‘Missing’ $20 billion: Group asks Sanusi to seek judicial redress

Sanusi lamido sanusi
Sanusi Lamido Sanusi

Wants National Assembly to enact a law insulating CBN Governors from politics

A civil society group, Human Rights Writers’ Association, HURIWA, has asked the Governor of the Central Bank of Nigeria, CBN, Sanusi Lamido, to seek judicial redress over the $20 billion he alleged was not remitted to the federal purse by the Nigeria National Petroleum Corporation, NNPC.

The group said a judicial interpretation on the matter had become necessary to ascertain the constitutional question of whether the Corporation was statutorily entitled to deduct foreign derived revenue from source before making payment to the Federation Account.

It stated this in a statement by its National Coordinator, Emmanuel Onwubiko, and the National Director of Media, Zainab Yusuf, on Thursday.

Mr. Sanusi had on Tuesday, at a public hearing organized by the Senate Committee on Finance, alleged that the NNPC did not remit $20 billion into the Federation Account.

He had earlier accused the Corporation of not remitting $49 billion; but after reconciliation with relevant agencies, the amount reduced to about $12 billion.

The CBN Governor, however, explained that he did not make the allegation to tarnish anyone’s public image, but did so in the best interest of the country’s economy.

“HURIWA is of the conviction that judicial process is best suited for this kind of very sensitive matter to protect the nation’s fragile economy from suffering the consequences of loss of confidence by foreign direct investors and other industrialists,” the statement said.

The group said the financial health of Nigeria was of the highest essence that must be protected by all and sundry and especially government officials holding sensitive financial positions.

It stated that though whistle blowing had been internationally acclaimed as the most effective and potent tool against corruption, given the ‘politically suspicious’ manner and the wrong timing of these deluge of allegations of sleaze and financial malpractices made by the CBN governor on the eve of his departure from office, a judicial decision should be sought by the hierarchy of the bank to put the matter to rest.

It said there were speculations of the governor’s association with members of the All Progressives Congress, APC, the opposition party at the federal level.

The group noted that as the nation’s number one official banker, Mr. Sanusi was in the best position to know the various transactions on at the highest levels of government.

It, however, insisted that apart from presenting those damning evidence before the public, the CBN Governor should also seek judicial pronouncement for posterity and to justify his claim that he is not on a wild goose chase and jamboree of political vendetta.

HURIWA said that the Federal Ministry of Finance had not been forthcoming on the matter and accused it of behaving as if the interest of political leaders was more important than national interest.

It also asked the National Assembly to amend the Central Bank of Nigeria’s enabling Act to make it imperative that the holder of the office of Governor of CBN was insulated from political influences.

In making the law, HURIWA said the legislature should make it mandatory that the holder was not allowed to venture into party politics until after five years of exiting or quitting his appointment at the end of the statutory tenure.

The group also called for the appointment of a professional banker and economist of high repute from any part of the World irrespective of the person’s place of birth or nationality, but with clean crime free record, to head the Central Bank of Nigeria after the exit of the current holder.

It advised Nigeria to borrow a leaf from the British Government, which recently hired a Canadian scholar of Finance to head the British Central Bank


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  • Okey

    Sanusi himself should come test on his own standards. Yesterday, Sanusi issued a released wherein he sought to divert attention from his rash and reckless award of contracts as he winds up as CBN Governor by seeking to play up the “qualification” of one of the beneficiaries of these rash and reckless wards of contract – DERMALOG . The subject matter has got little to do with the status or capacity of DERMALOG or any Company as much as it has got to do with the gross violation of the “Sanusi Standard” which is both ‘the legality and propriety of a given action of agencies of govt at a given time’. This is what has come to be known as the “Sanusi Standard”. For in stance, Sanusi queried at the Senate Committee thatiIf NNPC claims it was subsidizing kerosine, “what authority does it have when the Presidency did not approve such action?”.

    Now, there is a govt agency (National Identity Management Commission,NIMC) given the madate of capturing data of Nigerians and those resident in Nigeria; secondly, the President had stopped other agencies from repeating the same exercise and in fact directed them to source their data from NIMC. Why the haste to commission DERMALOG for data capturing of only a tiny sectment of Nigerians at a mindbogling cost of N9.5Billion ? Again, he had been reported as having awarded the contract for the construction of “conference centre” at the cost
    of N98 Billion and the “architectural” design to a “quantity surveyor”, an APC stalwart, at the cost of N5 Billion. In all these, Sanusi had no recourse to the Federal Tenders Board or the Due Process office, is Sanusi a loose canon, a govt upon himself? Did the Central Bank Act render
    Sanusi irresponsible to the Due Process authority, higher offices, and the nation ? What is the moral essence of exposing the nation to a series of mindbogling contracts just on the heels of his depature ? These are the weightier issues, not the status or capacity of any Company or person he involves in these obvious rash and reckless awards. And mark you, I am using
    the “the Sanusi Standard” as my yardstick.

    • PureNigerian

      Go hide your dirty head in shame, unpatriotic over zealous sycophant.

      • Okey

        FakeNigerian, stop ranting, disprove me if you have anything to contribute.