Breaking! President Jonathan Suspends CBN Governor

Below is the reason Abati gave on his website for the suspension of Sanusi Lamido.

Having taken special notice of reports of the Financial
Reporting Council of Nigeria and other investigating bodies, which indicate
clearly that Mallam Sanusi Lamido 
Sanusi’s tenure has been characterized by various acts of financial
recklessness and misconduct which are inconsistent with the administration’s
vision of a Central Bank propelled by the core values of focused economic
management, prudence, transparency and financial discipline;

Being also deeply concerned about far-reaching
irregularities  under Mallam Sanusi’s
watch which have distracted the Central Bank away from the pursuit and achievement
of its statutory mandate; and 

Being determined to urgently re-position the Central Bank of
Nigeria for greater efficiency, respect for due process and accountability,
President Goodluck Ebele Jonathan has ordered the immediate suspension of Mallam
Sanusi Lamido Sanusi from the Office of Governor of the Central Bank of
Nigeria. 

President Jonathan has further ordered that Mallam Sanusi
should hand over to the most senior Deputy Governor of the CBN, Dr Sarah Alade
who will serve as Acting Governor until the conclusion of on-going
investigations into breaches of enabling laws, due process and mandate of  the CBN.

The President expects that as Acting Governor of the Central
Bank, Dr. Alade will focus on the core mandate of the Bank and conduct its
affairs with greater professionalism, prudence and propriety to restore
domestic and international confidence in the country’s apex bank.

The Federal Government of Nigeria reassures all stakeholders
in Nigeria’s financial and monetary system that this decision has been taken in
absolute good faith, in the overall interest of the Nigerian economy and in
accordance with our laws and due process.