Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Sanusi denies $49.8bn is missing

19 December 2013, 14:29

Abuja - The Governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, on Wednesday in Abuja denied that $49.8 billion was missing from the Federation Account.

Sanusi said: "I only said that there may be unremitted amount of monies into the federation account."

He said this when he appeared before the Senate Committee on Finance, mandated by the Senate to investigate the allegations that $49.8 billion was missing from the account.

 He confirmed that he indeed, wrote the letter to the president, but added that ``in truth, there is no missing money.

“Mr Chairman, we did not see the letter as a conclusion of our investigation, but an invitation to investigate.

“So, the conclusion that $49.8 billion was missing was wrong, even though, we had the allegation that it was not remitted,’’ Sanusi said.

He expressed regrets that the letter found its way into the press, adding that it was borne out of concern over low rate of accruals.
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.

The CBN governor, however, said that a lot had happened since the letter became public and that all stakeholders involved were working together to rectify the situation.

“We (the  Minister of Finance, Minister of Petroleum Resources, Central Bank, FIRS, DPR) have set up technical team which has started a process of reconciliation and there has been a lot of progress made.

He appealed to the committee to give the stakeholders more time to resolve the issues.

“We need a little more time since the objective of this committee and for all of us is actually to get to the bottom of it.

The Minister of Finance, Dr Ngozi Okonjo-Iweala, said what needed to be reconciled was $10.8 billion and not $12 billion as the CBN governor had said.

The Chairman of the Committee, Senetor Ahmed Makarfi urged both the CBN governor and the minister to reconcile the differences as soon as possible and report back to the committee.

“Right now, you can see that between you, you still have some differences.

“First of all, from my understanding, the CBN governor has said that he didn't say money was missing, but there may be unremitted revenue.

“Whether that revenue is kept somewhere is to be established," Makarfi said, and told all the parties to submit their individual positions to the committee after the reconciliation.

-    NAN


Read News24’s Comments Policy

Comment on this story
1 comment
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...