Former President Goodluck Jonathan, on Thursday, refuted claims that he suspended former Central Bank Governor, Dr. Sanusi Lamido Sanusi, now Emir of Kano Muhammad Sanusi II, for alleging that $49.8 billion went missing from government funds.
Jonathan, maintaining that no such funds were missing, asserted that the CBN leadership under Sanusi fabricated the allegation.
He made these remarks during the launch of the book, *Public Policy and Agents Interests: Perspectives from the Emerging World*, co-authored by former Minister of Finance Dr. Shamsudeen Usman, who also served as Minister of Planning in Jonathan’s administration.
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The former president was responding to Sanusi’s contribution in the book, in which the ex-CBN governor claimed he was removed from office for revealing the missing funds during Jonathan’s government.
Sanusi had first raised concerns in 2013 about discrepancies in oil revenue remittances, alleging that $49 billion was unaccounted for. Following discussions with the finance ministry, this figure was later revised to $20 billion.
The Jonathan administration swiftly denied these allegations, with some government officials accusing Sanusi of attempting to destabilize the regime.
In February 2014, months after the allegations were made, Jonathan suspended Sanusi, citing “financial recklessness and misconduct.”
However, many Nigerians believed the suspension was politically motivated and linked to his whistleblowing.
Sanusi later became the 16th Emir of Kano, was deposed in 2020, and reinstated in 2024.
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At the book launch, Jonathan clarified that Sanusi was not dismissed but suspended, and argued that it would have been impossible for such a large sum of money to go missing unnoticed, given that Nigeria’s budget at the time was around $32 billion.
He recalled how former German Chancellor Angela Merkel had questioned him about the issue, and how he assured her that such an enormous theft could not occur in a struggling nation without widespread knowledge.
“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 $49.8bn 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,” he explained.
The former President insisted that no such money went missing. He said Sanusi’s claims began to wobble when the figures changed from narrative from $49bn to $20bn and later $12bn.
“On the issue of $49.8bn, till today, I am not convinced that the Federal Government lost $49.8bn. And that year, our budget was $31.6bn. So, for a country that had a budget of $31.6bn to lose about $50bn 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 $49.8bn, later $20bn and later $12bn, I don’t even know the correct one,” said Jonathan.
Jonathan clarified that PricewaterhouseCoopers, which investigated the matter, found that no such amount was stolen, though the Nigerian National Petroleum Corporation (NNPC) was unable to account for $1.48 billion at the time.
He further pointed out that the Senate Committee on Finance, led by Senator Ahmed Makarfi, also investigated the issue and concluded that Sanusi’s claims were unfounded.
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However, in his remarks at the event, Sanusi, who served as the royal father of the day, maintained his stance, insisting that he was “constructively dismissed,” contradicting Jonathan’s assertion.
“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 he presided over as Royal Father of the Day.
The monarch expressed regret over what he described as efforts to undermine the Dangote Refinery.
He argued that instead of yielding to vested interests, Nigeria should be focusing on maximizing the advantages of halting fuel importation through the establishment of the 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,” he said.
The Emir also shared that the book’s chief author, Usman, had been one of his lecturers during his university days, commending him as one of the longest-serving public officials who had never been summoned by the Economic and Financial Crimes Commission (EFCC).
The event also marked the formal launch of the Shamsuddeen Usman Foundation (SUF), established by Usman’s children in his honor. The foundation is committed to advancing education and promoting Artificial Intelligence initiatives in Nigeria.
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