Published On: Tue, Jun 19th, 2012

Reps Tackle Sanusi Over N620bn Bank Bailout, N125m Donation: I didn’t break any law – Sanusi

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Members of the House of Representatives yesterday queried the governor of Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, over the legality of the apex bank’s N620 billion intervention in some commercial banks as well as N125 million donation to victims of Boko Haram attacks in Kano and Niger States.

The lawmakers who met with Sanusi during an investigative hearing organised by the House Committee on Banking and Currency to probe “Expenditure of public funds by the CBN and the Assets Management Corporation of Nigeria(AMCON) without approval”, asked the governor to state the provision in the constitution that empowered him to make the releases.

Responding, Sanusi informed the lawmakers that he did not breach any law by bailing out the banks or giving donations on behalf of the bank since there was no law that restricts him or the bank from making such decisions. He also added that the bailout money to the troubled banks was not an expenditure but a loan.

However, his explanation failed to scale through as the minority leader of the House, Femi Gbajabiamila argued that the apex bank overreached its powers under the CBN Act 2007 by not first seeking approval from the National Assembly as stipulated in the constitution before making the expenditure.

He noted that the donations were contrary to the CBN’s 2006 policy on Corporate Social Responsibility and wondered if the apex bank had now turned itself into a charitable organisation by giving donations of N125 million to victims of Boko Haram attacks in Kano and Madalla early this year.

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  1. pupulantro says:

    well, i just hope and believe that the fund is being used as the agreement says.

  2. Sam says:

    There is no law that restricts him from spending government fund without permission? So Sanusi means he now has right to spend public fund the way he chooses, I hope that man is alright?

  3. Sanusi? It should seek first the approval 4rm d national assembly.

  4. igboke NWalieke john says:

    I must tell u , we the youth are tired of this country , since our servers has become our looters look @ lamido who does not campaign or contest any election has turned our cbn to his charitable home , has become a philanthropist that donate our money to his cousin bokos to enable them leash more bombing on christian , GEj is a toothless dog , pls nass investigate that man

  5. Hawyordaylay says:

    U guys shld stop this nd try undstnd sanusi iss nt among other govt cabals dat embezle money…
    He alwys av a specific reason for doing wat e dos unlike other cabals in govt…

    Nd wat if uur family ws among those dat wer injured in d attack……wont u suport him to do wat he did.???

  6. shehu mudi says:

    plz. my there brodas.let’s be realistic on issues arising bcos dis man is doing his best of avality he can. is better we look at the good things he do in the economic and finacial institute.haba wat wrong 4dat.

  7. The problem with some Nigerians is ‘sentiment’. There are laws governing everything we do in life. A nation without laws is like a house without doors. There are laws establishing the apex bank which must be strictly adhered to by whoever that is holding fort. Sanusi is not the first to govern the apex bank and definitely will not be the last. Therefore, he should be cautioned so as not to set a bad precedence.

  8. lbitoye Abiodun Abraham says:

    sanusi shld not tell nigerias dt he give public 2 rescue banks while can’t he rescue bank like lntercontinental bank&others nd he lied dt he gve them as a loans he shld bring our d document 4 public 2 see nd when will d loan pay back,sanusi is indirectly using banks 2 finance boko haram dt is while he introduce cashless lagos so dt he can generate more moni 2 finance boko haram d blood of those kill by boko haram will cry 2 God 4 vegeance

  9. Akerele Oluwaseun says:

    If Cbn is a charitable organisation or an extension of NEM ,why didn’t he give JoS ,Kaduna,Maiduguri, Dana crash money? Why his kinsmen? Sanusi is just one of them.The only he does well is talking.He want vie for the post of governor in kano.Imagine,just few days national mourning,Sanusi took a chieftancy title in Kano when people are crying Lagos.is this the type of leader we want?Posterity will judge him .

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