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Nigeria central bank head Lamido Sanusi ousted Nigeria central bank head Lamido Sanusi ousted
(35 minutes later)
Nigeria's central bank governor Lamido Sanusi has been suspended after he alleged that $20bn (£12bn) in oil revenue had gone missing. Nigeria's central bank governor Lamido Sanusi has been suspended by the president pending investigations into "far-reaching irregularities".
President Goodluck Jonathan said there had been "far-reaching irregularities" under Mr Sanusi's watch. Mr Sanusi caused shockwaves in Nigeria when he alleged that $20bn (£12bn) in oil revenue had gone missing.
BBC Abuja editor Bashir Saad Abdullahi says the allegation of missing oil revenue has come as a huge embarrassment for the government. Nigeria's state oil firm has denied failing to account for the money, saying the claim was "unsubstantiated".
Nigeria's state oil firm has denied failing to account for the money. Mr Sanusi is widely respected after undertaking reforms to the banking sector since his appointment in 2009.
The Nigerian National Petroleum Corporation said the allegations were "unsubstantiated" and showed "little understanding of the technicalities of the oil industry". He was named central bank governor of the year in 2010 by Banker magazine.
Nigeria is one of the world's biggest oil producers but the sector is marred by widespread allegations of theft and corruption.
Anti-corruption credibility
In February, Mr Sanusi told a senate committee that out of $67bn of oil sold between January 2012 and July 2013, $20bn had not been accounted for.
The Nigerian National Petroleum Corporation said the allegations showed "little understanding of the technicalities of the oil industry".
Mr Sanusi is currently in Niger attending a meeting of regional central bank heads.Mr Sanusi is currently in Niger attending a meeting of regional central bank heads.
He is to be replaced by his deputy, Sarah Alade, who is travelling with him.
President Jonathan asked him to resign in December but Mr Sanusi refused, sources told the BBC Hausa service.President Jonathan asked him to resign in December but Mr Sanusi refused, sources told the BBC Hausa service.
The president does not have the power to sack the central bank governor - only the National Assembly can do this.The president does not have the power to sack the central bank governor - only the National Assembly can do this.
His term in office was due to end in June but correspondents say the decision to suspend him now is still very significant.
The presidential statement announcing his suspension said he had been removed pending "investigations into breaches of enabling laws, due process and mandate" of the Central Bank of Nigeria.The presidential statement announcing his suspension said he had been removed pending "investigations into breaches of enabling laws, due process and mandate" of the Central Bank of Nigeria.
Mr Sanusi has spearheaded banking reforms since his appointment in 2009. BBC Abuja editor Bashir Saad Abdullahi says news of his suspension could further damage the anti-corruption credibility of President Jonathan's administration.
Our correspondent says news of his suspension could further damage the anti-corruption credibility of President Jonathan's administration.