I’m ready to face probe – Emir Sanusi

Muhammad Sanusi II
Muhammad Sanusi II

A former governor of the Central Bank of Nigeria, Lamido Sanusi, has declared his readiness to face investigations into his tenure at the top bank.

Mr. Sanusi’s comments came as a response to a call by Femi Falana, a senior lawyer, urging the Economic and Financial Crimes Commission, EFCC, to investigate alleged “diversion” of government funds by the CBN, under Mr. Sanusi.

Mr. Falana also called for the probe of Mr. Sanusi’s predecessor, Charles Soludo.

“Sometime in 2006, former Central Bank Governor, Profesor Chukwuma Soludo removed  $7 billion  from  the nation’s external reserves and doled it out  to 14 Nigerian banks. Two years later, the Central Bank Governor, Mallam Sanusi Lamido Sanusi (the current Emir of Kano) also gave a bailout of N600 billion  to the same  banks. The request of some civil society organisations for the recovery of the huge loan of $7 billion and N600 billion from the commercial banks has been ignored by the management of the Central Bank,” Mr. Falana said in a statement on Saturday.

“In the Appropriation Act, 2011, the sum of N245 billion was earmarked for fuel subsidy. In violation of the Act, the Central Bank of Nigeria headed by Mallam Sanusi Lamido Sanusi paid the sum of N2.5 trillion to a cabal of fuel importers. Following our petition the EFCC conducted an investigation into the fraud but the exercise was compromised due to pressure from the former Jonathan administration. Even though the EFCC has charged some of the suspects to court the investigation ought to be reopened with a view to getting to the root of the monumental fraud.”

Mr. Sanusi said he was always available at any time to answer questions regarding his stewardship at the central bank.

On fuel subsidy, he said “The Central Bank does not pay and has never paid subsidy to marketers and the only circumstance this would happen is the Central Bank acting as banker to Government and carrying out instructions to make payments from Government accounts”.

“There is absolutely no circumstance under which the CBN would have disbursed its own money for payment of subsidy or disbursed money on behalf of Government without authorization,” Mr. Sanusi said late Saturday.

He said the CBN was at the “forefront of the effort to expose the corruption in the subsidy regime and put a stop to it”.

He called allegation on bank bailouts “strange”.

“The money was not given to bank shareholders and management but was provided to ensure that ordinary Nigerians and other depositors who kept their money in banks did not lose their savings as a result of the mismanagement of these banks and bad loans,” he said.

“The money remains a loan to those banks and is to be repaid from a combination of sources over the years. These include sale of collateral backing non-performing loans held by AMCON, recovery of those loans, sale of share of the banks held by AMCON and a sinking fund into which all banks are to make annual contributions.

“This will continue no matter how long it takes until the banking industry repays all amounts due to AMCON and the bondholders are repaid.

“All of this is in line with the law setting up AMCON and the purpose of setting it up in the first place.

“The resolution of the Nigerian banking crisis and the AMCON model are actually being held up as an example of how to deal with severe and systemic banking crisis. Not a single depositor in any Nigerian bank lost a single kobo due precisely to these arrangements.”



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  • Romberg

    Sometimes I am worried about the quality of Falana’s thinking. He is always wrong. You’d wonder whether it is a language problem he had or he is just an allround dullard.

    • Really

      What then would you say of Mohammadu if you can say this about Falana?

      • John A

        His is an all round blockhead with all his five sense also blocked.

        • akindees


          President Muhamadu Buhari is the least literate and least educated president Nigeria’s ever had.

          Anyone now expecting anything less than economic destruction of Nigeria is sleeping or dreaming.

    • Maria

      Why are you commenting like a f00l? Sanusi knows too well he will not be tried being the king of fulanis. Why did he not say the same when Jonathan was after him and he ran sheepishly to Tinubu in Lagos for safety? Sanusi destroyed Nigeria banking system.

      • Tonnero

        Are you drunk? Why are you trying to distort the story? Jonathan was not interested in any probe. He seized the man’s passport and laid a siege on him. He even tried to prevent him from being emir and when he won, he got the police to seal of the place all because he thought Sanusi leaked the note on the unreconciled $49b. No wonder Wahala bashes you frequently. You need to grow a brain.

        • share Idea

          So now the $49B is unreconciled and no longer looted funds. Nigeria we hail thee

      • No Bull …..

        It is good to have all the facts to be able to make an informed judgement because if you are accused of looting even by GEJ’s govt, only God knows how much money is stolen.

      • Romberg

        Who is the f00l here, Holy Maria? You didn’t read the content of the news, did you? It’s just about personality crisis, isn’t it? Falana, a SAN for that matter, accused the CBN of paying more than the budget for fuel subsidy. What authority does the CBN have to stop such payment? Just look at the integrity of Falana’s accusations, I am sure you won’t see such from other senior lawyers.

        The f00l in you saw Sanusi in Tinubu’s house but didn’t see Falana in the same house. The same element in you saw how ‘ Sanusi destroyed Nigeria banking system’ but didn’t see how Falana’s gibberishes take the smooth away from the silk of Nigeria’s legal profession.

        With Nigerians like you, the nation is blessed with enough little snakes to peck her to death.

        • share Idea

          If you can excuse Sanusi for honouring government directive, why is this administration prosecuting Dasuki for carrying out same government functions. Were you not in Nigeria when Sanusi was doling out monies to several agencies and organisations, guess it was FG that directed him to do same.

          Did you read the FRCN audit report of CBN? Nigeria we hail thee

          • Romberg

            Continue to hail Nigeria, the looters will keep looting, the most gullible will keep deceiving the less privileged like you.

            You read FRCN audit but you didn’t read Sanusi’s response, did you? What stopped anyone from prosecuting him, atleast he has been away from that seat for few years now?

            Now Dasuki and Sanusi are equals? Even at that, I can’t remember Falana initiating the idea to prosecute Dasuki. I am sure he can keep his advice until he is called upon to offer one.

            Smart lawyers present evidence; they don’t loose so easily because of poor use of language.

        • Maria

          “but didn’t see how Falana’s gibberishes take the smooth away from the silk of Nigeria’s legal profession.” Falana is not a member of the supreme court, appeal court nor the minister of justice nor Anthony general, how a single lawyer out of thousands or millions we have has taken smooth away from the silk of Nigeria’s legal profession…is not clear except you are claiming that he is the most important lawyer in Nigeria. Sanusi was donating Nigeria’s money to schools to bag honourary degrees, he was donating money to various organisations. Sanusi cornered and destroyed Nigeria banking system…I know Sanusi will one day be held accountable.

          • Romberg

            Madam ‘Anthony general’, a SAN as an apostle in the temple of Justice. If he doesn’t believe in his own impact he will not be writing epistles up and down. You don’t have to understand this. He does.

            Sanusi said he is open to probe.

            I graduated in Nigeria long before Sanusi was governor of CBN. I knew there were legacy projects donated by the CBN on the campus. Did you see that in your Uni too, if you attended any? Why not prosecute the entire CBN for doing CSR?

            If you are upset because he was given honorary degrees, if you work harder you will win some recognition too. Not in envy and despicable thinking though.

    • Shahokaya

      He is a busy body trying to draw attention.

  • Pirofessor2016

    Editor Premium Times,

    Sanusi Lamido and Femi Falana: When will both learn how to think?

    I am a university Professor. I write pseudonymously to evade employment strictures.
    Sad to say that your online newspaper newspaper somewhat ruined my weekend.
    You perhaps inadvertently chose to interview empty-headed ignoramuses, but why?
    Not a good thing. It gives offence to thinking members of the public, including me.
    Not that I will do anything nasty to your editors; no, i am a fan of Premium Times.

    First of all, early morning local time here, you published Femi Falana asking for probe.
    That story was a no-brainer. A probe of Central Bank had been completed last year.
    I expect your editors know that Financial Reporting Council found ₦1.2 trillion missing.
    What probe are you asking for, again, without redeeming that stolen money at CBN?
    Your concern should be on how to force the hands of President Buhari to prosecute.

    Mass riots, civil disobedience, picketing, but not arson or murder, should be deployed.
    ₦1.2 trillion is too huge an amount to be irresponsibly spirited away by Sanusi Lamido.
    Hundreds of folks are in Nigerian prisons for as little as five thousand Naira stolen for food.
    How could a first class newspaper like yours sort of overlook, if not cover up ₦1.2 trillion?
    Sanusi Lamido must face justice; probe is over; Sanusi Lamido and Femi Falana don’t get it.

    • Tonnero

      You are an e-diot. No way can you be a professor except it is a professor of stEAling. First, Falana’s accusation has nothing to do with the so-called probe you refer to. Second, your pea brain does not see anything untoward in a rapidly constituted “probe” by an agency that went way beyond its remit and had never been heard of before or since immediately Sanusi raised an alarm that $49b could not be reconciled? Do you know the name of the chairman of the panel and where he is today? You cannot even pass WAEC with such e-diotic reasoning.

      • shokoloko

        @disqus_GGj80DnB8f:disqus & @Tonnero:disqus




        • Wollex


          There is the untold truth,
          that Sanusi Lamido Sanusi disgraces Islam as a religion. The basic
          duty of a right-thinking person is to avoid slurs and be above suspicion by
          choosing rectitude over fraud. Sanusi Lamido Sanusi lumbers tons of misdeeds
          and wants to be known and addressed as the Leader of Kano Muslim Umma.
          He disgraces Islam. Viewed as episcopal equivalent of a Bishop in Kano, Sanusi
          Lamido’s pending court cases for terrorism give bold relief to the pending
          charges of stealing audit-proved by the federal government of Nigeria.

          Taken together,
          those acts of infamy awaiting court verdict undermine the supposed
          divine afflatus of Emir. Like his counterpart, the present Emir of Gumi, who
          ran away from the courthouse, upon being caught by the Judicial Council for
          taking bribe whilst sitting on a case as a Judge of Abuja High Court, there’s
          no hallow to a stealing Emir anymore than there’s dignity to the religion of
          Islam if led by a tainted Emir. I am surprised that the Sultan of Sokoto has
          not considered these implications in reconsidering Sanusi Lamido’s fitness
          for purpose.

          • okenwa

            My question is who is going to probe sanusi lamido sanusi? Is it buhari? Capital NO because buhari is a beneficiary of the said stolen money by sanusi lamido sanusi.

    • GusO

      Mr. Pirofessor2016, can you be more explicit about the N1.2 trillion purportedly spirited away by the Emir rather than providing tantalizing bits and pieces and innuendos? I’m a Nigerian émigré in living in the US who in the last year or so began paying closer attention to Nigerian affairs upon the democratic ascendancy of Buhari to power after I had given up all hope — yes, all hope — that the country will ever rise to its rightful global potential given the financially greedy mafia political thugs that have ruled the nation with impunity since IBB’s ascendancy to power in1985. Despite Buhari’s youthful exuberance and some undeniable excesses as a dictator in 1984/85, one would be hard pressed to deny that he was a true rare patriot who correctly diagnosed the major issues holding us back as unbridled corruption and indiscipline. The Emir you are alleging enriched himself also gained global respect and prominence for alerting president Goodluck Jonathan to a massive $20 billion fraud iin the oil industry. One thing I have learned since rekindling my interest in Nigeria is that various people for their own personal agendas make all sorts of accusations to achieve various ends, some for the good of others, some for nefarious ends. That’s not really a surprise. It’s predictable human behavior akin to the divide and rule policy the colonialists employed with devastating success before independence. So, as a Prof and for my education, please provide me and others reading your allegations a web link to the report of the Investigate Panel that made the allegation. Thanks for your help.

      • Tonnero

        You would do yourself good to ignore that fake professor. He lacks inductive and deductive thinking ability. In all likelihood, he is one of the folks you described above as spreading falsehood usually based on ethnicity or religion.

        • GusO

          I’ll give him no more than a day to provide a web link to his allegation that an Investigative Panel report exist. If he cannot provide an attributive reference as professors do, then he is a propagandist possibly under someone’s pay. I think these commentary sections should be moderated in such a way that people making wild allegations are requested to support the allegations with data. It’s no use wasting educated people’s time or causing anxieties and anger to the uneducated.

      • Anasieze Donatus

        God bless you for this comment.None will provide this evidence and i am happy the man said he is READY FOR PROBE.Case Closed

  • Ibraheem Aruna

    Ordinarily, I would not join issues with the critics of the very learned emir despite my grudge that he would been the most appropriate person by training and exposure to turn Kano state to a business hub for export like Japan. To observe the learned Emir add a Rolls Royce to his fleet of two was a surprise of sort in the presence of a recessionary Nigerian economy. True it within his right to acquire whatever makes him happy, it is also his money but as one of the most learned, exposed, traditional rulers in Nigeria, some us expected some element of concern, empathy with the rest us. The money expended on that new acquisition could have been put to better use. Thank heavens we do not have internally displaced persons in Kano. but there are Almajiris,, vocational training will enhance the quality of life of his young subjects.

    • John A

      Well written, but these people don’t care about us.

    • GusO

      Ibraheem, I totally agree with much of what you said. I’m an admirer of the Emir for patriotically calling out the oil industry when GEJ administration was bilking billions of dollars from the nation’s treasury. However, I was disappointed when he unemphatically exercised his right to purchase a Rolls Royce luxurious car, perhaps costing over $250,000 for himself. I told my spouse that it was poor judgment on his part. He is world-renowned and he should use his fame to bring investments to Kano and Nigeria rather than add another expensive car to his fleet of vehicles.

  • Alkali

    Central Bank Audit Probe Result

    • ₦38.23billion developed legs and got missing in Central Bank under Sanusi Lamido Sanusi.
    • ₦160billion was taken by Sanusi Lamido at the Central Bank for self-determined spending.
    • ₦1.12billion was taken as spent by Sanusi Lamido on lunch for 12 CBN police guards
    in one year.
    • ₦1.12billion was taken in cash and entered in the account as paid to a non-operating airline
    for charter service.
    • ₦240billion was discretionally doled out at will as ‘donations’ by Sanusi Lamido.
    • ₦1.97billion was paid out in cash and entered on Central Bank accounts as “inexplicable
    expense” by Sanusi Lamido Sanusi.
    • ₦20billion was entered as paid out in cash as Legal Fees by Sanusi Lamido to persons
    • ₦3.086billion was taken by Sanusi Lamido and written off as expense ostensibly to promote
    Central Bank image.

  • Gbosa!!!


  • reginald

    I noticed we have almost 24 hr electricity in my house in Area A Owerri Imo State. B4 now we usually have less than 3hrs of electricity. Can somebody pls explain this to me. Is it that PHCN has improved or is there something to it? As 4 Falana”s accusation, I believe that the two CBN govs have come out openly to defend themselves quite brilliantly I must say. lets see how Falana responds.

    • Omoagunmate

      Me too my friend, we are enjoying 95% + electricity in my area o! I do actually pinch my self sometimes. What is going on people?? constant electricity supply? in Nigeria?, even my gen have been wondering why it has been neglected or marginalized so much, lol my gen is a wailer o!!

      • government

        Are you sure of what you are saying.In PH, apart from Odili road,no other place enjoys light for 6 hours a day.Rumuolumeni Section of PH is the worst hit.For the past two months,no one has seen light anywhere.

        • Omoagunmate

          I am talking about my area, not PH.

    • Orly222

      “The point i want to make and that’s a question i now want everybody to ask themselves.

      How can you have a sitting Central Bank governor (Sanusi Lamido) who cannot count?

      Who starts by telling you $49billion is missing, and then reduces to $29b, then $10 billion,

      then raises it to $20b – a Central Bank governor who cannot count like that is a disgrace

      to his country and a disgrace to the position he takes.”

      ……………..Odia Ofeimun

      (March 14th, 2015)

      • Rommel

        And what credibility does Odia Ofemmanu has? do I begin to tell you his own fantastic spins? for Sanusi,it is clear to understand why that confusion existed,the figures missing under president Jonathan is simply outrageous because in some cases,he would be informed to expect inflows but in the end,nothing would come in,do you know what he had to endure? that he ended up as Emir was to save his skin when it was revealed that Jonathan wanted him 6 feet.Odia Ofemmanu has always been an ethnic apologist,first it was Awolowo,only Awo was right in his eyes and then it shifted to Jonathan,someone like that should never be trusted.

      • Separation is the answer

        …and then a president with F9 in Math who believes that 97% + 5% = 100%.—————————————————————-Clearly, 1914 was a colossal aberration. Whatever placed a man from Sapele in the same country as a man from Sokoto is indeed a disaster. Quite unfortunate. Separation is the answer.

    • Rommel

      On that electricity issue,take heed before you are accused of being an APC stooge.

    • Alhaji

      It is because it is still raining. The rain or flood is still helping to drive the turbine, an engine that receives its power from a wheel that is turned by the pressure of water. Ask the same question after Christmas.

  • TAX PAYERS MONEY on Mistress

    Is Sanusi also ready for probe of his escapades at Room 23 of Raddison Blue Hotel wherein he spent tax payers money on his mistress in those days as a CBN Governor – with chartered flights to and from Abuja en route to Lagos (Ikoyi) for weekend rukormikorkor with Ms Yaro (a CBN employee)? ……………………..PT should stop deleting my comments. Ashewo no be work o!!!

  • Black Revolutionary

    Editor Premium Times,

    Path to Nigerians’ freedom

    Nigeria will become a better place without Sanusi Lamido Sanusi. Nigeria will be
    a better place without Raji Fashola. Nigeria will become a better place without
    Rotimi Amaechi. Nigeria will become a better place without Bola Ahmed Tinubu.
    These rogue creatures are brakes on human civilization. They are wretches and
    kleptomaniacs who should be promptly excluded from a decent community of

    A country that does not lock up its criminals, recidivists and malformed creatures
    in prison – like those ones mentioned- usually lays villains to rest in perfect peace.
    Nigerians may still go through all sorts of ambivalence on this simple truth. They
    will eventually reach enlightenment through mass sufferings and start to do the
    needful in the knowledge that human causes of Nigeria’s underdevelopment are
    far worse than any natural disaster.