A crisis of confidence appears to have hit the Central Bank of Nigeria (CBN) over the controversy generated by the letter written by the governoor of the apex bank, Mallam Sanusi Lamido Sanusi, in which he claimed that a whopping $49 billion was missing from accruals to the federation account from oil sales.
Indications in Abuja were that a number of officials of the CBN were taken aback by the letter Sanusi wrote to the president.
It was gathered that the Federal Government has confirmed that the deputy governors of the apex bank have disowned the letter written by their governor.
Sources within the bank stated t[b]hat the deputy governors and a number of directors are worried that there were no justifications for Sanusi’s letter.
A source quoted one of the stop figures at the CBN as saying that the apex bank workers were worried that the said letter emanated from the bank without any memo to that effect.[/b]

Government plans audit report on agencies
It was also confirmed that following the letter by the CBN governor, the Federal Government has decided to unveil a number of audit reports on some of its agencies.
Sources confirmed that the Federal Government had, in recent times, undertaken audit of its agencies, including the CBN, and was worried when it got the letter from the governor of the apex bank.
According to a source, the Federal Government has actually undertaken an audit of its key agencies and and was miffed to hear that a whopping $50 billion was missing from one of the agencies already audited by reputed firms.
It was gathered that the president immediately referred the letter by Sanusi to the Nigerian National Petroleum Corporation (NNPC) for explanation.
Sources said that the Sanusi letter was set aside after the government got detailed explanation from the NNPC.
“The government is of the view that the time has come to act on a number of lapses spotted by the audit firms. There are issues with the CBN and a number of organisations, as confirmed by the audit. The CBN itself was indicted in a number of areas and the indictment could actually be responsible for the failure of the CBN to get the right statistics on NNPC’s account,” a source said, adding that once the review of the audit report was completed, none of the indicted officials would be spared.

CBN has questions to answer –NNPC
Meanwhile, the NNPC said on Saturday that the CBN left a number of questions unanswered in its allegation that the said fund was missing from the federation account.
It also accused the CBN of parading unreliable oil production data on which it based its calculation, even as it affirmed that only the Department of Petroulem Resources (DPR) could provide authentic oil production data in the country.
The Group Managing Director (GMD) of the corporation, Mr Andrew Yakubu, had, on Friday, accused Sanusi of deliberately playing politics with oil revenue accounts which the CBN, on monthly basis, reconciles alongside other agencies like the Federal Inland Revenue Service (FIRS) and the DPR.
On Saturday, the NNPC, speaking through its Group Executive Director, Exploration and Production, Mr Abiye Membiri, dared the CBN governor to tell Nigerians the oil revenue remittances by the FIRS and DPR accounts which he said were domiciled in the bank.
He said the letter written by the governor of CBN only confirmed that the NNPC had remitted its share of the earnings from oil sales, asking “what about remittances by the other two agencies?”
According to Membiri, the letter written by Sanusi was economical with the truth about oil collections. He added that the CBN governor refused to state what was paid by other agencies charged with the the responsibility of receiving money on behalf of the federation.
“We are happy the CBN admitted that NNPC paid into the federation account. The question now is what happened to the remittances of other agencies’ oil revenue? Is the CBN saying the accóunt is zero?” he asked.
The executive director also wondered how Nigerian could survive, if truly such a huge amount of money is missing in an economy which depends mostly on oil revenue, adding that “the claim is false and unfounded. Where are you going to keep $49 billion without the audit trial revealing such? Where will you keep that type of money that the international community and even Nigerians will not raise alarm? If fifty 50 billion or so is not paid into the federation account, Nigeria would have collapsed.”
According to Membiri, the accusation is curious and political because the CBN did not raise the issue in any of the monthly account reconciliation meetings.
He particularly questioned the data used by the CBN governor on the ground that the comparison should have commenced from 2010 to the present to see whether remittance from the NNPC is normal or otherwise.
Membiri noted that current returns in the oil sector was affected by pipeline vandalism, oil theft and increasing production cost, declaring that even if there were discrepancies in the production returns, the amount involved could never be up to figures quoted by the CBN governor.
NNPC, CBN, DPR, FIRS meet Tuesday
In the meantime, the raging controversy between the CBN and the NNPC has neccesitated a meeting between the agencies involved in the matter.
These include the CBN, NNPC, FIRS and the DPR. The meeting is scheduled to hold on Tuesday to reconcile oil revenue remittance accounts.
Membiri disclosed that the NNPC and other agencies would meet the CBN on Tuesday to go through the accounts. According to him, the agencies would present their records to prove that no oil money was missing.
The Director of Petroleum Resources, Mr George Osahon, also corroborated Membiri and explained that the meeting on Tuesday would straighten out everything, even as he clarified that there was no dispute over production figures .
“We will meet and we will present our records. As far as we are concerned, we will wait for the meeting to hear what happened to our remittances to the bank,” he said.

Source: [url]http://www.tribune.com.ng/news2013/index.php/en/news/lead-stories/item/28644-cbn-directors-claim-ignorance-of-sanusi%E2%80%99s-letter-%E2%80%A2apex-bank-has-case-to-answer-%E2%80%94nnpc-insists-%E2%80%A2firs,-dpr,-nnpc,-cbn-to-meet-tuesday-%E2%80%A2fg-may-release-audit-reports-on-cbn,-others.html[/url]

We are glad that this monumental fraud did not go unnoticed like it has been the case all this while. All those directors can insult the much they want, Nigerian thank the CBN governor for exposing this. We just hope that GEJ and his gang will bring out the money from where it has been accumulating illegal interest.

Jonathan, Nigerians will see you during the next ELECTION.

egift: We are glad that this monumental fraud did not go unnoticed like it has been the case all this while. All those directors can insult the much they want, Nigerian thank the CBN governor for exposing this. We just hope that GEJ and his gang will bring out the money from where it has been accumulating illegal interest.

Jonathan, Nigerians will see you during the next ELECTION.

Mumu did you even bother reading the write up at all?

chukwudi44:
Mumu did you even bother reading the write up at all?

the guy is too daft to comprehend the write up.

The executive director also wondered how Nigerian could survive, if truly such a huge amount of money is missing in an economy which depends mostly on oil revenue, adding that “the claim is false and unfounded. Where are you going to keep $49 billion without the audit trial revealing such? Where will you keep that type of money that the international community and even Nigerians will not raise alarm? If fifty 50 billion or so is not paid into the federation account, Nigeria would have collapsed.”

Sanusi must be practicing sharianomics

egift: We are glad that this monumental fraud did not go unnoticed like it has been the case all this while. All those directors can insult the much they want, Nigerian thank the CBN governor for exposing this. We just hope that GEJ and his gang will bring out the money from where it has been accumulating illegal interest.

Jonathan, Nigerians will see you during the next ELECTION.

Na your type Tinubu n Buhari de find, so that dem go fit use your head anyhow!

I am sure Sanusi will be totally disgraced at the end of the day. He just showed his incompetence at handling the affairs of the apex bank.

Jman06: I am sure Sanusi will be totally disgraced at the end of the day. He just showed his incompetence at handling the affairs of the apex bank.

I hope this will serve as a lead into Sanusi, arrest, prosecution for embazzlement, and deception.
It's only in Nigeria that such person could have survived as our CBN governor for more than a day.

Sanusi did the right thing by not informing these Deputy directors of his intension of sending the said letter to GEJ. I suspect that sanusi knows that many of those people are co conspirators along with their NNPC counterparts.

egift: We are glad that this monumental fraud did not go unnoticed like it has been the case all this while. All those directors can insult the much they want, Nigerian thank the CBN governor for exposing this. We just hope that GEJ and his gang will bring out the money from where it has been accumulating illegal interest.

Jonathan, Nigerians will see you during the next ELECTION.

Comprehension problem? Read the article again.

For those who prefer insults, go ahead. The fact remains that $49b from the sales of crude oil by the NNPC was not remitted into the Federation Account.

So the question is where is it? If transfer to some accounts, who authorized it? There is no law in Nigeria supporting such diversion.

Moreover this report could not name anyone in CBN in the stage managing propaganda.

If at the end, Sanusi is found guilty, I suggest he resigns...

"Sources said, sources said". Another rubbish attempt to discredit the contents of the CBN Governor's letter.

NNPC exported crude, where is the foreign exchange?

All these talk about how a government that has always failed to implement budgets will survive is rubbish.

The export laws are clear. If you export you bring your forex back. Where is it Mr NNPC?

The failure of NNPC to repatriate these amounts constitutes not only a violation of constitutional provisions but also of both the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act No. 17 of 1995 and the Pre-Shipment Inspection of Exports Act No. 10 of 1996 which stipulates that “An exporter of goods, including petroleum products, shall open, maintain and operate a foreign currency domiciliary account in Nigeria into which shall be paid all exports proceeds corresponding to the entire proceeds of the exports concerned”.

egift: For those who prefer insults, go ahead. The fact remains that $49b from the sales of crude oil by the NNPC was not remitted into the Federation Account.

So the question is where is it? If transfer to some accounts, who authorized it? There is no law in Nigeria supporting such diversion.

Moreover this report could not name anyone in CBN in the stage managing propaganda.

You can't ignore the points made in this article, just because you want to make a political point.
FIRS and DPR had paid their own revenue into the CBN as required, not to the federation account. The criminal aspect of Sanusi's allegation is that he ignored the sum paid to his agency, and instead is making noise about a missing $50B, when he had received a fraction of that amount into his CBN.
Let him publish how much the CBN had got from FIRS and DPR as stated by NNPC, you see accounting is a predictable science. NNPC simply wants him to state how much of the "missing" $50B was paid into the CBN, maybe then and only then would he understand the math.
Meanwhile, he wants to score a political point with other APC operatives by painting GEJ as extremely corrupt

This rubbish even after the crooks at NNPC don confess to the Nigerian house of assembly that they shortchanged the Nigerian people and in effect confirming Sanusi's assertions?


Bunch of crooks and co conspirators..

Be

ballabriggs: "Sources said, sources said". Another rubbish attempt to discredit the contents of the CBN Governor's letter.

NNPC exported crude, where is the foreign exchange?

All these talk about how a government that has always failed to implement budgets will survive is rubbish.

The export laws are clear. If you export you bring your forex back. Where is it Mr NNPC?

Lol, true talk jare, some fools who have never seen a dollar bill in their lives are acting like rape victims who insist on defending their transducers!

agbameta: This rubbish even after the crooks at NNPC don confess to the Nigerian house of assembly that they shortchanged the Nigerian people and in effect confirming Sanusi's assertions?


Bunch of crooks and co conspirators..

I see say truth dey hurt your ear drums. Kpele-o!

naijaking1:

I see say truth dey hurt your ear drums. Kpele-o!

Please SFTU and get lost..

agbameta:


Please SFTU and get lost..

Come talk to me when you can make sense!

Even though I believe that NNPC is not totally upright about crude oil sales, I believe there has to be a political twist to sanusi's letter. It leaves more questions than answers and I believe heads should roll at CBN.
1. If you manage my account and someone systematically defrauds me, and it takes you over 18months to alert me, its either you're totally careless or you're in on it.
2. Seeing the way the 'missing' money was arrived at and the reply from NNPC, shows that CBN has zero idea of how monies from crude oil sales are remitted to the federation account. Multiplying crude oil production by international price is a very unprofessional and almost pedestrian way of determining what should be paid in. If everything produced is paid into the account, does it mean there is no production costs, no overheads, do the oil multinationals drill our oil for free, and take nothing home at the end? The monies paid on by FIRS and DPR were miracle monies?
3. A letter addressed to the president should never leak to the press no matter the reason. There are countless inter-ministerial meetings between CBN and NNPC where this issues could be highlighted and dealt with. As the CBN governor, you can access the president at any convenient time. Correspondence between the CBN governor and the presidency is highly classified. This shows a systematic desire to discredit, and overheat the policy since most nigerians take whatever is written in their favorite newspapers as gospel and make no effort to verify.
4. I wonder how someone will steal an amount bigger than. The national budget and our economy will not fall. It means NNPC decided to keep back over 70% of our daily crude oil sales for over 18months and nobody noticed, nobody said a word until now.
I fear for NIGERIA!!!

This doesn't add up.

they should deal with Sanusi squarely

He has been going about donating the CBN money to anyone he likes without recourse to constituted authority

Sanusi thinks being Prince of Kano gives him immunity from prosecution.

I hope he gets arrested as soon as he leaves office and locked up untill he accounts for his misappropriation of public funds

fool

naijaking1:

You can't ignore the points made in this article, just because you want to make a political point.
FIRS and DPR had paid their own revenue into the CBN as required, not to the federation account. The criminal aspect of Sanusi's allegation is that he ignored the sum paid to his agency, and instead is making noise about a missing $50B, when he had received a fraction of that amount into his CBN.
Let him publish how much the CBN had got from FIRS and DPR as stated by NNPC, you see accounting is a predictable science. NNPC simply wants him to state how much of the "missing" $50B was paid into the CBN, maybe then and only then would he understand the math.
Meanwhile, he wants to score a political point with other APC operatives by painting GEJ as extremely corrupt

Although i would not support Sanusi until the facts of the matter are laid bare, you people's hurry to crucify Sanusi or any other person that raise any issue in any agency under the federal government is ridiculous.

Since you are privy to DPR's and FIRS's accounts, can you disclose for us which accounts with the CBN that they paid the missing 50 billion (or a fraction), and exactly how much was actually paid. Then you will have to explain why proceeds from oil revenue is paid into an account other than the federation account.

why would 'surbodinates' disown letter their oga wrote.

naijaking1:

Come talk to me when you can make sense!

the young man has mental issues

ocelot2006:


Comprehension problem? Read the article again.

Even if this dude read the said article a million times,his mind is set and programmed by APC lies...That any article against the FG is true and anyone against APC is false.

What is apparent in this saga is that someone clearly does not know his job. Why didn't sanusi consult with his managers before writing to the press president. It either he Sanusi is incompetent, or deliberately lying to score cheap political points.

I said it in one thread and would repeat it. If it is established that Sanusi misled the public, he should be made to appear on national tv and airwaves to recant and dispel his dangerous rumour after which he should be sacked for incompetence. He is a loose cannon.

naijaking1:

Come talk to me when you can make sense!

Keep quiet. Ode, why talk to you? Was I even talking to your village dumb asss to start with? Clueless villager.

This SE/SS corrupt minded e-idiots will not kill us with their stupididty.

The same Sanusi that supported the subsidy removal, even against the wish of the opposition and the masses is now anti-GEJ??

I guess he should just have turned a blind eye to possible discrepancy, cos GEJ and their other 'children' in his Givernment are 'saints' who can never go wrong??

You guys are incredulously ridiculous!

Luckysbab: This SE/SS corrupt minded e-idiots will not kill us with their stupididty.

The same Sanusi that supported the subsidy removal, even against the wish of the opposition and the masses is now anti-GEJ??

I guess he should just have turned a blind eye to possible discrepancy, cos GEJ and their other 'children' in his Givernment are 'saints' who can never go wrong??

You guys are incredulously ridiculous!

sounds like u lack the capacity to understand that 2 enemies can sometimes have common grounds in policy and views?

PointB: What is apparent in this saga is that someone clearly does not know his job. Why didn't sanusi consult with his managers before writing to the press president. It either he Sanusi is incompetent, or deliberately lying to score cheap political points.

I said it in one thread and would repeat it. If it is established that Sanusi misled the public, he should be made to appear on national tv and airwaves to recant and dispel his dangerous rumour after which he should be sacked for incompetence. He is a loose cannon.

Please how does attacking sanusi help resolve the riddle, where is the missing $50 billion? it is not in the federation account as it should be. All the denials, innuendoes and personal attacks have carefully avoided the question.

I agree that once the money is found and it is domiciled with Cbn, Then Sanusi should honorably resign.