On Thursday, September 26, former President Goodluck Jonathan addressed rumors surrounding the alleged disappearance of $49.8 billion during his administration, specifically denying that he dismissed former Central Bank Governor Sanusi Lamido Sanusi for raising concerns about the missing funds.
During the launch of the book *Public Policy and Agents Interests: Perspectives from the Emerging World*, co-authored by former Minister of Finance Shamshudeen Usman, Jonathan firmly stated that no money was lost, attributing the allegations to the then leadership of the Central Bank of Nigeria (CBN).
Jonathan noted that an internationally recognized audit firm had been engaged to investigate the claims and ultimately reported that the administration was in good standing. He responded to Sanusi’s assertion in the book that he was removed from his position for exposing the alleged missing funds.
“I did not agree with some issues raised by one of the contributors,” Jonathan remarked, referring to Sanusi, who was present at the event. “He was not sacked; he was suspended because of queries about CBN’s expenditures that revealed serious infractions needing investigation. His tenure ended before that could be fully addressed.”
The former president explained that with Nigeria’s budget at around $31 billion at the time, it was implausible for such a large sum to vanish without significant repercussions. He recounted being questioned about the situation by then German Chancellor Angela Merkel, reiterating that it was unlikely such funds could have been stolen from a struggling economy.
Jonathan also pointed out inconsistencies in Sanusi’s claims about the missing funds, noting that the figures shifted from $49 billion to $20 billion, and then to $12 billion. He insisted that Price Waterhouse Coopers (PWC) found that while $1.48 billion could not be accounted for by the NNPC, the broader allegations were unfounded.
The event also featured the launch of the Shamsuddeen Usman Foundation, established in honor of Dr. Usman by his children to promote education and artificial intelligence in Nigeria. As of the time of reporting, the Emir of Kano had not yet addressed the audience.
