A statement signed by Isaac Okorafor, For: Director, Corporate Communications said Suleiman Barau, Deputy Governor, Corporate Services Directorate is now the Deputy Governor, Operations Directorate.

Dr. Kingsley Moghalu the Deputy Governor, Operations, has been returned to the Financial Systems Stability (FSS) Directorate while Adebayo Adelabu who was in charge of Financial Systems Stability (FSS) is now the Deputy Governor, Corporate Services. Dr. Sarah Alade retains her position as the Deputy Governor, Economic Policy Directorate.

The statement said the re-deployments are in line with Godwin Emefiele’s vision of entrenching a more professional and people-focused central bank.

These redeployments, according to Okorafor, will take effect from Monday 23rd June 2014, and “are expected to contribute to the Bank’s vision of being the Model Central Bank delivering Price and Financial System Stability and promoting sustainable Economic Development.”

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It also alleged at a sitting in Lagos in which the suspended governor was scheduled to appear that the bank under his watch spent N10bn to renovate five palaces of traditional rulers in the country under its education intervention projects.

Sanusi, however, refused to appear before the panel, which is currently investigating the activities of the CBN under his watch.

Sanusi, who said the invitation was in bad faith, has also sued the FRC, according to sources close him.

The FRC had invited Sanusi along with the deputy governors of the CBN to appear before it as part of the ongoing investigation into the activities of the CBN.

The deputy governors are Kingsley Moghalu, Suleiman Barau, Babatunde Lemo (who recently retired from the bank) and the acting governor of the central bank, Dr. Sarah Alade.

Also invited to appear before the council were the Managing Director, Bank of Industry, Evelyn Oputu; Babatunde Dayo and Gabriel Okpeh.

While everyone showed up for the hearing, Sanusi and Alade did not come.

The Executive Secretary, FRC, Jim Obazee, later said the sitting of the panel had been suspended following a letter from Sanusi’s lawyer that the investigation was subjudice.

The council also alleged that CBN failed to prepare its financial statements in accordance with the acceptable financial standards.

Obazee said it was wrong for the CBN to have disbursed the N500bn intervention fund through the Bank of Industry and Deposit Money Banks without obtaining necessary approvals.

The deputy governors in attendance could not proof that the CBN obtained the approval of the board for the money to be disbursed.

However, Barau and Lemo denied that the CBN spent N10bn to renovate palaces.

Obazee also said the CBN’s financial statements revealed that the Asset Management Corporation of Nigeria risks constituted 27.3 per cent of its accounts.

According to him, the CBN ought to have properly briefed Mr. President about such level of risks.

Obazee also said the CBN under Sanusi acquired shares in the International Islamic Liquidity Management Corporation without the board’s approval.

Moghalu, Barau and Lemo could not prove that the IILMC transaction followed due process.

On why the CBN account was not acceptable, the FRC boss said, “The process we follow in the FRC is that we receive financial statements from entities by law. Organisations are supposed to submit their financial statements to the FRC and we review for compliance with the accounting or financial standards.

“Having reviewed their books, we report back to you by inviting you for a formal meeting like this.”

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The CBN top job becomes vacant in July 2014 with the current occupant, Sanusi Lamido Sanusi already indicating his desire not to seek a second term in office.

Aig-Imhokhuede, whose tenure in Access Bank also ends the December has been reported to have shown more than passing interest in the job. In fact, very reliable sources say the Delta-borne lawyer turned banker is not leaving anything to chance in the bid to achieve his ambition.

Analysts are of the views that Aig-Imhokhuede’s current moves and orchestrated closeness to President Goodluck Jonathan may not count much in deciding who steps into Sanusi Lamido’s position.

For instance, Vetiva Capital Management Limited said that the four deputy governors of the Central Bank of Nigeria may be among the front-runners to succeed Governor Lamido Sanusi when his five-year term ends next year. The deputies are Sarah Alade, Suleiman Barau, Tunde Lemo and Kingsley Moghalu.

Sanusi, 52, who said in March he won’t renew his contract when it expires in June 2014, has helped to clean up the banking industry during a debt crisis in 2009 and has left interest rates at a record high for almost two years to bolster the currency and keep inflation under control.

President Goodluck Jonathan may name Sanusi’s replacement in the first quarter, and Adedayo Idowu, an economist at Vetiva, wrote in the report that one of Sanusi’s deputies remain possible successor because they share similar views with Sanusi on monetary policy.

“We believe that the president will attempt to seek consistency and reassure markets by nominating someone who will be guided by a sensible economic framework,” Idowu said.

Of the deputies, permutations are said to be in favour of either Moghalu or Lemo, with the latter said to be having strong ratings by virtue of his deep understanding of the workings of the apex bank and by virtue of the fact that he had prior to his appointment, a chief executive officer of a deposit money bank just like Sanusi himself.

Those against the emergence of Aig-Imhokhuede insists that the out-going Access Bank’s conduct does not portray him as a level-headed person capable of piloting the affairs of the CBN.
Besides, the less-than tidy way in which he led Access Bank to acquire Intercontinental Bank is seen as a major albatross that may work against him.

“Aig is an excessively ambitious person. He is arrogant and his idea of banking is more like a cow boy approach. That is not the type of person we want as CBN governor,” said a top banker who does not want his name in print.

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