Full text of the press statement:

CENTRAL BANK OF NIGERIA
The attention of the Central Bank of Nigeria has been drawn to an emerging public discourse around a letter purportedly written by the Governor to His Excellency the President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan, GCFR, expressing concerns over non-remittance of oil revenues by the Nigerian National Petroleum Corporation (NNPC).



The Central Bank of Nigeria will neither confirm nor deny the existence of such a letter and considers any discussion by it on the alleged letter to be inappropriate.

However, to the extent that the matter is gathering momentum in the public space, and seems to be assuming a highly politicized dimension, the Bank wishes to issue the following clarifications:

1. The CBN is statutorily mandated to establish price stability, protect the external value of our national currency, manage the external reserves of the Federation and ensure the smooth functioning of our financial system, as well as adviser to the President on economic matters.

2. The capacity of the Bank to perform its role effectively is strengthened or undermined by the extent to which the nation is able to increase foreign exchange earnings and savings from these earnings, thus boosting the Excess Crude Savings Account, raising reserve levels, providing currency stability and moderating interest rates with limited risks to inflation and financial stability.

3. In the performance of this role it is natural for the CBN to be concerned at the low level of accretion to reserves and the Excess Crude Account, inspite of strong international oil prices, especially as Nigeria\'s performance is compared with other oil producing economies.

4. The Central Bank of Nigeria is aware that this concern is shared by Mr. President, the Federal Ministry of Finance, Ministers, State Governors, legislators, economists, analysts and all stakeholders involved in managing the economy and discussions on how to address the matter are being held at highest levels of Government.

5. The CBN is aware that, on the instruction of the Honourable Minister of Petroleum Resources, the audit firm, PWC has been directed to audit the revenues of the NNPC.

6. The CBN is also aware of a proposal to set up a technical team made up of representatives the Federal Ministry of Finance, the NNPC and the CBN to examine the sources of any revenue leakages and propose appropriate fiscal controls.

7. The CBN welcomes these initiatives and believes that they represent a positive contribution to the process of improving the management of the economy, especially if they lead to greater oversight of the Finance Ministry over oil revenues and improvements in disclosure and transparency in the Oil Industry.

8. The Central Bank of Nigeria recognizes that there is an urgent need to review fiscal terms of sharing revenues between the Federal Government and oil companies and to improve governance and transparency in the official oil sector. This underscores the need to urgently pass a Petroleum Industry Bill (PIB) that addresses fiscal terms and the structure of the NNPC. We therefore support the effort of the Federal Government to pass a new PIB.

9. The CBN will continue to use appropriate channels of communication in these matters and hereby assures all stakeholders in the country, of its continued support in all efforts aimed at strengthening the Nigerian economy and reducing its vulnerability to shocks from the external sector.

10. The Central Bank of Nigeria will not issue further statements on this matter and urges the general public to avoid unnecessary politicization of a technical matter while awaiting the outcome of on-going consultation and reviews.

Ugochukwu Okoroafor,
Director, Corporate Communications

http://savannahreports.com/economic2/item/208-sanusi-letter-to-jonathan-rejoinder-from-central-bank

This should make Front page with the speed of light please as its predecessor made front page with supersonic speed.

Youth of the great nation Nigeria! We must not make their mistakes! Lets live for what's just and free from corruption.

Is our money missing ? True or false?

Where is the $50bn crude oil sales?

Sanusi making the best use of a bad situation! The deed has been done already. Stop trying to save your pay master's face!

theoctopus:


3. In the performance of this role it is natural for the CBN to be concerned at the low level of accretion to reserves and the Excess Crude Account, inspite of strong international oil prices, especially as Nigeria\'s performance is compared with other oil producing economies.

k

This paragraph speaks volumes.

Something is indeed happening to oil revenues.

On a whole new level!

Its no more sahara reports but savannah reports laughing in swahili.

Singing Asa - fire on the mountain

There is fire on the mountain
And nobody seems to be on the run
Oh there is fire on the mountain top
And no one is running
I wake up in the morning
Tell you what I see on my TV screen
I see the blood of an innocent child
And everybody's watching
Now I'm looking out my window
And what do I see
I see an army of a soldier man
Marching across the street
Hey Mr. soldier man
Tomorrow is the day you go to war
But you are fighting for another man's cause
And you don't even know him
What did he say to make you so blind
To your conscience and reason
Could it be love for your country
Or for the gun you use in killing
There is fire on the mountain
And nobody seems to be on the run
Oh there is fire on the mountain top
And no one is running
Hey Mr. Lover man
Can I get a chance to talk to you
Cause you are fooling with a dead man's corpse
And you don't know what you do
So you say you have a lover
And you love her like no other
So you buy her a diamond
That someone has died on
Don't you think there's something wrong with this?
Tell me who's responsible
For what we teach our children?
Is it the internet?
Or the stars on television?
Why o why o
So little Lucy turns sixteen
And like the movie she's been seeing
She has a lover in her daddy
She can't tell nobody
'Til she makes the evening news
There is fire on the mountain
And nobody seems to be on the run
Oh there is fire on the mountain top
And no one is running
One day the river will over flow
And there'll be nowhere for us to go
And we will run, run
Wishing we had put out the fire

Mr. Sanusi, it is our common patrimony that is involved here, we are free to discuss it and pass bucks where necessary. Consequently this your rejoinder or whatever you term it, is unnecessary at this precarious period, so desist from this verbiage lines of padding words, we have got the message.....And that is "Jonathan where is our $49Billion

Clerverly: Mr. Sanusi, it is our common patrimony that is involved here, we are free to discuss it and pass bucks where necessary. Consequently this your rejoinder or whatever you term it, is unnecessary at this precarious period, so desist from this verbiage lines of padding words, we have got the message.....And that is "Jonathan where is our $49Billion

Lol @ the last sentence

GEJ where is our money?

I remember Fela "Authority Stealing" :


[Chorus]
Authority stealing!
You be thief (I no be thief)
You be rogue (I no be rogue)
You dey steal (I no dey steal)
You be robber (I no be robber)
You be armed robber (No be armed robber)
I no be thief (You be thief)
I no be rogue (You be rogue)
I no dey steal (You dey steal)
I no be robber (You be robber)
I no be armed robber (You be armed robber)

[Chorus]
Argument, argument!
Argument, argument, argue
Them argue
Everbody dem argue
Them dem dem argue
Up and down them argue
Everbody dem argue
Them dem dem dem argue
Yes yes, them argue
Everbody dem argue
Argument about stealing

Somebody don take something
Wey belong to another person
Then you go hear:
You be thief (I no be thief)...
On top of the road, on the side
People dey waka
Office workers, labourer workers, workers' workers
Them go dey waka
Inside bus them go dey
Motorcycle them dey ride
Plenty, plenty crowd
Inside this crowd
Sometimes for one corner
Sometimes for one street
You go dey hear: ha ha!

[Chorus]
Thief, thief, thief!
Rogue, rogue, rogue!
Robber, robber!
Catch am, catch am! Thief, thief, thief!
Catch am, catch am! Rogue, rogue, rogue!
Catch am, catch am! Robber, robber!
Catch am
Pull am
Get am
Keep am
Ole...

[Chorus]
Catch am, catch am!
Looking go start
Watching go start
Chasing go start
Somebody go dey
Wey them go grab
Them go beat am well-well
Them go lynch am well-well
Police go come well-well
Them go carry am go court
Them go put am for jail
Them fit put am six months
(Them go put am for one year)
Them fit put am two years
(Them go put am for five years)
Them fit put am seven years
(Them go put am for ten years)
If not them go shoot am well
Them go shoot am for armed robbery
On top of the road, on the side
People dey waka
Office workers, labourer workers, workers' workers
Them go dey try
To try to make ends meet
Them go dey hustle
To try to make ends meet
Them go put hands for back
To try to make ends meet
Them go dey beg oga
To try to make ends meet
Them go be slaves for them town
To try to make ends meet
I say turn your face small
To the right wing
Oga patapata dey for there
Authority people dey for there
Instead of workers
We have officials
Instead of buses
Them dey ride motor-car
Instead of motorcycle
Na helicopter (private jets)
Instead of them waka
Na worker go waka for them
Authority people them go dey steal
Public contribute plenty money
Na authority people dey steal
Authority man no dey pickpocket
Na petty cash him go dey pick
Armed robber him need gun
Authority man him need pen
Authority man in charge of money
Him no need gun, him need pen
Pen got power gun no get
If gun steal eighty thousand naira
Pen go steal two billion naira

[Chorus]
Thief, thief thief!
Rogue, rogue, rogue!
Robber, robber!
You no go hear them shout
You no go hear them shout at all
You no go hear them say
You no go hear them say response at all
Na different way be them way
Na civilize style be them style
[Chorus]
Yes, yes, yes, yes!
"Oh yes, of course, contract, have some money back in hand, ha ha"
Hear the words them dey take deceive the people:
Misappropriation
Maladministration
Nepotism
Mitigation
Make I remember another one wey them dey use
Defraudment
Forgerylization
Embezzlement
Vilification
Mismanagement
Public inquiry
Authority stealing pass armed robbery
We Africans we must do something about this nonsense
We say we must do something about this nonsense
I repeat, we Africans we must do something about this nonsense
Because now authority stealing pass armed robbery
Authority man him go dey steal
Public contribute plenty money...


WHEN VAGABOND IS IN POWER, HE DRAGS THE WHOLE NATION INTO EXPENSIVE SHIITE. NOW HE STEALS AUTHORITATIVELY WITH PEN. MR PRESIDENT....WE DON TIRE FOR THIS YOUR SHIITE. DONT LET WHAT HAPPENED IN EGYPT HUNT YOU. Just return our money

Pukkah:

This paragraph speaks volumes.

Something is indeed happening to oil revenues.

My brother you sabi book!!!
Infact, that point alone, for discerning minds, summarises the letter written by Sanusi, and confirms indeed the source of the letter!

Sahara reporter of lies misled us all..they made us believe Jonathan did nothing for over three months to address the issues Sanusi raised in the so called letter..but paragraph 5 & 6 of this CBN rejoinder revealed them for exactly who they are...Liars!

5. The CBN is aware that, on the instruction of the
Honourable Minister of Petroleum Resources, the audit
firm, PWC has been directed to audit the revenues of the
NNPC.

6. The CBN is also aware of a proposal to set up a
technical team made up of representatives the Federal
Ministry of Finance, the NNPC and the CBN to examine the sources of any revenue leakages and propose appropriate fiscal controls.

There is nothing GEJ can do to Sanusi. He is a crowned prince of Kano. In this last days of SLS, he will open GEJ cohorts yams yakata.

Authority stealing pass armed robbery. An administration of Lootocracy and corruptocracy.

7. The CBN welcomes these initiatives and believes that they represent a positive contribution to the process of improving the management of the economy, [size=14pt]especially if they lead to greater oversight of the Finance Ministry over oil revenues and improvements in disclosure and transparency in the Oil Industry[/size].

An indictment of Ngozi and Madueke both!

Has anyone seen a pattern with Ngozi and her Ibo cohorts? Every avenue of corruption so far blown open has Ngozi's hands in it and its a Ibo person benefiting.

Clerverly: Mr. Sanusi, it is our common patrimony that is involved here, we are free to discuss it and pass bucks where necessary. Consequently this your rejoinder or whatever you term it, is unnecessary at this precarious period, so desist from this verbiage lines of padding words, we have got the message.....And that is "Jonathan where is our $49Billion

stop falling for this cheap politics. Are you so gullible?!

Mayor_of_Lagos:

An indictment of Ngozi and Madueke both!

Has anyone seen a pattern with Ngozi and her Ibo cohorts? Every avenue of corruption so far blown open has Ngozi's hands in it and its a Ibo person benefiting.

There is no indictment of anyone in the rejoinder. Stop being an illiterate. It is shameful. Get some education

theoctopus:

There is no indictment of anyone in the rejoinder. Stop being an illiterate. It is shameful. Get some education

Is that best you can say "get some education" ?

If your sisters will stop stealing our money maybe ASUU and my Uni will not strike so I can get education. Can you tell them to please return the 49b so school will remain open and Mayor and other uneducated Nigerians can go to school?

Mayor_of_Lagos:

Is that best you can say "get some education" ?

If your sisters will stop stealing our money maybe ASUU and my Uni will not strike so I can get education. Can you tell them to please return the 49b so school will remain open and Mayor and other uneducated Nigerians can go to school?

If you see 49billion, even on paper, can you recognize it! Olodo! All you know how to do is spread falsehood! You no dey shame! No truth in your mouth! Lying seems to run in the blood of APC members and their supporters

You no dey shame? With all the 300k when una dey pay for that pig house called LASU, una still dey go on strike.

Tell Tinubu to stop eating your money so you can attend school properly

theoctopus:

If you see 49billion, even on paper, can you recognize it! Olodo! All you know how to do is spread falsehood! You no dey shame! No truth in your mouth! Lying seems to run in the blood of APC members and their supporters

You no dey shame? With all the 300k when una dey pay for that pig house called LASU, una still dey go on strike.

Tell Tinubu to stop eating your money so you can attend school properly

All these na talk, moronic babbling! Tinubu is not the topic and LASU is not the topic..bottom line, tell your man-looking sisters to return our stolen money so school can reopen for my education.

Which one is "our money"?. I laugh at you guy's ignorance. my advice; get a job and be useful to yourself

Mayor_of_Lagos:

Is that best you can say "get some education" ?

If your sisters will stop stealing our money maybe ASUU and my Uni will not strike so I can get education. Can you tell them to please return the 49b so school will remain open and Mayor and other uneducated Nigerians can go to school?

Sanusi is ready to finish GEJ image before he finally leaves his post as CBN Govnor, more to come from the Mallam

Mayor_of_Lagos:

All these na talk, moronic babbling! Tinubu is not the topic and LASU is not the topic..bottom line, tell your man-looking sisters to return our stolen money so school can reopen for my education.

Wicked