The financial reporting council report that got Sanusi suspended

President Jonathan's decision to suspend CBN Governor, Sanusi Lamido Sanusi yesterday Feb. 20th was based on a report of the Financial Reporting Council of Nigeria, FRCR dated June 7, 2013. In the report, FRCR ripped apart the 2012 audited financial statement of CBN and exposed what it termed as 'fraud', 'clear display of incompetence',and  'excesses and wastefulness of Sanusi and the CBN.'

The 13-page report claimed a whooping N1.257 billion was spent for 'lunch for policemen'. There were also bogus payments to airlines to distribute currency nationwide. The FRCR also claimed CBN has held an account with a balance of N1.423b for an unknown customer since 2008. The report had recommended the sack of Sanusi and his deputy.

You can read the full report here or continue to read a breakdown of the report..