Sanusi, who added that   his suspension did not bother him, said his  “biggest concern is for the system .” From my source this is what I got... Sanusi in the meeting of the West African Central Bank Governors in  Niamey, Niger Republic when the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, announced his suspension. Abati,  in a statement in Abuja,  said Jonathan  took the decision because  Sanusi’s tenure  had been  characterised by acts of financial recklessness and misconduct. The presidential aide ,who claimed that such  acts  were  inconsistent with  the vision of the  Jonathan  administration, said the most senior  CBN deputy governor,   Dr. Sarah Alade,  would   act as the  governor  of the bank. But  the President later sent the name of the Group Managing Director of Zenith Bank, Godwin Emefiele, to the Senate for confirmation as the  new CBN governor. Abati said  that  Alade would remain in charge until  the  conclusion of ongoing investigations into breaching of enabling laws, due process and mandate of  the CBN levelled against Sanusi. This was abati's statement, “Having taken special notice of reports of the Financial Reporting Council of Nigeria and other investigating bodies, which indicate clearly that Mallam  Sanusi’s tenure has been characterised 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  from the pursuit and achievement of its statutory mandate; and  “Being determined to urgently re-position the  CBN  for greater efficiency, respect for due process and accountability, President   Jonathan has ordered the immediate suspension of Mallam   Sanusi from the Office of Governor of the CBN.  “President Jonathan has further ordered that Mallam Sanusi should hand over to the most senior Deputy Governor of the CBN, Dr. Alade, who will serve as acting governor until the conclusion of ongoing investigations into breaches of enabling laws, due process and mandate of  the CBN. “The President expects that as acting governor of the CBN she 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  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.” The  Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe,  also  defended     Sanusi’s suspension saying it  was neither a witchhunt  nor a deviation from the anti-corruption drive  of the Jonathan administration.  He  said  that there were several grievous issues bordering on impunity, incompetence, nonchallant attitude, fraud, wastefulness, and gross abuse of and noncompliance with provisions of the Public Procurement Act 2007 by   Sanusi.  These, Okupe  said,   caused the   President to issue a 22-paragraph query to the suspended CBN governor on   May 4,  2013. He  added that  a written explanation by  Sanusi   was forwarded to the President on May 22,  2013. He  explained that   after painstaking analysis and examination, the response was forwarded to the Financial Reporting Council of Nigeria for further scrutiny and professional advice.  The FRCN, according to  Okupe,   thereafter forwarded a 13-page response to  the President with various critical observations and far-reaching recommendations.  One of the recommendations, according to him,  states thus: “ Your  Excellency (Jonathan) may wish to exercise the powers conferred   onyou by Section 11(2) (f) of the CBN Act 2007 or invoke Section 11 (2) (c) of the said Act and cause the governor and deputy governors to cease from holding office in the CBN.” The section states  that  “a person shall not remain a Governor, Deputy Governor or Director of the Bank if he is; guilty of a serious misconduct in relation to his duties  or is removed by the President,provided that the removal (of the CBN governor)   shall be supported by two-thirds majority of the Senate praying that he be so removed.  • I’m not surprised, says Sanusi  But unfazed Sanusi, whose tenure would end in June,  said he was surprised that his suspension took  too long to come. Sanusi says he will be in court over this. “Well, I don’t know what they are talking about. … I don’t think there’s any issue that’s being raised that has not been raised before;  but you know we all know what this is about. This is about the consequences for the changes that I have made and this (suspension) is something that is long overdue. I’m surprised it took them so long,” he told the  CNBC Africa.  “When I come back, I’ll see what those allegations are,” the Kano State-born banker  added. He claimed that the Financial Reporting Council looked through CBN’s  audited accounts some time ago and asked a few questions which were sent to the President, who gave no feedback. Highlighting  low inflation, stable exchange rate, a reformed and well governed banking system, robust reserves, financial inclusion and  independent central bank  as some of his achievements, Sanusi said  he hoped the CBN’s   integrity  would  be protected. He said, “Basically, my biggest concern is for the system and I hope that the Nigerian economy will not be hurt by this. I also hope the integrity of the central bank will be protected … I’ve been fortunate to have had an opportunity to do some good work on the bank on stability. I would not want to see all of that unravelled and no individual is worth it. “You can suspend an individual, but you can’t suspend the truth. If this is all about the concerns around oil revenues in the oil sector, if this is going to bring back the $20bn unremitted oil money,   then that is fine.” Sanusi, in an interview he later  granted an online news portal, Sahara Reporters, said he considered the allegations against him “ridiculous.” He said,” I have not seen the details of the allegations but some of what I’ve read is very ridiculous . The  CBN, as an institution,  will respond to all the allegations because we’ve always operated in line with the rule of law. “A week ago for example, the NNPC(Nigerian National Petroleum Corporation),  came out on national television and agreed that they have spent $3.5bn on kerosene subsidy without appropriation. Nobody has called that financial recklessness but the CBN is audited every year. “In fact,  we have just concluded the audit  for  2013. We are supposed to submit those accounts within two months of every financial year; we have a board meeting to approve the audited account on February 27, and to submit on February 28. This has been happening since I became  CBN  governor. “The  NNPC has not been audited since 2005 and yet  nobody talks about financial recklessness in the corporation.  Since I became CBN governor, I have constantly reduced operating cost and increased operating surplus. For instance, the year before I became governor in 2008, the CBN contributed N8bn to the federal budget. By 2012, I contributed N80bn. ‘This year, I’m contributing N159bn, that is 20  times what was being contributed. For me, this is not something that comes as a surprise, the President has asked me to resign and I refused.  I knew there was going to be a backlash. The important thing is that I don’t want to  present myself as the focus. The issue on  the ground is that between January 2012 and July 2013, there is $20bn that  the NNPC sold crude oil  and has not come back.   I am  questioning  the NNPC’s right to keep that. I will challenge  my  suspension not because I want to go back. “I have  done everything expected of me;  I have written letters and I have given all the documents. This is $20bn in 19 months period; we  have  not even talked about 2011 and 2010. We have to be sure we know what we are saying. I think people should be more angry about theft happening.”