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Reps to probe Sanusi, CBN’s N400b Intervention Projects



The House of Representatives has asked its Committee on Banking and Currency to investigate the legality and propriety of several intervention projects carried out by the Central Bank of Nigeria (CBN).

Elombah.com learnt the amount involved in the intervention projects run into over 400 billion Naira.

The resolution followed a motion on the “need to investigate the level of compliance by the CBN with the laws in its various intervention projects” sponsored by Rep. Toby Okechukwu.

The lawmaker noted that the CBN has continuously executed various intervention projects in educational and other sectors across the country running into over 400 billion Naira without following due process.

The House approved the prayers of the motion and referred the matter to the Committees of Banking and Currency, and Works.

Recall that in February 2014, Nigeria’s then President Goodluck Jonathan suspended the former Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi over the regulatory bank’s spendings..

Sanusi, who is now the Emir of Kano, HRH Muhammad Sanusi II served as CBN Governor under Jonathan.

In a statement, Jonathan said he suspended Sanusi due to “breaches of enabling laws, due process and mandate of the CBN”.

The statement suspending the former CBN governor read in part:

“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.”

Though there were insinuations that Mr. Sanusi’s suspension by President Goodluck Jonathan had to do with the alleged $20 billion missing from the national treasury, exposed by Sanusi, but the Financial Reporting Council of Nigeria, FRCN, released a damning 13-page report containing 35 far reaching allegations of financial impropriety against the suspended CBN governor.

The FRCN report claimed that Mr. Sanusi spent a whopping N1.257 billion for lunch for policemen and private guards in 2012.

The Council also alleged that Mr. Sanusi made bogus payments to airlines for currency distribution as well as held an account balance of N1.423 billion for an unidentified customer since 2008.

Its also accused the apex bank governor of violating financial regulations and carrying out activities with financial implications not related to the CBN’s mandate.

Other crimes allegedly committed by Mr. Sanusi, according to the Council, included approval of billions of naira in ambiguous payments to invoices referred to as “Centre of Excellence” and “Contribution to Internal National Security,” and the CBN’s claim that it paid N38.233 billion to the Nigerian Security Printing and Minting Company Plc in 2011 for the “printing of bank notes” whereas the turnover of the entire printing and minting company group is N29.370 billion.

Responding to the allegations, Mr. Sanusi said they were false and concocted to smear his name.


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