Nothing speaks more eloquently about this culture of impunity than the
CBN under Lamido Sanusi. Sanusi’s posture as CBN Governor is an insult
to Nigerians. He ran the place as a personal estate. He flouted every
financial regulation.
He gave away government money in a flagrant manner that would give pause
to even billionaire Mike Adenuga. 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.
Nigerians should not fall for this “mago-mago.” Lamido Sanusi should not
only be sacked, he should be tried and, if convicted, should be jailed.
The last thing a country needs is a CBN governor who talks frivolously.
The word of a CBN governor has implications for financial market
volatility; therefore he must mark his words. He must speak with
confidence
and precision. Not so with Lamido Sanusi. Sanusi went public
and made a monkey of his credibility. First, he said $49 billion was
missing from NNPC accounts. Then he said it was $10 billion; and then it
was $20 billion. What will it be tomorrow? How come Sanusi did not
determine precisely the amount before broadcasting it to the world? It
would appear that Sanusi’s reckless disclosures came out of the need for
him to cover his tracks at the CBN. 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.
The financial atrocities in the CBN under Sanusi are simply outrageous.
If this is how government agencies steal and mismanage public funds,
then Nigeria is in more trouble than we have ever imagined. CBN accounts
under Sanusi read like pure fiction. While crying foul about missing
money in NNPC, Sanusi failed to account for missing monies in CBN.
Investigating the CBN in April 2013, the Financial Reporting Council of
Nigeria (FRC) discovered that ?38.23 billion was missing. The money was
said to have been paid to MINT- a subsidiary of the CBN. However, MINT
accounts showed no such money was received.
It is only in Nigeria that you can have a Central Bank governor spend
government money anyhow at his own discretion. Sanusi did not just spend
a few thousand naira whimsically. He did not just give away millions of
naira like Aliko Dangote. He gave away billions. The government reveals
that Sanusi gave away nothing less than ?163 billion in no less than 63
“intervention projects” in different parts of the country. Remember
this: that is more than the entire 2014 budget of Edo State.
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. The billion-naira question
now is what is going to happen to Sanusi. Will he get away with these
corrupt practices or will he be prosecuted to the full extent of the
law? My position is that we need to chart a new course in the treatment
of corruption in Nigeria. If Sanusi is truly guilty of these
improprieties, he should be sent to jail; for a very long time.
Source: Vanguard
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