Governor of the Central Bank of Nigeria, CBN, Sanusi
Lamido Sanusi, has said he did not say the truth when he alleged that the sum of $49.8
billion realized from the sales of crude oil between January 2012 and July 2013 has been missing from the federation account.
Sanusi who appeared before Senate Committee on Finance said $12 billion
was the amount not to have been remitted to the account within the period.
But the Coordinating Minister of the Economy and Minister of Finance, Dr.Ngozi Okonjo-Iweala swiftly countered him.
The Minister of Finance, said “I just wanted to add that we found about $10.8 billion. He mentioned $12billion.”
The now embarrassed CBN Governor told the Senator
Ahmed Makarfi led Committee, “I repeat, Mr. Chairman, that we did not
see the letter as a conclusion of our investigation but an invitation to investigate. So, the conclusion that $49.8billion was missing was wrong even though we had the allegation that it was unremitted.”“Now, since then, a lot has happened. We have heard the Minister of
Finance, Minister of Petroleum Resources,Central
Bank, FIRS, CPR, we have
set up technical team and has started a process of
reconciliation and there has been a lot of progress in that process.“I found it very unfortunate it was leaked to the press and the answer is
‘yes’, the CBN Governor did send that letter with those contents. By way of those contents, the Central Bank and Finance Ministry and the
government were very much concerned over the years at the very low rate of accretion to the reserves in spite of very high level of oil prices and in particular, depletion of excess crude account in spite of what seems to be
very high level of oil sales.
“Now, in investigation and trying to understand where
those leakages were,our attention was drawn to a huge difference between
what appeared to be export of crude made by NNPC and amount repatriated into the crude equity account of the federal government.
“The numbers were about $65 billion exported by NNPC and about $15 billion
repatriated to Federation Account out of that. Now, in
view with our duty as the banker of the government, we had the responsibility of alerting the president and request a thorough investigation of this matter, he said.He further explained that “the major progress has
been the provision of
Monetary Policy Committee, PMC, by the MPC documents to show that even though they did ship that amount in question which is a little more $67 billion, about $24billion was actually not their crude but crude shipped
on behalf of third parties like oil companies, tax in crude and also for third party financing and so, that already addresses half of the amount.”So, the second half is the issues around domestic crude lifting of
$28billion from which we feel there is a short fall,there is a general consensus among us on this even though the amount has been disputed. For us in Central Bank, there is a shortfall of $12billion”,
he disclosed.But even with the amount, he said the CBN was still in the process of
reconciling the amount.
“Now, we still are in the process of trying to reconcile
that number and we have not even started talking of the sales, the export sales tax, which is about $2billion, which will come after the sales.The Finance Ministry
has told us that even before now, there is ongoing
negotiation and discretion with NNPC ad-hoc committee and these
numbers have always been
discussed at the level of Commissions of Finance.
“Since the objective of this committee and for all of us
on this side is actually to get to the bottom of it and find out exactly what is the amount unremitted and what is to be done and recommend actions.”
He pleaded for time so that the CBN, NNPC and all
relevant agencies come up with a collective figure.
“What I would like to do is, given the progress we have made, to request that we be given little more time to continue with this process and come back with the final position that is a common position among us if the
committee will so grant us, ”he added;He was subsequently granted
the request.Speaking at the event earlier, Senate President, David Mark,noted that thecontroversial amount was still allegation but stressed
that it was aserious one.“At this point what we have is
allegations but it’s a serious allegation. When Senator Adetumbi raised the point of order, I did not allow comment on the issue
“It’s for us to get facts so that when we come back
we can make useful and
meaningful contributions. The Senate has no positions on it, nobody knows apart from what was published in the papers, that’s why we want the committee to establish the facts, the committee, your body language and utterances must be seen to be totally neutral because we have no facts, we have no position on it, we urge you to observe the
facts, “he said.
http://pointblanknews.com/pbn/exclusive/sanusi-backtracks-says-n1-9-trillion-not-n8-trillion-oil-money-missing/

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I see nothing in the article to indicate that Sanusi admitted lying. In fact, his defense is reasonable...he saw a discrepancy and urged the President to investigate.

So, which one are you? A Presidency stooge? A religious bigot that still nurses a grudge against Sanusi for being a Muslim? An agent of the sacked Bankers?

Ok

Why should he say what he isn't sure of? Please mallam just resign

texazzpete: I see nothing in the article to indicate that Sanusi admitted lying. In fact, his defense is reasonable...he saw a discrepancy and urged the President to investigate.

So, which one are you? A Presidency stooge? A religious bigot that still nurses a grudge against Sanusi for being a Muslim? An agent of the sacked Bankers?

I dont agree with you. This guy wrote a letter to the President complaining that about $50b is 'not remitted' into the Federation Account. Investigations have shown that about half of the figure he based his allegation of 'unremitted funds' on was actually not meant to be remitted in the first place since it is within the responsibility of other agencies, IOC and third party bills.

This development has exposed some things about this guy's approach to issues. After about 4 years as a CBN governor, he should actually be educating others on the actual architecture of the revenue structure of the country. Before writing to the President, did he try to seek explanation formally or informally from his sister agencies, friends or even consultants or was he just excited? If Sanusi saw the books of oils liftings and saw $65b, did he try to find out how the 51/49% JV agreements are executed? Did he try to factor in other issues like tax and royalties and who is responsible for them? How does he think FIRS remit huge amounts to the Federation Account? This guy seem too shallow. Now, he is haggling with the Finance Ministry on whether the new figure is $12b or $10b. He seem to be speaking the language of reconciling accounts now, which would have been his earlier call. Now, he has realized the funds are even remitted in arrears, not in advance or instantaneously.

I was against the appointment of this guy as CBN governor because he is not just qualifies enough in my opinion. When he was eventually appointed, I championed the opinion that he should be left to do the job so that we can judge him by the results. I can see the results now, he too is not perfect, though he has some nice achievements.

Finally, we should admire GEJ's approach to issues. He got the letter and ordered a reconciliation of figure by all relevant agencies even before the letter was leaked to the Press, which is how intelligent persons should address the issues. He has isolated himself from the politics and every other thing. Now, everybody, including the accuser, accused, House of Reps and Senate are relying on the findings of the reconciliation committee for their judgements. You can call him clueless from today to tomorrow but he sure is a robust decision maker and agile thinker.

This will neva make it to frontpage.
And what do u xpect when u appoint an islamic scholar to manage an economy?

Why has this man not done the honourable by resigning. If mallam sanusi refuse to do the honourable we should do it for him instead. This man should only be allowed near bank of Saud.

I'm wondering where the cheerleaders are; Sanusi must resign.

Frank-C:


I dont agree with you. This guy wrote a letter to the President complaining that about $50b is 'not remitted' into the Federation Account. Investigations have shown that about half of the figure he based his allegation of 'unremitted funds' on was actually not meant to be remitted in the first place since it is within the responsibility of other agencies, IOC and third party bills.

This development has exposed some things about this guy's approach to issues. After about 4 years as a CBN governor, he should actually be educating others on the actual architecture of the revenue structure of the country. Before writing to the President, did he try to seek explanation formally or informally from his sister agencies, friends or even consultants or was he just excited? If Sanusi saw the books of oils liftings and saw $65b, did he try to find out how the 51/49% JV agreements are executed? Did he try to factor in other issues like tax and royalties and who is responsible for them? How does he think FIRS remit huge amounts to the Federation Account? This guy seem too shallow. Now, he is haggling with the Finance Ministry on whether the new figure is $12b or $10b. He seem to be speaking the language of reconciling accounts now, which would have been his earlier call. Now, he has realized the funds are even remitted in arrears, not in advance or instantaneously.

I was against the appointment of this guy as CBN governor because he is not just qualifies enough in my opinion. When he was eventually appointed, I championed the opinion that he should be left to do the job so that we can judge him by the results. I can see the results now, he too is not perfect, though he has some nice achievements.

Finally, we should admire GEJ's approach to issues. He got the letter and ordered a reconciliation of figure by all relevant agencies even before the letter was leaked to the Press, which is how intelligent persons should address the issues. He has isolated himself from the politics and every other thing. Now, everybody, including the accuser, accused, House of Reps and Senate are relying on the findings of the reconciliation committee for their judgements. You can call him clueless from today to tomorrow but he sure is a robust decision maker and agile thinker.

Nigeria is not a sane country otherwise the man raised a valid point. It's the duty of the president, senators, minister of finance and other relevant agencies to work together to make sure that the concerned issuses are investigated and cleared, that is what has happend.i just like the way and style he used to achieve that otherwise no one will take the alarm he raised seriously.
I also salute jeg cos he kept his cool during the whole wahala.
I also don't trust the outcome of any investigation or audit of any missing money in Nigeria, we know how it goes, just shred the old files, cook and adjust new files and pass some money around, then you will get the desired result.

God is fighting GEJ battle.The power of Darkness (OBJ,G-5,Buhari,Tinubu,Arewa Mafia,Oil cabals,western Media ,Tambuwal) will eventually bow to light.One by one,they will all confess like Sanusi just did.Iyabo replied on behalf of GEJ yesterday,more to come.

Touch you not the anointed one of God.

Does it mean the Governor of CBN did not conduct his research very well before
sending such a letter to the President and also leaking it to the press? We need to Act with Conscious.

seunfly:
Nigeria is not a sane country otherwise the man raised a valid point. It's the duty of the president, senators, minister of finance and other relevant agencies to work together to make sure that the concerned issuses are investigated and cleared, that is what has happend.i just like the way and style he used to achieve that otherwise no one will take the alarm he raised seriously.
I also salute jeg cos he kept his cool during the whole wahala.
I also don't trust the outcome of any investigation or audit of any missing money in Nigeria, we know how it goes, just shred the old files, cook and adjust new files and pass some money around, then you will get the desired result.

so its ok for our CBN Governor not to know the revenue remittance procedure from NNPC after 4years as CBN Governor? So its ok for our CBN Governor not to know his numbers?

I am one of those who believe that Sanusi exagerated that Banking crisis he claimed to have solved. This is a classical example of Sanusi's approach to issues! He likes to blow things out of proportion and fellows like this should not be the head of any country's reserve bank!

Interesting

This man didn't research well before coming out to make corruption allegations?

I'm actually disappointed in GEJ. Over tolerance is intoxicating some people.

Try this sh:it with OBJ,

Sanusi must resign. and here I was blaming GEJ. I'm sorry Mr president for losing faith in you.

A CBN governor that does not fully understand how 51:49 JV agreements works in the oil industry. There are rules that govern "whistle blowing".

He (SLS) simply played his part of the recent premeditated and triangular attack on the President.

mikeansy:

so its ok for our CBN Governor not to know the revenue remittance procedure from NNPC after 4years as CBN Governor? So its ok for our CBN Governor not to know his numbers?

I am one of those who believe that Sanusi exagerated that Banking crisis he claimed to have solved. This is a classical example of Sanusi's approach to issues! [b]He likes to blow things out of proportion [/b]and fellows like this should not be the head of any country's reserve bank!

He is like a fire-fighter who comes with petrol and water. He Pours the petrol first in a raging fire and then puts off the fire with water afterwards, ignoring the additional harm he must have caused while adding petrol to the fire he is supposed to extinguish. This is his modus operandi and perhaps it works well for him.

PS: This does not absolve the NNPC, CBN, FIRS, DPR and other MDAs from corruption. We all know they are corrupt at different levels.

Arosa: Sanusi must resign. and here I was blaming GEJ. I'm sorry Mr president for losing faith in you.

You won't be the last to say sorry, Obasanjo, buhari, Tinubu, Amaechi and co will follow, watch out.