Former President Goodluck Jonathan, on Thursday, clarified the reasons behind the suspension of former Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, now known as Emir Muhammad Sanusi II. Jonathan denied that Sanusi was suspended for exposing a missing $49.8 billion, asserting that the claims were baseless and inflated by the former CBN governor.
Speaking at the launch of the book Public Policy and Agents Interests: Perspectives from the Emerging World, co-authored by former Finance Minister Dr. Shamsudeen Usman, Jonathan stated that no such amount went missing from the government’s coffers. He argued that Nigeria’s national budget at the time was about $32 billion, and such a significant shortfall would have been immediately felt in the economy.
In 2013, Sanusi alleged that $49.8 billion from oil revenues had gone unaccounted for. However, after discussions with the finance ministry, the figure was reduced to $20 billion, with further revisions to $12 billion. Jonathan said this inconsistency cast doubt on the validity of Sanusi’s claims.
Jonathan emphasized that Sanusi was suspended—not dismissed—due to concerns raised by the Financial Reporting Council of Nigeria regarding alleged financial infractions during his tenure as CBN governor. He explained that the suspension was based on Sanusi’s handling of CBN funds, but his tenure ended before investigations could be completed.
During the event, Jonathan also recalled how former German Chancellor Angela Merkel questioned him about the missing funds allegation, a claim he refuted by explaining that such a loss would have created significant financial instability, which did not occur.
PricewaterhouseCoopers, an auditing firm hired to investigate the matter, found no evidence of a missing $49.8 billion. Instead, the Nigerian National Petroleum Company (NNPC) was unable to account for $1.48 billion. A Senate committee, led by Senator Ahmed Makarfi, also investigated and dismissed the claim of a missing $49 billion.
In his response, Sanusi maintained that he was “constructively dismissed” for bringing the missing funds to light, though he noted that he held no personal grudges against Jonathan. The former CBN governor presided over the event as the royal father and also expressed concerns about vested interests attempting to frustrate the Dangote Refinery, urging Nigeria to maximize the benefits of local fuel production.
The event also marked the launch of the Shamsuddeen Usman Foundation, established by Usman’s children to promote education and artificial intelligence in Nigeria.
