Goodluck Jonathan Refutes Sanusi’s Claim of $49 Billion Missing from FG Accounts

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• Former President Goodluck Jonathan denied Emir Muhammad Sanusi II’s claim of $49 billion missing from the federal government’s accounts, asserting that the funds never existed and describing the allegations as false.
• Jonathan clarified that Sanusi was suspended due to financial reporting issues at the Central Bank of Nigeria (CBN), not sacked, and highlighted that concerns over oil revenue discrepancies did not support claims of such a large amount going missing.
• He referenced a Price Waterhouse Coopers investigation that found no evidence of the alleged missing funds, encouraging researchers to critically analyze the claims for accurate public discourse.

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Goodluck Jonathan Refutes Sanusi’s Claim of $49 Billion Missing from FG Accounts

Former President Goodluck Jonathan has categorically denied the claim made by the Emir of Kano, Muhammad Sanusi II, regarding the alleged disappearance of $49 billion from the federal government’s accounts.

Sanusi, who was the governor of the Central Bank of Nigeria (CBN) at the time, made the allegation in 2014, sparking significant controversy.

Speaking at the launch of the book Public Policy and Agents Interests: Perspectives from the Emerging World in Abuja on Thursday, Jonathan asserted that there was no basis for Sanusi’s claims, which he characterised as false.

He clarified that he did not suspend Sanusi for these allegations, emphasising that the supposed missing funds never existed.

Jonathan highlighted that during Sanusi’s tenure, the CBN had raised concerns over discrepancies in oil revenue remittances, which purportedly left $49 billion unaccounted for.

However, he firmly rejected the assertion that such a significant amount could have vanished without causing widespread impact, particularly in a country with a budget of approximately $32 billion at that time.

He explained that Sanusi was suspended—not sacked—due to serious infractions related to financial reporting at the CBN, as flagged by the Financial Reporting Council.

“He was not sacked. He was suspended because the Financial Reporting Council queried the expenditure of the CBN,” Jonathan stated.

During the event, Jonathan noted that Sanusi’s figures had fluctuated over time, initially stating $49 billion, then $20 billion, and later $12 billion.

“On the issue of $49.8 billion, till today, I am not convinced that the Federal Government lost that amount,” he remarked.

He recalled a conversation with former German Chancellor Angela Merkel, who expressed disbelief that such a vast sum could vanish from a struggling nation without anyone noticing.

Jonathan referenced an investigation conducted by Price Waterhouse Coopers, which indicated that while the Nigerian National Petroleum Corporation (NNPC) could not account for $1.48 billion at the time, no evidence supported the claim of $49 billion being lost.

In conclusion, Jonathan urged researchers and analysts to conduct further investigations into the claims and to approach the topic with a critical lens, emphasising the need for accurate information in public discourse.