Alleged missing $49.8bn: Sanusi, Jonathan exchange words over sack as CBN Governor
Former President Dr. Goodluck Jonathan and Emir of Kano Muhammad Sanusi II publicly clashed on Thursday regarding Sanusi’s removal as Governor of the Central Bank of Nigeria (CBN) during Jonathan’s presidency.
Jonathan refuted claims that $49.8 billion went missing from the government’s accounts during his administration, asserting he never dismissed Sanusi for raising concerns about the alleged missing funds.
Instead, he maintained, he “was not sacked. He was suspended because the Financial Reporting Council queried the expenditure of CBN,” highlighting serious infractions that needed investigation.
In contrast, Sanusi argued he was indeed sacked, humorously telling Jonathan, “You constructively sacked me.”
He added, “My boss who sacked me. I was constructively dismissed. I continue to respect Jonathan and I don’t have grudges against anyone.”
The debate occurred at the launch of the book “Public Policy and Agents Interests: Perspectives from the Emerging World,” co-authored by former Minister of Finance Shamshudeen Usman and the Emir.
Jonathan asserted that an internationally recognised audit firm had cleared his administration of any wrongdoing regarding the missing funds, noting, “Let me mention that I did not agree with some issues raised by one of the contributors… the one he raised that he was sacked because he blew a whistle that the Federal Government lost $49.8 billion is not quite correct.”
Jonathan expressed scepticism about the missing funds, stating, “I am not convinced that the Federal Government lost $49.8 billion… Our budget was $31.6 billion. So for a country that had a budget of $31.6 billion to lose about $50 billion and salaries were paid; nobody felt anything.”
He further remarked on the fluctuating figures associated with the alleged missing amount, indicating his belief that the narrative had changed from $49 billion to $20 billion and later $12 billion.
Jonathan concluded that PriceWaterhouseCoopers (PwC) found no evidence of such a substantial loss, although he acknowledged that $1.48 billion could not be accounted for by the Nigerian National Petroleum Corporation (NNPC) at the time.
