Former President Goodluck Jonathan and Emir of Kano Muhammad Sanusi II publicly disagreed over the circumstances surrounding Sanusi’s departure from the Central Bank of Nigeria (CBN) and the alleged missing $49.8 billion. The heated exchange unfolded during the launch of a new book on public policy, bringing to light longstanding tensions between the two prominent figures.
On Thursday, Abuja’s literary scene became an unexpected battleground as Jonathan and Sanusi found themselves at odds during the unveiling of “Public Policy and Agents Interests: Perspectives from the Emerging World.” Co-authored by former Finance Minister Shamshudeen Usman, the event quickly transformed from a celebration of intellectual discourse to a riveting public debate.
At the heart of the disagreement lies a staggering sum of $49.8 billion, allegedly missing from government coffers during Jonathan’s tenure. Sanusi, who served as CBN Governor at the time, claims he was dismissed for blowing the whistle on this financial discrepancy. Jonathan, however, vehemently denies both the missing funds and Sanusi’s alleged dismissal.
Taking the podium, former President Jonathan wasted no time addressing the elephant in the room. Let me mention that I did not agree with some issues raised by one of the contributors,” he began, his voice steady but tinged with frustration. The one he raised that he was sacked because he blew a whistle that the Federal Government lost $49.8 billion is not quite correct.”
Jonathan went on to explain that an internationally recognized audit firm had investigated the matter, ultimately giving his administration a clean bill of health. He recounted a conversation with then-German Chancellor Angela Merkel, emphasizing the implausibility of such a significant sum disappearing from a struggling economy.
“Our budget was $31.6 billion,” Jonathan pointed out. So for a country that had a budget of $31.6 billion to lose about $50 billion and salaries were paid; nobody felt anything. The researchers that wrote this book need to do further research.”
Hours after Jonathan’s remarks, Emir Sanusi took to the stage, his regal presence commanding attention. With a mix of humor and firmness, he addressed the former president directly: “My boss who sacked me. I was constructively dismissed. I continue to respect Jonathan and I don’t have grudges against anyone.”
This swift and pointed response highlighted the ongoing tension between the two figures, even years after the events in question.
The Numbers Game: $49.8 Billion, $20 Billion, or $12 Billion?
Adding another layer of complexity to the controversy, Jonathan pointed out inconsistencies in Sanusi’s claims over time. “First $49.8 billion, later $20 billion and later $12 billion. I don’t even know the correct one,” he said, casting doubt on the validity of the allegations.
While denying the bulk of the missing funds claim, Jonathan did acknowledge a discrepancy in the Nigerian National Petroleum Corporation’s (NNPC) accounts. “Price Water Coopers, PWC, which investigated the matter, revealed that no such amount was stolen,” he stated. However, $1.48 billion could not be accounted for by the Nigerian National Petroleum Corporation, NNPC, (now NNPCL) at the time.
As news of the confrontation spread, political analysts and citizens alike took to social media to share their thoughts. Dr. Amina Bello, a political scientist at the University of Abuja, offered her perspective: “This public disagreement between two of Nigeria’s most influential figures reopens old wounds and raises questions about transparency in our highest offices. It’s a reminder that the issues of 2014 still resonate today.”
Beyond the personal clash, this incident has reignited discussions about governance, financial accountability, and the role of whistleblowers in Nigeria’s political landscape. Transparency International’s Nigerian chapter released a statement urging for “a thorough, independent investigation into the claims and counterclaims to provide clarity to the Nigerian people.
As the dust settles on this high-profile confrontation, questions linger about the long-term implications for Nigeria’s financial governance and political landscape. The clash between Jonathan and Sanusi serves as a stark reminder of the complexities surrounding public office, whistleblowing, and financial accountability in Africa’s largest economy.
While the truth behind the alleged missing billions may remain contested, one thing is clear: the events of 2014 continue to shape Nigeria’s political narrative. As the country moves forward, the call for transparency, accurate reporting, and responsible governance grows ever louder.
The Jonathan-Sanusi debate at the book launch has reignited a crucial conversation about financial integrity in Nigeria’s highest offices. As the nation grapples with these revelations, the incident serves as a powerful reminder of the ongoing need for accountability, transparency, and robust financial oversight in public governance.
