{"id":23433,"date":"2014-02-26T15:46:47","date_gmt":"2014-02-26T14:46:47","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=23433"},"modified":"2014-02-26T15:46:47","modified_gmt":"2014-02-26T14:46:47","slug":"why-lamido-sanusi-should-end-up-in-kirikiri","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/articles-opinions\/why-lamido-sanusi-should-end-up-in-kirikiri\/","title":{"rendered":"Why Lamido Sanusi should end up in Kirikiri"},"content":{"rendered":"
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By Femi Aribisala
\nONE of the more annoying things about Nigeria is that our thieves are bad thieves.\u00a0 Conventionally, thieves operate at the night, out of respect for the homeowner and law-enforcement agencies.\u00a0 Not in Nigeria: thieves operate here in broad daylight in absolute contempt of everybody.<\/p>\n

In Nigeria, thieves know they will not be caught.\u00a0 They know if they are caught, they will not be tried.\u00a0 They know if they are tried, they will not go to jail.\u00a0 Therefore, there is a culture of impunity in Nigeria which makes the country a holiday-resort for thieves and robbers.<\/p>\n

Jail or dismissal?<\/b><\/p>\n

Nothing speaks more eloquently about this culture of impunity than the CBN under Lamido Sanusi.\u00a0 Sanusi\u2019s posture as CBN Governor is an insult to Nigerians.\u00a0 He ran the place as a personal estate.\u00a0 He flouted every financial regulation.<\/p>\n

\"Mallam<\/a>Mallam Sanusi Lamido Sanusi<\/p>\n<\/div>\n

He gave away government money in a flagrant manner that would give pause to even billionaire Mike Adenuga.\u00a0 And then when he knew the game was up, he decided to blow the lid on NNPC financial indiscretions, in order to distract attention and attract public support and sympathy.\u00a0 Nigerians should not fall for this \u201cmago-mago.\u201d\u00a0 Lamido Sanusi should not only be sacked, he should be tried and, if convicted, should be jailed.<\/p>\n

The government has called Sanusi\u2019s bluff.\u00a0 In a sleight of hand, he has been summarily dismissed from office under the guise of suspension.\u00a0 This has created some brouhaha because the President needs Senate approval for the dismissal of a CBN Governor.\u00a0 But the president has found a way round that impediment.\u00a0 Sanusi has been suspended; he has not been fired.\u00a0 Surely, the president has the power to suspend a public employee for questionable conduct, pending the confirmation of his wrongdoing.\u00a0 If the allegations against him are found to be without substance, he can then return to his post.<\/p>\n

However, since Sanusi\u2019s term will soon expire, the president has gone right along to nominate his replacement.\u00a0 It is all politics, and not just Nigerian-style.\u00a0 Separation of powers is a judicious principle of federalist government, but there is something anomalous about a CBN governor transforming himself overnight into an opposition politician spokesman.\u00a0 There is also something unacceptable about the arrogance of Sanusi which makes him feel he is an untouchable.\u00a0 Under the circumstances, his suspension\/dismissal from office is not surprising.\u00a0 Indeed, it is all the more imperative given the financial improprieties that have characterised his tenure in office.<\/p>\n

Distorted timeline<\/b><\/p>\n

The major sticking point with Sanusi\u2019s \u201cdismissal\u201d is the widespread assumption that it is payback for him blowing the whistle about the whopping $20 billion missing from NNPC accounts.\u00a0 However, there is every probability that the opposite is what happened.\u00a0 The government was the first to query Sanusi about his financial improprieties.\u00a0 When he could not explain them, Sanusi went on the offensive by making public statements about missing monies at NNPC.\u00a0 This would explain why his allegations tuned out to be shambolic.<\/p>\n

The last thing a country needs is a CBN governor who talks frivolously.\u00a0 The word of a CBN governor has implications for financial market volatility; therefore he must mark his words.\u00a0 He must speak with confidence and precision.\u00a0 Not so with Lamido Sanusi.\u00a0 Sanusi went public and made a monkey of his credibility.\u00a0 First, he said $49 billion was missing from NNPC accounts.\u00a0 Then he said it was $10 billion; and then it was $20 billion.\u00a0 What will it be tomorrow?\u00a0 How come Sanusi did not determine precisely the amount before broadcasting it to the world?\u00a0 It would appear that Sanusi\u2019s reckless disclosures came out of the need for him to cover his tracks at the CBN.\u00a0 Knowing that the book would soon be thrown at him, he decided to lay the grounds for saying he was being accused of financial improprieties because he exposed those of others.<\/p>\n

This is not to deny that there are, in all probability, huge financial improprieties hidden in NNPC accounts.\u00a0 However, the very fact that a CBN governor decided to go public with them is highly suspect.\u00a0 A CBN governor does not make such public disclosures as CBN governor.\u00a0 He resigns first.\u00a0 It is even more suspect given the fact that the very person who would have us believe he is taking the moral high ground with these disclosures is the same person we have now learnt has run the accounts of the CBN like a bull in a china shop.\u00a0 Sanusi is anything but a foolish man.\u00a0 He surely knows that those who live in glass houses don\u2019t throw stones.<\/p>\n

Sanusi knew something was up.\u00a0 Therefore, he decided to go on the offensive.\u00a0 What he has done is to curry favour the Nigerian public by raising alarm about missing monies, even when he did not have the full facts, in order to preempt the disclosures about his own financial improprieties.<\/p>\n

This strategy has succeeded in part.\u00a0 Sanusi has immediately become the darling of the opposition APC party.\u00a0 Muhammadu Buhari, the self-styled apostle of anti-corruption, has come out in his staunch defense, giving us a taste of the kind of anti-corruption his APC has in mind.\u00a0 There is a d\u00e9j\u00e0 vu to this.\u00a0 It is the kind of hypocritical anti-corruption where the airports and seaports of Nigeria can be closed to everyone, but the Emir of Gwandu can bring in 53 suitcases under the escort of the aide-de-camp of the Head of State.<\/p>\n

Financial atrocities<\/b><\/p>\n

The financial atrocities in the CBN under Sanusi are simply outrageous.\u00a0 If this is how government agencies steal and mismanage public funds, then Nigeria is in more trouble than we have ever imagined.\u00a0 CBN accounts under Sanusi read like pure fiction.\u00a0 While crying foul about missing money in NNPC, Sanusi failed to account for missing monies in CBN.\u00a0 Investigating the CBN in April 2013, the Financial Reporting Council of Nigeria (FRC) discovered that ?38.23 billion was missing.\u00a0 The money was said to have been paid to MINT- a subsidiary of the CBN.\u00a0 However, MINT accounts showed no such money was received.<\/p>\n

It is only in Nigeria that you can have a Central Bank governor spend government money anyhow at his own discretion.\u00a0 Sanusi did not just spend a few thousand naira whimsically.\u00a0 He did not just give away millions of naira like Aliko Dangote.\u00a0 He gave away billions.\u00a0 The government reveals that Sanusi gave away nothing less than ?163 billion in no less than 63 \u201cintervention projects\u201d in different parts of the country.\u00a0 Remember this: that is more than the entire 2014 budget of Edo State.<\/p>\n

Just listen to this: the CBN is said to have paid ?38 billion to the Nigerian Security Printing and Minting Company (NSPMC) in 2011 for printing banknotes.\u00a0 However this is in excess of the total turnover of NSPMC that same year, which was only ?29 billion.\u00a0 The CBN claims to have paid Emirate Airline ?511 million for currency distribution nationwide in 2011 when the airline does not have a local charter service in Nigeria. It reports ?425 million was paid to Wing Airline, but the airline is not even registered in Nigeria.\u00a0 It also claims to have paid Associated Airline ?1 billion for the same purpose, but the airline did not have up to a billion-naira turnover in 2011.<\/p>\n

In its 2011 account under \u201csundries\u201d (i.e. unexplained expenses), Sanusi\u2019s CBN reported an expenditure of ?1.1 billion.\u00a0 For legal and professional fees that same year, it claimed to have spent an amazing ?20 billion.\u00a0 This is simply mind-boggling.\u00a0 So mind-boggling in fact that na\u00efve people like me don\u2019t believe a word of it.\u00a0 These are just crooked details designed to mask the massive corruption and graft under Sanusi\u2019s watch.<\/p>\n

In 2012, ?1.2 billion was listed as expenses on \u201cprivate guards\u201d and \u201clunch for policemen.\u201d\u00a0 Wow!\u00a0 These policemen must have been having caviar for lunch.\u00a0 Similarly, ?1.6 billion was spent on newspapers, books and periodicals alone that same year.\u00a0 Pull another leg.\u00a0 Who believes this kind of rigmarole?<\/p>\n

Still in 2012, ?3 billion was spent on \u201cpromotional activities.\u201d\u00a0 Pray, to whom was the CBN doing this promotion?\u00a0 Where did these promotional activities take place and to what purpose?\u00a0 Was it in Nigeria or in outer space?\u00a0 Which bank was CBN in competition with?\u00a0 Was it the World Bank or the African Development Bank?\u00a0 Was the CBN trying to attract depositors or customers?\u00a0 Or was it paying legislators so that its powers would not be curtailed?<\/p>\n

Nobody should condone Sanusi\u2019s financial recklessness.\u00a0 He also played Father Christmas with Nigeria\u2019s money.\u00a0 According to the government, Sanusi\u2019s CBN wrote-off loans to the tune of ?40 billion.\u00a0 Without board or presidential approval, Sanusi spent ?743 million of CBN money acquiring 7 percent shares of the International Islamic Management Corporation of Malaysia, contrary to the provisions of the CBN Act.<\/p>\n

Off to Kirikiri<\/b><\/p>\n

It is a big indictment of the Jonathan administration that this impunity was tolerated for this long and was only addressed after Sanusi became a political embarrassment to the government.\u00a0 The billion-naira question now is what is going to happen to Sanusi.\u00a0 Will he get away with these corrupt practices or will he be prosecuted to the full extent of the law?\u00a0 My position is that we need to chart a new course in the treatment of corruption in Nigeria.\u00a0 If Sanusi is truly guilty of these improprieties, he should be sent to jail; for a very long time.<\/p>\n

However, the bet is on that nothing will happen to him beyond his dismissal from office. It appears nothing is also going to happen to Deziani Allison-Madueke, the Minister of Petroleum.\u00a0 The missing $20 billion at NNPC will also be swept under the carpet.\u00a0 All the signs of a cover-up are already apparent.\u00a0 The FRC indicted all the Deputy Governors of the CBN along with the Governor and asked that they all be sacked.\u00a0 However, not only were they not sacked, one of them has been made the new Acting Governor.\u00a0 In all likelihood, this culture of impunity will remain for the simple reason that it seems to go all the way to the very highest echelons of the Nigerian government.<\/p>\n

\n

<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

By Femi Aribisala ONE of the more annoying things about Nigeria is that our thieves are bad thieves.\u00a0 Conventionally, thieves operate at the night, out of respect for the homeowner…<\/p>\n","protected":false},"author":1,"featured_media":23434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-23433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles-opinions"],"yoast_head":"\nWhy Lamido Sanusi should end up in Kirikiri - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/articles-opinions\/why-lamido-sanusi-should-end-up-in-kirikiri\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Lamido Sanusi should end up in Kirikiri - 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