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Sanusi Says $12.5Bn Oil Money was Diverted under Jonathan

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Muhammad Sanusi II, Emir of Kano
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Muhammad Sanusi II, Emir of Kano and former Central Bank of Nigeria (CBN) governor, yesterday insisted that some $12.5billion oil money was diverted under President Goodluck Jonathan’s administration.

Sanusi, who started the row over the “missing” $20 billion oil money was reacting to the auditors’ report on the Nigerian National Petroleum Corporation’s (NNPC’s) books.

In an article titled “Unanswered questions on Nigeria’s missing oil revenue billions”, in the “Financial Times”, he insisted that the PwC Audit Report confirmed that about $18.5billion of the NNPC’s earnings was not remitted to the treasury, contrary to what the Petroleum Minister Mrs. Diezani Alison-Madueke, claimed is the case.

Sanusi wrote: “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 $18.5bilion.”

Sanusi said the breakdown of the NNPC’s account of how it used that money, raises serious questions about the legality of the conduct of the state’s oil company.

He said the only thing that is left to be done is for the authority to hold anyone found culpable in these transactions accountable and commence legal proceedings against them since, in his words, “Nigerians did not vote for an amnesty for anyone”.

Sanusi said: “The lines of investigation suggested by this audit need to be pursued. Any officials found responsible for involvement in this apparent breach of trust must be charged.”

Giving details of what he described as a “scam that violated the constitution” and which he alleged  resulted in the  siphoning of money from the treasury,” and by extension, his suspension as CBN governor, Sanusi said the perpetrators of the exercise relied on the supposed kerosene subsidy purportedly granted by the late President Umaru Yar’Adua.

He pointed out that contrary to that view, the kerosene subsidy had been vacated, going by the statement attributed to the Executive Secretary of the Petroleum Products Pipeline Marketing Company (PPPMC).

His words: “ The auditors say a significant part of the unremitted funds is supposed to have gone towards a kerosene subsidy that had been stopped two and a half years earlier by the late President Umaru Yar’Adua. His decree never appeared in the official gazette, leading some to question whether it ever had legal force.

“Evidence disclosed in the report suggests this is a sideshow. The executive secretary of the agency charged with administering subsidies confirmed that, acting on Yar’Adua’s orders, it had ceased granting subsidies on kerosene. There was no appropriation for such a subsidy in the 2012 or 2013 budgets,” he stated.

He said throughout all this, “Nigerians paid N120-N140 a litre of kerosene, far more than the supposed subsidised price of N50, yet the state oil company withheld $3.4billion to pay for a subsidy that in effect did not exist”.

Sanusi said besides the subsidy matter, he was interested in knowing whether the NNPC remitted  to the government the entire proceeds of its crude oil sales, and  that if it did not, whether  there is proof of the purpose to which the unremitted amounts were applied, as well as ascertaining whether the Corporation has the legal authority to withhold these funds.

Notwithstanding the outcome of the PwC audit report, the President-elect, General Muhammadu Buhari, has said he would revisit the missing $20billion. After Buhari’s omment, President Jonathan directed that the report be made public.

Besides Buhari’s pronouncement, other stakeholders and chieftains of the incoming government, have called for an overhaul and restructuring of the nation’s oil sector, so as to position it as a revenue earner, as it is applicable in other major oil producing countries in the world


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FG Launches NERD to Combat Certificate Fraud

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Federal government has taken a significant step to enhance the integrity of Nigeria’s education system by deploying the Nigeria Education Repository and Data Bank (NERD), a national digital platform that secures, digitizes, and authenticates academic records across all tertiary institutions.

FG Launches NERD to Combat Certificate Fraud

Forgery

Maruf Tunji Alausa, minister of Education, unveiled the initiative during the National Capacity Building Programme for institutional representatives, underscoring NERD’s importance as a critical national infrastructure for safeguarding academic credentials and strengthening education data governance.

“NERD is essential to our reform agenda under the leadership of President Bola Ahmed Tinubu,”  Alausa stated.

“It ensures reliable digital preservation and verification of academic records, which is vital for maintaining the credibility of our education system.”

According to Alausa, in the brief span of four months since its implementation, NERD has made remarkable progress, successfully preserving nearly 100,000 digital student submissions and integrating over 250 tertiary institutions.

The platform has also enrolled more than 133,000 students and 6,800 lecturers, significantly enhancing the academic record-keeping process.

Alausa highlighted that the initiative is a proactive measure against certificate fraud, noting recent investigations that revealed cases involving fraudulent foreign credentials procured from unaccredited institutions.

This underscores the urgency of protecting the integrity of academic qualifications in Nigeria.

Furthermore, the Ministry announced that participation in the NERD system will soon become a prerequisite for either participation in or exemption from the National Youth Service Corps scheme, reinforcing the initiative’s impact on the educational landscape.

The Federal Government remains committed to building a transparent, digitally verifiable, and globally respected education system, ensuring that the integrity of academic records is upheld across the nation.


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Goodnews Naija Launches ‘Building in Nigeria’ Series on Entrepreneurs, Real Sector Builders

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Goodnews Naija Podcast, a digital platform dedicated to highlighting positive, uplifting stories and innovations from Nigeria, has launched Building in Nigeria, a documentary-style series aimed at spotlighting entrepreneurs and businesses contributing to economic activity and job creation across the country.

The series explores the realities of running and scaling businesses in Nigeria, featuring founders, operators, and innovators across sectors including manufacturing, services, agriculture, and sustainability.

Through interviews and on-ground visuals from workshops, markets, factories, and small offices, the programme examines the operational discipline, challenges, and execution processes required to build viable enterprises in a complex business environment.

Damilola Kehinde, host of the series, said the programme focuses on entrepreneurs whose contributions to economic progress often receive limited visibility.

According to the producer, Memunat Oladepo, the series seeks to move beyond surface narratives by providing practical insights into how Nigerian businesses are started, sustained, and grown despite infrastructure gaps, funding constraints, and market volatility.

The organisers said Building in Nigeria is targeted at entrepreneurs, investors, and policy-interested audiences seeking grounded perspectives on enterprise development in the country.

The first season is scheduled to premiere on March 11, 2026, across Goodnews Naija’s YouTube channel, social media platforms, and podcast platforms, where it recorded over 24 hours of viewership within the first day of release.

 

 


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FCCPC Bans Lagos ‘No Refund’ Policy, Vows Fines and Shutdowns for Traders

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Federal Competition and Consumer Protection Commission (FCCPC) has warned Lagos traders against enforcing the unlawful “no return, no refund” policy, declaring it illegal under the Federal Competition and Consumer Protection Act (FCCPA) 2018.

FCCPC Bans Lagos 'No Refund' Policy, Vows Fines and Shutdowns for Traders

FCCPC

Dr Olubunmi Otti, FCCPC Southwest Zonal Coordinator, issued the directive during the inauguration of new executives of the Phone and Allied Products Dealers Association (PAPDA) on Wednesday, stressing consumer education as the strongest defence against market exploitation.

“There is no such thing as ‘no return, no refund’. If a product does not fulfil its intended purpose, the consumer has the right to return it,” Otti declared, adding the commission mediates complaints for refunds, replacements, or exchanges.

Non-compliant businesses face fines, product withdrawals, seizures, prosecutions, or shutdowns. Otti noted thousands of monthly complaints via the FCCPC portal in the Southwest alone, with sensitisation expanding to Alaba Market and Trade Fair Complex.

She urged consumers: “When your rights are violated, do not just say, ‘You give it to God.’ Bring your complaints to the FCCPC. The law empowers us to protect you,” while calling for traders’ collective responsibility to ensure quality products and services.


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