The Central Bank of Nigeria (CBN) has noted a report being circulated to members of the public alleging that the CBN Governor, Mallam Sanusi Lamido Sanusi, has bought a N1 billion property in Abuja to add to the aesthetic value of his new house. Ordinarily, the Bank would not have bothered to respond to a matter personal to Mallam Sanusi Lamido but for the fact that the property in question belongs to the CBN.
The property located at NO.8 (Plot 2704), Colorado Street, Maitama is the official residence of the CBN Governor being constructed by the Bank. The contract for the building was awarded during the tenure of Prof. Chukwuma Charles Soludo and it became necessary because the former official residence was sold during the implementation of the monetization policy approved by the Federal Government in March 2005.
The decision to build the official residence was hinged on the provisions of Section 34, Sub-section (e) of the CBN Ac t 2007 as amended which allows for the provision of official residence for the CBN Governor.

The adjoining plot with two duplexes at No. 1, Missouri Street, Off Colorado Street, was bought by the Bank to provide parking space as the original plot was congested. The owner of the adjoining plot has since been paid and the space is required to complete the development of the new building.

For the avoidance of doubts, the two properties belong to the Central Bank of Nigeria as the new official residence of the Governor. Mallam Sanusi Lamido Sanusi has no personal house in Abuja and his current official residence is a rented property paid for by the Bank.

It is therefore very clear that the perpetrators of this unwholesome act are only out to malign the integrity of Mallam Sanusi. Their action in circulating the address of the residence of the Governor through the media, constitutes serious security threats to him and his family. In view of this, we are making a formal report to the security agencies for necessary action.

(Signed)

M.M. Abdullahi

Head, Corporate Communications

Central Bank of Nigeria

30t h November, 2011
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RE: CBN Governor, Lamido Sanusi Buys N 1 Billion Property In Abuja, Drives out occupants to make way for his garden! -The Street Journal

While the dust generated by the contentious sale of Intercontinental Bank Plc has barely settled, the Governor of Nigeria’s Central Bank, Lamido Sanusi is again at the centre of another controversy. Street Journal’s investigations revealed that Malam Sanusi bought over a property beside his new house in Maitama, Abuja. The new acquisition located at No 1, Missouri Street, off Colorado, Maitama allegedly set Nigeria’s number one banker back by one billion Naira and it was paid for in October.

Street Journal gathered that the purpose for which he bought the property was mainly to add to the aesthetic value of his new house and that he plans to use the newly acquired property for a unique terraced garden.

Work has already started on the site as the structure on the property is already being pulled down despite the fact that some of the present occupants are yet to move out. Street Journal found out that the occupants are young workers some of who disclosed that their rents are yet to expire. It was also found out that though the house has been sold, the landlord has refused to pay the tenants any compensation to enable them move elsewhere.

The new owner, Sanusi Lamido too has refused to give them more time to get suitable accommodation. The occupants disclosed that some of them have relocated but they are still putting up there because they do not have the funds with which to secure new places to stay. They have however been informed that their belongings would be thrown out by the 1st day of December so that garden construction work can begin in earnest.

In as much as I dont support the false report by the Street Journal, at least CBN has come out to confirm that they indeed bought the properties in question.
The question I want to ask here is if CBN is above other Govt Ministries and Parastatals that have had to abide by the Monetization policy. They're saying the law setting up the CBN stipulates that the CBN Governor must have his own quarters. Why didnt they bring out this clause when the Monetization Policy was implemented? Or why was the amendment not done before the old quarters was sold?
They kept mum and allowed the old quarters be sold under the Monetization Policy - I guess one of their directors would have probably bought it, then went ahead to now go purchase another property worth probably 10 times more just to fleece the nation of scarce resources saying one useless clause in the Act as amended.
What really baffles me is even if the CBN governor must be housed, must he live in a N5b mansion? If they could buy a property for N1B just to use as garden and parking lots for the CBN Governor's Official Quarters, I'm sure the total cost of the project would not be less than N5b then.
What baffles me is who actually gave the approval for the purchase? Is there no limit to the amount of a contract a CBN governor is allowed to approve? If there is, how much is it?
May God Help us in this country!

Please direct your questions at Soludo, afterall it was during his tenure or do you want the CBN to cancel the contract and then incur penalties? I believe Soludo would not have signed it if it was not allowed, the guy had too many knives out for him to make a mess of his official residence.

hercules07:

Please direct your questions at Soludo, afterall it was during his tenure or do you want the CBN to cancel the contract and then incur penalties? I believe Soludo would not have signed it if it was not allowed, the guy had too many knives out for him to make a mess of his official residence.

It was not during Soludo's tenure that the N1b property opposite the one Soludo started was bought, it was during Sanusi's tenure and that's why this report came out in the first place. I dont have any grouse against Sanusi but against the CBN for going against the FG Monetization Policy!