Sanusi, Alade, Moghalu, 11 others to face FRC probe Thursday

By Aminu Imam

Suspended Governor of Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, the acting Governor of the CBN, Dr. Sarah Alade, former Managing Director/CEO of the defunct Intercontinental Bank, Mr. Erastus Akingbola and 11 others will, from tomorrow (Wednesday) and Thursday, face a probe panel of the Financial Reporting Council of Nigeria (FRC).

The questioning is expected to be in line with the ongoing investigation into the financial accounts of the central bank for the financial years ending December 31, 2011 and 2012.

Also to appear before the FRC hearing panel on Wednesday and Thursday are CBN Deputy Governor, Corporate Services, Alhaji Suleiman Barau; Mr. Babatunde Dayo; Mr. Gabriel Okpeh and Mr. Ezekiel Ejedele, former Chief Executive Officer of the Nigerian Security, Printing and Minting Company (NSPMC), Mr. Ehi’ E Okoyomon; Alhaji Ahmed Barmali; Mr. Igho Dafinone; the immediate past Chief Executive Officer of Access Bank, Mr. Aigboje Aig-Imokhuede; and his successor, Mr. Herbert Wigwe.

While Sanusi, Aalde, Lemo, and six others are expected to appear at the interrogation to be held at the FRC head office in Lagos on Thursday at 11 am, Akingbola, Aig-Imoukuede, Wigwe and three others are to appear at the same time tomorrow.

The investigation, the council said, includes related matters arising from transactions and events which impacted on the said 2011 and 2012 from earlier years and have implications for later periods.

“We wish to inform the under-listed persons that the FRC is currently investigating the activities of the CBN for financial years ended December 31, 2011 and 2012. This investigation includes related matters arising from transactions and events which impacted on the said 2011 and 2012 from earlier years and have implications for later periods,” the statement said.

The FRC further said letters had earlier been sent to the concerned persons before the current invitation to hearing.

Following his revelation that the Nigerian National Petroleum Corporation (NNPC) had failed to remit oil revenue to the Federation Account, the presidency, last month, had suspended Sanusi ostensibly on the grounds of financial recklessness, breach of the Public Procurement Act, unlawful expenditure by the central bank on “intervention projects” across the country, and misstatement of the CBN 2012 financial results, among other charges.

But in his defence, Sanusi, in a 27-page memo to the president, had described the allegations against the CBN under his leadership as false, unfounded, malicious and fabricated, saying they were designed to mislead the president into believing that the management of the central bank was guilty of misconduct and recklessness.

He had also asked the president to revisit his suspension.