Former Central Bank of Nigeria (CBN) governor Sanusi Lamido Sanusei disclosed that the Nigerian National Petroleum Company Limited (NNPCL) underwent a thorough audit, a move that ultimately led to his departure from the top bank.

Sanusi made this revelation during his address at the Bank Directors Summit held at Transcorp Hilton’s Congress Hall in Abuja.

Emphasizing the need for separation of roles, Sanusi asserted that the President should not simultaneously serve as the Minister of Petroleum during his tenure as CBN governor from June 2009 to February 2014.

He highlighted the importance of maintaining the independence of the apex bank from political influences to ensure its effectiveness.

Sanusi advocated for the Asset Management Corporation of Nigeria (AMCON) and Nigeria Deposit Insurance Corporation (NDIC) to continue assisting the former CBN chief until banks collectively settle their outstanding debts to the system.

Addressing concerns about the banking industry’s public trust deficit, Sanusi urged for improvements to maintain the credibility of the apex bank.

He argued against amending the CBN Act, emphasizing the significance of upholding the institution’s autonomy.

Notably, three months into his presidency, in August, President Bola Tinubu restructured the Ministry of Petroleum Resources, appointing Heineken Lokpobiri as Minister of State and Gas Resources, and Ekperipe as Minister.

Sanusi is persistently emphasizing the importance of openness and responsibility in the financial sector as a central aspect of his endeavors to fortify the economic framework of Nigeria.

His continuous push for transparency underscores his commitment to bolstering the country’s financial stability and fostering a more robust economic environment.

Positions within petroleum ministries are typically assigned to individuals deemed trustworthy.

This practice is exemplified by the historical case of Former President Buhari, who, in his tenure, assumed the role of Petroleum Minister.

This choice reflects the inclination to entrust such crucial responsibilities to individuals perceived as reliable and dependable in overseeing matters related to the petroleum sector.

The precedent set by leaders like Former President Buhari underscores the significance placed on appointing individuals with a reputation for trustworthiness to key positions within these ministries.

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