Jonathan Denies Removing Sanusi Over Alleged Missing $49.8bn

Former President Goodluck Jonathan Claims Ex-CBN Governor’s Suspension Was Due to Financial Misconduct, Not Whistleblowing.

Abuja, Nigeria — Former President Goodluck Jonathan has refuted claims that the suspension of former Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, was related to allegations of missing $49.8 billion from government coffers.

Jonathan, speaking at the launch of a book titled Public Policy and Agents’ Interests: Perspectives from the Emerging World, co-authored by former Minister of Finance, Dr. Shamsudeen Usman, asserted that Sanusi’s suspension in 2014 had nothing to do with the alleged missing funds. He described the claims as fabricated by the former CBN governor, now Emir of Kano, Muhammad Sanusi II.

Jonathan addressed the issue in response to Sanusi’s contribution in the book, where the former CBN chief suggested that his removal from office was linked to his whistleblowing on the alleged missing money.

In 2013, Sanusi made headlines when he claimed that $49 billion in oil revenue was unaccounted for. After meetings with the Ministry of Finance, the amount was revised to $20 billion. The Jonathan administration, however, rejected the allegations, with several officials accusing Sanusi of trying to destabilize the government. In February 2014, the then-president suspended Sanusi, citing “financial recklessness and misconduct” as reasons.

Despite the government’s explanation, many Nigerians believed the suspension was politically motivated and tied to Sanusi’s allegations. Sanusi later ascended the throne as the 16th Emir of Kano, though he was deposed in 2020 and reinstated in 2024.

Jonathan, who served as the chairman of the book launch, reiterated that no such amount of money went missing, noting that the 2013 budget for Nigeria was only $31.6 billion. He argued that if $49 billion had indeed gone missing, it would have been impossible for the government to continue paying salaries and sustaining the economy without a severe impact.

“Such a large sum of money could not have gone missing in a country with a budget of $31.6 billion without immediate repercussions. Our esteemed royal father initially quoted $49.8 billion, then revised it to $20 billion, and later $12 billion. I’m still unsure of the correct figure,” Jonathan said.

He also recalled how former German Chancellor Angela Merkel had confronted him on the matter, to which he responded that such an amount could not have been stolen from a struggling country without anyone noticing.

The former president stated that investigations by PricewaterhouseCoopers and the Senate Committee on Finance, led by Senator Ahmed Makarfi, concluded that there was no missing $49.8 billion, though they identified a shortfall of $1.48 billion in NNPC’s accounts.

“The claim that he was sacked for whistleblowing that the Federal Government lost $49.8 billion is not entirely correct. He was suspended because the Financial Reporting Council queried the CBN’s expenditure. There were also serious infractions that needed to be investigated. That was the reason. But time was short, so before we could conclude, his tenure ended. Perhaps he would have been reinstated,” Jonathan explained.

In response to Jonathan’s remarks, Sanusi, who was present at the event as the Royal Father of the Day, countered the former president’s claim, describing his removal as a “constructive dismissal.”

“My boss, who sacked me. I was constructively dismissed. I continue to respect Jonathan, and I hold no grudges against anyone,” the Emir said.

Sanusi also expressed concern over the alleged attempts to frustrate the completion of the Dangote Refinery project, arguing that vested interests were obstructing the country’s move towards ending fuel importation.

“Rather than seizing this opportunity, we are obstructing it. This is due to vested interests… People assume office and immediately think of how much they can extract from the state,” he stated.

The Emir also commended Usman, his former lecturer at university, as one of Nigeria’s longest-serving public officials who has never been summoned by the Economic and Financial Crimes Commission (EFCC).

The event concluded with the unveiling of the Shamsuddeen Usman Foundation, established by Usman’s children to promote education and artificial intelligence in Nigeria.