Nigerian central bank governor Lamido Sanusi begins a legal challenge against his suspension in the Federal High Court in Lagos on March 21, 2014. At stake is much more than the future of Mr Sanusi, who was planning to step down from the post in June anyway but was suspended from his post by Nigeria’s president, Goodluck Jonathan, in the final week of February. If Mr Sanusi is not reinstated, it will cast a shadow over the independence of Nigerian institutions such as the central bank, and the ability of technocrats such as Mr Sanusi to do their jobs. It will also throw doubt on the investment case for international funds to go to Nigeria.
A presidential spokesman said Mr Sansusi has been suspended for “various acts of financial recklessness and misconduct”. But analysts saw his removal as politically motivated following on from Mr Sansusi’s questioning of why Nigeria’s oil revenues have been declining at a time when oil prices are buoyant. His suspension came just days after he submitted detailed evidence to a senate committee investigating alleged fraud and mismanagement at the Nigerian National Petroleum Corporation (NNPC).
