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Financial Reporting Council Sets Sanusi’s Probe Date

The suspended governor of the Central Bank of Nigeria (CBN), Mr Lamido Sanusi, is expected to appear before the probing panel of the Financial Reporting … Continue reading Financial Reporting Council Sets Sanusi’s Probe Date


sanusi_lamidoThe suspended governor of the Central Bank of Nigeria (CBN), Mr Lamido Sanusi, is expected to appear before the probing panel of the Financial Reporting Council of Nigeria (FRC) on Thursday.

Other CBN staff expected to be present at the probing session are the CBN Acting Governor Dr Sarah Alade, former CBN Deputy Governor, Operations, Tunde Lemo and six others.

The FRC is investigating the activities of the CBN for financial years ended December 31, 2011 and 2012. 

Mr Sanusi was suspended on February 20 by President Goodluck Jonathan for alleged financial recklessness.

He has, however, dragged the government to court, saying it lacks power to remove him and has also approached the court for an order that would restrict anti-graft agencies from arresting him.

Meanwhile, the past Chief Executive Officer of Access Bank, Mr Aigboje Aig-Imokhuede and the former Managing Director and Chief Executive Officer of the defunct Intercontinental Bank, Mr Erastus Akingbola faced the FRC probe panel on Wednesday.

Although neither the members of the panel nor those being probed agreed to talk to the media, Channels Television gathered that Wednesday’s session was a preliminary hearing on issues relating to the relationship between Access Bank and Intercontinental Bank and their recent relationship with the Central Bank.

Akingbola is also facing a suit for allegedly stealing 47.1 billion Naira belonging to Intercontinental Bank.

A court in London had on August 1, 2012 ordered Mr Akingbola to pay Access Bank £654 million for some fraudulent practices committed when he was in charge of the defunct Intercontinental bank which was acquired by Access Bank on January 31, 2012.