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I didn’t sack Sanusi as CBN governor | $49.8bn wasn’t missing from FG coffers – Goodluck Jonathan

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Former President Goodluck Jonathan says $49.8 billion did not go missing during his administration.

 

Muhammadu Sanusi, then governor of the Central Bank of Nigeria (CBN) and current emir of Kano, had claimed that the sum could not be accounted for, in a letter dated September 25, 2013.

 

Jonathan spoke on Thursday in Abuja during the launch of a book titled: ‘Public Policy And Agent Interests: Perspectives From The Emerging World’, co-authored by Shamsuddeen Usman, ministry of finance incorporated (MOFI) board chair.

Usman served as minister of planning in the Jonathan administration.

 

Sanusi, who also contributed to the publication, restated the allegation in the book.

 

In 2013, Sanusi wrote in a letter addressed to Jonathan: “I am constrained to formally write your Excellency, documenting serious concerns of the CBN on the continuous failure of the NNPC to repatriate significant proportion of the proceeds of the crude oil shipment it made ($49.8bn), in gross violation of the law.”

 

In 2015, Sanusi also raised concerns about a certain $20 billion which the Nigerian National Petroleum Corporation (NNPC) allegedly failed to remit to the federation account.

 

In his opening remarks, Jonathan, who chaired the launch, said as much as he agreed with the concept of the book and recommends the journal for research and policy framing, he disagreed with Sanusi’s claim on the missing money.

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According to Jonathan, there was no way that amount of money would be stolen from Nigeria without immediate impact and repercussion.

 

‘SANUSI NOT SACKED’

The former president also said Sanusi was not sacked from the apex bank in 2014 but was suspended.

 

“I disagree with some of the issues, especially the one that directly relates to me,” Jonathan said.

 

“The one that he raised that he was sacked. Because, if you can wish that the federal government lost $49.8 billion… that’s not quite correct.

“He was not sacked. He was suspended because the Financial Reporting Council queried the expenditure of CBN. And there were serious infractions that needed to be looked at. That was the reason.

 

“But somehow, the time was short. So before we finished, his tenure elapsed. Probably, he would have been called back.

 

“On the issue of $49.8 billion, until today, I’m not convinced that the federal government lost $49.8 billion.”

 

CONFRONTED BY MERKEL

Jonathan also recounted how he was confronted by Angela Merkel, then German chancellor, on the issue.

 

He recalled explaining to her that such an amount could not have been stolen from a struggling economy.

 

He added that he was vindicated much later when the former CBN governor began to revise the sum from $49 billion to $20 billion and then $12 billion.

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“Let me tell you a personal experience. The African presidents and the EU presidents, we had a meeting. I think in Belgium or Moscow,” he said.

 

“And during those meetings, you have bilateral talks, and the chancellor of Germany then, Angela Merkel, requested that we should have a bilateral meeting.

 

“So, because she requested, we had to go to where she arranged for the meeting. And I went there with some of my ministers. And there were many ministers from other countries as well.

 

“Even before I sat down, she raised her hand and said, President Jonathan, we are hearing about $49.8 billion missing.

 

“I said, what is happening? What’s the use of welcoming a guest? Then I smiled and said, Madam Chancellor, of course, the economy of Germany is very strong, so if you are talking about $49.8 billion, just say $50 billion.

 

“The economy of Germany is strong, so if you lose $50 billion, you would not notice it. But if Nigeria loses $50 billion, the federal government would not be able to pay salaries.”

 

PwC FINDINGS

Jonathan added that PricewaterhouseCoopers (PwC) discovered that no such amount was stolen but that $1.48 billion could not be accounted for by the NNPC.

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He also said the then senate committee on finance, chaired by Ahmed Makarfi, investigated the issue and found the claim to be untrue.

 

“We commissioned the PwC, one of the best financial gurus, auditors and so on. I said they should do a forensic audit, but nobody can sit down and say $50 billion, because I have no idea about that one.

 

“The report they came up with was that there is $1.48 billion that they couldn’t really give a proper account of, and that NNPC should pay that money to the original account.

 

“They did not say we lost 12 billion or 20 billion or 50 billion. And Makarfi is still alive. Makarfi was the chairman of senate committee on finance, and the minute that publication came out, he said it.

 

“They directed their finance committee to investigate, and they used external professional auditors to look into it.

 

“They themselves didn’t see either 50 billion or 20 billion or 30 billion.”

 

He also said there needs to be clarity so “somebody who is reading the book will not just go with the impression that $50 billion was lost… when President Jonathan did not steal billions of dollars”.

 

Jonathan was Nigeria’s president from 2010 to 2015.

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Tinubu, governors present as Bello Matawalle’s 10 children wed in Abuja

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President Bola Tinubu,  President Carlos Manuel Vila Nova of the Democratic Republic of São Tomé and Príncipe and several governors were among the dignitaries who attended the wedding of the children of Bello Matawalle, minister of state for defence.

Matawalle celebrated the weddings of his ten children, five daughters and five sons, at the National Mosque, Abuja, on Friday.

The minister gave away his daughters—Maryam, Safiyya, Farida, Nana Firdausi, and Aisha—while his sons—Ibrahim, Abdul Jalal, Surajo, Bello, and Fahad—also tied the knot.

The Islamic ceremony was officiated by Imam Luqman Zakariyah, who prayed for Allah’s blessings on the marriages and for success in the couples’ future lives.

Tinubu received the brides on behalf of the Matawalle family, welcoming them into their new homes.

The high-profile wedding attracted the crème de la crème of Nigerian politics.

Notable dignitaries in attendance included Deputy Senate President Barau Jibrin and Ibrahim Masari, Senior Special Assistant on Political Affairs.

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Several governors were also present, including Ahmad Aliyu of Sokoto, Umar Namadi of Jigawa, and Nasir Idris of Kebbi.

In a post via X, Matawalle expressed his deep gratitude to Tinubu and Vila Nova for attending the ceremony, describing their presence as a rare and honourable privilege.

He further appreciated all dignitaries, family, friends, and well-wishers who joined physically or in prayers, wishing them safe journeys back to their destinations.

“Today, I am deeply honoured and profoundly grateful to His Excellency, President Bola Ahmed Tinubu, GCFR, for graciously serving as Wali at the wedding Fātiḥa of my children, held at the National Mosque, Abuja. I remain sincerely honoured by this rare privilege,” he wrote.”

“In addition, the presence of the President of the Democratic Republic of São Tomé and Príncipe, His Excellency President Carlos Vila Nova, added immense meaning to this joyous occasion, and I deeply appreciated it.

“I also wish to extend my heartfelt appreciation to everyone who joined us physically and in prayers to share in our joy. Your presence, prayers, and goodwill are truly cherished and deeply appreciated.

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“To my esteemed colleagues in the Federal Executive Council, Governors, members of the National Assembly, friends, family members, and well-wishers from across the nation, I am eternally grateful for the overwhelming love and kindness shown to me and my family.

“I also pray that Allah rewards abundantly all those who travelled from far and near to celebrate with us, and I ask Allah to grant you a safe and peaceful journey back to your respective destinations.”

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APC is my natural home, says Iyabo Obasanjo

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Iyabo Obasanjo, daughter of ex-President Olusegun Obasanjo, has confirmed her membership in the All Progressives Congress (APC) in Ogun state.

Iyabo spoke on Saturday during an interactive programme on Eagle7 Sports Radio 103.7 FM, anchored by Segun Odegbami.

Explaining her return to politics, Iyabo said the decision was driven by sustained pressure from supporters.

“Like I told you, a group of people who I did not bring together, I did not form them into a group, have been working, I think, for two years now,” she said.

“And then they started talking to me about a year ago, saying, ‘Look, we think you are the best candidate. We want you back.’”

She said she could not return to the Peoples Democratic Party (PDP), where she previously contested elections, citing internal crises.

“I could not go back to the PDP because of all kinds of turmoil,” she said.

Iyabo disclosed that she also considered the African Democratic Congress (ADC), but said the party was not yet fully organised.

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“The ADC was another option, but they don’t have their ducks in a row yet; they’re still working on it,” she said.

According to her, those who encouraged her return to politics are now members of the APC, a factor that influenced her decision after wide consultations.

“So, I think APC is my natural home. I don’t have any animosity towards any individual or any group within the APC,” she said.

“I feel more comfortable with all the actors I know within the APC… I feel more comfortable, actually, than with some of the actors I know in the PDP, and some of them are now in the ADC.

“So I think it’s my natural home. I feel quite confident and happy to have made that decision.

“I have an absolute 100% feeling it’s my natural home.”

Iyabo represented the Ogun central senatorial district between 2007 and 2011. She lost her re-election bid in 2011 to Gbenga Obadara of the then Action Congress of Nigeria (ACN).

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She later relocated to the United States, where she pursued an academic career and rose to the rank of professor. She is also a former commissioner for health in Ogun.

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Nigerian jailed eight years for $6m scam in US

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MAN JAILED FOR LIFE

A United States court has sentenced one Tochukwu Albert Nnebocha, a Nigerian national, to 97 months’ imprisonment for participating in a transnational inheritance fraud scheme that targeted elderly and vulnerable Americans.

According to a statement published on the US Department of Justice website on Friday, “a Nigerian National was sentenced today to more than eight years in prison for participating in a years-long conspiracy to defraud elderly and vulnerable Americans through an inheritance fraud scheme.”

The DOJ stated that Nnebocha, who is 44 years old, and his co-conspirators “operated a lucrative transnational inheritance fraud scheme that exploited vulnerable people in the United States” over a period exceeding seven years.

The statement read, “According to court documents, Tochukwu Albert Nnebocha, 44, of Nigeria, and his co-conspirators operated a lucrative transnational inheritance fraud scheme that exploited vulnerable people in the United States.

“Over the course of more than seven years, Nnebocha and his co-conspirators sent hundreds of thousands of personalized letters to elderly individuals in the United States, falsely claiming that the sender was a representative of a bank in Spain and that the recipient was entitled to receive a multimillion-dollar inheritance left by a deceased family member.”

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According to the US DOJ, victims were subsequently instructed to pay various fees before accessing the fictitious inheritance.


“The conspirators then told the victims that, before they could receive their purported inheritance, they were required to send money for purported delivery fees, taxes, and payments regarding the inheritance. In total, the defendant and his co-conspirators defrauded over 400 U.S. victims of more than $6 million,” the statement read,

The DOJ added that “in total, the defendant and his co-conspirators defrauded over 400 U.S. victims of more than $6 million.”

The statement disclosed that Nnebocha was arrested in Poland in April 2025 and extradited to the United States in September 2025.

He later pleaded guilty in November 2025 to conspiracy to commit mail fraud and wire fraud.

At sentencing, the court ordered 97 months’ imprisonment, three years of supervised release and restitution exceeding $6.8m to victims.

The department noted that “this is the second indicted case related to this international fraud scheme,” adding that eight co-conspirators from the United Kingdom, Spain, Portugal and Nigeria had previously been convicted and sentenced.

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The case was investigated by the US Postal Inspection Service and Homeland Security Investigations, with assistance from the Federal Bureau of Investigation’s Legal Attache in Poland, INTERPOL, Polish authorities, the US Attorney’s Office for the Southern District of Florida, and the DOJ’s Office of International Affairs.

Senior Trial Attorney Phil Toomajian and Trial Attorney Joshua D. Rothman of the Criminal Division’s Fraud Section are prosecuting the case, according to the statement.

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