[size=15pt]Position of the law[/size]

Even at that, some bankers who spoke to Financial Vanguard last week on condition of anonymity said the sack should have been the last resort. They say the CBN should have first applied withholding action instead of the outright sack of the bank chiefs. The argument of the bankers is found in Section 35 of the Banks and Other Financial Institutions Act as amended.

The Section states as follows: “(d) where, after an examination under section 32 of this Act or otherwise howsoever, the Bank (CBN) is satisfied that the bank is in a grave situation as regards the matter referred to in section 32(1) of this Act, the Governor may by order in writing exercise any one or more of the powers specified in subsection (2) of this section.

Subsection 2 states, “The Governor may by order in writing under subsection (1) of this section
(a) prohibit the bank from extending any further credit facility for such period as may be set out in the order, and make the prohibition subject to such exceptions, and impose such conditions in relation to the exceptions as   may be set out in the order, and from time to time, by further order similarly made, extend the aforesaid period~

(b) require the bank to take any steps or any action or to do or not to do any act or thing whatsoever, in relation to the bank or its business or its directors or officers which the Bank may consider necessary and which is  set out in the order, within such time as may be stipulated therein~
It is when all these fail to stabilize the bank that the governor can go ahead in subsection (2)(c)(d) to remove any officer found culpable or any director of the bank and proceed to appoint any person to advise the bank in relation to the proper conduct of its business.

http://www.vanguardngr.com/2009/08/22/credibility-question-over-sanusi%e2%80%99s-actions/

yes , it seems Sanusi has the legal right , provided certain procedure are followed.

Shalommy

SodiumValproate:
Shalommy

Amos goat.

Shalommy:
Amos goat.

You don see your period this month?

SodiumValproate:
You don see your period this month?

I never see... Idiot!

Shalommy:
I never see... Idiot!

Chai my lizard 🦎