Nigeria’s NNPC accounts not audited for 8 years – Sanusi

February 21, 2014 | Government & Regulations, Nigeria

Mallam Sanusi Lamido Sanusi, suspended governor of the Central Bank of Nigeria (CBN) over accusations of 'financial recklessness'.

Mallam Sanusi Lamido Sanusi, suspended governor of the Central Bank of Nigeria (CBN) over accusations of ‘financial recklessness’.

Abuja, Nigeria – The suspended Central Bank of Nigeria (CBN) governor, Malam Sanusi Lamido Sanusi, had said that it was ironical for the Nigerian federal government to accuse him of ‘financial recklessness’ while the accounts of the state-owned oil company, the Nigerian National Petroleum Corporation (NNPC) has not been audited since 2005, spanning eight years.

Sanusi spoke yesterday on a local television station, Channel Television which was monitored by our correspondent while reacting to his suspension by President Goodluck Jonathan.

The suspended CBN governor further said he would seek legal redress over his suspension as a way of making future CBN governors independent and free from fear of being suspended by the Nigerian presidency in the face of discharging their duties.

Speaking further, Malam Sanusi said the president does not have the constitutional backing to remove CBN governors without the approval of the nation’s national assembly senate.

He said: “You cannot go round that section (of the constitution) and say, I am not removing you but I am suspending you. You cannot do that because it undermines the entire principle. And if the idea is not under the interpretation act, if the president appoints, then, he can suspend. But the president does not even appoint. He proposes and the senate confirms. So, the governor is essentially appointed by the senate and the (federal) government”.

Sanusi said the allegation against him were unfounded, saying “what is reckless about supporting education?”

He further said that the NNPC which has spent money purportedly on kerosene subsidy in contravention of a presidential directive has not been accused of ‘financial recklessness’ while he who spent money on supporting education is being accused. The contract for that were not found to be inflated or awarded to ourselves.