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$49.8 billion missing oil money: Jonathan, Sanusi, in open confrontation 10 years after
For the first time in 10 years, former President, Goodluck Jonathan, and Sanusi Lamido Sanusi, had the chance to square up frontally over the $49.8 billion missing oil money for which the latter, now 16th Emir of Kano, was abruptly kicked out of office as Governor of the Central Bank of Nigeria (CBN), about one year to the expiration of his tenure.
Sanusi, had alleged that the money belonging to then Nigerian National Petroleum Corporation (NNPC), grew wings with which it flew out of the government coffers, because it was not remitted to the CBN, an allegation, which the government of the day felt it could not stomach and handed him a suspension from which he never returned from, until he was handed over the stool of the ancient Kano monarchy.
Against the backdrop of the details, which the monarch supplied as part of his contribution in a book compiled by Samsudeen Usman, former Minister of Finance and Economic Planning, where he still maintained the allegation, Jonathan, took time not only to deny that such an amount was mission, but also debunked the contention that Sanusi was sacked, as he was only suspended to enable credible investigation, but could not be recalled before his tenure expired through the effluxion of time.
At the launching of the book, titled Public Policy and Agents Interests: Perspectives from the Emerging World, the monarch, though clearly avoided open exchange, saying the occasion did not call for a debate over the matter, still subtly maintained his own line of the narrative, jokingly referring to ex-President as “my boss that constructively sacked me.”
His words: “My boss who sacked me. I was constructively dismissed. I continue to respect Jonathan and I don’t have grudges against anyone,” Emir said, as he delivered a short message at the event he presided over as Royal Father of the Day.
But insisting that no such amount was lost in his government, Jonathan told attendees at the event, one of whom was the 16th Emir of Kano, that an internationally-recognised audit firm engaged to probe the alleged missing amount, gave the administration a clean bill of health, Jonathan also recounted how he was confronted by then President of Germany, Angela Merkel, over the matter and that he explained that such money couldn’t have been stolen from a struggling country.
He said: ““Let me mention that I did not agree with some issues raised by one of the contributors. I need to say why I did not quite agree with him. But I don’t intend to join issues because he is our royal father. And he is here. All that he wrote was on some of the issues, especially the one that is related to me. The one he raised was that he was sacked because he blew the whistle that the federal government lost $49.8 billion. It’s not quite correct. It was not that he was sacked. He was suspended.
“He was not sacked. He was suspended because the Financial Reporting Council queried the expenditure of 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. 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.
“I was vindicated about the claim after he began to change the narrative from $49bn to $20bn and later $12bn. Price Water Coopers, PWC, which investigated the matter, revealed that no such amount was stolen. However, $1.48 billion could not be accounted for by the Nigerian National Petroleum Corporation, NNPC, (now NNPCL) at the time.”
But the monarch who could have used his time to speak on the matter, when he was handed the chance, clearly avoided dwelling on it, saying the time was not auspicious, the occasion was only a book launch and not debate, stressing: “When I was told to make a speech, I told Shamsuddeen Usman that I will not speak about my intervention, out of respect for my boss, the President.”
“I feel most inappropriate for this to turn into a debate. It’s not about me or the President, it’s really about Dr. Shamsuddeen Usman today and his book. I always knew my chapter will be controversial when Dr. Usman asked me to write. I said, this topic is so similar to my book. You’re making me begin to reveal some of the things that are in my head. In other words, when I wrote that chapter, that’s it for me.
“I’ll make a few remarks. First of all, I continue to respect my President, Jonathan. I do not have any grudges against anyone. The most important thing for me is not about personalities. I think what comes out of my chapter, like in the book, is something that we all know. Which is that for decades, the Nigerian state has been captive to elites class that sees the state as a site.
“This is a fact, and this is what has destroyed Nigeria. People get into office, and when they get into office, what they’re thinking of is how much they can make out of the state, rather than how they can use the state to serve the citizens. If we agree on that, we have no disagreements. Why is Nigeria where it is today? I mean, you referred to the Dangote Refinery.
“I don’t know what the details are. For a country feeding itself from imported petroleum products, instead of grabbing this opportunity, you know with open arms, we are frustrating it. Why would anyone stop us from having the capacity to produce our own refined petroleum products? Because there are vested interests who have profited from Nigeria continuing to import these products.
“They could be all marketers internationally. They could be people locally who have been profiting from these subsidy stamps. And this is the end, because every excuse disappears when you are not getting imported, and you are disembarking.”
The corruption profile of Nigeria has dipped again in global reckoning with Transparency International (TI) Corruption Perception Index, announcing that it slipped two places to 142nd out of 182 countries in the 2025.
In the damning report, which underscored the nation’s poor performance on the global anti-corruption ranking, Nigeria showed poor progress from its position in 2024 index, where it ranked 140 out of 180 countries with a score of 26 out of 100.
The addition of two countries in the latest rankings saw Nigeria maintain its score of 26 despite dropping two places.
Ranks can change if the number of countries included in the index changes, but a country’s score is the perceived level of public sector corruption on a scale of 0-100, where 0 means highly corrupt and 100 means very clean.
In its latest report, sub-Saharan Africa was the lowest performing region with an average score of 32 out of 100, with only four of the 49 countries scoring above 50.
Seychelles maintained the region’s highest scorer, with 68, followed by Cabo Verde (62), Botswana (58) and Rwanda (58), while Sudan (14), Eritrea (13), Somalia (9) and South Sudan (9), maintained the bottom spots.
Nigeria’s progress in tackling corruption, despite President Bola Tinubu’s repeated pledge to tackle the menace, has been slow.
Nigeria, which best performance in the last decade was in 2016 when it ranked 136th and had a score of 28, scored 24 out of 100 in 2022, and ranked 150th; while in 2021, it scored the same but placed 154th — its worst performance under former President Muhammadu Buhari.
Paul Banoba, regional advisor for Africa at TI, said public sector corruption always hits the most vulnerable people hardest, adding: “African governments need to urgently translate anti-corruption commitments into decisive action by further strengthening accountability institutions and increasing transparency, protecting civic space and supporting the public.
In 2024, the Organised Crime and Corruption Reporting Project (OCCRP), controversially named Tinubu a finalist for its ‘Corrupt Person of the Year’ award.
“The police must open the secretariat because they are required to comply with the court order. The closure resulted from disagreements within the party over who constitutes the genuine leadership, but that matter has already been settled by the court.
This was the position of the Nyesom Wike camp of the Peoples Democratic Party, as it prepares to take possession of the Wadata Plaza complex in line with the Federal High Court, Ibadan Division verdict, last month recognising it as the authentic leadership.
The PUNCH, quoted Jungudo Mohammed, spokesman of the National Caretaker Committee, raised by the camp last year, explained that members did not take over on Monday, due to ongoing administrative and security processes.
The paper quoted Mohammed, National Publicity Secretary of the National Caretaker Committee, as saying: “I am not aware that the police declined our request, and I do not believe that is true. The police are the appropriate authority to confirm why the secretariat has not yet been opened, and we cannot force them.
“They are still carrying out their administrative and security processes before taking final action. However, we are certain that the secretariat will be reopened.
“Therefore, the police are expected to reopen the secretariat to allow for the lawful activities and business of the political party. It is not true that the police declined our request; what we know is that they intend to reopen it once their internal processes are concluded.”
When asked about their next steps if the police failed to reopen Wadata Plaza, Mohammed said, “We are law-abiding people and leaders, and we will continue to engage the police respectfully to understand any delays and address any concerns they may have.
“We will not resort to violence or unlawful actions. The police are a law-enforcement agency and must comply with court orders, and we are confident it will not escalate to any conflict.
“What we know for certain is that the secretariat will be reopened for party activities. The exact date for reopening is not yet known because administrative processes sometimes face delays, even after tentative timelines are given. Nonetheless, once those processes are completed soon, we remain optimistic that the secretariat will be reopened.”
On Sunday, both the Wike-backed PDP camp and the Tanimu Turaki (SAN)-led NWC exchanged words over the planned reopening of the secretariat.
While the Wike-backed camps insisted it would go ahead with the takeover of the headquarters, the Turaki camp, backed by Governors Seyi Makinde (Oyo), Bala Mohammed (Bauchi), Dauda Lawal (Zamfara) and Ahmadu Fintiri (Adamawa), had stated that the police would bear the responsibility if anything happened at the party headquarters.
On January 30, 2026, a Federal High Court in Ibadan nullified the PDP National Convention held on November 15, 2025, and barred Turaki (SAN) and several others elected during the election from presenting themselves as national officers of the party.
Prior to the ruling, PDP governors had endorsed the Ibadan convention, which had elected Turaki and the National Working Committee members for a four-year term.
While the governors oversaw a transition from former Chairman Umar Damagum to Turaki before Damagum’s tenure ended on December 9, the Wike-aligned faction formed a 13-member caretaker committee on December 8, appointing Abdulrahman Mohammed as acting national chairman, Samuel Anyanwu as acting national secretary, and other officials with a 60-day mandate.
Efforts by both factions to hold a meeting at Wadata Plaza on November 18, 2025, ended in violence, after which the police sealed the PDP National Headquarters, which had remained closed for nearly three months.
Following the ruling of the Oyo State High Court sitting in Ibadan, which favoured the Wike camp, the party pledged to hold a fresh convention to elect new party officials.
INEC subsequently invited the Wike-backed faction to represent the PDP in line with the court order.
At the meeting, Anyanwu announced that the Wadata Plaza Secretariat would be reopened for their use on Monday, a move the Turaki-led NWC kicked against.
Apparently to press home a vital message, Rotimi Amaechi, former Governor of Rivers State, on Tuesday, stormed the National Assembly complex, venue for the on-going, electoral reform protests with his son in tow.
The former governor, who for eight years, served as Minister of Transportation in the government of the late President Muhammadu Buhari, said the presence of his son, a medical doctor, was to serve dual purposes – to emphasise that the protest did not exclude anyone and for him to attend to the medical needs of the protesters.
The protest, which began on Monday, was called to demonstrate against the Senate’s rejection of mandatory electronic transmission of election results in future elections in Nigeria, particularly that of 2027.
Stressing that his son had to come along in case the demonstration turned violent and injuries are sustained, the former Minister, explained that he came with his son to demonstrate his belief that during major protests, leaders should be at the forefront with their families.
Amaechi, currently a chieftain of the African Democratic Congress (ADC), called on Nigerians to rise up against the bad governance of the All Progressives Congress (APC), which he accused of being opposed to electronic transmission of election results because it feared losing elections.
His words: “I believe that the opposition parties should come out – PDP, ADC, everybody should be out – to protest against the attempt of one party. If we come out, and they say the opposition has hijacked (the protest), what is APC doing? Are they not hijacking?
“What are they afraid of? I thought they said they have 31 governors and Tinubu is not Jonathan. The only way a good politician will know he has done well is by the people.”
He further stated that while Senate President Godswill Akpabio and President Bola Tinubu may ignore the demands of Nigerians, opposition parties and civil society organisations would persist until the decision is reversed.
Meanwhile, operatives of the Nigeria Police Force barricaded major roads leading to the National Assembly, where the Senate is scheduled to hold an emergency plenary session on Tuesday.
The protest is being led by human rights activist Aisha Yusuf, alongside several civil society groups that initiated the demonstration on Monday.
Nigeria very corrupt – Transparency International *Record dips again
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