Exclusive Document: The Financial Reporting Council Report That Busted Sanusi
Claimed a Whooping N1.257
Billion for “Lunch For Policemen” and expenses for “Private Guards” In 2012
… Bogus Payments To
Airlines To Distribute Currency Nationwide Exposed
… Operated Bogus Expense
Heads To Hide Fraudulent Activities
… CBN Has Held An Account
With A Balance Of N1.423 Billion For An Unknown Customer Since 2008.
SAN FRANCISCO, February 21,
(THEWILL) - Following Thursday’s suspension of Mr. Sanusi Lamido Sanusi
as Governor of the Central Bank by President Goodluck Ebele Jonathan, THEWILL
has exclusively obtained a copy of the Financial Reporting Council of Nigeria
report that ripped apart the 2012 audited financial statement of the apex bank
and exposed the fraud, excesses and wastefulness of Sanusi and the CBN.
Sanusi had over the years
projected an image of an anti-graft banker, activist, reformer and crusader
against graft and waste in government, as well as the financial sector. Weeks
before his ouster as CBN Governor, Mr. Sanusi had accused the NNPC of failing
to remit billions of dollars in oil revenue to the federation account, a claim
which the NNPC has continued to dispute.
The 13-page Council report
emanated following Sanusi’s response to a query issued him in early 2013 by
President Goodluck Jonathan over the apex bank’s alarming reckless donations
nationwide and its finances.
Whilst describing Sanusi’s
response to the President’s query as “a clear display of incompetence,
nonchalance, fraud, wastefulness, abuse of due process and deliberate efforts
to misrepresent facts…”, the Council accused the suspended banker of several
violations including but not limited to carrying out activities with financial
implications that are not related to the CBN’s mandate, especially 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.
The Council also accused
Sanusi of rogue payments as air charter fees to Emirates Airways (N0.511b),
Associated Airline (N1.025b) and Wing Airline (N0.425b), for the distribution
of currency nationwide whereas Emirates does not operate local charter flights
within Nigeria, Wing Air is unregistered in Nigeria with the Nigeria Civil
Aviation Authority (NCAA), and Associated Airlines did not have a billion naira
turnover in 2011 and have no financial statements because the company said it
had not had any significant operation in two years to warrant preparing a
financial statement.
In lieu of the serious
misconduct it found against Sanusi and the leadership of the CBN, the Council
urged the President to exercise the powers conferred on him by “Section 11 (2)
(f) of the Central Bank of Nigeria Act, 2007 or invoke Section 11 (2) (c) of
the said Act and cause the Governor and the Deputy Governors to cease from
holding office in the CBN and also direct the Financial Reporting Council of
Nigeria to carry out a full investigation of the activities of the CBN…”
Click here to download full report
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