This document is a summons filed in the Federal High Court of Nigeria by Mallam Sanusi Lamido Sanusi against the Financial Reporting Council of Nigeria and its Executive Secretary. Sanusi claims that the FRCN acted beyond its statutory powers and violated his right to fair hearing by recommending his removal as Governor of the Central Bank of Nigeria without allowing him to respond to allegations. He is seeking declarations and orders relating to the FRCN's investigation and its recommendations to the President regarding his position at the CBN. The summons is supported by an affidavit detailing the background and Sanusi's claims against the FRCN.

1. IN THE FEDERAL HIGH COURT OF NIGERIA
IN THE LAGOS JUDICIAL DIVISION
HOLDEN AT LAGOS
SUIT NO:
IN THE MATTER OF THE FINANCIAL REPORTING COUNCIL OF NIGERIA
ACT, 2011;
IN THE MATTER OF THE CENTRAL BANK OF NIGERIA ACT, 2007
IN THE MATTER OF THE 1999 CONSTITUTION OF THE FEDERAL
REPUBLIC OF NIGERIA (AS AMENDED)
AND IN THE MATTER OF THE EXERCISE OF THE INHERENT
JURISDICTION OF THIS HONOURABLE COURT
BETWEEN
MALLAM SANUSI LAMIDO SANUSI …PLAINTIFF
AND
FINANCIAL REPORTING COUNCIL OF NIGERIA …1ST
DEFENDANT
MR. JIM OBAZEE, (IN HIS CAPACITY AS THE
EXECUTIVE SECRETARY OF THE FINANCIAL
REPORTING COUNCIL OF NIGERIA)
…2ND
DEFENDANT

2. LET:
1. The Financial Reporting Council of Nigeria of Elephant
Cement House,3rd
Floor, Assbifi Road, Alausa Ikeja Lagos;
2. The Executive Secretary of the Financial Reporting Council
of Nigeria of Elephant Cement House,3rd
Floor, Assbifi
Road, Alausa Ikeja Lagos Within 7 days after service of this
summons on them, inclusive of the day of such service,
cause an appearance to be entered for them to this
summons which is issued upon application of Mallam
Sanusi Lamido Sanusi (the Plaintiff) of c/o his Counsel, Mr.
Kola Awodein SAN, Dr. Konyinsola Ajayi SAN, Mr. AB
Mahmoud SAN; Prof. Yemi Osibajo SAN; c/o of Olaniwun
Ajayi LP of Plot L2 Banana Island, Lagos who claims that
the Financial Reporting Council of Nigeria has acted in bad
faith and ultra vires its statutorily conferred powers and
functions; and that his right of fair hearing, as espoused by
the rules Natural Justice,and as constitutionally guaranteed
under Section 36(1) of the 1999 Constitution of the Federal
Republic of Nigeria (As amended) has been, is being and is
likely to be violated; and for the determination of the
following questions:
1. Whether in light of the provisions of Sections 7, 8, and 62 of
the Financial Reporting Council of Nigeria Act 2011 the
Defendants are conferred with the statutory power to
investigate the Central Bank of Nigeria and Plaintiff, other
than for purposes related to or connected with its statutorily
prescribed powers and functions.
2. Whether, having not given the Plaintiff the opportunity to
make representations to the Financial Reporting Council of
Nigeria before the formulation of the Briefing Note dated
07.06.2013 to the President, Federal Republic of Nigeria,

3. the Defendants in bad faith, concluded in the said Briefing
Note that the Plaintiff be (x) sacked immediately from office;
and (y) criminally prosecuted for financial crimes; the
Financial Reporting Council of Nigeria accorded the Plaintiff
fair hearing in consonance with the rules of natural justice
and the provisions of Section 36(1) of the 1999 Constitution
of the Federal Republic of Nigeria ( As Amended).
3. Whether, subsequent to the conduct of the Defendants set
out in paragraphs 1 and 2 above, the Defendants can validly
in the contemplation of law, conduct an independent, fair,
objective and unbiased investigation of the Central Bank of
Nigeria and the Plaintiff.
AND THE CLAIMANT SEEKS THE FOLLOWING RELIEFS:
1. A DECLARATION that the Defendants acted ultra vires their
powers and functions as statutorily conferred on them under
the Financial Reporting Council of Nigeria Act 2011;
2. A DECLARATION that the conduct of the Defendants were
biased and acted in contravention of the rules of Natural
Justice and the constitutional right to fair hearing in the
preparation of the Briefing Note and making the
recommendations contained therein to the President without
first granting the Plaintiff an opportunity to be heard.
3. A DECLARATION that the Defendants’ failure, refusal and
neglect to accord the Plaintiff the right to be heard before
the preparation of the Briefing Note and making the
recommendations for his removal from office to the
President was capricious, arbitrary and without basis, and
constitute a gross violation the rules of Natural Justice and
constitutional right of fair hearing.

4. 4. A DECLARATION that the Defendant does not have the vires
or power to conduct the purported investigation into the
activities of the Plaintiff and the Central Bank of Nigeria.
5. AN ORDER of this Honourable Court restraining the
Defendants and their agents, privies, servants and officers
or anyone acting through, by or under its authority or
pursuant to the Financial Reporting Council of Nigeria Act
from conducting and/or continuing any investigation, inquiry,
hearing or proceeding against the Central Bank of Nigeria
and Plaintiff in relation to any matter whatsoever.
6. AND FOR SUCH FURTHER OR OTHER ORDER(S) as this
honourable Court may deem fit to make in the circumstance.
This Summons was taken out by Mr. Kola Awodein SAN, Dr.
Konyinsola Ajayi SAN, Mr. AB Mahmoud SAN; Prof. Yemi
Osibajo SAN; c/o of Olaniwun Ajayi LP of Plot L2 Banana Island,
Lagos.
The Defendants may appear hereunto by entering appearance
personally or by a Legal Practitioner either by filing the
appropriate processes in response at the Registry of the Court
where the Summons was issued or by sending them to that
office by any of the methods allowed by the Rules of Court.
Note: If the Defendant does not respond within the time at the
place above mentioned, such orders will be made and
proceedings may be taken as the Judge may think just and
expedient.
Dated this ………day of March 2014

5. ………………………….
Mr Kola Awodein SAN
Dr. Konyin Ajayi SAN
Mr. A.B Mahmoud SAN
Prof. Yemi Osibajo
OLANIWUN AJAYI LP
Plaintiff’s Counsel
THE ADUNOLA,
Plot L2, 401 Close, Banana Island,
Ikoyi, Lagos
FOR SERVICE ON
1. THE 1S T
DEFENDANT
The Financial Reporting
Council Of Nigeria,
Elephant Cement House,
3rd
Floor
Assbifi Road,
Alausa Ikeje
Lagos
2. THE 2N D
DEFENDANT
Executive Secretary,
The Financial Reporting
Council Of Nigeria,
Elephant Cement House,
3rd
Floor
Assbifi Road,
Alausa Ikeje
Lagos

7. IN THE FEDERAL HIGH COURT OF NIGERIA
IN THE LAGOS JUDICIAL DIVISION
HOLDEN AT LAGOS
SUIT NO:
IN THE MATTER OF THE FINANCIAL REPORTING COUNCIL OF NIGERIA
ACT, 2011;
IN THE MATTER OF THE CENTRAL BANK OF NIGERIA ACT, 2007
IN THE MATTER OF THE 1999 CONSTITUTION OF THE FEDERAL
REPUBLIC OF NIGERIA
AND IN THE MATTER OF THE EXERCISE OF THE INHERENT
JURISDICTION OF THIS HONOURABLE COURT
BETWEEN
MALLAM SANUSI LAMIDO SANUSI …PLAINTIFF
AND
FINANCIAL REPORTING COUNCIL OF NIGERIA …1ST
DEFENDANT
MR. JIM OBAZEE, (IN HIS CAPACITY AS THE
EXECUTIVE SECRETARY OF THE FINANCIAL
REPORTING COUNCIL OF NIGERIA)
…2ND
DEFENDANT
AFFIDAVIT IN SUPPORT OF THE ORIGINATING SUMMONS
I, MALLAM SANUSI LAMIDO SANUSI, Male, Muslim, Governor,
Central Bank of Nigeria of [•] do hereby make oath and

8. asseverate as follows:
1. I am the Plaintiff herein by virtue of which I am familiar with
the facts deposed to herein.
2. The 1st
Defendant is an institution established pursuant to
the Financial Reporting Council of Nigeria Act, 2011 and
charged with the responsibility for among other things,
developing and publishing accounting and financial reporting
standards to be observed in the preparation of financial
statements of public entities in Nigeria.
3. The 2nd
Defendant is the Executive Secretary of the 1st
Defendant and at all material times to this action acted in his
official capacity.
4. I was appointed Governor of the Central Bank of Nigeria on
10th
day of June 2009 and my tenure of office is scheduled to
expire on 9th
day of June 2014.
5. It has come to my knowledge that the 1st
Defendants issued a
Briefing Note on the Central Bank of Nigeria Audited
Financial Statement for year ended 31st
December 2012, to
the President of the Federal Republic of Nigeria dated
07.06.2013 [Briefing Note]. Now shown to me, attached and
marked “Exhibit 1” is the Briefing Note.
6. In the said Briefing Note, the Defendants made several
allegations against the CBN leadership including allegations
of financial recklessness, fraud, incompetence, misconduct,
wastefulness, abuse of due process, and misrepresentation.
7. Subsequent to the Briefing Note issued by the Defendants to
the President, the President by a letter dated 19.02.2014
from the office of the Secretary to the Government of
Federation, suspended me from office as the Governor of the
Central Bank of Nigeria [Suspension Letter]. Now shown to

9. me, attached and marked as Exhibit 2 is a copy of the
Suspension Letter.
8. I responded to the allegation contained in the Briefing Note
by my letter dated 18.03.2014 and I have since been invited
by the Financial Reporting Council of Nigeria by a letter
dated 14.03.14 and publications contained in several widely
circulated national dailies to appear before it in the
Investigation of the Central Bank Nigeria. Now shown to me,
attached and marked as Exhibit 3 is a copy of the
Invitation Letter.
Ultra vires
9. I was informed by my counsel, Mr. Kola Awodein SAN in a
meeting at the offices of Olaniwun Ajayi LP at Plot L2 401
close Banana Island Ikoyi Lagos at about 4:00 pm on 24
March 2014 and I verily believe him that:
1.1. The 1st
Defendant does not have the powers to
investigate the activities of the Central Bank of Nigeria
and the Plaintiff;
1.2. The investigative powers of the 1st
Defendant under its
Act is not at large and can only be in the context of its
general functions and objectives; and
1.3. In the Briefing Note, the Defendants made conclusions
which are in excess of the powers of the Defendants.
Fair hearing and Bad faith
10. I was not called upon by the Defendants to provide
clarifications of the several allegations made in the Briefing
Note before same was forwarded to the President.

10. 11. The Defendants in the Briefing Note recommended my
immediate dismissed from office and institution of criminal
proceedings against me.
12. In several paragraphs of the Briefing Note the Defendant
made several statements scathing conclusions in relation to
my administration of the affairs of the Central Bank of
Nigeria. Specifically:
1.4. the defendant in paragraph 3.12 of the Briefing Note,
stated that “ the CBN made deposit for shares in the
Bank of Industry to the tune of 4.947 billion since
September 2007 (as at December 2012 the shares
have not been issued to the CBN… the leadership of
the CBN is not worried about it…”
1.5. in paragraph 3.13, the Defendant stated that “the CBN
claimed it paid the Nigerian Security Printing and
Minting Plc (NSPM Plc) N 38.233 Billion in 2011 for
‘printing of Bank Notes’ whereas the entire turnover of
NSPMC (Group) is N 29.370 Billion.”
1.6. in paragraph 3.13(a) the defendant alleged that the
Central Bank under my leadership was fraudulent when
it stated that “…a closer look at the breakdown shows
that this is just an expense head that is used for
fraudulent activities as they have items such as profit
from the sale of diesel….”
13. I depose to this affidavit bona fide, conscientiously believing
same to be true and in accordance with the Oaths Act.

11. ………………………….
DEPONENT
SWORN TO at the Registry of the Federal High Court Lagos State
this…………….day of March 2014
BEFORE ME
COMMISSIONER FOR OATHS