Former President Goodluck Jonathan has clarified the reason behind the suspension of former Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, stating that the action was due to financial recklessness and not allegations related to the purported disappearance of $49.8 billion from the nation’s oil revenue.
Speaking during an interview, Jonathan explained that Sanusi’s suspension in 2014 was driven by concerns over mismanagement and irregularities in the financial operations of the CBN under his leadership. The former president stressed that while Sanusi had raised allegations of missing funds in the Nigerian National Petroleum Corporation (NNPC), the claims were later investigated, and the findings did not substantiate the loss of such a large sum.
Sanusi, who was appointed CBN Governor in 2009, became embroiled in controversy when he alleged that $49.8 billion in oil revenue had not been remitted to the Federation Account by the NNPC. This claim sparked a nationwide debate and led to calls for an investigation. However, Jonathan said that the real issue leading to the suspension was Sanusi’s financial conduct at the central bank, which was flagged by auditors and financial experts.
The former President spoke on Thursday in Abuja during the launch of the book “Public Policy and Agents’ Interests: Perspectives from the Emerging World,” co-authored by former Minister of Finance Dr. Shamsudeen Usman, who served as Minister of Planning under his government.
He responded to the former CBN Governor’s claim in the book that he was removed from office for exposing the disappearance of money during Jonathan’s government.
Sanusi had referred to the incident, which, he maintained, led to his dismissal as CBN governor.
In 2013, Sanusi first raised the alarm about discrepancies in oil revenue remittances, which left $49bn unaccounted for.
However, his initial figure was later revised to $20bn after discussions with the finance ministry.
The Jonathan administration quickly debunked the claims, with some sections of his government accusing Sanusi of trying to undermine the regime.
In February 2014, just months after making the allegations, President Jonathan suspended Sanusi for “financial recklessness and misconduct” as CBN Governor. However, many Nigerians believe the suspension was politically motivated and linked to his whistleblowing on the missing funds.
Sanusi became the 16th Emir of Kano, was deposed in 2020 and reinstated in 2024.
But in his opening remarks, Jonathan, who chaired the book launch, said that although he agreed with the book’s thesis and recommended it for research, he disagreed with Sanusi’s claim on the missing money.
Jonathan said Sanusi was not sacked but suspended, adding that such money would not have gone missing in Nigeria—whose budget was about $32bn at the time—without some immediate impact.
He also narrated how former German Chancellor Angela Merkel confronted him on the matter and explained that such money could not have been stolen from a struggling country and no one would know.
“Let me mention that I did not agree with some issues raised by one of the contributors. But I don’t intend to take issues because he is our royal father. And he is here.
“The one he raised that he was sacked because he blew a whistle that the Federal Government lost $49.8bn is not quite correct. 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. That was the reason.
“But somehow, the time was short. So, before we finished, his tenure elapsed. Probably, he would have been called back,” he explained.
The former President insisted that no such money went missing. He said Sanusi’s claims began to wobble when the figures changed from narrative from $49bn to $20bn and later $12bn.
“On the issue of $49.8bn, till today, I am not convinced that the Federal Government lost $49.8bn. And that year, our budget was $31.6bn. So, for a country that had a budget of $31.6bn to lose about $50bn 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 $49.8bn, later $20bn and later $12bn, I don’t even know the correct one,” said Jonathan.
Jonathan explained that Price Water Coopers, which investigated the matter, revealed that no such amount was stolen but that the NNPC could not account for $1.48bn at the time.
He also noted that the then Senate Committee on Finance, chaired by Senator Ahmed Makarfi, investigated the issue and found the claims unfounded.
However, speaking later, Sanusi, who was the royal father at the event, insisted 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 as he delivered a short message at the event he presided over as Royal Father of the Day.
