Former President Goodluck Jonathan addressed the longstanding controversy regarding the alleged missing $49.8 billion from the Nigerian National Petroleum Corporation (NNPC) during his administration. Speaking at the launch of the book Public Policy and Agent Interests: Perspectives from the Emerging World, edited by his former Finance Minister Dr. Shamsudeen Usman, Jonathan clarified that he had never sacked former Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi.
According to Jonathan, Sanusi was suspended to allow for an investigation into reported financial irregularities at the CBN, not for blowing the whistle on the alleged missing funds. Jonathan asserted that after a forensic audit, only $1.48 billion was identified as unaccounted for, not the originally claimed $49.8 billion.
“I did not sack Sanusi; he was suspended for a proper investigation. Claims of $49.8 billion later dwindled to $20 billion and finally $12 billion. A forensic audit revealed only $1.48 billion unaccounted for, and NNPC was directed to pay that amount into the federation account,” Jonathan stated.
Sanusi, present at the event as the guest of honor, chose not to debate his former boss out of respect, noting that the event was not the appropriate forum for such discussions. However, he emphasized a broader issue regarding the Nigerian elite exploiting the state for personal gains, which has hindered the country’s development.
Sanusi also touched on the Dangote Refinery and the continued dependence on imported petroleum products, arguing that vested interests profiting from the current system are preventing Nigeria from fully utilizing its own refining capacity.
The exchange marked an important moment in clarifying one of the most controversial financial issues during Jonathan’s presidency, with both figures offering perspectives on governance, economic policies, and the future of Nigeria.