Jay Boss
Former President Goodluck Jonathan and the Emir of Kano, Muhammad Sanusi II, who previously served as the Central Bank of Nigeria’s governor, publicly clashed yesterday regarding Sanusi’s dismissal. In a book co-authored with former Finance Minister Shamsudeen Usman, Sanusi claimed that Jonathan fired him for exposing the alleged theft of $49.8 billion from government funds during his administration. Jonathan responded, stating that Sanusi was not sacked but rather suspended due to inquiries from the Financial Reporting Council (FRC) concerning the Central Bank’s expenditures. He asserted that had Sanusi’s term not ended, he would have been reinstated.
During the launch of the book “Public Policy and Agents’ Interests: Perspectives from the Emerging World,” Jonathan remarked, “I do not fully agree with all the points raised by one of the contributors, but I won’t engage in a dispute, as he is our royal father and present here.” He continued, “Sanusi’s claim of being fired over the alleged loss of $49.8 billion is inaccurate. His suspension stemmed from serious infractions related to CBN’s expenditures that required investigation. Unfortunately, due to time constraints, we could not conclude the matter before his tenure ended. He might have been recalled otherwise.”
Jonathan expressed skepticism about the $49.8 billion claim, noting that during that fiscal year, Nigeria’s budget was only $31.6 billion. He emphasized that if such a vast sum had been lost, it would have been felt throughout the country. He highlighted inconsistencies in the figures provided by Sanusi, who initially stated the amount was $49.8 billion, later reducing it to $20 billion, and eventually to $12 billion. Jonathan pointed out that PriceWaterhouseCoopers (PwC), tasked with investigating the claims, found no substantial evidence of the alleged theft, although $1.48 billion could not be accounted for by the NNPC at that time. Additionally, a Senate Committee on Finance, led by Senator Ahmed Makarfi, investigated the matter and deemed the allegations unfounded.
Reiterating his stance, Jonathan asserted that no significant funds were lost during his administration, arguing that it would be impossible for such a large sum to go missing without noticeable repercussions. He recounted being confronted by then-German Chancellor Angela Merkel about the issue, reinforcing his belief that it was implausible for Nigeria, a nation grappling with financial challenges, to lose such an amount.
In response to Jonathan’s remarks, Sanusi contended that he was indeed fired, humorously stating that he was “constructively sacked” by the former president. Addressing the audience shortly after Jonathan’s comments, Sanusi maintained, “My boss dismissed me. I was constructively dismissed. I respect Jonathan and hold no grudges against anyone.”
Separately, Sanusi expressed concerns regarding the challenges facing Dangote Refinery, criticizing what he perceived as obstruction of the project that could significantly benefit Nigeria by eliminating fuel imports. He lamented that vested interests were thwarting the refinery’s potential, stating, “Instead of seizing this opportunity, we are hindering it due to vested interests.” He noted that over the years, Nigeria has been dominated by rent-seekers, whose primary focus upon entering office is personal gain rather than public service.
Sanusi also expressed appreciation for Usman, the book’s chief author, who had previously lectured him at university, highlighting that Usman, as one of the longest-serving public officials, had never been invited by the Economic and Financial Crimes Commission (EFCC). “That is quite rare,” the monarch emphasized.
The event also included the formal launch of the Shamsuddeen Usman Foundation (SUF), established by Dr. Usman’s children in his honor, dedicated to promoting education and Artificial Intelligence (AI) in Nigeria.
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