Nigeria: Missing U.S.$20 Billion - Sanusi Faults Alison-Madueke, Says Audit Report Proves At Least U.S.$18.5 Billion Lost

Diezani_Alison-Madueke

A former governor of the Central Bank of Nigeria (CBN), Lamido Sanusi, has reacted to the recent audit report by PricewaterhouseCoopers on the alleged missing $20 billion oil money, saying the report has confirmed in the first instance that at least $18.5 billion was indeed missing.

Mr. Sanusi faulted the petroleum minister, Diezani Alison-Madueke, who said the report had exonerated the Nigerian National Petroleum Corporation, NNPC, earlier accused of diverting the money.

In an opinion article published by the Financial Times of London, Mr. Sanusi, who is now the Emir of Kano, said the argument that the outstanding amount was used by the NNPC for apparently unlawful purposes such as kerosene subsidy, does not dismiss the notion that the NNPC illegally withheld billions of oil dollars from the government.

"Contrary to the claims of petroleum minister Diezani Alison-Madueke, the audit report does not exonerate the NNPC. It establishes that the gap between the company's oil revenues between January 2012 and July 2013 and cash remitted to the government for the same period was $18.5bn," Mr. Sanusi said.