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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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Cross River State Isolates 10 More Persons with COVID Symptoms

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Cross River State Government said it has identified and isolated 10 persons who interacted with a Chinese national who reimported COVID-19 into Nigeria.

Cross River State Isolates 10 More Persons with COVID Symptoms

Nigeria Centre for Disease Control and Prevention (NCDC) while confirming a case of COVID-19 in the state, assured the public that there is no evidence of widespread transmission.

But, Dr. Inyang Ekpenyong, state epidemiologist, disclosed that the individuals were traced through contact tracing after interacting with the index case (Chinese national) and have since been placed under movement restriction.

“We’ve restricted their movements to their homes, so that they do not spread the symptoms to other persons,” Ekpenyong said, noting that the contacts were under close monitoring by health officials.

She added that surveillance teams had visited the expatriate’s workplace in Akamkpa to track possible exposure and prevent further transmission.

The affected Chinese national is currently receiving treatment at the University of Calabar Teaching Hospital (UCTH), where authorities said he was responding positively.

Ekpenyong reminded residents that COVID-19, despite first emerging about six years ago, has not been eradicated, urging continued adherence to preventive measures.

She advised the public to maintain regular hand sanitisation, use face masks where necessary, and follow public health guidelines issued by experts.

But, Dr. Jide Idris, director general, NCDC, said, “Public health surveillance systems remain active nationwide, and we are working closely with state authorities to ensure early detection and swift response to any case.”

In a statement on Wednesday, Dr. Idris, said there is no cause for alarm, adding that “We are monitoring the situation closely and our response systems are active and working,”.

Earlier, Dr. Henry Egbe Ayuk, state commissioner for Health,  confirmed the first case and assured residents that all necessary containment protocols had been activated.

According to Ayuk, the index case involves a 53-year-old Chinese national who arrived in Nigeria on March 17 and later developed symptoms while in Akamkpa.

He explained that the patient’s condition worsened while receiving treatment at a state facility before he was transferred to UCTH for advanced care.

“At the facility, samples were taken in line with established protocols, and it was confirmed that the patient showed symptoms of COVID-19,” Ayuk said.

“We are, however, happy to report that he is doing well,” he added.

The commissioner stressed that the state’s health system has been strengthened to respond effectively to outbreaks, with surveillance mechanisms fully operational across Cross River State.

He acknowledged the presence of occasional silent infections but maintained that the government remained prepared to manage any public health threat.

“But we are determined that for every ailment, every disease or outbreak, if it is identified here in the state, there should be no alarm. The state will do well in terms of surveillance or containment of an outbreak. Whatever it is, we will do our best to contain it. So, there is no alarm,” Ayuk stated.

Ayuk further noted that COVID-19 remains a global concern, warning that cross-border movement of infected individuals continues to pose risks.

“COVID-19 is not peculiar to Nigeria. But we’re determined to contain it. There’s no cause for alarm,” he said.

 

 


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The Visibility Trap

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By Ememobong Udofot

There is a persistent assumption in modern business that attention is progress. If people are seeing you, engaging with you, and talking about you, then you must be growing. On the surface, this feels true. In practice, it is one of the most expensive misconceptions companies carry.

Visibility is not legitimacy. And confusing the two creates fragile businesses that look successful long before they actually are.

Visibility is distribution. It is how often you are seen, how far your message travels, and how loudly you exist in a market. It is driven by campaigns, partnerships, content, and media. It is measurable in impressions, reach, mentions, and recall.

Legitimacy is something else entirely. It is not what people see. It is what they conclude. It is the quiet but critical judgement a user makes when deciding whether to trust you with something that matters. Their money, their time, their reputation, their belief. Legitimacy is not declared. It is inferred. This is where most companies miscalculate.

A platform can be highly visible and still feel unsafe. It can be everywhere and still feel uncertain. It can dominate conversations and still fail at conversion when the moment of decision arrives. Because today, users are not asking, “Have I seen this before?” They are asking, “Do I trust what happens next?”

In financial services, especially in emerging markets, this distinction becomes sharper. Users do not operate from abundance. They operate from risk awareness. Every transaction is evaluated, consciously or not, through a lens of potential loss. What could go wrong? How fast can I recover if it does? Who is accountable if it fails? Visibility does not answer these questions. Legitimacy does.

Legitimacy is built through signals that reduce perceived risk. Not theoretical safety, but experienced reliability. It shows up in consistency of outcomes, in how predictable your system is under pressure, and in whether your platform behaves the same way every time, not just when everything is working but also when something breaks. It is reinforced by clarity. Users trust what they understand, not what is explained to them in long paragraphs, but what is immediately obvious in interaction. What happens next, how long it takes and what they can expect. It is strengthened by accountability. Not in policy documents, but in visible behaviour. How issues are handled, how quickly they are resolved, whether responsibility is assumed or deflected.

These are not branding elements in the traditional sense. They are operational realities. But this is exactly where branding is often misunderstood. Brand is not what you say about your product. It is the system of signals that shape how your product is perceived before, during, and after use. While visibility amplifies your presence, legitimacy sustains your relevance.

When companies prioritize visibility without building legitimacy, they create a dangerous gap between expectation and experience. Growth accelerates, but trust does not compound at the same rate. Eventually, the system corrects itself. Users withdraw, reputation weakens, and recovery becomes significantly harder than initial growth.

On the other hand, when legitimacy is established first, visibility becomes an accelerator rather than a risk. Every new user acquired enters a system that can hold them. Every interaction reinforces the same conclusion. This works; I can rely on this.

This is slower to build, but far more durable. The strategic implication is simple but rarely followed. Do not ask how to be seen more; ask what conclusions users are forming when they see you. Do not optimise for attention in isolation, optimise for the alignment between what is promised and what is experienced. Do not treat trust as a communication problem, treat it as a systems problem that communication must accurately represent. Because in the end, markets do not reward visibility. They reward reliability that has been observed, tested, and believed. And that is legitimacy.

Ememobong Udofot E. is a branding and communications executive specialising in strategy, systems thinking, and trust design within financial technology. She currently leads Branding and Communications at FlashChange, a digital value exchange platform focused on enabling reliable, efficient movement of digital assets.


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Breaking News…Hackers Allegedly Expose EFCC Data, Operatives’ Identities

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Nullsec Nigeria, a threat actor, has claimed responsibility for leaking the identities of operatives and sensitive internal data linked to the Economic and Financial Crimes Commission (EFCC).

Breaking News...Hackers Allegedly Expose EFCC Data, Operatives’ Identities

Ola Olukoyede, chairman, EFCC

The leak raises fresh concerns over cybersecurity vulnerabilities within Nigerian public institutions and safety the agency’s operatives.

The breach surfaced on April 21 on a dark web forum, where a user identified as “ki4t,” reportedly affiliated with the group, published details of the dataset.

The exposed data is said to include agent names, phone numbers, operational code names, and password hashes tied to EFCC personnel.

The breach allegation comes amid growing concerns over cyber risks facing government agencies, following a recent reported compromise involving the Corporate Affairs Commission (CAC).

Cybersecurity analysts say that if confirmed, the exposure of such sensitive operational data could pose risks to both personnel security and ongoing enforcement operations, particularly if password hashes are successfully decrypted or linked to other compromised systems.

The development adds to increasing pressure on public institutions to strengthen digital infrastructure, access controls, and internal cybersecurity protocols as threat actors continue to target government databases.

Authorities are yet to confirm the extent of the alleged breach or whether any mitigation measures have been activated.

Nigeria has lately experienced a growing activities of hacktivists defacing websites and leaking data.

 

 

 


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