The most important asset a bank has is its credibility. The bank’s credibility is carried by the governor and is embodied in the person of the governor. It is this credibility that makes national and international commerce go on. It is why when merchants offer goods and services for sell they demand payment by bank check. Because if the bank says that it has the money the seller is at ease. Note that merchants would not accept cash even when the cash is the legal tender.

When the governor of the Central Bank of Nigeria says that $50 billion is missing from his bank and it turns out not to be true, he could no longer continue in this post for he has lost (its greatest asset) the faith and trust of citizens and international community. Many things make this error chilling to most of us who have studied business especially accounting.

The amount of money involved. $50 billion is a lot of money in any economy including US economy. If the governor woke up and discovered that $50 billion was missing, his first reaction would be that it is impossible. It would be impossible because there would have been many warning signs. $50 billion could not be a single transaction, but literally thousands of transactions and thousands of transactions cannot pass through the eye of a needle without notice.

If his subordinates insisted that the sum is missing, he would call and ask for the dates the deposits were expected and when the last deposit was made. If they still could not find out what happened, he would personally place a call to the Petroleum Minister and alerted her on what his people were seeing. -

The fact that Mr. Lamido Sanusi did not do these things means one of two things: (a) he was not truly searching for the truth but to add to Obasanjo’s allegations of corruption and thus throw the administration to the wolf by causing national and international loss of faith in his country and throw the economy into a free fall. Or (b) he is truly ignorant of how these payments are actually made; has nobody on his staff who understands this business; is unaware of the implications of a loss of $50 billion to Nigerian economy; does not understand how important his credibility and the bank’s credibility were to the world or worse, does not really care. Either way Mr. Sanusi is damaged goods and will not be able to regain the level of trust he should be carrying around.

The fact that GEJ could not fire him should be the main reason why Mr. Sanusi should offer his resignation immediately and GEJ ought to accept it. It is noble to know when on has made a major mistake and to accept responsibility for it.

Far too many things broke down in this rush to judgment from system internal controls, to accounting controls and finally to selfcontrol.Basic knowledge of double entry bookkeeping is lacking in this organization. Mr. Sanusi should understand all this. He should know that the next time he says that 50K is missing, somebody out there, would wonder if this is another of his delusions.

Sanusi's achievement under CBN governor

- he rescued the banking industry from near- collapse four years ago
- he led the Monetary Policy Committee in increasing the benchmark interest rate by six percentage points to a record 12 percent from September 2010 to October 2011 to bolster the currency and curb inflation.
- he has a strong personality and a lot of people in vested in the country just because of the personal relationship and the trust in Sanusi, and the confidence that Sanusi inspires
- he criticized China’s role in Africa, saying it’s contributing to “deindustrialization and underdevelopment” in the world’s poorest continent. Africa must shake off its “romantic view of China” and see it as a competitor that’s “capable of the same forms of exploitation as the west,” Sanusi wrote in the London-based Financial Times on March 11.
- he was named the 2013 Emerging Markets Central Bank of the Year Award for Sub-Saharan Africa, making it the third time he would receive the honour.

Indeed you have truly served your fatherland but Do not let mistakes ruin all what you have built and achieved.

argon500: The most important asset a bank has is its credibility. The bank’s credibility is carried by the governor and is embodied in the person of the governor. It is this credibility that makes national and international commerce go on. It is why when merchants offer goods and services for sell they demand payment by bank check. Because if the bank says that it has the money the seller is at ease. Note that merchants would not accept cash even when the cash is the legal tender.

When the governor of the Central Bank of Nigeria says that $50 billion is missing from his bank and it turns out not to be true, he could no longer continue in this post for he has lost (its greatest asset) the faith and trust of citizens and international community. Many things make this error chilling to most of us who have studied business especially accounting.

The amount of money involved. $50 billion is a lot of money in any economy including US economy. If the governor woke up and discovered that $50 billion was missing, his first reaction would be that it is impossible. It would be impossible because there would have been many warning signs. $50 billion could not be a single transaction, but literally thousands of transactions and thousands of transactions cannot pass through the eye of a needle without notice.

If his subordinates insisted that the sum is missing, he would call and ask for the dates the deposits were expected and when the last deposit was made. If they still could not find out what happened, he would personally place a call to the Petroleum Minister and alerted her on what his people were seeing. -

The fact that Mr. Lamido Sanusi did not do these things means one of two things: (a) he was not truly searching for the truth but to add to Obasanjo’s allegations of corruption and thus throw the administration to the wolf by causing national and international loss of faith in his country and throw the economy into a free fall. Or (b) he is truly ignorant of how these payments are actually made; has nobody on his staff who understands this business; is unaware of the implications of a loss of $50 billion to Nigerian economy; does not understand how important his credibility and the bank’s credibility were to the world or worse, does not really care. Either way Mr. Sanusi is damaged goods and will not be able to regain the level of trust he should be carrying around.

The fact that GEJ could not fire him should be the main reason why Mr. Sanusi should offer his resignation immediately and GEJ ought to accept it. It is noble to know when on has made a major mistake and to accept responsibility for it.

Far too many things broke down in this rush to judgment from system internal controls, to accounting controls and finally to selfcontrol.Basic knowledge of double entry bookkeeping is lacking in this organization. Mr. Sanusi should understand all this. He should know that the next time he says that 50K is missing, somebody out there, would wonder if this is another of his delusions.

Sanusi's achievement under CBN governor

- he rescued the banking industry from near- collapse four years ago
- he led the Monetary Policy Committee in increasing the benchmark interest rate by six percentage points to a record 12 percent from September 2010 to October 2011 to bolster the currency and curb inflation.
- he has a strong personality and a lot of people in vested in the country just because of the personal relationship and the trust in Sanusi, and the confidence that Sanusi inspires
- he criticized China’s role in Africa, saying it’s contributing to “deindustrialization and underdevelopment” in the world’s poorest continent. Africa must shake off its “romantic view of China” and see it as a competitor that’s “capable of the same forms of exploitation as the west,” Sanusi wrote in the London-based Financial Times on March 11.
- he was named the 2013 Emerging Markets Central Bank of the Year Award for Sub-Saharan Africa, making it the third time he would receive the honour.

Indeed you have truly served your fatherland but Do not let mistakes ruin all what you have built and achieved.

That money was missing but they must have done a deal with him