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"It's A Sack Really": Babatunde Fashola Condemns CBN Governor Lamido Sanusi's Suspension

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<strong>Lagos State Governor Babatunde Fashola condenmed the suspension of the CBN Governor Lamido Sanusi from office, expressing worry that the development might affect Nigeria's economy in a negative way.</strong></div>
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Governor Fashola spoke to the press yesterday after the official commissioning of the Lagos Asphalt plant at Imota in Ikorodu area of the state.</div>
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He said the move indicates the Federal Government's insensitivity to the harm Nigeria experiences because of corruption.</div>
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He described Mr. Fashola's removal as a tactical sack, explaining that, since President Goodluck Jonathan lacks legal power to actually sack the CBN Governor, he had to resort to this kind of action.</div>
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<em>"I don't understand this kind of economic management," </em>Governor Fashola said.<em> "If the man is going in June, there must be a sense in which messaging about executive tampering with the independence of the Central Bank has economic consequences for investor positioning.</em></div>
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<em>"This is not a suspension. It's a sack really because it's only that there's no power to sack him, and they have looked and looked and looked and they have said, </em>'We suspend'<em>. It's a sack really. The message you are sending out is that it is better to keep quiet about corruption."</em></div>
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Mr. Sanusi has been suspended from the office by President Goodluck Jonathan with effect since February, 20. He was attending a meeting in Niger but returned to Nigeria upon learning of the situation. Security agents relieved him of his passport immediately upon his arrival.</div>
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Mr. Sanusi's suspension is based on <em>"acts of financial recklessness and misconduct inconsistent with the administration's vision of a Central Bank,"</em> according to the official letter from the Presidency.</div>
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Various gropus and individuals have expressed their opinions, with some supporting the development, others faulting it.<span id="bufferBlock" style="height: 1px; line-height: 0; margin: 5px 0px 0px -1px; opacity: 0; overflow: hidden; position: absolute; width: 1px;"><br />READ MORE: <a href="http://news.naij.com/59912.html" style="color: #115eb7; text-decoration: none;">http://news.naij.com/59912.html</a></span></div>

"It's A Sack Really": Babatunde Fashola Condemns CBN Governor Lamido Sanusi's Suspension

Lagos State Governor Babatunde Fashola condenmed the suspension of the CBN Governor Lamido Sanusi from office, expressing worry that the ...

10:27 am

Jonathan Suspends CBN Governor Sanusi, Appoints Sarah Alade As Acting Governor

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The Federal Government Thursday suspended the Central Bank Governor, Mallam
Sanusi Lamido  Sanusi. In a statement by Dr. Reuben
Abati,   Special Adviser to President Goodluck Jonathan, the most
senior Deputy Governor of the CBN, Dr Sarah Alade, has been named as the
Acting CBN Governor.<br />
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The statement read that, “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
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;<br />
<br />

“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.<br />
<br />

“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.<br />
<br />

“The President expects that as Acting Governor of the Central Bank, Dr.
Alade would 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.<br />
<br />

“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.”<br />

Jonathan Suspends CBN Governor Sanusi, Appoints Sarah Alade As Acting Governor

The Federal Government Thursday suspended the Central Bank Governor, Mallam Sanusi Lamido Sanusi. In a statement by Dr. Reuben Abati, ...

11:43 am

Xclusive: Court Orders Gov. Lamido Son To Forfeit 40% Of Laundered Funds

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Aminu Sule Lamido, the 34-year old son of Jigawa State governor, Alhaji Sule Lamido, who is being prosecuted by the Economic and Financial Crimes Commission for offences bordering on money laundering was today convicted by Justice Fatu Riman of the Federal High Court, Kano, and ordered to forfeit 25 percent of the undeclared sum of $40,000.
Aminu was arrested on December 11, 2012 at the Mallam Aminu Kano International Airport on his way to Egypt for failure to declare the $50,000 in his possession. He only declared $10,000 to the Nigerian Customs Service.
When he was arraigned before Justice Riman on Monday February 4, 2013, Aminu pleaded not guilty to the charge and was remanded in prison pending hearing of his application for bail.
The charge against the accused reads: “that you Aminu Sule Lamido on or about 11th day of December, 2012 at the Mallam Aminu International Airport, Kano within the Jurisdiction of the Federal High Court while transporting in cash, the sum of $50,000 (Fifty Thousand Dollars Only) from Nigeria to Cairo, Egypt, falsely declare to the Nigerian Customs the sum of $10,000 (Ten Thousand Dollars Only) instead of the said sum of $50,000 (Fifty Thousand Dollars Only) as required under Section 12 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act Cap F34 Laws of the Federation of Nigeria 2004 and Section 2(3) of the Money Laundering (Prohibition) Act, 2011 and thereby committed an offence punishable under section 2(5) of the Money Laundering (Prohibition) Act 2011”.
At the resumed hearing on February 5, 2013, Justice Riman granted the accused person bail in the sum of N8million and two sureties in like sum.
In the course of trial, which got underway April 19, 2013, the prosecution called four witnesses and tendered documents which were admitted as exhibits.
One of its witnesses, Sanusi Ahmed who is an operative of the EFCC, told the court that the accused person only registered $10,000 in the Nigerian Customs Declaration Form only for a search to reveal that he had $50,000 on him. He identified the Customs Declaration Form when it was shown to him.
The document was accepted by court as exhibit 1.
The two witnesses called by the defence are the Chief Press Secretary to the Jigawa State Governor, Umar Kyare and the wife of the accused, Samira Aminu Sule.
At the last adjourned date, July 9, the court reserved ruling for July 12, after the parties had closed their cases and adopted their written addresses.
In convicting the accused person, the trial court held that the prosecution had proved its case beyond reasonable doubt.

Xclusive: Court Orders Gov. Lamido Son To Forfeit 40% Of Laundered Funds

Aminu Sule Lamido, the 34-year old son of Jigawa State governor, Alhaji Sule Lamido, who is being prosecuted by the Economic and Financia...

6:49 pm

Xclusive: Unbelieveable CBN Spent N2.8 Billion To Renovate Just One Building

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The Public Accounts Committee of the House of Representatives on Tuesday
 queried several expenditure incurred by the Central Bank of Nigeria 
totalling N4.7bn, especially the renovation of its Port Harcourt branch 
with a whooping N2.8bn.<br />
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How much does it cost to erect a new building that CBN spent N2.8billion to renovate?</div>
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<a href="http://www.blogger.com/blogger.g?blogID=5438533803477296299" name="more"></a>The committee, which is considering audit queries 
raised by the Office of the Auditor-General of the Federation, said the 
bank had yet to offer convincing explanations on how the “huge 
expenditure was incurred.”<br />
<br />
At a session with officials of the bank in Abuja, the Chairman of the 
committee, Hon. Solomon Olamilekan, cited the N2.8bn the bank claimed to
 have spent on the renovation of its Port Harcourt branch as one example
 of the EXTRAVAGANT expenditures.<br />
<br />
Hon. Olamilekan said the expenditures were incurred without documents to
 support them and “giving indication that due process was not 
followed.” The committee has therefore giving the bank a 48-hour 
ultimatum to produce documents to defend the spending.<br />
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Another N23m was reportedly spent on the renovation of the residence of 
the governor of the bank, Mallam Sanusi Lamido Sanusi, while a separate 
N50m was quoted for the same purpose. Total N73million.<br />
<br />
The committee said if the CBN fail to produce evidences, it would 
recommend the refund of the money spent into the Consolidated Revenue 
Fund of the Federation.</div>
</div>

Xclusive: Unbelieveable CBN Spent N2.8 Billion To Renovate Just One Building

The Public Accounts Committee of the House of Representatives on Tuesday queried several expenditure incurred by the Central Bank of Ni...

7:38 am

Xclusive: CBN Cancels N100 Monthly ATM Maintenance Fee

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<span style="font-family: Verdana, sans-serif;">Apparently bowing to 
public outcry, the Central Bank of Nigeria on Thursday announced the 
cancellation of the N100 monthly Automatic Teller Machine card 
maintenance fee introduced by some banks recently</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">The CBN in a circular 
titled, ‘Revised guide to bank charges,’ posted on its website, however,
 pegged the maintenance fee at N100 annually.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">It also pegged the 
mandatory cost of Short Message Service alert at N4 subject to the 
Nigerian Communication Commission directives.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">The circular, which 
takes effect from April 1, read, “In order to reflect current 
developments in the market and provide clarity on banking terms, the CBN
 recently conducted a review of the guide in consultation with all the 
banks and discount houses, Bankers’ Committee, financial experts and 
also considered inputs received from other stakeholders to produce the 
revised guide to bank </span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">charges.”</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">On electronic transfer, 
the bank said N70 would be charged on transactions below N500,000, while
 N100 should be charged on transactions between N500,000 and N1m. 
Transactions above N1m will attract a charge of N500.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">It said issuing fee of a
 debit card should not be more than N1,000, while international 
withdrawals per transaction on debit cards should be charged at N240 
rather than N1,000 being currently charged by virtually all the banks.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">The CBN pegged the interest on savings deposit accounts at a minimum of 30 per cent of the Monetary Policy Rate per annum.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">The Bankers’ Committee, had during a meeting in November 2012, scrapped the N100 interbank charge on the use of ATM cards.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">The Governor, CBN, Mr. 
Lamido Sanusi, had said customers would no longer pay N100 on ATM 
withdrawals whenever they use banks other than theirs from December 17, 
2012.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Following the scrapping 
of the N100 withdrawal charges on ATM by the Bankers’ Committee, some 
banks had recently introduced the N100 monthly maintenance fee on ATM 
cards.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">The development had 
drawn the ire of bank customers, who complained bitterly that the banks 
were exploiting them and indirectly taking back the suspended 
third-party ATM card withdrawal fee.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Also, some banks charge 
as high as N50 for SMS to alert their customers of transactions on their
 accounts, far above the N4 that all Global System of Mobile 
communication providers charge for each text message.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Other arbitrary charges include N500 monthly maintenance fee for every </span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">current account, 
depending on the bank; and N5 inter-state commission for every N1,000 
transferred into or withdrawn from savings accounts in a state different
 from where the savings account is opened or domiciled.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">Consequently, customers have cried out against the fresh charges introduced by the banks.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">The customers, who had 
envisaged low cost of running accounts following the various 
cost-cutting measures carried out by the banks and reforms introduced by
 the CBN, complained about fresh and arbitrary charges they were being 
made to pay by their banks.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">A customer, who simply 
identified himself as Tunde, had earlier this week complained to our 
correspondent that his bank was deducting all sorts of charges from his 
account without notice.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">“Guaranty Trust Bank Plc
 deducted N1,000 from my account for ATM card renewal. I never had a 
card and they deducted money even without me applying for a card. Are 
they not supposed to provide an ATM card for me on request?” he queried.</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">A businessman, Mr. Chike
 Korie, also said, “The deductions I get on SMS alert in a month 
sometimes run into thousands of naira. I’m a businessman and I get 
alerts on my accounts on a daily basis. They charge me N50, which I 
consider too much because the banks use bulk SMS, which should be 
cheaper.”</span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div style="background-color: white; line-height: 19.5px; padding: 0px 0px 5px; text-align: justify;">
<span style="font-family: Verdana, sans-serif;">A salary earner, who 
simply introduced himself as Oni, said some of the bank charges 
contradicted the cash-less policy of the CBN.</span></div>

Xclusive: CBN Cancels N100 Monthly ATM Maintenance Fee

Apparently bowing to public outcry, the Central Bank of Nigeria on Thursday announced the cancellation of the N100 monthly Automatic...

2:28 pm