The adversarial history between the duo was what made guests who gathered for the public presentation of ‘My Life of Duty and Allegiance’, the autobiography of ex-military Head of State, General Yakubu Gowon (rtd) burst into laughter when former president Goodluck Jonathan referred to the 16th Emir of Kano, Alhaji Muhammadu Sanusi II, as ‘my good friend’.
The hall erupted into laughter, making the former president who served as chairman of the occasion on Tuesday, to pause his welcome remarks for a while.
Then President Jonathan had suspended Sanusi as governor of the Central Bank of Nigeria (CBN) after the economist raised an allegation that shook the country at the time. On February 13, 2014, while appearing before the Senate Committee on Finance, Sanusi had alleged that the Nigerian National Petroleum Corporation (NNPC) failed to remit about $20 billion into the federation account.
The allegation reportedly strained the relationship between the president and the CBN governor, generating widespread political controversy and national debate. Consequently, Jonathan suspended Sanusi as CBN governor, citing allegations of misconduct and financial recklessness.
Months after his suspension from the apex bank, Sanusi emerged as the Emir of Kano following the death of late Emir Ado Bayero in 2014. Sanusi was appointed by the Kano State government under the leadership of Governor Rabiu Musa Kwankwaso, marking his return to national prominence.
The matter had publicly surfaced in 2024 during the launch of a book, “Public Policy and Agents Interests: Perspectives from the Emerging World” co-authored by former Minister of Finance, Shamshudeen Usman, who served as Minister of Planning under his government, and the Emir.
Jonathan used the occasion to deny that $49.8 billion was missing from the government’s treasuries during his tenure, adding that he never sacked the former Central Bank Governor, Sanusi Lamido, for alerting Nigerians over the alleged missing funds.
However, Sanusi insisted that Jonathan sacked him as CBN governor, contrary to the ex-President’s claim that he was only suspended.
Responding to Jonathan’s claim, the monarch jokingly told the former President that he (Jonathan) “constructively sacked him.”
Sanusi, who took to the podium hours after Jonathan’s comment, insisted that he was sacked by Jonathan.
“My boss who sacked me. I was constructively dismissed. I continue to respect Jonathan and I don’t have grudges against anyone,” Emir said, as he delivered a short message at the event he presided over as Royal Father of the Day.
While maintaining that no such amount was lost in his government, Jonathan told attendees at the event, one of whom was the 16th Emir of Kano, that an internationally-recognised audit firm engaged to probe the alleged missing amount, gave the administration a clean bill of health.
Jonathan also recounted how he was confronted by then President of Germany, Angela Merkel, over the matter and that he explained that such money couldn’t have been stolen from a struggling country.
According to him, “Let me mention that I did not agree with some issues raised by one of the contributors (to the book). But I don’t intend to join issues because he is our royal father. And he is here.
“The one he raised that he was sacked because he blew a whistle that the Federal Government lost $49.8 billion is 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, till today, I am not convinced that the Federal Government lost $49.8 billion.
“And that year, our budget was $31.6 billion. So for a country that had a budget of $31.6 billion to lose about $50 billion and salaries were paid; nobody felt anything.
“The researchers that wrote this book need to do further research.
“And more so, when our revered royal father came up with the figures. First $49.8 billion, later $20 billion and later $12 billion. I don’t even know the correct one.”
He said he was vindicated about the claim after the former CBN governor began to change the narrative from $49bn to $20bn and later $12bn.
Jonathan further added that Price Water Coopers, PWC, which investigated the matter, revealed that no such amount was stolen.
However, he added that $1.48 billion could not be accounted for by the Nigerian National Petroleum Corporation, NNPC, (now NNPCL) at the time.
