Former President Goodluck Jonathan has denied allegations that he suspended former Central Bank Governor, Dr. Sanusi Lamido Sanusi, over claims that $49.8 billion was missing from the government’s coffers. Jonathan stated that no such amount went missing and accused Sanusi of fabricating the allegation.
Jonathan made these remarks on Thursday during the launch of the book “Public Policy and Agents Interests: Perspectives from the Emerging World” in Abuja.
The book was co-authored by Dr. Shamsudeen Usman, who served as Minister of Finance and Minister of Planning under Jonathan’s administration.
Responding to comments made by Sanusi in the book, Jonathan clarified that Sanusi was not sacked but suspended following a query from the Financial Reporting Council (FRC).
“He was suspended because the Financial Reporting Council queried the expenditure of the CBN. And there were serious infractions that needed to be looked at,” Jonathan explained.
He added that Sanusi’s suspension was unrelated to his claims about missing funds.
In 2013, Sanusi raised concerns about discrepancies in oil revenue remittances, initially claiming that $49 billion was unaccounted for. After discussions with the Ministry of Finance, the figure was revised to $20 billion, and later to $12 billion. Despite the allegations, the Jonathan administration quickly dismissed them, accusing Sanusi of attempting to undermine the government.
Jonathan emphasized that the country’s budget at the time was $31.6 billion, and losing almost $50 billion would have had significant repercussions.
“For a country that had a budget of $31.6 billion to lose about $50 billion and salaries were paid, nobody felt anything. I am not convinced that the Federal Government lost $49.8 billion,” he said.
The former president also recalled a conversation with former German Chancellor Angela Merkel, who questioned how such an amount could go missing without anyone noticing. He argued that the figures presented by Sanusi lacked consistency, shifting from $49 billion to $20 billion and finally to $12 billion.
“I don’t even know the correct one,” he stated.
Jonathan further mentioned that Price Waterhouse Coopers, which investigated the issue, found no evidence of missing funds but noted that the Nigerian National Petroleum Corporation (NNPC) could not account for $1.48 billion at the time. The Senate Committee on Finance, led by Senator Ahmed Makarfi, also investigated the matter and concluded that the allegations were unfounded.
However, during his remarks at the event, Sanusi maintained that he was “constructively dismissed” despite Jonathan’s claims that he was merely suspended.
“My boss, who sacked me. I was constructively dismissed. I continue to respect Jonathan, and I don’t have grudges against anyone,” Sanusi said, asserting that his dismissal was related to his whistleblowing on the missing funds.
Sanusi, now the Emir of Kano, also criticized the government’s handling of the Dangote Refinery project, which he claimed was being hindered by vested interests.
“Instead of grabbing this opportunity, we are frustrating it. This is due to vested interests… People get into office and what they think is how much they can get from the state,” he lamented.
The book launch also saw the unveiling of the Shamsuddeen Usman Foundation (SUF), established by Usman’s children to promote education and artificial intelligence in Nigeria. Sanusi praised Usman as one of the longest-serving public officials who has never been invited by the Economic and Financial Crimes Commission (EFCC).