Emir is wrong on missing $20Bn,’ NNPC says

Sanusi, who is now the Emir of Kano, had accused the NNPC of failing to remit $20 billion in oil funds to the Federation account.

• Published: 16 minutes ago
• 'Jola Sotubo

  Emir of Kano, Sanusi Lamido Sanusi during an interview on CNN

The Nigerian National Petroleum Corporation (NNPC) has accused the former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi of refusing to own up to his mistakes concerning allegedly missing oil funds.

Sanusi, who is now the Emir of Kano, had accused the NNPC of failing to remit $20 billion in oil funds to the Federation account.

However, a recent audit conducted by PriceWaterHouseCooper showed that the NNPC was only expected to remit $1.48bn.

Regardless of the findings, Sanusi granted an interview to CNN during which he commented on the missing money.

“My position in the Central Bank was that there was always this gap of $20bn after reconciliation between what the NNPC exported and what it deposited into the Federation Account. I raised a number of issues that I think have not yet been discussed and addressed sufficiently,” the Emir said during the interview which aired on Wednesday, March 18.

“It could be $20bn at the end of the day. After reconciliation it could amount to $14(bn) or $12(bn) and I think these issues reflect unconstitutional and illegal withholding of revenues from the Federation Account,” he added.

In response to Sanusi’s allegations, NNPC Group General Manager, Ohi Alegbe, said via a statement that the Emir was only desperate to hang a corruption tag on the corporation’s neck.

“We are…at a loss as to what Sanusi II meant by his statement that issues surrounding his allegation of unremitted $20bn...” Alegbe said.

“Why the royal father appears hell-bent on hanging a tag of corruption on the Corporation even when all the inquiries into his allegation of unremitted funds have proved otherwise remains a mystery to us,” he added.

Alegbe also said that the kerosene subsidy issue had already been addressed by the Senate Committee on Finance.