Former Kwara State governor and Senator representing Kwara Central in the upper chamber of the National Assembly, Dr. Bukola Saraki, on Saturday said the suspension of the Governor of the Central Bank of Nigeria, Malam Lamido Sanusi by President Goodluck Jonathan was unconstitutional.
Senator Saraki, who made this known while speaking with journalists in Ilorin, the Kwara State capital, stated that Mr. Jonathan’s action, portrayed him as a president who was ill-advised.
According to him, the CBN Act made it mandatory for the president to revert to the Senate for confirmation and removal of the CBN governor.
Saraki said, “Governance is a continuous process, if the tenure of the incumbent had not lapsed, how can we appoint another person to replace him? That is a total breach of the law.
“With my knowledge of the CBN Act and the relevant section, which I have gone through, no part of that Act supports the action taken by the President.
“And I think this kind of thing is not about Sanusi, it is even more about the new governor, who is coming in. Can that governor really say his tenure is five years?”
Saraki, who is the Chairman, Senate Committee on Ecology and Environment, said Sanusi’s suspension could have far reaching effects on the independence and autonomy of the apex bank.
He added that it could also negatively impact on national economy and discourage foreign direct investments in Nigeria.
He also disclosed that the Senate would address the suspension of the CBN governor dispassionately.
“The independence of the position of the governor of Central Bank is no longer there and there are investors outside the country, fund managers that will have about N20bn invested in this country who took those decisions based on the fact that the CBN is independent”, he added.