JUST IN: “No $49bn Missing Under My Watch” – Former President Jonathan Clears Air on 2014 Controversy

Former Nigerian President Goodluck Jonathan has dismissed long-standing allegations that $49 billion in oil revenues went missing under his administration. Speaking on Thursday at the launch of the book Public Policy and Agents’ Interests: Perspectives From The Emerging World, co-authored by former Finance Minister Dr. Shamshudeen Usman, Jonathan firmly rejected the narrative, labeling it untrue.

The allegation was initially raised by former Central Bank of Nigeria (CBN) Governor and current Emir of Kano, Muhammad Sanusi II, who suggested that the missing funds led to his eventual suspension from office. The former president, who chaired the book launch event, acknowledged Sanusi’s contribution to the book but disagreed with his claims regarding the alleged missing oil revenue.

Jonathan clarified that Sanusi was not fired but suspended and refuted the idea that such a large sum could be misappropriated without significant national consequences. He emphasized that Nigeria’s annual budget at the time was only $32 billion, making it implausible for $49 billion to vanish without severe economic repercussions.

Recalling a conversation with then-German Chancellor Angela Merkel, Jonathan said he assured her that such a massive theft was impossible given Nigeria’s struggling economy. He further pointed out inconsistencies in Sanusi’s claims, noting that the figure changed from $49 billion to $20 billion and later to $12 billion.

Jonathan cited a report from PriceWaterhouseCoopers (PwC), which investigated the claims and found that only $1.48 billion was unaccounted for by the Nigerian National Petroleum Corporation (NNPC), a far cry from the initial accusation. Additionally, a Senate Committee on Finance, led by Senator Ahmed Makarfi, also concluded that the claims of missing funds were unfounded.