Jonathan Refutes $49.8bn Allegation, Counters Emir Sanusi’s Claim

Former President Goodluck Jonathan, on Thursday, denied allegations that $49.8 billion went missing from government coffers during his administration. He asserted that no funds were lost and described the claim as a fabrication by the Central Bank of Nigeria’s (CBN) leadership at the time.

The allegation was originally made by the then CBN Governor, Muhammadu Sanusi II, who is now the Emir of Kano. Jonathan addressed the issue during the launch of the book *Public Policy and Agents Interests: Perspectives from the Emerging World*, co-authored by Shamshudeen Usman, a former Minister of Finance and Planning under Jonathan’s government.

In a direct response to Sanusi, who was present at the event, Jonathan stated that an internationally renowned audit firm had investigated the matter and found no missing funds, exonerating his administration. He dismissed the claim, saying the size of the alleged missing sum was inconsistent with the country’s financial circumstances at the time.

Jonathan explained, “Our budget was around $31 billion. If $49.8 billion had been stolen, it would have had a catastrophic effect on the economy, which wasn’t the case.” He also recounted a conversation with then-German Chancellor Angela Merkel, during which he refuted the possibility of such a large sum disappearing unnoticed.

Sanusi, in his contribution to the book, had claimed that his suspension as CBN governor was due to his whistleblowing regarding the missing funds. Jonathan, however, clarified that Sanusi was suspended—not sacked—due to serious infractions flagged by the Financial Reporting Council, which required further investigation. “His suspension had nothing to do with any whistleblowing; it was based on irregularities within the CBN’s expenditure,” Jonathan emphasized.

Jonathan also noted the inconsistencies in Sanusi’s claims, pointing out that the amount in question had fluctuated from $49.8 billion to $20 billion, and then to $12 billion. He highlighted that the only unresolved amount, according to an audit by PriceWaterhouseCoopers (PwC), was $1.48 billion related to the Nigerian National Petroleum Corporation (NNPC).

He also referenced a Senate investigation led by Senator Ahmed Makarfi, which found the allegations baseless.

The event concluded with the launch of the Shamsuddeen Usman Foundation (SUF), established by Dr. Usman’s children to promote education and the advancement of Artificial Intelligence (AI) in Nigeria.

At the time of this report, Emir Sanusi had not yet addressed the audience, despite being listed as the Royal Father of the Day.