Sanusi Lamido Sanusi, former Governor of the Central Bank of Nigeria (CBN), has called for a comprehensive audit of the Nigerian National Petroleum Company Limited (NNPCL), asserting that this very plea led to his dismissal from the apex bank.
Speaking at The Bank Directors Summit held at the Transcorp Hilton Congress Hall in Abuja, Sanusi emphasized the need for transparency in scrutinizing NNPC’s operations.
Sanusi, who served as CBN governor from June 2009 to February 2014, expressed concerns over the President simultaneously holding the position of the Minister of Petroleum. He argued that the roles should be separate, highlighting potential conflicts of interest and the importance of an unbiased oversight structure.
During his address, Sanusi advocated for the retention of the Asset Management Corporation of Nigeria (AMCON) and the Nigeria Deposit Insurance Corporation (NDIC) until banks settle their outstanding debts. He underscored the necessity for the banking sector to rebuild trust with the public, emphasizing that the AMCON and NDIC should persist until the financial institutions fulfill their obligations to the system.
Furthermore, Sanusi maintained that there is no need to amend the CBN Act to safeguard the apex bank from political influences. He asserted the importance of preserving the independence of the Central Bank to ensure effective monetary policies and economic stability.
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The former CBN chief’s remarks come in the wake of President Bola Tinubu’s decision to split the Ministry of Petroleum Resources in August.
Tinubu appointed Ekperipe Ekpo as Minister of State, Gas Resources, and Heineken Lokpobiri as Minister of State, Petroleum Resources. However, he retained the substantive position of Minister of Petroleum Resources, echoing a tradition set by his predecessor, ex-President Muhammadu Buhari.