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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.”
Peter Obi, candidate of the Labour Party (LP), in the 2023 presidential election, on Tuesday, scoffed at the 45 million vote figure he supposedly scored during the primaries of the Nigerian Democratic Congress (NDC), dismissing it as fake.
Obi, sole candidate of the party for the presidential primaries in the 2027 election, attributed the development to the handiwork of forces pushing for the validation of fraud, an obvious shade at the ruling All Progressives Congress (APC), which on Monday announced President Bola Tinubu as its candidate, with a whopping 11 million votes.
A groundswell of Nigerians had expressed amazement the huge figure, dismissing it as not only outrageously improbable but outrightly false and a gambit to skew the narrative early enough for a more sinister political gameplan ahead of the presidential election.
Obi, whose reaction came through his media office, while toeing the same line on Tuesday, urged Nigerians to disregard the figures being attributed to him, saying the NDC was yet to hold its primaries to determine his votes.
The statement, read: “The attention of the Peter Obi Media Office has been drawn to certain 45m primary vote figures currently circulating on social media and various news platforms, purporting to be the breakdown of official results from an imaginary primary by the Nigeria Democratic Congress, NDC ascribed to Mr Peter Obi.
“We wish to state categorically that these figures are entirely false, fabricated, as such, the primary never took place and no figure was generated from any process. We urge the general public, party supporters, and members of the press and the public to completely disregard these misleading statistics.
“Official and accurate information regarding Mr Peter Obi’s engagements and political processes will always be communicated through our verified and authorised channels and appropriately signed. Those behind this fraudulent figure attribution to Peter Obi are looking for partners in their fraud but they should look elsewhere not with Peter Obi.”
For President Bola Tinubu, it was another occasion of chest-beating, as he claimed to have ended Nigeria’s painful journey through the dark tunnel of economic trials, promising that in no long time, citizens would begin to experience the benefits of their long suffering in the last three years.
The President, who for the umpteenth time implored Nigerians not to despair, conveyed his message of hope and inspiration came by way of his 2026 Eid-El-Kabir salute to the Muslim faithful whom he referred as “our brothers and sisters across Nigeria and worldwide.”
Hear him: “As a nation, we are on a journey of reconstruction and renewal. The reforms we have undertaken are challenging but necessary to build a stronger and more prosperous Nigeria for future generations.
“Just as sacrifice brings reward, I am happy that the sacrifices and efforts we have made over the past three years have yielded a more stable economy, making our country a preferred investment destination that will drive job creation and economic growth. The walk through the dark tunnel is over, and the light is here.
“I am confident that, by the Grace of God, the reforms we have diligently pursued will continue to yield improved security and greater opportunities for all.
“I am aware that, despite the best efforts of our security and intelligence agencies—including the recent elimination of a wanted ISIS leader—heartless terrorists and bandits still attack some communities. I assure you: you are neither abandoned nor forgotten. We will ultimately defeat all the forces of evil.
“One central lesson of Eid-el-Kabir is the call to show mercy and compassion, regardless of race, ethnicity, or creed. There is no greater example of duty and devotion than Prophet Ibrahim’s willingness to offer his only son, Ismail, as a sacrifice to Allah.
“Let us also reach out to the less privileged, share with our neighbours, and strengthen the bonds of brotherhood that unite us as one people. My administration remains committed to building a Nigeria where all citizens can live in peace, worship freely, and pursue their dreams without fear.”
Urging the faithful to use this sacred occasion to pray for Nigeria for peace in our communities, and for wisdom for those in leadership, he added: “Let us pray that those who commit crimes among us may rethink and abandon their evil ways or face the full weight of the law.
“On behalf of the government, I wish you all a peaceful, joyous, and blessed Eid al-Kabir. May Allah accept our sacrifices and prayers, and may He continue to bless the Federal Republic of Nigeria.”
Option A4, occupies a central place in Nigeria’s democratic development. That unique election model developed and introduced in the Nigerian electoral process by Humphrey Nwosu, the late Professor of Political Science, has become a symbol mounted on a standard and raised high above the sky.
It is Nigeria’s mimic of that biblical golden serpent to which both the nation and its citizens look up at and derive instant succour – much like a balm to their heavily-lacerated democratic soul – a wonder device, that once mesmerised the world.
Yes! Anytime Nigerians want to serenade their democratic spirit with the allure of sweetness, they take a recourse to that unique event that happened more than three decades ago, on June 12, 1993. They reminisce on the purity of the process and beauty of the outcome.
Like the saying that precious things come in simple packages, Option A4, was not only as simple as simplicity itself, but was as powerful as the most impactive dynamite – simple enough to break all barriers of ignorance and powerful enough to destroy all electoral bad behaviours defacing the beautiful perspective of democracy.
Here is the process. Voters converge on a location at approved time, get accredited, queue behind preferred candidates, get counted and the votes recorded in approved result sheets. Finish! No ballot-snatching, no ballot-stuffing, no quarrel, no thuggery, no blood on the floor.
Even the issue of proper voting that lead to void votes is eradicated by the process. The electorates need no education on how to vote properly. The issue of thumb-printing in the wrong space or double-voting is taken care of.
Today, in Nigeria, June 12 is designated as Democracy Day, based on the outcome of that election. It was so seamless and produced such a perfect result that the product – Moshood Kashimawo Olawale (MKO) Abiola was never challenged on the inviolability, but on the other ideas the military government in power then had.
But did you see the same Option A4 put to test under President Bola Ahmed Tinubu? Did you watch the primaries of the All Progressive Congress (APC), at various stages, including the one that produced the President as candidate of the party in the 2027 presidential election? If you did, you would understand where your country is currently and where it is headed.
How could anyone have the mindset to deface such a beauty, let alone design a mechanism to destroy it, given its centrality as the bastion of Nigerian democratic commemorations? How could anyone be so wicked as to destroy the most beautiful Nigerian democratic ornament?
It is like pulling the original of Monalisa or the best of Bini Bronze from their protective encasements and smashing them on the floor. It takes a mindset that has scant regard for beauty – a destructive spirit to do so.
But see how easily they did it! See how simple it was for them. It was as easy as jumping from 10 to 1,000 in a simple counting process a primary school child could do.
Did you see the smiles on their faces to indicate how much fun they had supervising the putrid, outlandish and parlous construct – like the lurid expression of a rapist seeking to satiate his lust? Clearly, it did not matter to them the danger they’re putting themselves and future generations – comprising their children and grandchildren, Tragedy!
But what is it that Tinubu and his co-travellers have not destroyed since happening on Nigeria? What pain have they not wrought on the polity? Is it the economy? Think of those rich Nigerians alighting from their fancy cars and jumping into the Lagos Lagoon.
Is it security? Reminisce on the last moments of General Sani Uba, as he watched the approach of the terrorists while crouching on his knees in the forest, having lost the vain hope that his country would save him.
Think of the Oyo school teacher in that final moment as he waited for the impact of that sharp knife on his bare throat, while being slaughtered like a goat at the abattoir. Think of Zamfara, think of Sokoto, think of Kwara, think of Anambra – add to the list – think Nigeria.
Yet, the APC foot-soldiers – including a Deputy Speaker of the House of Representatives – a leader in the legislature – the most important institution of democracy – clowned, jested and had fun.
For them, the rest of the country doesn’t matter. All that matters is Tinubu’s happiness. And the master-strategist, the democratic doyen, the June 12-NADECO icon, was all and about, grinning from ear to ear and lapping everything up.
With economy destroyed from day-one with the impulsive, brainwave – subsidy is gone declaration – with security in tatters that school children, now scurry and scamper in different directions like scared rodents, at the slightest sight of strange faces for fear of being the next kidnap victims – with the national fibric almost giving way from the consistent and unrelenting pressure in running the most nepotistic administration – far worse than the days of the late Muhammadu Buhari, thought to be the worst at a time – what else remains of Nigeria?
Before now, I had grieved that Tinubu deliberately left out Humphery Nwosu in that outlandish June 12 struggle honourees list, when he ought to be the numero uno. I had hoped however that someday, someone more amenable than Tinubu would do the needful. But what hope is there now that Tinubu and his men are tightening the noose on Nigerian democracy? Now this!
The worst part is not that the APC goons committed this heinous atrocity, but in the manner they did. They enjoyed the process. Only mindless characters such as mafia kingpins we watch in movies, take pleasure in inflicting pains. That we now watch such playing out in real life is not only disturbing, it is THE TRAGEDY!
My name is Sunny Igboanugo, I’m The Tiny Voice!
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