Jonathan insists Sanusi was not “sacked” but “suspended”, in reaction to claim by ex-CBN boss
By Jeph Ajobaju, Chief Copy Editor
Claim by Lamido Sanusi that he was “sacked” as Central Bank of Nigeria (CBN) for whistleblowing over missing $49.8 billion has been tackled head on by former President Goodluck Jonathan who insisted the now Emir of Kano was “suspended” over “serious infractions” under his watch at the CBN.
Jonathan insisted that no such huge amount went missing from the treasury during his administration and punted that the CBN leadership under Sanusi cooked up the allegation.
Jonathan countered Sanusi face to face in Abuja at the launch of Public Policy and Agents Interests: Perspectives from the Emerging World, a book co-authored by former Finance Minister Shamsudeen Usman, who served as Planning Minister in the Jonathan administration.
He responded to Lamido’s claim in the book that he was fired as CBN Governor for exposing missing money in the Jonathan presidency.
Sanusi first raised the alarm in 2013 about discrepancies in oil revenue remittances, which left $49 billion unaccounted for, a figure later revised to $20 billion after discussion with the Finance Ministry.
The Jonathan administration quickly denied the claim at the time with some officials accusing Sanusi of trying to undermine the government.
In February 2014, a few months after he made the allegation, Jonathan suspended Sanusi for “financial recklessness and misconduct” as CBN Governor, but many Nigerians believe the suspension was politically motivated and linked to his whistleblowing on the missing funds.
Sanusi went on to become the 16th Emir of Kano, was deposed in 2020 and reinstated in 2024.
Jonathan recounts how Merkel confronted him over missing money
In his opening remarks at the book launch, Jonathan, who chaired the event, said although he agreed with the book’s thesis and recommended it for research, he disagreed with Sanusi’s claim on the missing money.
He reiterated that Sanusi was not sacked but suspended, saying such an amount could not have gone missing in Nigeria – whose budget was about $32 billion at the time – without some immediate impact.
Jonathan narrated how former German Chancellor Angela Merkel confronted him on the matter and explained that he repeated to her that the huge sum could not have been stolen from a struggling country without anyone knowing about it.
“Let me mention that I did not agree with some issues raised by one of the contributors. But I don’t intend to take issues because he is our royal father. And he is here.
“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. He was not sacked.
“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. That was the reason.
“But somehow, the time was short. So, before we finished, his tenure elapsed. Probably, he would have been called back,” Jonathan explained.
He insisted no such amount went missing and stressed Sanusi’s claims began to wobble when the figures changed from $49 billion to $20 billion and later $12 billion.
“On the issue of $49.8 billion, till today, I am not convinced that the Federal Government lost $49.8 billion. And that year, 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.
“The researchers that wrote this book need to do further research. And more so when our revered royal father came up with the figures, first $49.8 billion, later $20 billion and later $12 billion, I don’t even know the correct one.”
Jonathan recounted that Price Water Coopers, which investigated the matter, found that no such amount was stolen but that the Nigerian National Petroleum Corporation Limited (NNPC) could not account for $1.48 billion at the time.
He also noted that the then-Senate Finance Committee chaired by Ahmed Makarfi investigated the allegation and found it was unfounded.
Sanusi stands his ground
However, Sanusi stood his ground that he was “constructively dismissed” contrary to Jonathan’s explanation.
“My boss, who sacked me. I was constructively dismissed. I continue to respect Jonathan and I don’t have grudges against anyone,” Sanusi said as he delivered a short message at the event over which he presided as royal father of the day.
He also expressed regret at the attempt by vested interests in the oil industry to “frustrate” the Dangote Refinery.
In his view, rather than encouraging corruption, Nigeria should maximise the benefits of ending fuel importation with the establishment of Dangote Refinery.
“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,” Sanusi lamented.
He disclosed that the book’s chief author, Usman, lectured him at the university and praised him as one of the longest-serving public officials who has never been invited for probe by the Economic and Financial Crimes Commission (EFCC).
The event witnessed the formal unveiling of the Shamsuddeen Usman Foundation (SUF), founded and registered by his children in his honour.
The SUF is dedicated to promoting education and Artificial Intelligence (AI) in Nigeria.
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