Ex Central Bank of Nigeria head, now Emir
Muhammed Sanusi Lamido, initially blew open the corruption saga that rocked Nigerian National Petroleum Corporation NNPC, which led to his suspension by president Jonathan. After a long battle on this issue and right after president GEJ lost the election, he ordered NNPC to release all necessary documents to auditing company PWC. The report of PWC reveals that Sanusi was right afterall. Indeed, between $18.5bn – $20bn is missing. Sanusi
shared his thought in a piece as seen below.



“Unanswered Questions On Missing Oil Revenue Billions” – Published by Financial Times May 13. 2015

Just over a year ago President Goodluck Jonathan suspended me from my position as governor of the Central Bank of Nigeria after I questioned an estimated $20bn shortfall in oil revenues due to the
treasury from the state oil company. As I said then, you can suspend a man, but you cannot suspend the truth. The publication last month of a PwC audit into the “missing billions” brings us a step closer to it. When I was central bank governor I raised three broad questions. First, did the Nigerian National Petroleum Corporation remit to the government the entire proceeds of its crude oil sales? Second, if it did not, is there proof of the purpose to which the
unremitted amounts were applied? And third, did NNPC have the legal authority to withhold these funds? Contrary to the claims of petroleum minister Diezani Alison-Madueke, the audit report does not exonerate the NNPC. It establishes that the gap between the company’s oil revenues between January 2012 and July 2013 and cash remitted to the government for the same period was $18.5bn. And it goes into detail about the NNPC’s account of how it used that money, which raises serious questions about the legality of the state oil company’s conduct. The auditors say a significant part of the unremitted funds is supposed to have gone towards a kerosene subsidy that had been stopped two and a half years earlier by the late President Umaru Yar’Adua. His decree never appeared in the official gazette, leading some to question whether it ever had legal force. Evidence disclosed in the report suggests this is a
sideshow. The executive secretary of the agency charged with administering subsidies confirmed that, acting on Yar’Adua’s orders, it had ceased granting subsidies on kerosene. There was no appropriation for such a subsidy in the 2012 or 2013 budgets.

Throughout all this, Nigerians paid 120-140 naira a litre of kerosene, far more than the supposed subsidised price of 50 naira. Yet the state oil company withheld $3.4bn to pay for a subsidy that in effect did not exist. I have consistently held that this was a scam that violated the constitution and siphoned off money from the treasury. The second major item raised in the report relates to the transfer of oil assets belonging to the federation to the Nigerian Petroleum Development Company, a subsidiary of the NNPC. NPDC has paid $100m for these assets, from which it extracted crude valued at $6.8bn but paid tax and royalties worth $1.7bn in the period scrutinised by the auditors. PwC was unable to establish how much of the remaining $5.1bn should have been remitted to the government. But the report showed that, along with the private
companies NPDC partnered with, it was extracting crude worth billions of dollars but yielding very little revenue for the treasury. I was investigating related transactions when I was suspended. The third major item is a claim of $2.8bn by NNPC for expenses not directly attributable to crude oil operations; PwC said “clarity is required” on whether such upfront deductions from remittances to the federation accounts are allowed, or whether the money should have been remitted to the government. Finally, there are duplicated expenses,
“unsubstantiated” costs, computation “errors” and tax shortfalls; a total of $1.48bn has to be
refunded.
Of the $18.5bn in revenues that the state oil
company did not send to the government, about $ 12.5bn appears by my calculations to have been diverted. And this relates only to a random 19-month period, not the five-year term of Mr Jonathan, the outgoing president. Nigerians did not vote for an amnesty for anyone.
The lines of investigation suggested by this audit need to be pursued. Any officials found responsible for involvement in this apparent breach of trust must be charged. Written by Emir of Kano and a former governor of the Central Bank of Nigeria.

http://www.nigerianmonitor.com/2015/05/14/sanusi-speaks-on-what-led-to-his-suspension-by-president-jonathan/

No need sir! We all know y. You have been vindicated. Sai Sanusi!

In summary 'you can suspend Sanusi but you cannot suspend the truth that money is missing'

GEJ my fellow kwriminal
.

FAYOSe my brother in crime....

so what of the issue of reckless expenditure of billions of naira?
flying to lagos to commit adultery and infantry with a married woman?

tit:
so what of the issue of reckless expenditure of billions of naira?
flying to lagos to commit adultery and infantry with a married woman?

Thank God the worthless GEJ is leaving after bastardizing the economy with massive corruption and unimaginable mismanagement. He's the worst of all the worthless leaders that ever ruled Nigeria. Good riddance to Nigeria's worst nightmare. I hope Buhari probes the missing $20 billion and all the other shenanigans that went on under the kleptocratic government of the Clueless one.

space booked

tit:
so what of the issue of reckless expenditure of billions of naira?
flying to lagos to commit adultery and infantry with a married woman?

What has this got to do with the billions of dollars that disappeared in NNPC?(!)

SLS has been vindicated, Jonathan has been friend to criminals and looters of our economy. People are so naive and cannot reason beyond their nose.
Jonathan made a statement on his Facebook page when he was campaigning for 2011 that; "when I become president, I will fix the problems of electricity". Then I commented that, if he spends twenty years in power he will not perform.

I hope does involved in Nigeria missing money should be missing too

this mata never stil die if una nor see d money make we move on nah

I've said it, people just for like a month after the new Administration of Buhari comes in, the terrible rot and corruption that will be exposed will be so much that every sympathiser of the GEJ administration will have not choice but to STFU

And to think that some youths are presently trecking for GEJ; are they sanctioning all the corruption and mismanagement of our economy under him?

Are they thanking him for a job well done?

Something tells me the major reason the family of the girl-treker forced her to withdraw is because they fail to see the morale behind her trecking; as in, they don't find palatable the idea of their daughter trecking for a man that is widely believed to have failed the nation. A man who will probably go down in history as the most corrupt Nigerian president.

tit:
so what of the issue of reckless expenditure of billions of naira?
flying to lagos to commit adultery and infantry with a married woman?

Una see!

If he has his proof let him put it forward not just talking mouth! mouth!,
So that based on his prove investigation will be made.
Not just raining accusation.........Even himself should be investigated,
he was also a public servant as CBN governor.

orobs93:
this mata never stil die if una nor see d money make we move on nah

If he has his proof let him put it forward not just talking mouth! mouth!,
So that based on his prove investigation will be made.
Not just raining accusation....and each time different figure is mentioned.....Even himself should be investigated,
he was also a public servant as CBN governor.