E-Financial
Sanusi Says $20Bn Leakages in NNPC May Ground Economy
Sanusi Lamido Sanusi , governor of the Central Bank of Nigeria (CBN) has stated that his decision to take part in the joint press briefing called by Dr Ngozi Okonjo-Iweala, minister of finance, last December was in order to avert a crisis and calm nerves in the polity, according to a report by Leadership Newspaper.
Sanusi also insisted that the persistent leakages in the amount of oil revenue remitted to the federation account if not stopped on time would ultimately bring the entire economy to its knees.
In an executive summary of his presentation to the Senate Committee on Finance, according to Leadership,, the apex bank governor regretted that his letter to the president which was leaked last year was published in a highly politically-charged atmosphere leading to the Central Bank being practically accused of involvement in politics.
“In December it was clear to me that no tempered and positive discussion would take place. In order to calm nerves and avert a major crisis, I agreed to the joint press conference with the Finance Ministry, the Petroleum Ministry, and also to present a common front at the National Assembly.”
At the said press conference which held on December 18, 2013, jointly addressed by Okonjo-Iweala, Sanusi, and minister of petroleum Mrs Diezani Alison-Madueke, Sanusi had said he was wrong in his earlier allegation that $49.8 billion was missing and that the actual unremitted amount was $12 billion. Okonjo-Iweala said her record indicated that only $10.8 billion could not be accounted for.
The CBN governor stressed that Nigeria cannot sustain the current trend in oil revenue leakages, adding that if not stopped it is capable of bringing the entire nation to its knees.
“The amount in 19 months may be $10.8 billion or $12 billion or $19 billion or $21 billion; we do not know at this point. But if we extend the period the amount will increase anyway, since this has been going on for a long time. The first priority is to stop it. It is unsustainable, and it will ultimately, if not stopped, bring the entire economy to its knees.”
Sanusi who appealed to Nigerians not to disregard the alarm he raised as spurious or baseless also noted: “Since December, however, there has been an orchestrated campaign aimed at undermining our credibility and misleading Nigerians into believing that all monies due to the federation account have been either remitted or adequately accounted for.”
He said that the decision on what to do with the situation at hand rests entirely with the government.
“My task is limited to raising an alarm over what I think is a development that is harmful to the economy, and establishing that the alarm was neither spurious nor baseless. I still insist that an investigation is needed to establish the extent of the losses and nature of offences committed.”
In related development, Sanusi also spoke at an investors’ dinner in Lagos on Tuesday night, saying the revelation of the missing and unaccounted monies would help in ensuring good governance and accountability in the governing of the country.
Sanusi, who had made fresh allegations at a public hearing organised by the Senate, said that the NNPC was yet to account for $20 billion oil proceeds, an amount higher than the initial $10.8 billion that was in contention.
He stated that “a lot of the noise that is happening in the country today around me and the oil sector is good for the country because, at the end of the day, if it leads to improved governance over oil revenue, if it leads to increased transparency or people having to be called to explain what they have done with the money, that is good for the system. People must not see controversy and noise as necessarily bad. I love controversy”.
“If you think there has to be change and if you think a system needs to be improved and if you get too comfortable in a system, you should ask yourself what has happened to you. You need to step on a few toes, annoy a few people, have your own toes stepped on; you will be annoyed once in a while. Of course, they will slap you once in a while,” he stated.
Stressing that the current market price of oil is in favour of the country, the CBN governor noted that revenue shortfalls arising from oil theft and illegal bunkering are the major challenge for the country, noting that if the problem of oil theft and illegal bunkering was solved, issues around reserves, currency stability and fiscal deficit would be a thing of the past.
“We have tried to build a stable environment, and, for us at the Central Bank, we have been very lucky to have had a very good partner in finance. If you look at government spending in 2013, it really wasn’t much higher than in 2012 and fiscal policy is not in itself loose on the basis of government spending. The real challenge is that there are things that we can do to block some of the revenue shortfalls that are causing the problem – oil theft and bunkering — because we’ve good oil price, we’ve got the output and if you fix that, the issues around reserves, around currency stability, around fiscal deficit would simply disappear.”
He also blamed lack of fiscal discipline on the part of the government, saying “government spending itself has not been the problem. It is largely because of the fiscal discipline in the last few years that our tight monetary policy has been able to work. We have been able to bring down inflation to single digit and it has been below 10 per cent since January 2012. It would remain 10 per cent throughout 2014.
“I know there is speculation about how much money will come into the economy during elections, but how much money is there anyway? It’s $2.5 billion in the Excess Crude Account. So even if people want to spend money, the money won’t be available. So the risk from that end is not as high as people might think. The greater risk is if we continue to have deterioration in the revenue profile, and that can be addressed because it is really in our control.”
Federal Capital Territory High Court has ordered Stanbic IBTC Bank Limited to pay N15 million in damages to two former customers after finding that the bank unlawfully retained and processed their personal information after they had terminated their banking relationship.
In a judgment delivered on July 29, Justice Kayode Agunloye also directed the bank to erase all personal data belonging to the claimants that it is not legally required to retain and restrained it from further processing or using such information without lawful authority or the customers’ consent.
The court held that the bank breached the Nigeria Data Protection Act (NDPA) 2023, the claimants’ constitutional right to privacy under Section 37 of the 1999 Constitution (as amended), and provisions of the Federal Competition and Consumer Protection Act (FCCPA).
The suit, marked CV/2190/25, was filed by David Ogundipe and Salami Tolulope Ibrahim, who argued that Stanbic IBTC continued to process their personal data for marketing purposes even after they had closed their corporate account with the bank.
According to the claimants, the account was shut following unresolved issues with the bank.
Despite the closure, they alleged that Stanbic IBTC continued sending promotional emails and text messages to their personal and corporate email addresses as well as their telephone numbers.
The customers said their solicitors later wrote to the bank demanding that all marketing communications cease and that their personal data should no longer be processed for promotional purposes.
Although the bank reportedly acknowledged the request and assured them that the messages would stop, the unsolicited communications allegedly continued, prompting them to seek judicial intervention.
In his ruling, Justice Agunloye held that once the banking relationship had ended and the customers had withdrawn their consent, the bank no longer had any lawful basis to process their personal data for marketing activities.
The judge ruled that the continued use of the claimants’ information amounted to an infringement of their constitutional right to privacy and constituted an unfair trade practice under the FCCPA.
The court consequently ordered Stanbic IBTC to delete all personal information relating to the claimants that it is not legally required to retain and to cease every form of data processing except where permitted by law or regulatory obligations.
Justice Agunloye also granted a perpetual injunction restraining the bank, its officers and agents from retaining, processing, transmitting or using the claimants’ personal data for marketing, promotional or any other unauthorised purpose.
While the claimants sought N250 million as damages, the court awarded N15 million as general damages, describing the amount as adequate compensation for the persistent unsolicited communications, the bank’s failure to honour requests for data erasure and the violation of the customers’ privacy rights.
The bank was further ordered to pay N500,000 as the cost of the suit, while the claim for N7 million as litigation expenses was dismissed for lack of sufficient proof.
Justice Agunloye directed that all monetary awards would attract 10 per cent post-judgment interest annually until fully settled.
However, the court declined to order the complete deletion of every record relating to the claimants, holding that banks remain under statutory obligations to retain certain customer records in compliance with financial regulations and anti-money laundering laws.
Reacting to the verdict, counsel to the claimants, O.E. Oluwadamisi of Earnest Attorneys LP, described the decision as a landmark judgment for data protection in Nigeria.
He said the ruling reinforces the mandatory nature of compliance with the Nigeria Data Protection Act and makes it clear that organisations cannot continue processing customers’ personal information after consent has been withdrawn unless authorised by law.
One of the successful claimants, David Ogundipe, welcomed the judgment, saying it represented a victory not only for the litigants but also for millions of Nigerians whose personal information is held by corporate organisations.
He expressed hope that the ruling would encourage institutions across the country to strengthen compliance with data protection laws and place greater respect on customers’ privacy rights.
The number of Bank Verification Numbers (BVNs) on the Nigerian banking industry’s fraud watchlist reached 13,117, according to the Central Bank of Nigeria (CBN).
This is coming as banks strengthen efforts to detect and prevent financial crimes.
According to the CBN’s 2025 Annual Report and Statement of Accounts, the number of BVNs on the banking industry’s fraud watchlist increased from 9,476 in 2024 to 13,117 in 2025. This represents a 38.4 per cent increase.
The apex bank explained that commercial banks, including Access Bank, Zenith Bank, United Bank for Africa (UBA), and other financial institutions, added 3,641 new BVNs to the watchlist during the year.
The report said the increase reflects stronger fraud monitoring, improved compliance, better risk management, and enhanced systems for detecting suspicious transactions.
It added that the higher number does not necessarily mean fraud has increased, but shows banks are becoming more active in identifying and blocking suspicious activities.
The report also revealed that consumer lending declined for the first time since 2019.
Outstanding consumer credit dropped by 19.89 per cent, falling from N4.72 trillion in 2024 to N3.78 trillion in 2025.
The CBN attributed the decline to high interest rates, which made borrowing more expensive for many Nigerians.
Personal loans recorded the biggest drop, falling to N1.85 trillion.
However, retail loans rose by 63.77 per cent to N1.94 trillion, making them the largest category of consumer credit for the first time in several years.
Central Bank of Nigeria (CBN), has ordered banks to refund a total N19.12 billion to customers for illegal deductions and poor complaint handling.
This is coming as bank customers lodged 23,129 complaints against financial institutions in 2025, representing 11 per cent increase over the previous year.
The apex bank also imposed N1.69 billion in penalties on financial institutions for regulatory breaches, poor complaint handling and failure to comply with its directives, according to its 2025 Annual Report.
The CBN attributed the increase in complaints to growing public confidence in its consumer protection framework rather than a deterioration in banking services.
The report stated: “The Bank received a total of 23,129 complaints from consumers of financial services in 2025, a rise of 10.53 per cent above the 20,925 in 2024. The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process.”
The apex bank added: “A total of 18,824 complaints were resolved, indicating a 9.36 per cent increase over the 17,213 complaints resolved in 2024.”
On the value of disputed transactions, the CBN said: “Total claims in local currency increased to N40.61 billion from N17.13 billion in 2024. Foreign currency claims also rose, reaching $344.2 million compared with $1.06 million in the preceding year.”
According to the report, “Based on the resolved complaints, the sums of N19.12 billion and $329.3 million were refunded in 2025, compared with N9.66 billion and $0.67 million in 2024.”
The CBN said it strengthened enforcement against erring financial institutions during the year.
It stated: “During the review period, the Bank imposed 11 penalties on financial institutions totalling N1.26 billion for infractions ranging from regulatory breaches and failure to respond to regulatory queries.”
The report further disclosed: “In addition, the Bank imposed 21 penalties on financial institutions to the tune of N430 million for infractions ranging from delays in resolving customer complaints to failure to comply with the Bank’s directives.”
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