Goodluck Jonathan Denies Suspending Sanusi Over Missing $49.8bn

Former President Goodluck Jonathan has denied suspending former Central Bank Governor, Dr. Sanusi Lamido Sanusi, now Emir of Kano, Muhammad Sanusi II, over allegations that $49.8 billion went missing from the government’s coffers. Jonathan made this statement during the launch of the book “Public Policy and Agents Interests: Perspectives from the Emerging World” in Abuja.

“I did not agree with some issues raised by one of the contributors,” Jonathan said, referring to Sanusi’s claim. “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.” Jonathan emphasized that Nigeria’s budget at the time was $31.6 billion, making it impossible for $49.8 billion to go missing without anyone noticing.

Sanusi initially alleged that $49 billion was unaccounted for in oil revenue remittances in 2013, but later revised the figure to $20 billion after discussions with the finance ministry. The Jonathan administration disputed the claims, with some accusing Sanusi of trying to undermine the government. In February 2014, Jonathan suspended Sanusi for “financial recklessness and misconduct” as CBN Governor.

However, Sanusi maintained that he was “constructively dismissed” contrary to Jonathan’s claim. “My boss, who sacked me. I was constructively dismissed. I continue to respect Jonathan and I don’t have grudges against anyone,” Sanusi said.

Jonathan also cited investigations by Price Water Coopers and the Senate Committee on Finance, which found no evidence of the missing $49.8 billion. Instead, the NNPC was unable to account for $1.48 billion.

The event also saw the unveiling of the Shamsuddeen Usman Foundation, dedicated to promoting education and Artificial Intelligence in Nigeria. Sanusi praised the foundation’s chief author, Dr. Shamsudeen Usman, as one of the longest-serving public officials who had never been invited by the Economic and Financial Crimes Commission.