Muhammadu Sanusi II, the 14th Emir of Kano and former Governor of the Central Bank of Nigeria, expressed concerns about the president doubling as the petroleum minister, hindering constructive criticism in the oil industry.
Speaking at the 2023 Bank Directors’ Summit in Abuja, he called for greater transparency from the Nigerian National Petroleum Company (NNPC) Limited, emphasizing the need for accountability in handling dollar inflows.
Sanusi criticized the opacity of NNPC, linking fiscal challenges to the lack of transparent stewardship by revenue agencies. He questioned the National Assembly’s oversight role, blamed central bank overdrafts for inflation and FX challenges, and urged scrutiny of NNPC subsidy payments.
Sanusi opposed the removal of the Asset Management Corporation of Nigeria (AMCON) levy, warning against undermining the independence of the Central Bank of Nigeria (CBN). He stressed the importance of trust, integrity, and risk management in the banking sector.