Governor lashes out at Nigeria’s national oil firm

Comment on this story


br sanusi (39367780)

Bloomberg

Central Bank of Nigeria governor Lamido Sanusi says the state-owned NNPC has no right to retain $10.8bn in income. Photo: Bloomberg

Chris Kay Abuja

Nigeria’s state oil company had no right to retain $10.8 billion (R117bn) in income, which had contributed to a drop in savings that had left the nation exposed to possible price shocks, central bank governor Lamido Sanusi said last week.

“Given where the oil price is, we should have more in terms of reserves and savings, and because we don’t have that we are susceptible to shocks in the event of a decline in the oil price,” Sanusi said.

A letter Sanusi wrote to President Goodluck Jonathan alleging the Nigerian National Petroleum Corporation (NNPC) had withheld $49.8bn in revenue sparked a public outcry when it was leaked to local newspapers last month. Finance Minister Ngozi Okonjo-Iweala said last month a reconciliation of the accounts showed unaccounted oil receipts stood at $10.8bn.

“No one has the right to retain money that should have gone to the federation account, so the fact that you’ve admitted retaining, or withholding, $10bn is itself bad enough,” said Sanusi. “This money was supposed to come in and if it came in, it would be part of our reserves and part of our excess crude savings.”

Bernard Otti, the group’s executive director of finance and accounts, said this month that the $10.8bn was spent on pipeline repairs, fuel subsidies, crude losses and reserve fuel.

The lack of accounting in oil revenues has increased pressure on Jonathan as he faces defections from the ruling Peoples Democratic Party (PDP) and former president Olusegun Obasanjo criticised him for failing to tackle corruption. Lagos-based ThisDay newspaper reported earlier this month that Jonathan told Sanusi to resign because he allegedly leaked his letter about the NNPC to Obasanjo.

Sanusi, who does not plan to renew his contract as governor when it expires in June, said there was no request from Jonathan to resign and “it’s back to business as usual”.

Sanusi said his letter to Jonathan was never meant to be made public.

“What was in fact an invitation to investigate somehow became read as the end of an investigation, the conclusion from an investigation and that wasn’t it,” he said. “This was an initial report given that, for me, raises sufficient concern to ask the president to have an investigation so we can know exactly where the money is.”

Jonathan’s PDP may face its sternest electoral challenge next year. That is adding to risks that government spending may increase and inflation will accelerate from 8 percent last month.

Expenditure climbed 17 percent before the 2011 presidential vote. The Finance Ministry would probably be able to keep spending under control in the run-up to the vote, Sanusi said.

“I have had a number of discussions with the finance minister and I get a sense she is very, very committed to keeping a tight leash on spending especially as we come towards elections,” he said.

Jonathan has not given any indication yet of who will be the next central bank governor. Lagos-based Vetiva Capital Management said in October that potential candidates included Sanusi’s four deputies and Aigboje Aig-Imoukhuede, the chief executive of Access Bank. Sanusi declined to comment on who he thought would be the best candidate. Drawing criticism from members of parliament opposed to his push for spending curbs on salaries, Sanusi fought off plans by legislators in 2012 to amend rules that would curtail the governor’s powers over the central bank. – Bloomberg


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
optimistic_36
I'm a 37 year old woman looking to meet men between the ages of 32 and 46.
View Profile
JillieB
I'm a 61 year old woman looking to meet men between the ages of 55 and 70.
View Profile
MissMoneypenny_13
I'm a 28 year old woman looking to meet men between the ages of 30 and 42.
View Profile
Fire_and_Ice81
I'm a 33 year old woman looking to meet men between the ages of 25 and 45.
View Profile
Mayfly_2
I'm a 26 year old woman looking to meet men between the ages of 26 and 45.
View Profile
dreamsoftly
I'm a 49 year old woman looking to meet men between the ages of 47 and 58.
View Profile
Jimmyhgirl
I'm a 37 year old woman looking to meet men between the ages of 18 and 100.
View Profile
Bianx24
I'm a 24 year old woman looking to meet men between the ages of 25 and 30.
View Profile
recently40
I'm a 40 year old woman looking to meet men between the ages of 27 and 58.
View Profile
tigerlady28
I'm a 30 year old woman looking to meet men between the ages of 22 and 34.
View Profile
khosyx
I'm a 20 year old woman looking to meet men between the ages of 21 and 30.
View Profile
L123
I'm a 33 year old woman looking to meet men between the ages of 32 and 39.
View Profile
Sunshine_again
I'm a 46 year old woman looking to meet men between the ages of 40 and 52.
View Profile
Midcentury_girl
I'm a 32 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Gemima
I'm a 38 year old woman looking to meet men between the ages of 40 and 50.
View Profile
Rosesandlace
I'm a 49 year old woman looking to meet men between the ages of 49 and 53.
View Profile
MTBGirl_11
I'm a 42 year old woman looking to meet men between the ages of 40 and 50.
View Profile
RobzMolecule
I'm a 24 year old woman looking to meet men between the ages of 22 and 30.
View Profile
KW82
I'm a 32 year old woman looking to meet men between the ages of 29 and 40.
View Profile
MelaC15
I'm a 33 year old woman looking to meet men between the ages of 34 and 45.
View Profile
ContagiousLaughter
I'm a 41 year old woman looking to meet men between the ages of 36 and 44.
View Profile
Enkellopende
I'm a 42 year old woman looking to meet men between the ages of 35 and 43.
View Profile
Sonskyn83
I'm a 31 year old woman looking to meet men between the ages of 30 and 45.
View Profile
Sophie_123
I'm a 24 year old woman looking to meet men between the ages of 25 and 33.
View Profile
Moze008
I'm a 57 year old woman looking to meet men between the ages of 55 and 70.
View Profile
MistyLady
I'm a 36 year old woman looking to meet men between the ages of 34 and 45.
View Profile
Rarefind
I'm a 55 year old woman looking to meet men between the ages of 52 and 63.
View Profile
SouthernLove
I'm a 23 year old woman looking to meet men between the ages of 26 and 35.
View Profile
MissSM
I'm a 31 year old woman looking to meet men between the ages of 29 and 39.
View Profile
Apple_853
I'm a 35 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Bebe1000
I'm a 53 year old woman looking to meet men between the ages of 49 and 57.
View Profile
JULIET_001
I'm a 51 year old woman looking to meet men between the ages of 49 and 63.
View Profile
Lise41
I'm a 41 year old woman looking to meet men between the ages of 42 and 55.
View Profile
Blondie953
I'm a 38 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Smileawhile
I'm a 45 year old woman looking to meet men between the ages of 36 and 44.
View Profile
Angdt
I'm a 21 year old woman looking to meet men between the ages of 23 and 30.
View Profile
LimitlessSoul
I'm a 45 year old woman looking to meet men between the ages of 40 and 50.
View Profile
Kay_722
I'm a 29 year old woman looking to meet men between the ages of 30 and 40.
View Profile
your_wildest_dreams
I'm a 36 year old woman looking to meet men between the ages of 40 and 55.
View Profile
FoXyLaDy444
I'm a 56 year old woman looking to meet men between the ages of 50 and 65.
View Profile
JustChat76
I'm a 38 year old woman looking to meet men between the ages of 35 and 45.
View Profile
MizLiz
I'm a 31 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Bassinchic
I'm a 28 year old woman looking to meet men and women between the ages of 25 and 35.
View Profile
Artistixoxo
I'm a 23 year old woman looking to meet men between the ages of 23 and 28.
View Profile
Plattelandsenooi3
I'm a 32 year old woman looking to meet men between the ages of 33 and 45.
View Profile
Persephone101
I'm a 31 year old woman looking to meet men between the ages of 25 and 45.
View Profile
_Melanie_
I'm a 18 year old woman looking to meet men between the ages of 18 and 28.
View Profile
Caroline_
I'm a 30 year old woman looking to meet men between the ages of 26 and 36.
View Profile
AgentI
I'm a 39 year old woman looking to meet men between the ages of 35 and 45.
View Profile
newmemories
I'm a 41 year old woman looking to meet men between the ages of 40 and 50.
View Profile
JayAnne
I'm a 56 year old woman looking to meet men between the ages of 56 and 70.
View Profile
Smurfette
I'm a 36 year old woman looking to meet men between the ages of 25 and 45.
View Profile
Kelix
I'm a 36 year old woman looking to meet men between the ages of 30 and 45.
View Profile
Lilakii
I'm a 21 year old woman looking to meet men between the ages of 23 and 31.
View Profile
DashieDash
I'm a 31 year old woman looking to meet men between the ages of 30 and 45.
View Profile
Hopeful_dreamer
I'm a 37 year old woman looking to meet men between the ages of 33 and 45.
View Profile
HartjievanHoneydew
I'm a 21 year old woman looking to meet men between the ages of 18 and 100.
View Profile
Cathwhite
I'm a 29 year old woman looking to meet men between the ages of 25 and 45.
View Profile
nirina
I'm a 37 year old woman looking to meet men between the ages of 35 and 50.
View Profile
sexilexi17
I'm a 19 year old woman looking to meet men between the ages of 20 and 25.
View Profile
PleinKatryn
I'm a 30 year old woman looking to meet men between the ages of 30 and 35.
View Profile
Jobaby10
I'm a 36 year old woman looking to meet men between the ages of 38 and 45.
View Profile
JanieL
I'm a 24 year old woman looking to meet men between the ages of 25 and 32.
View Profile
SilverLiningM
I'm a 29 year old woman looking to meet men between the ages of 25 and 36.
View Profile
Blu
I'm a 28 year old woman looking to meet men between the ages of 27 and 33.
View Profile
FaiRy9
I'm a 26 year old woman looking to meet men between the ages of 27 and 36.
View Profile
Butterfly_effect
I'm a 38 year old woman looking to meet men between the ages of 36 and 48.
View Profile
Lady_143
I'm a 33 year old woman looking to meet men between the ages of 34 and 40.
View Profile
Loubelle
I'm a 50 year old woman looking to meet men between the ages of 35 and 55.
View Profile
bon1bon
I'm a 35 year old woman looking to meet men between the ages of 29 and 40.
View Profile
PowerPrincess
I'm a 41 year old woman looking to meet men between the ages of 38 and 47.
View Profile
CTBLONDE
I'm a 38 year old woman looking to meet men and women between the ages of 40 and 50.
View Profile
Bastet_11
I'm a 43 year old woman looking to meet men between the ages of 45 and 48.
View Profile
BMull08
I'm a 19 year old woman looking to meet men between the ages of 19 and 30.
View Profile
Judith78
I'm a 36 year old woman looking to meet men between the ages of 38 and 48.
View Profile
sexyhair
I'm a 42 year old woman looking to meet men between the ages of 35 and 50.
View Profile
HenrietteF
I'm a 32 year old woman looking to meet men between the ages of 30 and 42.
View Profile
chloeeeee
I'm a 44 year old woman looking to meet men between the ages of 35 and 52.
View Profile
Chriz_1985
I'm a 29 year old woman looking to meet men between the ages of 18 and 100.
View Profile
Blondie_434
I'm a 31 year old woman looking to meet men between the ages of 28 and 43.
View Profile
Doeksa
I'm a 33 year old woman looking to meet men between the ages of 33 and 39.
View Profile
WandaLove
I'm a 19 year old woman looking to meet men between the ages of 22 and 26.
View Profile
Warmsmilewarmheart
I'm a 47 year old woman looking to meet men between the ages of 40 and 55.
View Profile
Teleporter1612
I'm a 48 year old woman looking to meet men between the ages of 43 and 100.
View Profile
jamielief
I'm a 21 year old woman looking to meet men between the ages of 25 and 32.
View Profile
Somersblomme
I'm a 53 year old woman looking to meet men between the ages of 50 and 60.
View Profile
Foreverinhope
I'm a 48 year old woman looking to meet men between the ages of 45 and 56.
View Profile
Bienkie01
I'm a 35 year old woman looking to meet men between the ages of 34 and 48.
View Profile
Leigh1979
I'm a 35 year old woman looking to meet men between the ages of 29 and 40.
View Profile
shani27
I'm a 41 year old woman looking to meet men between the ages of 35 and 45.
View Profile
TuffLove
I'm a 34 year old woman looking to meet men between the ages of 35 and 45.
View Profile
klouise
I'm a 32 year old woman looking to meet men between the ages of 31 and 39.
View Profile
Bluebell531
I'm a 46 year old woman looking to meet men between the ages of 40 and 60.
View Profile
KittyCat_69
I'm a 46 year old woman looking to meet men between the ages of 35 and 50.
View Profile
Lala8610
I'm a 28 year old woman looking to meet men between the ages of 27 and 32.
View Profile
Livs_89
I'm a 25 year old woman looking to meet men between the ages of 30 and 38.
View Profile
sweets1987
I'm a 27 year old woman looking to meet men between the ages of 32 and 42.
View Profile
Winterwolf
I'm a 27 year old woman looking to meet men between the ages of 30 and 35.
View Profile
sonskyn27
I'm a 56 year old woman looking to meet men between the ages of 45 and 55.
View Profile
philip_unplugged514
I'm a 62 year old man looking to meet women between the ages of 50 and 68.
View Profile
WanderingShadow
I'm a 39 year old man looking to meet women between the ages of 25 and 45.
View Profile
BossMorne
I'm a 43 year old man looking to meet women between the ages of 25 and 45.
View Profile
kannieworrynie
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
KTM1190A
I'm a 59 year old man looking to meet women between the ages of 50 and 58.
View Profile
Sundancekid344
I'm a 65 year old man looking to meet women between the ages of 45 and 58.
View Profile
5star
I'm a 57 year old man looking to meet women between the ages of 40 and 55.
View Profile
Ironstein06
I'm a 36 year old man looking to meet women between the ages of 25 and 37.
View Profile
Gambino_Family
I'm a 59 year old man looking to meet women between the ages of 42 and 70.
View Profile
goldenhat
I'm a 52 year old man looking to meet women between the ages of 36 and 66.
View Profile
George5911
I'm a 55 year old man looking to meet women between the ages of 36 and 50.
View Profile
Gerrie1
I'm a 67 year old man looking to meet women between the ages of 50 and 60.
View Profile
matiekat
I'm a 66 year old man looking to meet women between the ages of 18 and 100.
View Profile
Belligerent69
I'm a 45 year old man looking to meet women between the ages of 35 and 44.
View Profile
cknneth111
I'm a 46 year old man looking to meet women between the ages of 41 and 70.
View Profile
plodof
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
gavinzn
I'm a 57 year old man looking to meet women between the ages of 50 and 57.
View Profile
JustCallMeBwana
I'm a 47 year old man looking to meet women between the ages of 25 and 49.
View Profile
cornrlius205
I'm a 46 year old man looking to meet women between the ages of 25 and 50.
View Profile
Dn212
I'm a 51 year old man looking to meet women between the ages of 45 and 60.
View Profile
koolstoof55
I'm a 59 year old man looking to meet women between the ages of 45 and 63.
View Profile
ekke_706
I'm a 50 year old man looking to meet women between the ages of 40 and 55.
View Profile
richy10
I'm a 57 year old man looking to meet women between the ages of 49 and 70.
View Profile
pieterl
I'm a 59 year old man looking to meet women between the ages of 45 and 62.
View Profile
sunset22
I'm a 50 year old man looking to meet women between the ages of 40 and 57.
View Profile
Fred58
I'm a 56 year old man looking to meet women between the ages of 18 and 100.
View Profile
mark99
I'm a 62 year old man looking to meet women between the ages of 45 and 55.
View Profile
cccdovy
I'm a 56 year old man looking to meet women between the ages of 48 and 56.
View Profile
Cruisingoldie
I'm a 46 year old man looking to meet women between the ages of 30 and 50.
View Profile
gentlebutcrazy
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
Bruce_308
I'm a 47 year old man looking to meet women between the ages of 41 and 70.
View Profile
Jericho2010
I'm a 41 year old man looking to meet women between the ages of 25 and 49.
View Profile
lvebird53
I'm a 54 year old man looking to meet women between the ages of 50 and 65.
View Profile
toothless
I'm a 36 year old man looking to meet women between the ages of 25 and 36.
View Profile
TheRealMrRight
I'm a 43 year old man looking to meet women between the ages of 28 and 42.
View Profile
Andy_Leo
I'm a 46 year old man looking to meet women between the ages of 25 and 45.
View Profile
TheDuke_99
I'm a 36 year old man looking to meet women between the ages of 28 and 42.
View Profile
CDolf
I'm a 30 year old man looking to meet women between the ages of 25 and 33.
View Profile
CL4ptp
I'm a 28 year old man looking to meet women between the ages of 22 and 28.
View Profile
breeze001
I'm a 49 year old man looking to meet women between the ages of 40 and 55.
View Profile
6s6s6s
I'm a 43 year old man looking to meet women between the ages of 25 and 45.
View Profile
umustbsomewhere
I'm a 61 year old man looking to meet women between the ages of 45 and 55.
View Profile
LiveLifeAlways
I'm a 43 year old man looking to meet women between the ages of 33 and 41.
View Profile
TripleJ94
I'm a 20 year old man looking to meet men and women between the ages of 18 and 30.
View Profile
MLACOME0147
I'm a 55 year old man looking to meet women between the ages of 49 and 79.
View Profile
Ryno_56
I'm a 26 year old man looking to meet women between the ages of 18 and 34.
View Profile
Coolfun
I'm a 52 year old man looking to meet men between the ages of 35 and 55.
View Profile
Natural123
I'm a 52 year old man looking to meet women between the ages of 35 and 45.
View Profile
Natureboykie
I'm a 60 year old man looking to meet women between the ages of 43 and 64.
View Profile
BENTLEY292
I'm a 45 year old man looking to meet men between the ages of 45 and 55.
View Profile
Lonomor
I'm a 46 year old man looking to meet women between the ages of 25 and 35.
View Profile
Denali
I'm a 45 year old man looking to meet women between the ages of 25 and 40.
View Profile
Jurgy62
I'm a 52 year old man looking to meet women between the ages of 37 and 55.
View Profile
bellagio
I'm a 69 year old man looking to meet women between the ages of 55 and 65.
View Profile
captainkid
I'm a 55 year old man looking to meet women between the ages of 47 and 56.
View Profile
Rebelinbluejeans
I'm a 62 year old man looking to meet women between the ages of 40 and 62.
View Profile
Propriety
I'm a 56 year old man looking to meet women between the ages of 35 and 45.
View Profile
Ivanhoe25
I'm a 47 year old man looking to meet women between the ages of 25 and 45.
View Profile
henisright
I'm a 50 year old man looking to meet women between the ages of 37 and 53.
View Profile
Kitchenslave
I'm a 52 year old man looking to meet women between the ages of 35 and 50.
View Profile
stumpjumper
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
Alachison
I'm a 46 year old man looking to meet women between the ages of 30 and 45.
View Profile
Brainy_01
I'm a 30 year old man looking to meet women between the ages of 22 and 31.
View Profile
DutchDelight_
I'm a 45 year old man looking to meet women between the ages of 30 and 46.
View Profile
contour
I'm a 43 year old man looking to meet women between the ages of 34 and 39.
View Profile
dinnerfortwo
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
Kiwiana
I'm a 39 year old man looking to meet women between the ages of 25 and 39.
View Profile
OohCharles
I'm a 53 year old man looking to meet women between the ages of 25 and 45.
View Profile
tommy351
I'm a 61 year old man looking to meet women between the ages of 48 and 59.
View Profile
SingleNSearching60
I'm a 60 year old man looking to meet women between the ages of 55 and 70.
View Profile
BobTheExtremeBuilder
I'm a 47 year old man looking to meet women between the ages of 25 and 47.
View Profile
Banker009
I'm a 56 year old man looking to meet women between the ages of 34 and 49.
View Profile
Officer_Gentleman
I'm a 46 year old man looking to meet women between the ages of 35 and 48.
View Profile
Firefox_771
I'm a 63 year old man looking to meet women between the ages of 42 and 56.
View Profile
IrishBoy11
I'm a 45 year old man looking to meet women between the ages of 27 and 40.
View Profile
Romance51
I'm a 51 year old man looking to meet women between the ages of 41 and 60.
View Profile
DJStarglance
I'm a 54 year old man looking to meet women between the ages of 18 and 100.
View Profile
Agent_K1
I'm a 46 year old man looking to meet women between the ages of 38 and 40.
View Profile
daniel101
I'm a 44 year old man looking to meet women between the ages of 32 and 38.
View Profile
charl1906
I'm a 57 year old man looking to meet women between the ages of 49 and 53.
View Profile
Bryn
I'm a 41 year old man looking to meet women between the ages of 20 and 55.
View Profile
pinsnow
I'm a 55 year old man looking to meet women between the ages of 45 and 65.
View Profile
Jonathen53
I'm a 61 year old man looking to meet women between the ages of 57 and 64.
View Profile
freddic1
I'm a 52 year old man looking to meet women between the ages of 47 and 55.
View Profile
Liefasb
I'm a 63 year old man looking to meet women between the ages of 50 and 60.
View Profile
Lifechanger_7
I'm a 25 year old man looking to meet women between the ages of 18 and 30.
View Profile
karooboertjie15
I'm a 40 year old man looking to meet women between the ages of 25 and 40.
View Profile
Suidwester27
I'm a 53 year old man looking to meet women between the ages of 35 and 50.
View Profile
ScottRanger1987
I'm a 27 year old man looking to meet women between the ages of 18 and 30.
View Profile
Ons2alleen
I'm a 30 year old man looking to meet women between the ages of 24 and 29.
View Profile
Tall_fun
I'm a 45 year old man looking to meet women between the ages of 30 and 45.
View Profile
cloudhopper
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
LovingSerenity
I'm a 38 year old man looking to meet women between the ages of 24 and 45.
View Profile
DaveB_791
I'm a 49 year old man looking to meet women between the ages of 35 and 45.
View Profile
Stand64
I'm a 50 year old man looking to meet women between the ages of 36 and 55.
View Profile
JPretoria
I'm a 38 year old man looking to meet women between the ages of 28 and 40.
View Profile
Lastgreatwhite
I'm a 56 year old man looking to meet women between the ages of 40 and 50.
View Profile
Gaultier2014
I'm a 31 year old man looking to meet women between the ages of 30 and 59.
View Profile
wiedahunk
I'm a 57 year old man looking to meet women between the ages of 50 and 70.
View Profile
rjscm
I'm a 48 year old man looking to meet women between the ages of 30 and 45.
View Profile

Business Directory