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President Jonathan: “I Have Absolute Power To Suspend Central Bank Governor” – Watch



Jonathan & Lamido Sanusi - February 2014 - BellaNaija

GEJ is clearly stating that he is very much the commander in chief.

In case you missed the buzz, on Monday 24th February 2014, another edition of the Presidential Media Chat was broadcast live on NTA, FRCN and Voice of Nigeria.

The Presidential Media Chat is for President Goodluck Ebele Jonathan to respond to questions from a panel of journalists and media executives on current national issues and developments.

Held in Abuja, the President spoke on the national conference, kerosene subsidy, power stability and the insurgency in the north-east.

He also elaborated the controversies surrounding the suspension of CBN Governor Sanusi Lamido Sanusi.



  1. Mo

    February 25, 2014 at 2:06 am

    – The President should not be seen as selectively exercising what he refers to as “absolute powers”. He cannot be inconsistent. He says there are issue on financial impropriety raised on CBN’s funds thereby necessitating the need to ‘suspend’ him. Why has the NNPC MD, Minister of Petroleum and Minister of Finance not being suspended because of issues of financial impropriety that have been made (by different people not just Sanusi) on the issue of non-remitance? Why wasnt an investigative panel raised on this? He says the due process has to be followed, was this done? Even a political appointee like the former Minister of Aviation got the chance to defend herself.
    – International investors already tipping toes around the Nigerian business environment have been further dismayed by this issue.
    – If he wants to be seen to be in charge, let it not be just pictures of being awarded “grand patron” that we see. Let us see actions on Boko Haram. Children are being brutally and gruesomely murdered every day and nothing is being done. Let us see action on power improvements. A lot of funds have being invested in this area but nothing to show for it. If anything the situation power situation has gotten worse. Infrastructure is in a very terrible state, a lot of money from the SURE-P programme is said to have been invested in providing infrastructure and jobs but this is not translating to anything macro-economically. All i see is signs on Third Mainland bridge saying painting done by SURE-P. Really???
    – As i said in an earlier post, the Financial Reporting Council of Nigeria is a regulatory body that oversees the regulation of accounting, auditing, actuarial and corporate governance standards in Nigeria. They do compliance monitoring to ensure that accounting bodies and firms are reporting in line with the standards and processes they have defined. I see it as a big red flag if this regulatory body is now giving opinions on the financial statements of an organisation. If they want to go over and above their responsibilities, where are their opinions on NNPC?????????

    • lilz

      February 25, 2014 at 8:50 am

      Mooooo! i love you for this

  2. sunki

    February 25, 2014 at 3:14 am


  3. Mo

    February 25, 2014 at 3:21 am

    While we are on the matter of the issues raised by FRCN, here is a write up i just saw by Prof. Akin Oyebode on the matter at

    The Case Against Sanusi Lamido Sanusi by Akin Oyebode
    I do not come to venerate Sanusi Lamido Sanusi, for he is not a saint. As much as I admire him, there are flaws too obvious to ignore. But this is not a time for psychoanalysis; it is a time to set truth apart from fiction. When the (suspended) CBN Governor made his submission on how our nation was being robbed at the Senate, the response was predictable; ignore the message, and go after the messenger.
    I read the Financial Reporting Council report that formed the basis of Governor Sanusi’s suspension and I thought it useful to leave a few comments. While most of the accusations in the report are ambiguous and unclear, some of the more sensational are easily explained.

    1. The CBN paid N38.223 billion to the Nigerian Security Printing & Minting Company in 2011 to print bank notes, whereas the entire turnover of NSPMC in that year was N29.37 billion.
    The CBN uses four companies to print notes; NSPMC and three foreign companies. If NSPMC recorded 75% of the total amount spent, it only means the other three companies got 25% of the business. Let us move to the more serious ones.

    2. The CBN allegedly made rogue payments as air charter fees to Emirates Airways, Associated Airline and Wings Airlines for nationwide currency distribution. Emirates Airways do not operate a local charter service, Wings was unregistered with NCAA and Associated did not have records of the payments from the CBN.
    The FRC is correct that Emirates Airways does not operate a domestic charter service. The only problem here is that the CBN did not contract “Emirates Airways” to move currency, it used a private charter company called “Emirate Touch Airways” instead. When you want to accuse someone, at least get the names right. If Associated Airlines does not have a record of the transaction, why is the CBN to blame? The CBN’s responsibility is to show proof of payments made to Associated; if it has done so, the rest of the discussion is between Associated and the FIRS. The final one is that Wings was an unregistered airline, I am sure the NCAA can answer this with clear evidence of registration at the time of contract award.

    3. Legal and professional fees spiked in 2011 compared with 2012 – N20.2 billion in 2011 and N0.46 billion in 2012.
    2011 was a landmark year for banking in Nigeria; starting with the sale of eight banks that failed the 2009 special examination. Five of those banks were recapitalized via mergers & acquisitions, while the other three were nationalized. AMCON was established to acquire qualifying non-performing loans (NPLs) from all banks in Nigeria and inject equity into the rescued banks. These transactions needed significant legal services, which explain the N20 billion spent in 2011. To rationalize this, N20b is about 3% of the N620 billion spent recapitalizing the bank alone. The CBN was also sued by shareholders and owners of the recapitalized banks, and needed legal services to set AMCON up. Not so scandalous anymore? I think so too.

    Promotional activities of N3.1 billion from N1.1 billion in 2012 despite not having a competitor in Nigeria.
    What the investigators imply is you don’t need to promote your activities because you’re a monopoly. It means that EFCC (remember “Maga no need pay”), NAFDAC and other federal agencies who use the media to amplify their activities and sensitize the public might be acting recklessly. It is worth remembering that the CBN introduced a Cash Lite policy and continues to focus on financial inclusion and literacy. If you don’t promote these activities, how will adoption improve? If you have an answer, feel free to charge a bottle of Guinness to my account at St. Bottles Cathedral.

    N1.3 billion to feed policemen and pay for private guards
    It is easy to see N1.3 billion and scream corruption. But let’s employ some logic. The CBN is one of the biggest employers of security, especially for the regular protection and movement of currency and security documents. The question we should ask is how many security agents did that amount cover. It is well known that organizations are often responsible for police officers attached to them. If the CBN employed 2,000 police officers and paid them a stipend N2, 000 daily (or N60, 000 per month), that will come to N4 million daily and N1.2 billion per annum. Not so scandalous anymore? Moving on.

    6. CBN’s investment in the International Islamic Liquidity Management Corporation without obtaining a board approval.
    This investment was approved by the President of the Federal Republic of Nigeria. If the approval of the CBN board was not obtained, why did the President assent to this illegality? If Governor Sanusi is held accountable for every document he signed, the same should hold for President Jonathan.
    The CBN Annual Report is available here for anyone willing to read over 400 pages of boring stuff. If like me, you want to get a summary, skip to Page 21. There, you will find that the CBN reduced its overall operating expenses by 6.5%, and contributed N80.3 billion to the Federation Account in line with the Fiscal Responsibility Act. Before Governor Sanusi’s term, this amount was around N8 billion. Growing the CBN’s contribution to the Federation Account tenfold is the biggest indication of financial recklessness I found in the audited accounts.

    I will conclude by saying that if you look hard enough at an organization like the CBN, you will find an infraction. If you don’t at the first attempt, some hair splitting will reveal something. Remember Professor Tam David-West was accused of corruptly signing the sum of $57m to an American company, Stinnes Interoil, for a wrist watch and a cup of tea. This is what we remember, conveniently forgetting Professor David-West was attacked because he criticized and exposed corruption in the oil industry.
    Sanusi Lamido Sanusi might end up in prison. For taking a stand to protect the future of our children, he has my gratitude and respect.

    • mrs chidukane

      February 25, 2014 at 10:27 am

      Great article.

  4. sηººÞ¬mιηι

    February 25, 2014 at 3:27 am

    he has d right and i didnt watched it

  5. kenny

    February 25, 2014 at 4:25 am

    Not until Nigerians take to the streets and demand accountability from the people they elect to office, nothing is going to happen. The country is going down by the day and the 99% who are abject poverty, are watching looking to the west to come deliver them. Wake up Nigerians!!!! wake up, take example from Ukraine et al. There’s social media i see know reason why Nigerians can use that to their advantage.

  6. Emmanuel Onyenuforo

    February 25, 2014 at 8:16 am

    Hate blinds. All haters are blind people. This post is simply tilted, biased, political, inconsistent, unreasonable, etc lf we leave Nigeria in the hands of somebody like you. I wonder where you will lead it to.

  7. Mama Mia!!!

    February 25, 2014 at 10:12 am

    Look what Ukraine, Philippines and most of the middle east are doing for justice, yet, we sit as abled youths at home demanding for justice that cant be achieved by folding our arms. We need to start protesting peacefully but firmly on what we deserve as Nigerian youths and the leaders of tomorrow. University students (18 yrs & Ova) should be able to gain part time employment while schooling. Strike, electricity and good drinking water shouldn’t be an issue with all the money these people steal!

  8. Alero Mii

    February 25, 2014 at 11:20 am

    Thank you Mo

  9. @edDREAMZ

    February 25, 2014 at 11:31 am

    Why will any one not want to be the president after hearing this….. “I Have Absolute Power To Suspend Central Bank Governor” God i need this power….

  10. Iris

    February 25, 2014 at 4:37 pm

    Every time I hear “I” and phrases like “absolute power” in the same sentence when it concerns an African leader, I get nervous.

  11. j

    February 25, 2014 at 4:59 pm

    This is a poorly produced video. The sound quality is killing my brain cells. We just cannot do anything right in Nigeria.

  12. Tee

    February 26, 2014 at 6:36 am

    [email protected] Idi Amin in the making,we know your type SMOOTH OPERATOR MR Dictator.As for ur asset keeper Alison Madueke only time will tell.Stella and her entourage wasted more money on useless trips and throwing parties plus all your dinner with AGN all tru last year.if you truly belief in the work you’ve done so fat Y the strategising Mr grand patron,let ir speak for U and stop visiting some of the biggest churches.I don’t support old wine APC either,Leave so u don’t end up like Pharaoh

  13. Tee

    February 26, 2014 at 6:39 am

    I meant ‘Patience’ and her entourage

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