‘I Lost My Job In The Central Bank Because I Was Pointing Out These Leakages In The System’ –Sanusi

The Emir of Kano, Muhammad Sanusi II, has revealed that his removal as Governor of the Central Bank of Nigeria (CBN) was a consequence of exposing large-scale corruption and financial leakages in the country’s petroleum sector. Speaking during an interview on News Central TV, Sanusi stated that during his tenure at the apex bank, he uncovered fraudulent subsidy practices that allowed individuals and companies to siphon billions of naira from government funds.

 

 

According to him, several entities profited by falsely claiming they imported petrol and subsequently collected huge payments from the Nigerian National Petroleum Corporation (NNPC) as subsidy reimbursements. He explained that these transactions were conducted in opaque ways, without proper auditing or transparency, enabling systemic looting on a massive scale.

Sanusi said his insistence on accountability in the management of petroleum revenues and subsidy payments cost him his position. “I lost my job in the Central Bank because I was pointing out these leakages,” he said. “People have made billions of money from this business, claiming they imported petrol that they never imported, claiming money from NNPC as subsidy in an opaque manner that has not been audited.”

The Emir also commented on the current opposition to the Dangote Refinery, describing it as a backlash from individuals whose corrupt business model is being disrupted. He argued that the refinery’s emergence threatens the long-standing rent-seeking practices that have dominated Nigeria’s petroleum import system for decades.

Sanusi emphasized that the hostility towards the refinery has little to do with economic or regulatory concerns but rather stems from entrenched interests fearful of losing access to illicit profits. He said the refinery represents a turning point that could end decades of manipulation in Nigeria’s oil supply chain.