Nigeria: Court Stops Financial Reporting Council From Investigating Former CBN Governor

by Benson Agoha

Investigation promised by President Goodluck Jonathan over the missing billions of Oil money from the Federation Account of the NNPC appears to be heading to the rocks.

Originally put at $20bn, the money was eventually whittled down to $10bn, but while a presidential enquiry is underway, further investigations, a by product of the "financial recklessness and misconduct" over which the CBN governor was suspended, has now been halted.

* Triumphant: Lamido Sanusi won N50 million (about £183.800) damages for wrongful dismissal and harrassment, while investigation is still in progress.

Media reports say a Court decision Friday, stopped the Financial Reporting Council from investigating Sanusi.

Justice J.T. Tsoho's decision was announced today Friday after a suit filed by Kola Awodehin, Counsel to the suspended CBN governor, just 24 hours after a separate court in Lagos, awarded him N50 million damages and "ruled that Mr. Sanusi was illegally detained and his passport illegally seized by the Department of State Security Service, SSS, after his suspension." The court consequently awarded N50 million (about £183.800) damages to Mr. Sanusi.

The new twist comes after the Nigerian government constituted a panel to investigate what happened to the money and President Jonathan saying he wanted every kobo of the missing money accounted for.

Acording to the Premium Times Mr. Sanusi has said he was not afraid of any "objective investigation by an appropriate and impartial authority into either the activities of the CBN during his tenure, or his activities as a citizen."

The Financial Reporting Council has also reported obeyed the latest Court's Order but said it would  would continue its investigation with the CBN.

Whether this will affect other investigations involving the missing money and the NNPC is to be seen.

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