The presidency has insisted that the suspension of the CBN Governor, Mr Sanusi Lamido Sanusi was premised on his involvement in financial recklessness and misconduct.

Addressing a press conference, the Special Adviser to the President on Media and Publicity, Dr Reuben Abati, told State House Correspondents that the issues of recklessness against Sanusi actually started in May 2013.

Brandishing particulars of infractions against the suspended cbn governor, which touches on persistent refusal to comply with the procurement act, waste, impunity and unlawful expenditure, Abati added that the CBN Governor did not comply with Public Procurement Act in the procurement practices of the Central Bank of Nigeria.

He also doused the anxiety expressed by many Nigerians that the suspension of the CBN governor will affect the monetary policy of the country.

Abati noted that “there have been issues of financial recklessness and unprofessional conduct” noting that “that didn’t happen today” insisting that “it is not a sudden development”.

He added that “it has been a long process, dating back to last year (2013). Last year when the CBN submitted its financial statement for the year ended December 2012, a query was raised about some of the issues in the financial statement and the CBN was asked to offer clarifications with regards to those issues” this, according to Abati was “around May 2013”.

He further noted that a “report came from the CBN, which was forwarded to Financial Reporting Council of Nigeria”.

Reading from the investigation of the council, Abati accused Sanusi of “persistent refusal and negligence to comply with the Public Procurement Act of the procurement practices of the Central Bank of Nigeria”, “unlawful expenditure by the Central Bank on intervention projects across the country, deploying huge sums of money as the CBN did under the watch of (Mallam) Sanusi without appropriation and outside CBN’s mandate”.

Abati added that “it is trite that the expenditure of public funds by any organ of government must be on the basis of clear legal mandate, prudent costing and overriding national interest” he said.