Godwin Emefiele, the chief executive officer, Zenith Bank Plc, has been appointed as substantive Governor of the Central Bank of Nigeria, CBN. He replaces Sahusi Lamido Sanusi, who was suspended this morning by President Goodluck Jonathan. Bayo Adelabu, executive director, First Bank Plc has also been named deputy governor, replacing Tunde Lemo. The names of the new appointees have been sent to the senate for confirmation.

Sanusi’s suspension was announced in a statement signed by the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati. The statement read that, “Having taken special notice of reports of the Financial Reporting Council of Nigeria and other investigating bodies, which indicate clearly that Mallam Sanusi Lamido Sanusi’s tenure has been characterised by various acts of financial recklessness and misconduct, which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline;

“Being also deeply concerned about far-reaching irregularities under Mallam Sanusi’s watch which have distracted the Central Bank away from the pursuit and achievement of its statutory mandate; and being determined to urgently re-position the Central Bank of Nigeria for greater efficiency, respect for due process and accountability, President Goodluck Ebele Jonathan has ordered the immediate suspension of Mallam Sanusi Lamido Sanusi from the Office of Governor of the Central Bank of Nigeria.

The former CBN governor had been having a running battle with the federal government over missing $20 billion of government oil revenues which he accused the Nigerian NationalPetroleum Corporation, NNPC, of failing to pay to the federation account.

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