Financial Experts Divided On Sanusi’s Suspension

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One week after the sus
pension of the Central Bank of Nigeria (CBN) governor, Mr Sanusi Lamido Sanusi  by President Goodluck Jonathan, financial experts are divided in their opinions concerning the suspension.
Speaking in a  telephone chat with The Tide, the managing consultant, S.O.Igwe  and Co, Mr Silas Igwe , a senior chattered accountant said that the timing of the suspension was wrong.
Igwe who is also an associate member of the Institute of Taxation  in Nigeria noted that the CBN governor’s suspension  had  affected the economy negatively, adding that it has also caused depreciation in the performance of the traded equities in the capital market from last week.
“The timing of the suspension is wrong and has some political undertone. What is the need for suspension when the man has only two months to go,” he said.
In his contribution, the president of National Association of Small Scale Industrialists (NASSI),  Chief Chuku Wachuku  said  Sanusi should not have  publicly sung a different tune from that of the president.
Wachukwu who was the former Director-General of the National Directorate of Employment said it was wrong for the governor to rush to the media instead of discussing with the president.
“The suspension will likely create micro-economic distortions and also casuse some shivers in the economy,” he added.
The former Managing Director of the Defunct Citizens Bank, Mr Okechukwu Unuegbu, said the action of the president was commendable, adding that the president acted late.
Unuegbu noted that Sanusi had engaged in so many activities that were outside the functions of the apex bank, adding that the governor was even proving  to everybody that nobody can sack him except the National Assembly.
It would be recalled that President Jonathan last week announced the suspension of the governor for financial recklessness, misconduct and irregularities.
The president further ordered that the most Senior Deputy Governor of CBN, Dr. Sarah Alade should take over the operations of the apex bank.