On Thursday, 20th February, 2014, the Nigerian government
announced the suspension of the Central Bank Governor, Lamido Sanusi. Not only
did it come as a shock to many but it also resulted into a large debate and social
commentary on the whether the President has the power to suspend the CBN
Governor. The relevant provision of the law that deals with this matter is the
Central Bank (Establishment) Act, 2007 which was signed into law by then
President Olusegun Obasanjo.
Section 11 of the CBN Act provides for the disqualification and cessation
of office of the Governor, it provides that;

(1) A person shall not remain a Governor, Deputy Governor or Director
of the Bank if he is-
(a) a member of any Federal or State legislative house; or
(b) a Director, officer or employee of any bank licensed under the
Banks and Other Financial Institutions Act.
(2) The Governor, Deputy Governor or Director shall cease to hold
office in the Bank if he-
(a) becomes of unsound mind or, owing to ill-health, is incapable of
carrying out his duties;
(b) is convicted of any criminal offence by a court of competent
jurisdiction except for traffic offences or contempt proceedings arising in
connection with the execution or intended execution of any power or duty
conferred under this Act or the Banks and Other Financial Institutions Act;
(c) is guilty of a serious misconduct in relation to his duties under
this Act ;
(d) is disqualified or suspended from practising his profession in
Nigeria by order of a competent authority made in respect of him personally;
(e) becomes bankrupt;
(f) is removed by the President:
Provided that the removal of the
Governor shall be supported by two-thirds majority of the Senate praying that
he be so removed (emphasis supplied).
Apparently, the provision of the
law on this topic is clear, however, it is expected that if the suspension is
challenged in court, the honourable court will further shed more light on the
validity of the order and if the president does in fact have the powers to
suspend Sanusi Lamido. 
The section further provides
(3) The Governor or any Deputy Governor may resign his Office by giving
at least three months’ notice in writing to the President of his intention to
do so and any Director may similarly resign by giving at least one months’
notice in writing to the President of his intention to do so.
(4) If the Governor, any Deputy Governor or Director of the Bank dies,
resigns or otherwise vacates his Office before the expiry of the term for which
he has been appointed, there shall be appointed a fit and proper person to take
his place on the Board for the unexpired period of the term of appointment in
the first instance if the vacancy is that of-
(a) the Governor or a Deputy Governor, the appointment shall be made in
the manner prescribed by section 8 (1) and (2) of the Act.
Section 8 provides that;
(1) The Governor and Deputy-Governors shall be persons of recognised
financial experience and shall be appointed by the President subject to
confirmation by the Senate on such terms and conditions as may be set out in
their respective letters of appointment.
(2) The Governor and Deputy Governors shall be appointed in the first
instance for a term of … years and shall each be eligible for re-appointment
for another term not exceeding five years:
Provided that, of the first four Deputy Governors to be so appointed,
one shall in the first instance be appointed for three years and two shall in
the first instance be appointed for four years.
(3) The salaries, fees, wages or other remuneration or allowances
including pension and other allowances payable to the Governor and to the
Deputy Governors shall be as stipulated from time to time by the Board subject
to the approval of the President.
(4) The Governor shall appear before the National Assembly at
semi-annual hearings as specified in paragraph (b) regarding-
(a) efforts, activities, objectives and plans of the Board with
monetary policy; and
(b) economic development and prospects for the future described in the
report required in subsection (5) (a)
of this section.
(5) The Governor shall, from time to time-
(a) keep the President, informed of the affairs of the Bank including a
report on its budget; and
(b) make a formal report and presentation on the activities of the Bank
and the performance of the economy to the relevant Committees of the National
Adedunmade Onibokun