Jonathan’s Clarification on Emir Sanusi and the Alleged Missing $49.8bn
Former President Goodluck Jonathan denied on Thursday that $49.8 billion went missing from the government during his time in office. He also stated that he did not fire former Central Bank Governor Sanusi Lamido for warning Nigerians about these missing funds.
Jonathan insisted that no money was actually lost, claiming that the accusation was fabricated by the leadership of the Central Bank of Nigeria (CBN) at the time. He spoke at the launch of the book “Public Policy and Agents Interests: Perspectives from the Emerging World,” co-authored by Shamshudeen Usman, a former Finance Minister in his administration.
During the event, Jonathan told the audience, which included the 16th Emir of Kano, that a reputable audit firm found no evidence of missing funds. He was responding to Sanusi, who alleged in the book that he was removed from his position for exposing the disappearance of the $49.8 billion.
While Jonathan acknowledged the book’s value for research and policy, he disagreed with Sanusi’s claim about the missing funds. He clarified that Sanusi was suspended, not fired, due to issues raised by the Financial Reporting Council about CBN’s spending.
Jonathan argued that it was impossible for such a large sum to go missing without any noticeable effects, especially since Nigeria’s budget at the time was about $31 billion. He recalled a conversation with former German Chancellor Angela Merkel, where he explained that such a loss couldn’t happen in a country facing economic struggles.
He pointed out that Sanusi’s figures changed over time—from $49.8 billion to $20 billion, and later to $12 billion—casting doubt on the accuracy of the claims. Jonathan added that an investigation by Price Waterhouse Coopers revealed that while $1.48 billion was unaccounted for by the NNPC, no significant sum was actually missing.
The event also marked the launch of the Shamsuddeen Usman Foundation, created in honor of Dr. Usman to promote education and artificial intelligence in Nigeria. At the time of this report, the Emir had not yet spoken at the event.
