Sanusi Lamido Sanusi, has reacted to news that President Goodluck Jonathan has suspended him, confirming that he will take legal action. Presidential spokesperson, Reuben Abati, on Thursday announced that Sanusi, who is currently attending an official ECOWAS event in event, was going to be replaced by Zenith Bank MD, Godwin Emiefiele.

“I have been told by my office that a letter was received,” Sanusi told CNBC Africa. “As you know, I flew in this morning to Niamey along with other Governors of West African Central Banks to meet with the President of Niger and President of Ghana. Fortunately, I came in with my VP Sarah Alade whom I have been asked to hand over to. I have left the meeting to hand over to her. I have just met the Nigerian Ambassador to Niger who confirmed to me that the President asked him to inform me of the decision.

It is being speculated that the erstwhile Central Bank Governor, is being accused of financial misconduct and recklessness, but he responded: “I don’t know what they are talking about. When I come back, I will see what those allegations are. I don’t think there is any issue raised that has not been raised before. We all know what this is about. This is about consequences for decisions I have taken. This is something that is long overdue. I am surprised it took them so long.”

Sanusi also implied that his suspension was politically motivated, when he was quizzed about it.

He said: “I think the answer to that is obvious. There is a legal question of whether the president has the authority to suspend the Governor and whether suspension is not removal. It will be helpful to establish the principles by court.

“Even if I challenge it, I will not go back to the job. Even if I challenge it successfully, I will not go back to it. I think it will be in the interest of the institution for the courts to establish once and for all if the president has the powers to do this. If it is not challenged, the next Central Bank Governor cannot be independent with fear of being suspended by a politician. I do plan to have the courts confirm if indeed that authority exists and I will challenge it.”