A Financial Lawyer, Tilawa Oyefeso, has thrown his weight behind suspended CBN Governor, Sanusi Lamido Sanusi’s resolve to seek court interpretation on the legality of his suspension by President Goodluck Jonathan.
Channels Television’s breakfast programme, Sunrise Daily, played host to Mr Oyefeso, 24 hours after the suspension of the Governor of the Central Bank of Nigeria was announced.
He called for caution on the way the issue of Mr Lamido Sanusi’s suspension as the Central Bank Governor should be approached, considering that the directive by the Nigerian President was referred to as a suspension, which is different from a removal.
He said, “Suspension is an abeyance of certain rights that an individual possesses; it doesn’t necessarily mean a demotion. So, essentially that he was suspended doesn’t mean he was removed.”
However, he expressed his grouse on what seems like noncompliance with provisions of the CBN Act, particularly Section 8, which deals with the appointment of a CBN Governor and the provisions of Sections 9, 10 and 11 which deals also with his removal.
“The appointment of the CBN Governor is done by the President, subject to confirmation by the Senate, like wise his removal can also be done by the President, but subject to two third of the majority of the Senate. So when the President suspends the CBN Governor, the question arises, does he have the powers to do that?” He said.
He also shared the view that there was need for the interpretation of the court, as the President’s action looks more like a removal to him, in view of the immediate nomination of a new CBN Governor by the President. He feared Mr Sanusi might win in the court of law.
Oyefeso also explained the legal framework for the role of Government in performing administrative functions to carry out a suspension. He said that when there is such suspension, the right of the individual only seizes for a moment. So, essentially, Mr Sanusi was still the CBN Governor but only with a new title – the suspended CBN Governor.
He further said that in other parts of the world, the President of the country would not in any way interfere in the functions of the Central Bank. Therefore, Nigerians should not personalize things as emphasis should be on the office and not the occupant as stipulated by the law.
He, however, admitted that the office of the CBN Governor was indeed too strong in Nigeria. He cited the effect that Mr Lamido Sanusi’s suspension had had on the economy within 24 hours of its announcement.
