The Financial Reporting Council Report that got Sanusi suspended
President Jonathan's decision to suspend CBN Governor, Sanusi Lamido Sanusi yesterday Feb. 20th was based on a report of the Financial ...
https://9ijatunes.blogspot.com/2014/02/the-financial-reporting-council-report_21.html
President Jonathan's decision to suspend CBN Governor, Sanusi Lamido Sanusi yesterday Feb. 20th was based on a report of the Financial Reporting Council of Nigeria, FRCR dated June 7, 2013. In the report, FRCR ripped apart the 2012 audited financial statement of CBN and exposed what it termed as 'fraud', 'clear display of incompetence',and 'excesses and wastefulness of Sanusi and the CBN.' The 13-page report claimed a whooping N1.257 billion was spent for 'lunch for policemen'. There were also bogus payments to airlines to distribute currency nationwide. The FRCR also claimed CBN has held an account with a balance of N1.423b for an unknown customer since 2008. The report had recommended the sack of Sanusi and his deputy. You can read the full report hereor continue to read a breakdown of the report.. Culled from Punch The report read: The particulars of the infractions against Sanusi are: Persistent refusal and/or negligence to comply with the Public Procurement Act in the procurement practices of the Central Bank of Nigeria.
(A) By virtue of Section 15 (1)(a) of the Public Procurement Act, the provisions of the Act are expected to comply to ‘all procurement of goods, works and services carried out by the Federal Government of Nigeria and all procurement entities.’ This definition clearly includes the Central Bank of Nigeria.(B) It is however regrettable that the Central Bank of Nigeria, under his leadership, has refused and/or neglected to comply with the provisions of the Public Procurement Act (PPA). You will recall that one of the primary reasons for the enactment of the PPA was the need to promote transparency, competitiveness, cost of effectiveness and professionalism in the public sector procurement system. (C) Available information indicates that the Central Bank has over the years engaged in procurement of goods, works and services worth billions of Naira each year without complying with the express provisions of the PPA.
(D) By deliberately refusing to be bound by the provisions of the Act, the CBN has not only decided to act in an unlawful manner, but has also persisted in promoting a governance regime characterised by financial recklessness, waste and impunity, as demonstrated by the contents of its 2012 Financial Statements
