bank Governor, Lamido Sanusi for alleged misconduct and distracting the bank from its core mandate.

Sanusi will be replaced as acting governor by his deputy, Sarah Alade, until the conclusion of an investigation into what President Goodluck Jonathan described as “breaches of enabling laws, due process and mandate of the CBN,” through his spokesman Reuben Abati.

Sanusi was due to leave his post in June having declined to renew his contract for a second five-year term. He wrote to Jonathan last year, alleging the state-owned Nigerian National Petroleum Corp. had retained almost $50 billion in revenue that was due to the government. On Feb. 4, he told a Senate finance committee that $20 billion was outstanding. The NNPC has denied the allegations.