EXCLUSIVE: CBN Governor, Sanusi, replies Jonathan’s query, defends bank’s multibillion naira spending

The documents contain details of the communication between the president and the CBN governor.

The suspended Central Bank governor, Sanusi Lamido, has defended his bank against allegations of spending billions on extensive loans, staff emoluments, and maintenance of devices.

In suspending Mr. Sanusi last week, President Jonathan accused the CBN governor of “financial recklessness”.

PREMIUM TIMES had reported exclusive details of the president’s second query to Mr. Sanusi early 2013, in which Mr. Jonathan demanded prompt clarification on key spending in excess of a trillion naira. The president’s query followed the submission of the CBN’s audit report by Mr. Sanusi to the president on February 26, 2013.

The president claimed in his letter that Mr. Sanusi’s swift response on the issues raised would be helpful in providing proper “appreciation of the nation’s economic outlook”. It was, however, Mr. Sanusi’s reply that the president forwarded to the Financial Reporting Council of Nigeria, on whose recommendation the president said it relied to suspend the embattled governor.

In the 22-point query, the Mr. Jonathan demanded amongst other things, the domestic report on the CBN’s 2012 financial statements by external auditors and the financial reporting framework under which the financial statements were prepared.

He also directed the CBN governor to provide names of the trustees of the CBN’s self-insurance, including the board minutes approving the said self-insurance scheme and trustees and the entries of the annual appropriations indicating where it was posted in the financial statements.

Mr. Sanusi was also directed to explain the composition of CBN’s gratuity of N72.653 billion in 2012 and N64, 280 billion in 2011 and how it was determined as well as the board minutes and approval practice of making provisions for internal currency insurance based on the premium that would have been payable to external insurers had they been engaged. The president also wanted names of the insurance companies that were filed tested in the exercise and the modalities thereof.

The president also demanded the justification for the “Repairs and maintenance expenses” of N2.268 billion in 2012 and N2.070 billion in 2011 and the extent of repairs of printing machines and intervention activities of N19 billion in 2012 and N23.865 billion in 2011 as well as the administration of expenses of N42.596 billion and N48.340 billion in 2011.

This newspaper learnt that the query raised by the president contained basically the same questions that the Financial Reporting Council had asked CBN’s auditors who had sent a copy of the audit report to it.

The auditors, Ernst and Young and Pricewaterhousecoopers had responded to the questions, attaching relevant documents to back their submissions.

Those familiar with the matter said it therefore came as a surprise to the CBN when the president wrote to Mr. Sanusi asking the same questions to which the auditors had provided “satisfactory answers”.

Our sources said in responding to the president, the CBN governor simply reproduced and forwarded the same answers that the auditors provided to the Financial Reporting Council.

In his response to the president, obtained exclusively by PREMIUM TIMES, Mr. Sanusi said the repairs and maintenance expenses relate to “general office equipment and ICT maintenance”. The letter is dated May 20, 2013, two weeks after the president’s query.

The CBN governor said about 92 percent of the maintenance expenses were for information and communication technology equipments. The CBN does not have printing machines, he said.

On why he granted N50.06 billion as loan to Wema Bank and another N500 billion to Asset Management Company of Nigeria, AMCON, the CBN governor said the loans were necessary because AMCON was sustaining “heavy losses” while WEMA was still having liquidity challenges.

He said the bank was working to recover the loans.

On the composition of the CBN’s N72.65 billion gratuity in 2012 and N64.28 billion in 2011, Mr. Sanusi said employees of CBN are entitled to gratuity payments after completing five continuous full years of service with the bank.

He said the gratuity is computed based on the number of years of service, gratuity rate, and gross emoluments for final year of service.

The CBN governor, defended his spending of N19 billion in 2012 and N23.865 billion in 2011 as “intervention activities” of the bank, saying the funds were channelled to critical sectors of the economy.

“These activities were carried out as part of the bank’s developmental role,” he said.

Download the full documents here.


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  • Mani_Kay

    I would like the thieving “Emir of Kano” Sanusi Lamido Sanusi to defend the following:

    1. The construction of a Car Park in his official residence at a cost of over N1Billion
    2. The consistent amount of N4.5million spent on Books & Periodicals daily …. I mean day by day.

    It breaks my heart to go on ….. let me stop here.

    In other countries like China this man Sanusi Lamido Sanusi would have been publicly executed long ago.

    • Efe1

      In other country like china, GEJ will not be president.

      • eefhay

        what a finishing…

        • redeem

          Gej with his crude oil resources will be a hero-

      • redeem

        Alhaji Umaru Abdul Mutallab appears to be a recurring decimal in the life of Sanusi and the unifying factor appears to be their passion for an Islamic world order. For example, one of Sanusi’s first act as Central Bank Governor was to begin the push for Islamic banking which culminated in the establishment of the first Islamic bank in Nigeria, Jaiz Bank. Alhaji Umaru Abdul Mutallab is the Managing Director of this bank.

        Given the quantum of funds that were appropriated by the Sanusi led CBN on non banking related activities and donations, and the strong desire that he and Alhaji Umaru Abdul Mutallab have for proselytizing Islam as well as their circumstantial links to terror (Sanusi via Gideon Akaluka and Mutallab via his son) it is not such a leap for them to facilitate the activities of terrorists.

        • Efe1

          My friend, can I ask you how many jaiz bank do you have in otueke? Now when you consider that the population of Nigeria is 45 to 55 percent Muslim, it will make business sense to have such a bank in the country, mind you the difference between such a bank and your main stream bank in Nigeria is the fact that they don’t charge interest on loan. Now as a business, I will love to be able to get such a service. Now did you now that GEJ gave approval for jaiz bank to be set up? On the other issue you raised here, all I can say is that every company and parastatal in Nigeria has what you call a social responsibility budget, sanusi just filled the vacuum the looting in govt created in not providing social amenities. You have not actually accused Mallam sanusi of stealing but that he spent money on helping Nigerian where the govt has failed. Now that is established, can we please ask GEJ and co to explain where our $20 billion is? They cannot and will not deflect attention from that. We know that is their plan. Keep Nigerians focus on sanusi sack and just maybe they will forget the $20 billion that is missing.

          • redeem

            mumu u dont even know any thing about Islamic banking–they don’t charge interest but the profit is shared between the bank and the customer-u make N200-the banks takes 100 and u are left with 100-is that the type of bank u should go for in 9ja? Again don’t forget Nigeria is a secular country-why should the Gov of CBN sanusi introduce such-rubbish

        • Man_Enough


      • Mani_Kay

        President Goodluck Jonathan is far better than all that the Northern Muslim Hausa-Fulani have to offer.

        President Goodluck Jonathan is also far better than all that the Yoruba have to offer.

        If you have any doubts please read this:


        Counting from independence in 1960, Nigeria is 53years and a few months old.
        And from independence in 1960, the Northern Muslim Hausa-Fulani and the Yorubas have together ruled Nigeria for over 50 consecutive years from independence.

        At the end of their over 50 consecutive years rule …. it is not in doubt that they left a terrible mess and would like to highlight one of the tiniest bit of the mess they left behind.

        Here is one of the tiniest bit ….. If this tiny …. you can imagine the rest for yourselves.

        At the end of their over 50 consecutive years rule of Nigeria students in our
        Universities have no functioning toilets.

        The students in Nigeria Universities use polyethylene bags to go to toilet in
        their hostel rooms and the excreta (urine and feces) gathered in the polyethylene bags are thrown from their hostel room window down into the street.

        If this situation is not a manifestation of the incompetence of the Yorubas and
        the Northern Muslim Hausa-Fulani ….. what else is?

        Yet it is this same Yorubas and the Northern Muslim Hausa-Fulani that have the
        effrontery to lie that President Jonathan who came in just about 3 years ago
        and who is working tirelessly to clear the mess they left behind is

        May be competence to the Yorubas and the Northern Muslim Hausa-Fulani means University Students using polyethylene bags to go toilet in their hostel rooms and subsequently throw the feces containing polyethylene bags through their windows and into the street.

        The Yorubas and the Northern Muslim Hausa-Fulani have ruined Nigeria for 50 consecutive years. They must allow the South-South, South-East and the Middle Belt/Christian North a period of 50 consecutive years to fix Nigeria.

        • Ide4u

          Tell me, from the way GEJ is managing this country, what do you think will be his legacy? Past Yoruba and Hausa-Fulani leaders built over 99% of our Federal Higher Institutions, All Federal Government Colleges, Refineries and NLNG, Power Plants, Ports, Highways, Bridges, Cement Factories, Iron Companies, Airports and their likes. SS cannot fix Nigeria because of their foggy brains as being witnessed today, SE cannot fix Nigeria because they are only interested in selling the country. Middle Belt and Christian North cannot fix Nigeria because they are lazy drunkards.

        • Night Crawler

          I haven’t seen a reasonable comment from you, always copying and pasting silly things you see online, you need to upgrade…

    • Kent

      It would surely break ur heart to go on considering the fact that the two that u mentioned are false accusations and u probably cannot think of any other lie to add to the list. It’s amazing how the stupidity of gej rubs off on ppl like u. Making false accusations is very common among u, we’ve seen that from reno omokri. In places like China gej wld’ve been hanged from the day he was rigged into office. The whole world has acknowledged the suspicion behind Sanusi’s suspension but some empty headed ppl still choose to deny the glaring facts that ur president is a corrupt piece of shit and is proud of it.

      • Pete

        On the contrary, it’s the stupidity of Sanusi that’s enveloping faecal matter like you if you can’t spot the idiocy of Sanusi’s explanations.
        In what way was Wema Bank more deserving of a CBN bailout than Intercontinental Bank that Sanusi destroyed, etc. etc.?

      • Mani_Kay


        I have always maintained without any contradiction that the Northern Muslim Hausa-Fulani are equipped or wired with something lower than cow brain.

        How else can you explain the comment by this Northern Muslim Hausa-Fulani chap who goes by the name @kent.

        He is bold enough to say that items that clearly appear on CBN audited accounts are false accusations …… it is not unlikely that this particular Hausa-Fulani chap is occupying a very high position in a federal organization or ministry.

        It is people like this that make it impossible for Nigeria to advance.

        May we see the end of quota system and federal character in Nigeria. Amen

        Let me repeat ….. the two items I indicated in my comment above are lifted directly from pages of the CBN audited accounts. No one in the whole world who is fitted with human brain can claim that these items that appear in the audited accounts are false accusations.

        Only the Northern Muslim Hausa-Fulani who parade something lower than cow brain will claim that such items are false accusations.

        The CBN audited accounts stated very clearly that your thieving “Emir of Kano” Mallam Sanusi Lamido Sanusi spent N1.678Billion in 2012 up from N1.670Billion in 2011 on Books & Periodicals. This obviously translates to a daily expenditure of approx. N4.5million daily on Books & Periodicals.

        The audited accounts also disclose that Sanusi constructed a Car Park in his official residence at a whopping cost of over N1Billion.

        Let me state it very clearly ……. looking at the magnitude of theft involved, I will find it very difficult to doubt the fact that Sanusi’s great-grand father was a thief, Sanusi’s grand-father was a big thief, Sanusi’s father was a bigger thief while Sanusi himself (the self proclaimed “Emir of Thieves”) is the biggest thief of all-time and the mother of all thieves.

    • Kunle

      I tell u your uncle Jonathan and your mother patient your Aunty dezienny and sister ngozi would have died before him

    • Night Crawler

      Keep ranting rubbish composed from expired PDP members, back up your lies with prove

  • Olajide_Nigeria

    People who said GEJ has no reason for suspending Sanusi should think again.

    • Night Crawler

      The president don’t have power to suspend CBN governor, Nigeria is unconstitutional, GEJ is dragging his leadership on the floor, economy has been crumbling lately, he should just step down or resign because he lacks leadership

  • Aliyu Muhammad

    Hana Jonah now that Sunusi has given satisfactry answer to all your allagations against him we are now waiting for you where is our $20billion ? Explain to us or we strike back

    • Festoo

      can you point out to any satisfactory answer above? At least the NNPC did far better than such nonsense

      • Night Crawler

        GEJ should account where our $20 bn is, He sharing the money for defecting members to come back too PDP also sharing it for Obas and Emirs so he can be elected back into office… We have seen all of GEJ, his administration is the worse in history of Nigeria, so he will be voted out come 2015 general election

    • dere

      @ Aliyu Muhammed strike back at who? you think Jonathan don’t have people, wE are waiting to see your stike happen.

      • Usman

        I see, that is why GEJ is embarrassing Nigerians any time he speaks, check your sentence Mr. defender, it is senseless

        • dere

          We have had more embarrassing people from your end. I could make error in my spellings but not to be a dummy as the Governor from your side who doesn’t know what is mineral resources. I repeat, we are waiting for your strike. Just a strike from your blood sucking dogs in the Delta, then see our response

  • Omooba

    In saner climes, GEJ would have been impeached long time ago even if he ever became president by accident of history

    • Pete

      An irrelevant comment from the mind of an imbecile.

      • Collins

        imbecile indeed

        • Uzoma

          I agree with you.

      • Night Crawler

        Your the one talking trash, GEJ has lost his ability as a leader and should resign or will be voted out of office in 2015

    • Usman

      that is right, the man is just an embarrassment to Nigeria, he speaks rubbish, squander funds naively and behaves cowardly.

      • Gideon Orkar

        I agree with you 100% and this is why I am happy he was suspended!

  • max

    NNPC also gave reasons and account of how they spent $10.8b and yet it did stop national Assembly from carrying out probe. The National Assembly did not say ok we have heard you and your explanations everything is ok no money was missing NO!!! National Assembly still went ahead to probe NNPC.
    NNPC did did not go to court to stop the probe.
    If Sanusi is clean and confident in his account there is no cause for alarm the investigation will exonerate him.
    It is curious that Sanusi who knows as far back as 2009 that there was a presidential order to stop kerosene subsidy and that order was not Carried out and he kept quiet when it will serve his purpose he became a whistle blower.
    If Sanusi was acting in the interest of Nigeria over the missing money he would have explored the internal mechanism and interface with with the ministry of finance and all those involve and reconcile the number first before putting his whistle in his mouth. But it appears that the whistle was already in his mouth before he starts looking for figures .

    • Bigtin

      My brother ask me o! Blew the whistle 4 years after thoroughly enjoying the same system. It’s always the antics of our elites when they’re loosing out.

  • Goodcitizen Lambo

    While loans were extended to Wema bank and others as “intervention funds” to survive other targeted banks were sold out. Intercontinental for example was more solid than Wema and Access banks but Sanusi and Bukola Saraki preferred to sell it to settle scores with Akingbola. To add insult to injury the bank was sold to Access bank owing intercontinental at the time of the transaction. Truth is coming out. He spent billion on “intervention activities” that intercontinental and others did not qualify for. Thousands lost their jobs as well as other services provider benefiting from existence of those banks suffered because of Sanusi and Bukola Saraki’s ego. Charles Chukwuma Soludo spent billions on “intervention activities” without creating panic and false alarm that crashed both the banking sector and stock market. Who is a better manager between Taliban Sanusi and Soludo now. Sanusi Lamido will be exposed for who he is, it is a matter of time.

  • Goodcitizen Lambo

    “On why he granted N50.06 billion as loan to Wema Bank and another N500
    billion to Asset Management Company of Nigeria, AMCON, the CBN governor
    said the loans were necessary because AMCON was sustaining “heavy
    losses” while WEMA was still having liquidity challenges”. Heavy losses by AMCON and Wema having liquidity challenges CBN has to bail them out. These were “NECESSARY LOANS’. EXTENDING THAT TO OTHERS WAS UNNECESSARY. If this LOANS had been extended to other banks many will not be roaming the streets now. But NO. Personal enemies must be dealt with is the bottom line.

  • Goodcitizen Lambo

    Emperor Sanusi Lamido sure saw himself as another President with constitutional immunity from prosecution. A case of two masters in one boat. He went about boasting I DARE THE PRESIDENT. He was ruling the CBN with impunity and like another Emperor Dada Idi Amin of Uganda. He was spending on married women and security guards like Idi Amin the maximum ruler. His suspension is good riddance to bad rubbish.

  • True-Sharia

    I cannot see Sanusi’s spending on Mrs. Yaro and other married women.

  • Mani_Kay


    • Comfortkay

      Please give me a break, where is the 20 Billion US Dollars?

    • Night Crawler

      Crookluck Egbere Jonadunce/Jonadaft is their ring leader

  • Adabara

    Didn’t you guys hear that NNPC has never been audited since 2005? what was our reaction? Freedom of information bill was passed and as a citizen of this country he has the right to look into other sector and report if fraud transpire?

  • Night Crawler

    Diezani Allison-Maduekecaused the disappearances of billions upon billions of dollars in the oil industry, Goodluck Jonathan is comfortable with her and Stella Oduah corrupted the aviation ministry, she was never suspended and it took heaven and earth before she was eased out comfortably. Just because an innocent man expose you of $20 bn, you are suspending him from office, you can suspend an innocent man but cannot suspend the truth… God save us from enemies within

  • perryy

    is buhari not embarrassing himself? did IBB not embarrassed himself? what if Abacha? what of all those norther govs whi don’t know minerals are? what of ur master shagari whi drank 50 cups of tea because he didn’t know how to use tea cup in a conference? what of former gov of gongola who didn’t know the difference between light and fire. we are tired of you animal s