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Nigeria central bank head Lamido Sanusi ousted | Nigeria central bank head Lamido Sanusi ousted |
(about 1 hour later) | |
Nigeria's central bank governor Lamido Sanusi has been suspended by the president for "financial recklessness and misconduct". | Nigeria's central bank governor Lamido Sanusi has been suspended by the president for "financial recklessness and misconduct". |
Mr Sanusi caused shockwaves in Nigeria when he alleged that $20bn (£12bn) in oil revenue had gone missing. | Mr Sanusi caused shockwaves in Nigeria when he alleged that $20bn (£12bn) in oil revenue had gone missing. |
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, saying the claim was "unsubstantiated". |
Mr Sanusi is widely respected after undertaking reforms to the banking sector since his appointment in 2009. | Mr Sanusi is widely respected after undertaking reforms to the banking sector since his appointment in 2009. |
He was named central bank governor of the year for 2010 by Banker magazine. | He was named central bank governor of the year for 2010 by Banker magazine. |
He told the BBC he would challenge his suspension in order to preserve the central bank's independence. | |
"I'm proud of my own record," he said. | |
Foreign exchange, bond and money markets have stopped trading because of uncertainty caused by the move, Reuters news agency reports. | Foreign exchange, bond and money markets have stopped trading because of uncertainty caused by the move, Reuters news agency reports. |
The BBC's Will Ross in Lagos says Mr Sanusi's allegations threaten to expose high-level fraud in Nigeria's notoriously opaque and corrupt oil sector. Nigeria is one of the world's biggest oil producers. | The BBC's Will Ross in Lagos says Mr Sanusi's allegations threaten to expose high-level fraud in Nigeria's notoriously opaque and corrupt oil sector. Nigeria is one of the world's biggest oil producers. |
The controversy also comes ahead of next year's elections, with the governing party split over whether President Goodluck Jonathan should contest. | The controversy also comes ahead of next year's elections, with the governing party split over whether President Goodluck Jonathan should contest. |
Anti-corruption credibility | Anti-corruption credibility |
Earlier this month, 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. | Earlier this month, 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". | 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 top officials, which he has now left. | Mr Sanusi is currently in Niger attending a meeting of top officials, which he has now left. |
His deputy, Sarah Alade, who is travelling with him, will fill in until a new governor is appointed. | |
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 highly significant. | His term in office was due to end in June but correspondents say the decision to suspend him now is still highly 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. |
It said his "tenure has been characterised by various acts of financial recklessness and misconduct... [and] far-reaching irregularities". | It said his "tenure has been characterised by various acts of financial recklessness and misconduct... [and] far-reaching irregularities". |
While Mr Sanusi's critics question whether he is using his job to harm President Jonathan's chances of re-election, many Nigerians will think the president has chosen to suspend the whistleblower rather than focus on stopping fraud, our correspondent says. | While Mr Sanusi's critics question whether he is using his job to harm President Jonathan's chances of re-election, many Nigerians will think the president has chosen to suspend the whistleblower rather than focus on stopping fraud, our correspondent says. |