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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.”
From the seat of the Presidency, came what indicates a clear and open support for the camp in the African Democratic Congress (ADC) fighting David Mark, National Secretary and Rauf Aregbesola, National Secretary, respectively.
The signal came from Femi Gbajabiamila, Chief of Staff (CoS) to President Bola Tinubu, who practically threw his weight behind Leke Abejide, one of the arrowheads wedging the war that could see the main opposition party in Nigeria not presenting a candidate for next year’s presidential election.
Against the backdrop of allegations that Aso Rock has been fuelling the various crises in the major political parties, Gbajabiamila, former Speaker of the House of Representatives and a key ally of President Bola Tinubu, all but clearly stoked the fire by egging the Kogi lawmaker on to launch a fiercer onslaught against the Mark leadership.
Urging Abejide, who had sworn that he would do everything to ensure Tinubu’s re-election not to leave the ADC, through which he won his election to the National Assembly in 2023, but to stay back and fight rather than exiting the party, the ex-Speaker praised him for his resilience so far.
Abejide, who on his own, has thrown his weight behind Nafiu Bala, former Deputy National Chairman of the ADC, now laying claims to Mark’s position was one of those sacked at the convention organised by the Mark group last week.
But Gbajabiamila, who used the Kogi lawmaker’s birthday celebration on Monday to announce his support publicly, while hailing his political trajectory and resilience, including winning his election under the ADC – a relatively less-fancied platform in 2023.
His words: “For a man to contest in a place like Kogi, under a relatively unknown party, and win back-to-back elections, it tells you who that man is. You did not only secure re-election but also helped expand the party’s influence by bringing in other candidates. You’re a committed party man and a fighter.
“My charge to you is to stay in that same party. Fight them. Scatter them. Hold on to your party. Do not abandon them. We like what you are doing. Hold on to your party. Do not abandon it. Continue what you are doing. Win your election there. Nobody can take your party away from you.”
After the hammer from the Mark group, alongside Kingsley Temitope, Obinna Norman, Kennedy Odiong, and Stella Chukwuma, over the allegation of anti-party activities, Abejide dismissed his sack as null and void, coming from a “suya convention.”
President Bola Tinubu and others interested in the presidential ticket of the All Progressives Congress (APC) will have to cough out a whopping N100million as fee for the nomination form of the ruling party.
This is coming as the party released details of its scheduled presidential primary election billed for May 15 and 16, 2026, as part of preparations for the 2027 general elections.
Sulaiman Argungu, National Organising Secretary, who released the details of the activities of the party ahead of the nomination for the 2027 polls on its official X handle, including the sale of forms, screening of aspirants, appeals, and primary elections across all elective positions, said informed that the forms go on sale from April 25 to May 2, while the submission deadline was fixed for May 4.
The statement said screening of aspirants would commence on May 6 and end on May 8, with the publication of results slated for May 11 and appeals scheduled for May 12 to 13.
The primaries for the House of Representatives will be held on May 18, the Senate on May 20, State Houses of Assembly on May 21, and the governorship on May 23.
The party pegged the total cost of forms for presidential aspirants at ₦100 million, comprising ₦30 million for the expression of interest and ₦70 million for nomination.
Governorship aspirants are to pay ₦50 million, while fees for the Senate, House of Representatives, and State Assembly vary.
“Female aspirants, youth and physically challenged aspirants are to pay for the expression of interest and 50 per cent of the prescribed nomination fees for each position,” it added.
In the statement, the APC said the timetable was issued in line with the Constitution of the Federal Republic of Nigeria, the Electoral Act 2026, and the guidelines of the Independent National Electoral Commission (INEC).
The party reaffirmed its commitment to conducting “credible and transparent primary elections” to strengthen internal democracy.
As of the time for filing this report, no member of the APC has formally declared interest in contesting the presidency.
Some APC leaders and key affiliations of the party have, however, endorsed President Bola Tinubu for re-election.
Although Tinubu has not publicly or officially declared his intention to run for a second term, he had last week dismissed the speculation that he was scared of the opposition ahead of the elections.
“The safety of our citizens rests on our shoulders. You must remain resolute and go after these criminals until they are eliminated. We must make Nigeria safe at all cost,” were the words with which Olufemi Oluyede Chief of Defence Staff, read the riot act for the umpteenth time against insurgents terrorising many parts of Nigeria.
Against the backdrop of renewed attacks in parts of the country days after the killing of Oseni Omoh Braimah a Brigadier General and I.A. Muhammed, a Colonel, each commanding troops in Borno State, one of the hotbeds of the nearly two decades onslaught in separate outbreaks, the CDS told troops of Operation FANSAN YAMMA to intensify ongoing operations against the terrorists and other criminal elements in the North-West region, stressing the need to ensure security across the country.
At an operational visit to the Headquarters Theatre Command, Joint Task Force North West, Operation FANSAN YAMMA (OPFY), in Gusau, Zamfara State, the military boss who said the visit was aimed at assessing operational readiness, addressing challenges confronting troops, and boosting morale in the ongoing campaign to restore peace and security in the region, commended their resilience, courage, and sacrifices in defence of the nation.
Urging the troops to remain disciplined, professional, and relentless in the fight against banditry and terrorism, the CDS, whose encounter was conveyed by Samaila Uba, a Major General and spokesman, at the Defence headquarters was said to have assured the troops of continued support in the areas of welfare, training, and provision of necessary operational equipment to enable them to discharge their duties effectively.
Uba, Director of Defence Information, quoted his boss as reaffirming the commitment of the Armed Forces of Nigeria to sustaining pressure on criminal groups until lasting peace is restored across the North West and the entire nation, acknowledging the importance of air support in ongoing operations.
The Defence Chief, while noting that efforts were underway to enhance operational capabilities through additional platforms and improved coordination across theatres of operations, was said to have paid a courtesy call on the Governor of Zamfara State, Dauda Lawal, appreciating him for his continued support of Operation FANSAN YAMMA and the military.
ADC: Fight, scatter them! *Presidency goads Kogi lawmaker on Mark’s leadership
Presidency: Tinubu, others to pay N100million for APC nominations
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