About two weeks ago, Sanusi Lamido Sanusi, Governor of the
Central Bank of Nigeria (CBN) was suspended by President Goodluck Jonathan on the grounds that Sanusi misappropriated funds at the CBN. Nigerian political commentators, economists
and legal experts all have divided opinions about the legality of the
suspension since the CBN is an independent financial body that is meant to
protect the economy against unwarranted policies from politicians. Not knowing much about Nigerian politics, I
solicited the opinion of a Nigerian friend from college, who like me happens to
be a keyboard warrior – always embattled in a topic affecting his country. In his opinion, the law is clear; President
Jonathan does not have the power to suspend Sanusi as that power is reserved
solely for legislatures. He was quick to
add that Sanusi’s suspension is a classic example of how government really
functions in Nigeria – corrupt, incompetent, and willing to do anything to
maintain the status quo. In short, he
believes that Jonathan lacks the political will to fight corruption, a top
priority of Sanusi as Governor of the CBN.
Due diligence or is it?
I must first admit that I am not well versed on the day to
day affairs of Nigerian politics, so bare with me. In order to put this matter
into perspective, I read the Ribadu report and excerpts from the Financial
Reporting Council of Nigeria which formed the basis Sanusi’s suspension. The Ribadu report put forth outrageous
findings about corruption at the Nigerian National Petroleum Corporation
(NNPC), which Sanusi claim is the real reason he was suspended. The report states that 30-40% of oil
production revenue is being lost to theft from government officials and
international oil firms. Outrageous? Yes. Believable? Also yes; given that this
is a country reportedly missing 65% of its national budget. For Sanusi’s supporters, his suspension is
tied entirely to him blowing the whistle on the corruption at the NNPC by
claiming that $20 billion was unaccounted for.
But this gets interesting. Sanusi himself is not clean if the FRCN is to be believed. It must be noted that Sanusi was being investigated for unlawfully spending N163billion in projects without complying with the Public Procurement Act. A similar matter former prime minister of Senegal, Mr. Edrissa Secka was accused of and later convicted for couple of years back. The report further details other financial misappropriations at both APEX and CBN under Sanusi’s watch, including facility management expenses, unsubstantiated travel expenses etc. Interestingly, these accusations against Sanusi by the FRCN predate the counter accusations Sanusi is now making against the NNPC. It seems that Sanusi saw what Jonathan and his cohorts were up to in regards to his position as governor of the CBN and decided to also play politics. There are really no saints in this matter. Jonathan being the president wanted to get rid of his stubborn governor before elections and in turn the governor knowing the banality of corruption in Nigeria, employed cunning tactics to feed to the already established notion that Nigerian politicians are all corrupt.
But this gets interesting. Sanusi himself is not clean if the FRCN is to be believed. It must be noted that Sanusi was being investigated for unlawfully spending N163billion in projects without complying with the Public Procurement Act. A similar matter former prime minister of Senegal, Mr. Edrissa Secka was accused of and later convicted for couple of years back. The report further details other financial misappropriations at both APEX and CBN under Sanusi’s watch, including facility management expenses, unsubstantiated travel expenses etc. Interestingly, these accusations against Sanusi by the FRCN predate the counter accusations Sanusi is now making against the NNPC. It seems that Sanusi saw what Jonathan and his cohorts were up to in regards to his position as governor of the CBN and decided to also play politics. There are really no saints in this matter. Jonathan being the president wanted to get rid of his stubborn governor before elections and in turn the governor knowing the banality of corruption in Nigeria, employed cunning tactics to feed to the already established notion that Nigerian politicians are all corrupt.
Personally, it saddens me that a person (Sanusi) I saw as a
genuine anti-corruption crusader is also a part of the problem. Both Sanusi and Jonathan owe it to Nigerians
to maintain the positive influence they have demonstrated in a short period of
time. Under their leadership, Nigeria
experienced a single digit inflation rate, the Naira was somehow stabilized,
1.6 million new jobs were created in 2013, and the UNCTAD is touting Nigeria’s
credentials as the “No. 1 destination for investment in Africa”. On Sanusi’s part, being arrogant will never
help his cause to tackle corruption in Nigeria especially when he is not
totally clean himself. His duty as
central bank governor is not only to guard the Bank’s independence but to also
serve as President’s Jonathan’s number 1 Oga (alongside the finance minister)
on economic matters.
It is simple; the nation’s central governor cannot act like an opposition party to the sitting government. If Sanusi believes that the government he is serving is corrupt and incompetent, he should have done himself a favor and resigned. If he is interested in politics, he should have gone on to form or join a political party and strongly oppose the government of the day. To be an effective Governor, one must be able to work with the President and his fiscal team. Sanusi cannot play politics just because the cover for the clean image he portrayed is about to be shattered and I doubt Sanusi expected that Jonathan will just idly sit and watch him throw mud at his government. After all, “THIS IS AFRICA” and with African politics, anything goes.
It is simple; the nation’s central governor cannot act like an opposition party to the sitting government. If Sanusi believes that the government he is serving is corrupt and incompetent, he should have done himself a favor and resigned. If he is interested in politics, he should have gone on to form or join a political party and strongly oppose the government of the day. To be an effective Governor, one must be able to work with the President and his fiscal team. Sanusi cannot play politics just because the cover for the clean image he portrayed is about to be shattered and I doubt Sanusi expected that Jonathan will just idly sit and watch him throw mud at his government. After all, “THIS IS AFRICA” and with African politics, anything goes.
FASHOLA No Nonsense for President?...developing
