Background of the Alleged Missing Funds
The controversy surrounding the alleged missing $49.8 billion from Nigeria’s government coffers during the administration of former President Goodluck Jonathan has remained a topic of national debate. The former Central Bank of Nigeria (CBN) governor, Muhammad Sanusi II, now the Emir of Kano, had raised concerns over unaccounted funds, leading to a public disagreement with Jonathan.
Sanusi, who was the CBN governor at the time, claimed that $49.8 billion was missing from the country’s oil revenue. His allegations prompted a nationwide conversation about transparency in Nigeria’s oil sector, especially concerning the Nigerian National Petroleum Corporation (NNPC).
Sanusi’s Whistleblowing and His Suspension
In his book co-authored with the former Minister of Finance, Shamsudeen Usman, Sanusi reiterated that his whistleblowing on the missing $49.8 billion was the reason for his eventual suspension by President Jonathan. Sanusi alleged that his exposé on the unaccounted-for funds cost him his position as the CBN governor.
However, Jonathan provided a different narrative, stating that Sanusi was not sacked because of the whistleblowing but suspended due to a query raised by the Financial Reporting Council (FRC) concerning the apex bank’s expenses. According to Jonathan, these infractions were serious enough to warrant further investigation.
Jonathan’s Defense on the Alleged Missing Funds
During the launch of the book “Public Policy and Agents Interests: Perspectives from the Emerging World,” Jonathan addressed the issue, clarifying that Sanusi was only suspended and not sacked. He added that if Sanusi’s tenure as CBN governor had not expired, there was a possibility that he could have been recalled to office.
Jonathan further expressed skepticism about the claim that the Federal Government lost $49.8 billion. He questioned the possibility of such a loss, noting that Nigeria’s budget at the time was $31.6 billion. He pointed out that for a country with that budget to lose nearly $50 billion without noticeable financial disruption would have been improbable.
Conflicting Figures and Changing Narratives
Jonathan emphasized the inconsistency in the figures provided by Sanusi regarding the missing funds. He highlighted that the initial claim was $49.8 billion, but Sanusi later revised the figure to $20 billion, and then to $12 billion. This shifting narrative, according to Jonathan, vindicated his stance that no such massive sum was missing.
Additionally, Jonathan pointed out that PriceWaterhouseCoopers (PWC), an independent audit firm that investigated the matter, concluded that there was no evidence of a missing $49.8 billion. However, the report did indicate that $1.48 billion was unaccounted for by the NNPC, a much smaller figure than originally alleged.
General Views
The public disagreement between former President Goodluck Jonathan and Emir Muhammad Sanusi II over the alleged missing $49.8 billion underscores the complexities and challenges of managing Nigeria’s oil revenue and maintaining transparency in government financial dealings. While Sanusi’s whistleblowing raised serious concerns about accountability, Jonathan’s defense and the PWC report suggested that the initial claims may have been overstated. The controversy has left lingering questions about Nigeria’s oil sector governance, the role of whistleblowers, and the transparency of the nation’s financial institutions.
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Written By Fortune Davidson