Mrjonespeaks.com

Nigeria central bank head Lamido Sanusi ousted

Lamido Sanusi, Nigeria's Central Bank governor, in October 2013

Nigeria's central bank governor Lamido Sanusi has been suspended by the president pending investigations into "far-reaching irregularities".

Mr Sanusi caused shockwaves in Nigeria when he alleged that $20bn (£12bn) in oil revenue had gone missing.

Nigeria's state oil firm has denied failing to account for the money, saying the claim was "unsubstantiated".

Mr Sanusi is widely respected after undertaking reforms to the banking sector since his appointment in 2009.

He was named central bank governor of the year in 2010 by Banker magazine.

Nigeria is one of the world's biggest oil producers but the sector is marred by widespread allegations of theft and corruption.

Anti-corruption credibility

In February, Mr Sanusi told a senate committee that out of $67bn of oil sold between January 2012 and July 2013, $20bn had not been accounted for.

The Nigerian National Petroleum Corporation said the allegations showed "little understanding of the technicalities of the oil industry".

Mr Sanusi is currently in Niger attending a meeting of regional central bank heads.

He is to be replaced by his deputy, Sarah Alade, who is travelling with him.

President Jonathan asked him to resign in December but Mr Sanusi refused, sources told the BBC Hausa service.

The president does not have the power to sack the central bank governor - only the National Assembly can do this.

His term in office was due to end in June but correspondents say the decision to suspend him now is still very significant.

The presidential statement announcing his suspension said he had been removed pending "investigations into breaches of enabling laws, due process and mandate" of the Central Bank of Nigeria.

BBC Abuja editor Bashir Saad Abdullahi says news of his suspension could further damage the anti-corruption credibility of President Jonathan's administration.

Comments

Popular posts from this blog

Top 20 Most Asked Third Party Risk Questions for Vendors These questions help organizations assess the overall risk posed by third-party vendors, covering critical areas like data protection, regulatory compliance, and incident response. Here’s a list of the Top 20 Most Asked Third-Party Risk Management (TPRM) Questions for Vendors in TPRM questionnaires: 1. What types of sensitive data do you handle for our organization? Vendors should clarify the types of data they collect, process, or store, such as personal information, financial data, or intellectual property. 2. How do you protect data at rest and in transit? This question probes into the encryption methods, protocols, and security controls in place for safeguarding data during storage and transmission. 3. Do you have a formal Information Security Program in place? Vendors should describe their overall cybersecurity framework, including policies, procedures, and governance. 4. How do you manage user access to our data and s...

10 Important Cybersecurity Practices for your Business

10 Important Cybersecurity Practices for your Business 1. EDUCATION It’s much easier to prevent a hack than it is to recover from a hack. Once your company’s sensitive data is stolen through a ransomware attack, recovering it is often a long and arduous process. Teaching employees about basic security, personal cybersecurity, and the prevalence of cyber threats goes a long way in stopping ransomware attacks before they can really do damage. Your employees should understand that they might be targets of malicious actors, eager to exploit any entry they can find in your company. The average cost of a cyberattack is 3.86 million and the cumulative total for global cybercrime is expected to cost $6 trillion. If you don’t pay to train your employees about cybersecurity best practices eventually you may end up paying more in the long run. High quality and free trainings for your employees are available from several government resources including Department of Homeland S...

Microsoft Warns of Data Stealing Malware That Pretends to Be Ransomware

Thursday - Microsoft warned of a "massive email campaign" that's pushing a Java-based STRRAT malware to steal confidential data from infected systems while disguising itself as a ransomware infection. "This RAT is infamous for its ransomware-like behavior of appending the file name extension .crimson to files without actually encrypting them," the Microsoft Security Intelligence team said in a series of tweets. The new wave of attacks, which the company spotted last week, commences with spam emails sent from compromised email accounts with "Outgoing Payments" in the subject line, luring the recipients into opening malicious PDF documents that claim to be remittances, but in reality, connect to a rogue domain to download the STRRAT malware. Besides establishing connections to a command-and-control server during execution, the malware comes with a range of features that allow it to collect browser passwords, log keystrokes, and run remote commands an...