President Jonathan Suspends CBN Gov, Sanusi For ‘Financial Recklessness And Misconduct’

-appoints acting front preson, Dr. Alade

President Goodluck Jonathan has sacked the Governor of Central Bank, Malam Lamido Sanusi Lamido.

The development was announced by presidential spokes person, Reuben Abatti on social media, twitter.

The announcement is reproduced below

‘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.

Reuben Abati
Special Adviser to the President
(Media & Publicity)
February 20, 2014’

A Peep Into The World Of The New CBN Gov, Alade

‘Dr. Sarah Omotunde Alade was appointed Deputy Governor (Economic Policy) Central Bank of Nigeria on 26th March, 2007. She attended the University of Ife, Ile-Ife (now Obafemi Awolowo University) where she obtained a B.Sc (Hons) degree in Economics in 1976. She also obtained an M.Comm degree at the University of Melbourne, Melbourne, Australia in 1983 and a Ph.D Management Science (Operations Research), from the University of Ilorin in 1991.

‘Dr. Sarah Alade commenced her working career in 1977 with the Ministry of Finance and Economic Development, Ilorin, Kwara State. In 1991, she joined the University of Ilorin as a Lecturer in the Department of Accounting and Finance. She joined the Central Bank of Nigeria in 1993 as an Assistant Director in the Research Department where she served as Head, State Government Finance Office (1993-1996), Head, Federal Government Finance Office (1996-2000) and Head, Fiscal Analysis Division (2000-2004).

Dr. Alade has served on the teams on major economic policy studies, and has been involved in the preparation of Central Bank of Nigeria’s Monetary and Credit Policy Proposals over the years. She was actively involved in the drafting of the Medium Term Economic Programme (MTP) for Nigeria and the IMF staff Monitored Programme/Standby Arrangement.

Dr. Alade was appointed Director, Banking Operations Department in May 2004. In that capacity, she served as Chairman Board of Directors, Nigeria Interbank Settlement System (NIBSS) as well as Secretary, National Payments System Committee (NPSC).

‘Dr. Alade was a member of the Technical committee of the Vision 2010 and currently a member of the Technical Committee of Vision 2020 and member of the National Economic Management Team (EMT).

As Deputy Governor, Economic Policy, Dr. Mrs. Alade superintends over the Economic Policy Directorate, comprising the Research, Monetary Policy, Trade and Exchange, Statistics Departments and Financial Markets Department. As Chair of the Monetary Policy Implementation Committee (MPIC), she interfaces with operational departments and coordinates technical inputs for the Monetary Policy Committee (MPC).
Dr. Alade, who is a member of the Nigerian Economic Society (NES), has several publications to her credit and is currently carrying out research into Interest Rate Policy and Monetary Policy Implementation in Nigeria. Dr. Mrs. Alade is a Fellow of the Nigerian Institute of Operational Research. She is married with children’