Former President Goodluck Jonathan for the first time on Thursday openly tackled the reinstated Emir of Kano, Lamido Sanusi on the allegation that about $49.8 billion went missing during his administration.
The former president who said he was still not convinced by the claim disclosed that Sanusi was not sacked as Central Bank governor but was merely suspended to allow for investigation into some alleged infractions in the CBN at that time.
Jonathan spoke in Abuja at the launch of ‘Public Policy and Agent Interests’, a book written by former Minister of Finance, Budget and National Planning, Shamsudeen Usman.
Sanusi alongside other dignitaries were present at the event.
In late 2013, Nigeria’s then central bank governor Lamido Sanusi wrote to President Jonathan claiming that the Nigerian National Petroleum Corporation, NNPC had failed to remit tens of billions of oil revenues it owed the state.
Sanusi alleged that the state oil company failed to remit $49.8 billion (about N8 trillion at that time) to the Federation Account between 2012 and 2013.
The memo dated 25 September 2013 noted that the amount represents 76 per cent of the value of crude oil liftings during the period.
Sanusi later reversed himself from his initial declaration that the sum of $49.8 billion realized from the sales of crude oil between January 2012 and July 2013 and was missing.
Instead, he said $12 billion was the amount discovered not to have been remitted to the account within the period.
He was however suspended by Jonathan’s government over alleged “various acts of financial recklessness and misconduct”, a move that drew public condemnation.
Speaking at the book launch, Jonathan expressed disagreement with some of the claims made by the Kano emir who is a contributor in the book.
According to the former president, the claim that Sanusi was removed as CBN governor because he blew a whistle that the federal government lost $49.8 billion was incorrect.
He said instead, the current Kano emir was suspended because the Financial Reporting Council questioned the expenditure of CBN under his tenure.
Jonathan said: “I do not agree completely with some of the issues raised by one of the contributors. But I don’t intend to join issues because he is our royal father.
“But because I have the opportunity to be here on some issues on the one he raised that he was sacked because he blew a whistle that the federal government lost $49.8 billon is not correct.
“He was not sacked but suspended because the Financial Reporting Council question the expenditure of CBN because it is the FRC that has the power to audit the CBN not the auditor general because of serious infraction that need to be looked at that was the reason somehow the time was short but before we finish his tenure elapsed probably be would have been called back.
“On the issue of $49.8 billion, I am not convinced we lost such money. Let me tell you about a personal experience. The African Union Presidents had a meeting in Belgium and during those meetings, we had bilateral talks and the Chancellor of Germany then Angela Merkel requested that we should have bilateral meetings and I went there with some of my ministers and even before I sat down, the German Chancellor said they heard that some money is missing that what is happening.
“I said Madam Chancellor, the economy of Germany is strong, so if you lose $50 billion, you might not notice it but if Nigeria loses
$50 billion dollars, the government won’t be able to pay salaries. Then she said even in Germany $50 billion is a lot of money and she didn’t ask futher questions.
“And of course, that year our budget was $31.6 billion dollars. So for a country that has a budget of $31.6 billion dollars to lose
$50 billion and salaries were paid, then the researchers shouldn’t research more.
“So when our revered royal father came up with figures that first $49.8 billon, later $20 billion, later $12 billion so I don’t even know the correct figure. Immediately after that thing happened, we engaged PwC which is one of the best financial firms to do an audit. The report they came up with is there is $1.48 billion that NNPC didn’t give a proper account asking NNPC to the federation account. They didn’t say we lost any amount.
“The senate fiance committee headed by Markarfi engaged external professional auditors to look into and they didn’t find any missing money. So I am pleading that when we are giving accounts of our stewardship, at least if so, someone reading the book won’t go with the impression that 50 billion was lost during Jonathan. I didn’t steal billions of dollars as president.”
