Orderly transition begins March 1  •

Disagreement resolved


Jaiyeola Andrews 



The embattled Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, has allayed concerns over his departure, informing his staff that he will remain in office till June 1 when his tenure as governor expires.

Sanusi, THISDAY reliably gathered, met with the staff of the central bank Wednesday to inform them that his earlier decision to go on terminal leave in March had been rescinded and that he was prepared to stay out his tenure.

Sanusi’s meeting with his staff took place a day after President Goodluck Jonathan had asked him to resign on the grounds that he leaked the letter that he had written to the president on the unremitted $49.8 billion oil revenue to former President Olusegun Obasanjo.

But Sanusi immediately denied the allegation and refused to step down, reminding the president that he could only be removed by two-thirds of the Senate.

However, owing to the impact on the financial markets and the macroeconomy, well-meaning Nigerians who were also concerned that Sanusi's forced departure could send the wrong signals to the international investment community, moved promptly to appeal to the president to rethink his demand that the CBN governor should resign.

Their intervention, THISDAY learnt, was able to lead to a rapproachment, during which Sanusi affirmed his respect for the Office of the President and the president,  as well as his desire to continue to work in the interest of the federal government until he steps down on June 1.

With the resolution of the matter, a source in the presidency said that an orderly transition would commence on March 1, paving the way for the appointment of a new CBN governor who would take over from Sanusi.

During the meeting with the CBN personnel, Sanusi made it official that he was no longer going on terminal leave and would remain in office till June 1.
He was also quoted as saying that it is only a two-thirds majority vote in the Senate that can unseat him.

Sanusi's position is supported by the CBN Act, which stipulates how an incumbent governor can be removed from office.

Section 11(2)(f) of the Act states: “A person shall not remain a Governor, Deputy Governor or Director of the Bank if he is removed by the President: Provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed.”

Expectedly, the face-off between the president and Sanusi, which was exclusively reported by THISDAY yesterday, elicited mixed reactions and disbelief among critical stakeholders in the financial system, the political establishment and lawyers. ....

More at
http://www.thisdaylive.com/articles/sanusi-stays-as-cbn-gov-till-june-1-affirms-respect-for-president/168490/

Good news!

Mr Jonathan needs to calm down and stop the panick and knee-jerk treatment to challenging situatiins.

Make Sanusi sef respect himself and stop fvkng married women.

A clear case of a man knowing his right and how to thread.

Given the controversy of the past weeks, it is only fair that the CBN governor suspends his scheduled leave to quell rumors of being "forced out" in order to reassure investors. It obviously matters who's telling the story, The likes of Punch newspapers and Sahara Reporters are obviously kicking themselves for missing out on this story before it broke yesterday and are in a hurry to make up for the spin they never had the opportunity to add.

Na wa o, Sanusi sef dey claim right.

Gud for him sha. He dey fight for his name and pocket.

Sanusi I bow to you o. See as you fall my presido hand. Well, e good make man sabi him right from left. Meanwhile, in the US, a democrat presidedent is nominating a central bank chairman(Governor) for the first time since 1988, all other appointment before now has been done by Republican presidents, and democratic presidents didnt bother bringing their own candidates because theirs is a system of meritocracy where the capable individual presides, but in our own animal farm here, everything na politics.

Ride on Sanusi! Presido dust your balls and fire stealer odour already!

wesley80: Given the controversy of the past weeks, it is only fair that the CBN governor suspends his scheduled leave to quell rumors of being "forced out" in order to reassure investors. It obviously matters who's telling the story, The likes of Punch newspapers and Sahara Reporters are obviously kicking themselves for missing out on this story before it broke yesterday and are in a hurry to make up for the spin they never had the opportunity to add.

All that investor talk in paper na bs. I dare the investors to shrink their holdings in June if they believe its performance is tied to change of CBN chairman. The truth is the market performs best when anxiety is high. It is a prospect market, an unknown magically built on a template of statistical forecasts...a gamble! So you need aboundant amount of fear from time to time. Its why many rich people die of heart attack and diabetes.

My brother please dont let them trouble your heart. Their game is so ridiculous they almost tell people to keep their voice down so the noise will not upset the stock market.

I thought he has two heads?? Okro tree no dey tall pass the person wey plant am

....

Mayor_of_Lagos:

All that investor talk in paper na bs. I dare the investors to shrink their holdings in June if they believe its performance is tied to change of CBN chairman. The truth is the market performs best when anxiety is high. It is a prospect market, an unknown magically built on a template of statistical forecasts...a gamble! So you need aboundant amount of fear from time to time. Its why many rich people die of heart attack and diabetes.

My brother please dont let them trouble your heart. Their game is so ridiculous they almost tell people to keep their voice down so the noise will not upset the stock market.

Depends on how you look at it sha, in the world of the likes of Fitch, S & P and other rating agencies that release occasional ratings, they do matter and foreign investors pay close attention to their verdicts. Policy stability and Outlook are very important words to a foreign investor.

Good move.

Maybe GEJ thinks Sanusi is Amaechi that he can cajole and toss up, down, right and left! Sheath thy swords

I will call this one a stylish damage control and still stand my ground that president Jonathan lack the political balls to sack Sanusi, after all he never appointed him in the first place and were are those flat head chumps who thought, it's gonna be an easy ride for president Jonathan.

Omen100: I will call this one a stylish damage control and still stand my ground that president Jonathan lack the political balls to sack Sanusi, after all he never appointed him in the first place and were are those flat head chumps who thought, it's gonna be an easy ride for president Jonathan.

The President cannot sack the CBN governor. It isn't a question of balls but of constitutionality. The central bank Governor can only be removed on account of Gross misconduct or infirmity of mind or body that hinders him from carrying out his duties effectively and even when so determined, a two thirds majority of the upper house would still need to agree to a removal.
The President asking Sanusi to resign was about the only thing he could do in the circumstance and Sanusi chose to assert his right. There's nothing brave or cowardly about the episode IMO.

The president's conciliatory nature has, once again, led to an outcome that further buttresses his democratic credentials.

An OBJ or Yar'Adua presidency would have forced this big-headed Islamist out of the CBN immediately. There are a million ways to do that with or without the academic requirement of a 2/3 majority Senate approval. For one, the CBN governor does not enjoy immunity, and arresting him for this or that corrupt practice would necessarily mean that he would relinquish the office. The heavens would not fall if that happens.

(Un)Fortunately, this is not an OBJ or a Yar'Adua presidency. Democracy is alive and well under Jonathan, even though I am personally not so democratically minded in matters pertaining to asserting my authority, protecting my turf, and dealing with disloyalty and disrespect.

forget that crap talk about investors and shit - u r just creating an escape route for the embarrassment on the president!

call a spade a spade! Sanusi just shoved sh1T into Presidos mouth and presido swallowed it! he is supposed to go on terminal leave by march and to prove to the presido that he cant do him sh1t, he now extended it to June!

Sanusi has insulted the president and get away with it simple!

Can sanusi try that shit with OBJ? Goodluck is just an . . .

nwa.anambra:
forget that crap talk about investors and shit - u r just creating an escape route for the embarrassment on the president!

call a spade a spade! Sanusi just shoved sh1T into Presidos mouth and presido swallowed it! he is supposed to go on terminal leave by march and to prove to the presido that he cant do him sh1t, he now extended it to June!

Sanusi has insulted the president and get away with it simple!

Can sanusi try that shit with OBJ? Goodluck is just an . . .

Like someone already pointed out, the president is a Democrat and not an egoistic maniac like the disgraced wife beater that's your mentor.

wesley80: Like someone already pointed out, the president is a Democrat and not an egoistic maniac like the disgraced wife beater that's your mentor.

shove that your democratic talk! your subordinate told you to your face that you cant sack him! and even went as far as extending his stay in office DESPITE THE FACT THAT HE HAS BETRAYED THE CONFIDENCE YOU HAVE IN HIM BY SLEEPING WITH YOUR ENEMIES! and all you have to say is that you are a democrat! Common man! You are nothing but a coward!

Any man with balls will use all the power in his arsenal to sack the mudafuka!

THE ONLY WAY GEJ CAN REDEEM HIS MANHOOD IS BY SACKING SANUSI BY ANY MEANS POSSIBLE - IF HE FAILS TO SACK SANUSI BEFORE MARCH, THEN HE IS NOT WORTH HAVING PATIENCE AS HIS WIFE! CAUSE I KNOW IF ITS PATIENCE, SHE WOULD AV SEND HIM BACK TO HIS MODAFUKN DEAD STATE IN NORTH!

IN FACT SHE WOULDN'T EVEN MIND USING BOKO HARAM ON HIM NO MATTER THE COST!

GEJ is simply a PUS5Y! Accept that glaring fact or better still GO AND DIE!

pro01: The president's conciliatory nature has, once again, led to an outcome that further buttresses his democratic credentials.

An OBJ or Yar'Adua presidency would have forced this big-headed Islamist out of the CBN immediately. There are a million ways to do that with or without the academic requirement of a 2/3 majority Senate approval. For one, the CBN governor does not enjoy immunity, and arresting him for this or that corrupt practice would necessarily mean that he would relinquish the office. The heavens would not fall if that happens.

(Un)Fortunately, this is not an OBJ or a Yar'Adua presidency. Democracy is alive and well under Jonathan, even though I am personally not so democratically minded in matters pertaining to asserting my authority, protecting my turf, and dealing with disloyalty and disrespect.

As a leader, sometimes you need to assert your authority with brute force, even when the people call you tyrannical, so as to strike cold fear in the minds of would- be defaulters. GEJ lacks this and it is the genesis to revelations of his problems. The man fails to inspire fear in the people. He is counting on their love. A leader should be loved as much as respected.


Many people touting Buhari today were not around/unaware of the political environment when he was Head of state. They don't know that Buhari was hated more than Abacha, when he was in office. Their support for GMB is borne out of stories of fear and respect told about Buhari, as a no-nonsense man by those that bore the brunt of his draconial misrule. Today, events have proven that Buhari is not as pious, strict and disciplined as we thought, yet the supporters hold tenaciously to the tales. To them 'fearless and brutal' Buhari is the nemesis for our thieving elite. This why they don't ask him for a manifesto, whenever he runs for an election.


NB : I am not advocating for a dictator, rather, a leader that can assert his authority from time to time.

If we could, as a nation, assert our rights in national interest against unpopular govt policies, we would fair better.

In the worlds of Bob Marley: Stand up for your right.

.

nwa.anambra:


shove that your democratic talk! your subordinate told you to your face that you cant sack him! and even went as far as extending his stay in office DESPITE THE FACT THAT HE HAS BETRAYED THE CONFIDENCE YOU HAVE IN HIM BY SLEEPING WITH YOUR ENEMIES! and all you have to say is that you are a democrat! Common man! You are nothing but a coward!

Any man with balls will use all the power in his arsenal to sack the mudafuka!

THE ONLY WAY GEJ CAN REDEEM HIS MANHOOD IS BY SACKING SANUSI BY ANY MEANS POSSIBLE - IF HE FAILS TO SACK SANUSI BEFORE MARCH, THEN HE IS NOT WORTH HAVING PATIENCE AS HIS WIFE! CAUSE I KNOW IF ITS PATIENCE, SHE WOULD AV SEND HIM BACK TO HIS MODAFUKN DEAD STATE IN NORTH!

IN FACT SHE WOULDN'T EVEN MIND USING BOKO HARAM ON HIM NO MATTER THE COST!

GEJ is simply a PUS5Y! Accept that glaring fact or better still GO AND DIE!

When common sense is not common. SMH