texazzpete:

Sanusi sent a private letter to the President. If someone leaked it without his permission, is that 'going sensational'?

As for your take on Sanusi's competence, the fact that he has won more awards on merit for his job than nearly everyone else in this Government should give you an idea on how competent he is.

Sorry, the money is by far the most important thing, not any petty jibes at Sanusi. That money can improve the standard of living of millions. Stop these childish games and act like a patriotic Nigeria, you worthless Esau!

No just enter award lane. Don't go there at all. In Nigeria a lot of us have lost confidence in these awards. Was Cecilia Ibru not winning awards even while Oceanic was struggling?


NO MONEY IS MISSING

okpara ugo:

Sanusi is not being punished for being patriotic but for breaching his oath of secrecy.

Understand it. Government and many businesses thrive on secrecy..

This is so funny.

How did Sanusi breach oath of secrecy?

No conjectures please.

And please don't come from the superfluous angle that he leaked a letter that had copies in the CBN, Finance Ministry, Presidency, etc to the press.

Some ignorant persons have also foolishly said that he should have discussed the issue verbally with Jonathan since he had access to him. Is a verbal conversation formal?

dvee2:

My friend ,the reason why sanasi does not know the "oil arithmetic" according to you is the main reason why Sanusi wrote the letter in the first place. The nnpc has been using voodoo accounting for decades, cheating on Nigerians and operating as a government on its own. No one knows how they arrive at their figures, they simply pay spend what they want to spend and pass the remaining to the federal government. This is what Sanusi is fighting for, actually the finance minister should even have been the one asking these questions, but Sanusi was bold enough to ask the question. It is wrong for the nnpc to spend money that has not been appropriated. Ask yourself why it takes a corporation like nnpc several weeks to come up with an explanation about how the money is spent? If nnpc is your company will you wait that long for your managers to cook the books? PEtronas Malaysian version of our own nnpc has investment all over the world in addition to the countries oil export fees, but with a touch of the button , they can generate annual book balance to the last decimal point. In this computer age , our nnpc pretends and hide oil sharing formula with it and third party so that only them will determine how much they pay into the federation account. And some people would come here saying Sanusi does not know oil arithmetic. It is designed by nnpc deliberately so that nobody knows,several CBN governors after,someone is challenging the status co and gullible Nigerians wants to hang him. Whe vilify our heroes while we celebrate the thieves. This country is doomed. No upright man will succeed.

So was the $49b deliberately overstated to get the needed attention and attendant tutorial?

You have stated things that though not untrue but very immaterial in the context here.


Is it not shameful that SLS does not even know that only a fraction of the total revenue is supposed to come from NNPC. In fact when other Nationals read Sanusi's way of arriving at $49b , they just conclude on why as a Nation we are not doing well----GROSS IMCOMPETENCE. We are talking of the CBN governor.


see how a central bank governor calculates oil revenue, even primary school simple interest is more complicated:

“Our analysis of the value of crude oil export proceeds based on the documentation received from pre-shipment inspectors shows that between January 2012 and July 2013, NNPC lifted 594,024,107 barrels of crude valued at $65,332,350,514.57,” the letter said. “Out of this amount, NNPC repatriated only $15,528,410,098.77 representing 24% of the value. This means the NNPC is yet to account for, and repatriate to the Federation Account, an amount in excess of $49.804 billion of the value of oil lifted in the same period.”
-

$65,332,350,514.57 divided by total number of barrels lifted 594,024,107 which gives $109.98 per barrel.


This shows that sanusi simply multiplied the average crude price for the period by the number of barrels lifted and decided that was money that should come to federation account. what a governor?

one mopol:

$49b minus $10.8b leaves us with a whooping $38.2b . My logic simply is Sanusi's books that could make this huge mistake in accounting to the tune of $38b can no longer be trusted.

No money is missing.

You are a noisy ignorant who does not understand what is called reconciliation as regards statutory remittances.
When you make remittances, you have to FILE in evidence of your remittances to the statutory body so that the records can be updated. Otherwise, there will be difference between your records and that of the statutory bodies.
In this case, the NNPC was neither making full remittances(to FIRS etc) nor making adequate filing of its remittances to the CBN for appropriate documentation. So based on the earlier records with CBN, there was a shortage of $49b. The NNPC then responded by filing in further evidence of remittance of about $38b, so that has been reconciled.
But the NNPC has not been able to give anything to prove that they remitted the remaining $10.9b. That is whopping N1.7trillion....the same amount that the GEJ govt and Okonjo-Iweala said they are spending on fuel subsidy which they used to increase fuel price.

If GEJ is clever, he should have allowed SLS to be and give support to him for his anti-corruption stance in order to win the support of the masses.....but here we are with a petty president who gives award to corrupt people like Patricia Etteh, pardons criminals like Alameseigha, protects corrupt ministers like Stella Oduah and Deziani, but he wants Sanusi, the only serious minded anti-corruption crusader in his govt to resign.

GEJ is truly clueless

It pains me to the marrow that nomatter what GEJ does wrong some people don't see anything bad with it.It is obvious that GEJ is grossly incompetent to rule a country like Nigeria.Stella Oduah is comfortable keeping her seat as a minister and here Sanusi is being threaten to resign.Shame on you GEJ.

mikeapollo:

You are a noisy ignorant who does not understand what is called reconciliation as regards statutory remittances.
When you make remittances, you have to FILE in evidence of your remittances to the statutory body so that the records can be updated. Otherwise, there will be difference between your records and that of the statutory bodies.
In this case, the NNPC was neither making full remittances(to FIRS etc) nor making adequate filing of its remittances to the CBN for appropriate documentation. So based on the earlier records with CBN, there was a shortage of $49b. The NNPC then responded by filing in further evidence of remittance of about $38b, so that has been reconciled.
But the NNPC has not been able to give anything to prove that they remitted the remaining $10.9b. That is whopping N1.7trillion....the same amount that the GEJ govt and Okonjo-Iweala said they are spending on fuel subsidy which they used to increase fuel price.

If GEJ is clever, he should have allowed SLS to be and give support to him for his anti-corruption stance in order to win the support of the masses.....but here we are with a petty president who gives award to corrupt people like Patricia Etteh, pardons criminals like Alameseigha, protects corrupt ministers like Stella Oduah and Deziani, but he wants Sanusi, the only serious minded anti-corruption crusader in his govt to resign.

GEJ is truly clueless

I majored in the sciences however you appear more ignorant.

With all your accounting knowledge how do you reconcile a difference that is more than your total expected revenue?

The total expected revenue is one hundred thousand naira N100,000 and my accounting tells me that one hundred and fifty thousand naira N150,000 is missing , even while I have Twenty four thousand naira N24,000 in hand? The next thing is a do a letter to my superior alleging missing funds. Abeg make we hear word. you guys just deliberately dodge the truth.



Did sanusi say , he just saw the documents of the remittances when he made a rebuttal that the letter was in error?

Many nigerians are so useless........do you know what a billion dollar means...the fact is that a over 10billion dollars is missing.GEJ should should do the right things. The Hausa man is very right..........

Good !

luvinhubby: When it`s obvious that Sanusi is an incompetent liar. Time has revealed that his `so called` bank reforms was a big sham.
The fact that he was dancing around figures (from 48 to 12) on the `missing` amount shows he is an incompetent CBN governor.
The report of the auditors on the issue has proven him wrong so he should do the needful and resign.

SANUSI IS THE GREATEST

nairaman66: How can GEJ ask Sanusi to resign when Stella Oduah is still in active service? What an Irony.. It is only a child that sees a snake and call it fish. Disaster is lurking

.

Do you guys read at all before commenting?

Sanusi had earlier last year written GEJ to say he won't seek a second term.

A few months terminal leave is normal in senior civil service/military positions.

We know SW and Northerners hate GEJ but please be a bit objective.

Before you guys say "but we voted for GEJ in 2011", except June 12, no presidential election has been won due to voters' choice since 1979. All have been rigged.

Just that the better riggers win.

Jisos!

I cannot believe my eyes.
People here are defending GEJ for not taking any action against NNPC that cannot account for 11Billion USD.

Remember IBB is known as the father of corruption because he siphoned about 12Billion USD, the money from the oil windfall of the first Gulf War in 91/92.

American currency doesn't devalue significantly over time like the Naira.

Na wa for GEJ and some kind people.

[quote author=one mopol]


I majored in the sciences however you appear more ignorant.

With all your accounting knowledge how do you reconcile a difference that is more than your total expected revenue?

The total expected revenue is one hundred thousand naira N100,000 and my accounting tells me that one hundred and fifty thousand naira N150,000 is missing , even while I have Twenty four thousand naira N24,000 in hand? The next thing is a do a letter to my superior alleging missing funds. Abeg make we hear word. you guys just deliberately dodge the truth.



Did sanusi say , he just saw the documents of the remittances when he made a rebuttal that the letter was in error?

Sanusi wrote to the president to alert him that the records do not tally and there was need to put things straight. What Sanusi pointed out was a cumulative figure from 2012. Or are you saying the cumulative revenue from oil since 2012 to the reference month in 2013 was not more than $40.9b?
At the end of the day, $10.8b still cannot be accounted for by the NNPC up till now! So who is right after all?

Sanusi was factual and realistic enough to admit that NNPC has subsequently made some submissions which has reduced the outstanding balance. Mind you, Sanusi is not the only member of the CBN board/management team which comprises of people from all zones in the country.

A serious and courageous president would have put set up a high profile panel to work on Sanusi's letter to see how to rectify the issues and punish any erring officials in the NNPC/petroleum ministry.....but here we are with a president that is shielding the thieves and wants to victimise the whistle blower just because a perceived political enemy(Obasanjo) made reference to the letter. Shameful!

Sanusi was factual and realistic enough to admit that NNPC has subsequently made some submissions which has reduced the outstanding balance. Mind you, Sanusi is not the only member of the CBN board/management team which comprises of people from all zones in the country

.


Those who know Sanusi, know that he "knows-all" any attempt to correct him before his foolish letter may have earned a serious backlash from SLS.

ba7man: If he doesn't have the balls to remove Stella Oduah, he doesn't have the balls to remove Sanusi Lamido.

By the way, WHY DOES EVERYONE DISRESPECT G.E.J

48 laws of power...STRIKE FEAR in them....he hasn't shown whose the BOSS!!! Knock off some people...feed some to crocodiles...whatever!!! Just do it....

texazzpete:

Yeah, he wasn't suited to be a yes-man for this corrupt and inept Government. Thank God the laws of the land prevents the President from firing him capriciously. How this must gall your friends in Aso Rock!

Stop giving yourselves headaches. He will step down in June. Not a day before. Just sit back and enjoy the tenure of one of the most acclaimed and internationally lauded CBN Governors we've ever had

3 years ago you hailed Sanusi as the savior of Nigeria's banking. I told you the guy didn't have what it takes. I have been proven right. You wrong.
You said he was educated to lead the bank, I not quite.
You said he was honest, I said that wasn't what his profile shows.
You said he was hard working, I said he was just a circus performer.
You said he will make the economy stronger. The economy is worse despite his printing 10B naira and dashing to each of his favorite group in the north.
And today, you tell me that he has won awards. I tell you that the people he vowed to uplift are worse off and have no award for him. He belongs to the jail.

ba7man: If he doesn't have the balls to remove Stella Oduah, he doesn't have the balls to remove Sanusi Lamido.

By the way, WHY DOES EVERYONE DISRESPECT G.E.J

he is daft by default.

GEJ Na idiot, that lamido sef get strong head, e neva reach.

one mopol:

$49b minus $10.8b leaves us with a whooping $38.2b . My logic simply is Sanusi's books that could make this huge mistake in accounting to the tune of $38b can no longer be trusted.

No money is missing.

You people are pathetic liars and highly dishonest, you turn truth and logic on it's head. You said $49b minus $10.8b leaves a whooping $32.2b and still went on to say no money is missing. so where is the $10.8b? since you know where it is as madam finance minister has no clue, you better inform all of us.

If you read sanusi's letter and the reconciliation meetings between CBN, NNPC, finance ministry and other relevant parastatals, you will see that no body accused sanusi of making accounting mistakes. Even president Jonathan did not ask sanusi to resign on account of accounting error or professional incompetence, he asked sanusi to resign based on his alleged leakage of the letter.

Sanusi simply did not have any record of money being remitted for recorded oil liftings. NNPC's excuse was that the oil liftings recorded were done on behalf of third parties and not on behalf of Nigeria, that was responsible for the non remittance of $32.2 billion. Now how do you expect sanusi to kow which portion of our oil liftings is for the federal government and which portion is for third parties without having the records from NNPC? We are still waiting for the excuse of the non remittance of the balance $10.8 billion.

Tribal bigotry seems to affect the brain's centre for comprehension and logical reasoning.

owobokiri: A CBN guv who doesnt know how reveneu accrues to his office is not worth his onions and should be thrown away with the quota system that rocketed him to such exalted position. Knowing too much arabic than you need does not a good CBN governor make.. Thats the bottomline folks..

What about a finance minister and petroleum resources minister who failed to account for at least $ 10.8 billion?

mayo47:

I think its getting to become a nigerian thing that whenever u get criticised, u return it was some sort of abuse. Pls U should learn how to handle criticism positively….

Yea, i noticed that. Its a Nigerian thing and very popular on NL but mine was no abuse, I rather stated that if u had information u should share with the house but if u don´t have information on what u tried to say then u should close ur muth,..simple. I think u should learn to handle retorts that arise from effects of criticizing someone unjustly. If u can´t handle that, then u should learn not to criticize anyone. Besides, I am still waiting 4 the post u are supposed to paste on NL about the paragraph of the constitution that covers what the CBN governor can and can´t do with respect to the president.

I am always right when I label people fucktards.

I have said it from the word GO that this cretin called Jonathan is a pure person!

So he is quick to ask a honest intellectual (with one of the brightest minds in Nigeria) to resign for saying there is corruption, but he would protect a corrupt ashawo cretin (with one of the worst make-up faces in Nigeria) that is looting from being sacked?

This person is the dumbest President Nigeria has ever had.

What an utter mooron!

Area-Fada:
.

Do you guys read at all before commenting?

Sanusi had earlier last year written GEJ to say he won't seek a second term.

A few months terminal leave is normal in senior civil service/military positions.

We know SW and Northerners hate GEJ but please be a bit objective.

Before you guys say "but we voted for GEJ in 2011", except June 12, no presidential election has been won due to voters' choice since 1979. All have been rigged.

Just that the better riggers win.

Are you kidding me? Don't be caught in the bandwagon of GEJ's boot lickers. Definitely, you are out of touch with whats going on in Nigeria.. Get updated!

This is truly a huge sign of weakness. With the right set of cajones (balls), Sanusi would have resigned after being asked to do so.

Nna, by the time SSS, EFCC, choice implementers, and others, finish with him, Sanusi would have been begging to resign. Mr. President is too weak to play ball, even Oduah has bigger balls.

Mumu wey never fire Oduah wan fire Sanusi. I dey laugh o.

Imagine ...no one takes Jonathan serious again . They can't figure out when he's serious or joking

If thisday editorial is true, the president can invoke the 'doctrine' of necessity and sack him and explain to the NASS why it was expedient for him to act. You can not have two sovereign 'presidents' in a country. Sanusi is one of the people that have been doing all they can to sabotage this presidency. Sanusi is truly shameless. What is he still doing there? I predict that he is trying to cover his tracks. It has been said that EFCC will pick him up for all the frauds he has been perpetrating at CBN, running into billions. I am sure another competent banker could be raised from the sector to work with the economic team. The tribalists on these forums and elsewhere and their SR cohorts should pause and reflect what our humble servant is going through in the name of due process/rule of law. I urge Jonathan to remain serene. I will look at the ways and means to expedite the ejection of Sanusi from CBN. His action are affecting the nations emergence as a global economic behemoth (MINT)

nagoma:

What about a finance minister and petroleum resources minister who failed to account for at least $ 10.8 billion?

Check what other progressive countries have achieved with less than $10 Billion.
https://www.nairaland.com/1587513/what-real-value-10-billion#20784485
Only if Nigerians knew we will be having another Occupy Nigeria protests. SMH

wirinet:

You people are pathetic liars and highly dishonest, you turn truth and logic on it's head. You said $49b minus $10.8b leaves a whooping $32.2b and still went on to say no money is missing. so where is the $10.8b? since you know where it is as madam finance minister has no clue, you better inform all of us.

If you read sanusi's letter and the reconciliation meetings between CBN, NNPC, finance ministry and other relevant parastatals, you will see that no body accused sanusi of making accounting mistakes. Even president Jonathan did not ask sanusi to resign on account of accounting error or professional incompetence, he asked sanusi to resign based on his alleged leakage of the letter.

Sanusi simply did not have any record of money being remitted for recorded oil liftings. NNPC's excuse was that the oil liftings recorded were done on behalf of third parties and not on behalf of Nigeria, that was responsible for the non remittance of $32.2 billion. Now how do you expect sanusi to kow which portion of our oil liftings is for the federal government and which portion is for third parties without having the records from NNPC? We are still waiting for the excuse of the non remittance of the balance $10.8 billion.

Tribal bigotry seems to affect the brain's centre for comprehension and logical reasoning.

My friend cool down. you are getting too technical for your comprehension.

I said a whooping $38 billion is the difference between what he said was missing initially and what he now claims is still to be reconciled. My point is that Sanusi has shown total lack of know-how hence I do not believe even his $10.8 claim.

nairaman66: How can GEJ ask Sanusi to resign when Stella Oduah is still in active service? What an Irony..

Stella Oduah has bigger balls than GEJ.

one mopol:


My friend cool down. you are getting too technical for your comprehension.

I said a whooping $38 billion is the difference between what he said was missing initially and what he now claims is still to be reconciled. My point is that Sanusi has shown total lack of know-how hence I do not believe even his $10.8 claim.

Sanusi even claimed $12 Billion. 10.8 Billion is the figure put forward by Okonjo Iweala and Diezani. You can chose to disbelieve GEJ's Ministers.

Again, check what other progressive countries have achieved with less than $10 Billion.
https://www.nairaland.com/1587513/what-real-value-10-billion#20784485
If we knew will be having another Occupy Nigeria protests. SMH

one mopol:


My friend cool down. you are getting too technical for your comprehension.

I said a whooping $38 billion is the difference between what he said was missing initially and what he now claims is still to be reconciled. My point is that Sanusi has shown total lack of know-how hence I do not believe even his $10.8 claim.

Sanusi even claimed $12 Billion. 10.8 Billion is the figure put forward by Okonjo Iweala and Diezani. You can chose to disbelieve GEJ's Ministers.

Again, check what other progressive countries have achieved with less than $10 Billion.
https://www.nairaland.com/1587513/what-real-value-10-billion#20784485
If we knew will be having another Occupy Nigeria protests.

ndu_chucks: This is truly a huge sign of weakness. With the right set of cajones (balls), Sanusi would have resigned after being asked to do so.

Nna, by the time SSS, EFCC, choice implementers, and others, finish with him, Sanusi would have been begging to resign. Mr. President is too weak to play ball, even Oduah has bigger balls.

Mumu wey never fire Oduah wan fire Sanusi. I dey laugh o.

Resign no dey for im dictionary. He is entitled .
I agree. Wait till SSS begins to stick their fingers into every orifice for im body.

Let the PRESIDENT try his popularity in the SENATE if He so wishes. Just Two-Third!!!! I laugh........