Missing $20b: I want the whole truth, says Okonjo-Iweala

The  Minister of Finance  and Coordinating Minister for the Economy Dr. Ngozi Okonjo-Iweala has demanded to know the whole truth about the alleged missing $20b which the suspended Central Bank Governor, Mallam Sanusi Lamido Sanusi said is missing from the federation account.

A statement Wednesday from the finance ministry to the BBC,  said the minister, “ asked for urgent action with regard to an independent forensic audit of conflicting claims of unaccounted funds made by the Nigerian National Petroleum Corporation (NNPC) and suspended Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamdio Sanusi.”

According to the BBC, the direct statement from Dr Okonjo Iweala, said, “My position on this has been clear from the start. The Ministry of Finance’s reconciliation showed a shortfall of $10.8bn in NNPC remittances to the Federation account. After this, the conflicting claims continued with new figures such as $20bn being mentioned. So since 13th February I have called for an independent forensic audit. 

President Goodluck Jonathan indeed announced last night that there will be an investigation into whether there are any funds missing from NNPC. He also indicated that the correct process needs to be followed in this investigation and I understand that the entity that has the proper authority to initiate such an investigation is the Auditor General of the federation.

CBN will not devalue the Naira- Acting gov, Alade

The Acting Governor of the Central Bank of Nigeria, CBN, Mrs. Sarah Alade, on Friday, assured that the bank has no immediate plans to devalue the Naira but prefers to intervene in the Foreign Exchange, forex, market until stability is achieved in the value of the Naira.

She told journalists at her maiden press briefing in Abuja that the bank had enough resources to defend the local currency and would use necessary tools to achieve monetary and price stability in the country.
Her words, “I wish to assure you that the bank has the capacity to meet the demands of all forex users.   Let me use this opportunity to assure all our stakeholders that the bank has no immediate plans to devalue the currency.

Financial markets on Thursday   reacted negatively to the news of the suspension of controversial former CBN Governor, Mallam Sanusi Lamido Sanusi, with the Naira falling from N162 ==$1 to as low as N170 ==$1 at the interbank market. It later bounced back to about N163.5 ==$1, following CBN’s intervention.

Mrs. Aalde described the development as an expected reaction but that her team would work assiduously to stabilize all segments of the forex market .

Jonathan suspends Lamido Sanusi as CBN gov

President Jonathan has announced the suspension of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi.
This was made known in a statement signed Thursday by Reuben Abati Special Adviser to the President (Media & Publicity.

The statement further Directed that 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 statement reads thus
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.