Suspension: Sanusi responds to FRC allegations

The suspended Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi has responded to the 34 allegations leveled against him by the Financial Reporting Council of Nigeria (FRC) that led to his suspension, describing it as a script orchestrated by the federal government to tarnish his achievements within his five years tenure.

Sanusi said that the central bank during his time generated over N376 Billion naira as internally generated revenue to the federal government alone which the committee on finance publicly commended him as the highest contributor of revenue to the FGN between 2009-2013.

He explained that CBN during his tenure wittiness prudent management of cost, currency expenses and over heads, according to him currency expenses was brought down from N50.8 Billion in 2009 to N29.08 Billion in 2012.

Sanusi stated this in a statement that the allegations as baseless and lacking in merit.

The former CBN governor said that it was during his time that the MPC was improved in research data and forecasting in capacity as well as controlling inflation rate below ten percent from a peak of 15.1 percent and 13.9 percent within his years.

The statement said that, it was during his five years tenure that the formation of the financial market dealer quotation over the counter FQDMOTC was emerged as a self-regulatory OTC operator.

He said that the CBN broke up universal banks and encouraged the setting up of specialized banks (including the first Non – interest Bank in the Country’s history), pushed for the adoption of IFRS and Basel 3, enhanced risk-based supervision, issued Competency Guidelines for the staff in the banking industry, established a Consumer Protection Department and developed a Financial Inclusion Strategy and Roadmap, among others within his tenure as governor of CBN.

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