Sanusi seeks proper audit of NNPC, kicks against president as petroleum Minister

Sanusi Lamido Sanusi, the former Governor of the Central Bank of Nigeria (CBN), has advocated for a thorough audit of the Nigerian National Petroleum Company Limited (NNPC Ltd), asserting that it is inappropriate for a President to simultaneously hold the position of Minister of Petroleum.

In August, approximately three months into his tenure, President Bola Tinubu divided the Ministry of Petroleum Resources, appointing Ekperipe Ekpo as Minister of State, Gas Resources, and Heineken Lokpobiri as Minister of State, Petroleum Resources. However, following the precedent set by his predecessor, ex-President Muhammadu Buhari, Tinubu retained the substantive position of Minister of Petroleum Resources.

Sanusi conveyed this viewpoint during his address at The Bank Directors Summit held at the Congress Hall of the Transcorp Hilton in Abuja. The former CBN governor, who served from June 2009 to February 2014, emphasized his belief that the President should not assume the role of Minister of Petroleum.

In addition, Sanusi underscored the importance of maintaining the presence of the Asset Management Corporation of Nigeria (AMCON) and the Nigeria Deposit Insurance Corporation (NDIC) until the banking sector collectively fulfills its financial obligations to the system.

“The Asset Management Corporation of Nigeria (AMCON) and the Nigeria Deposit Insurance Corporation (NDIC) must remain until banks get together and pay up what they owe the system,” remarked Sanusi.

He further stressed that the banking sector must address its trust deficit in the public’s perception, asserting that there is no necessity to amend the CBN Act to preserve the independence of the apex bank from political influences. Sanusi maintained that such amendments are unnecessary to uphold the non-political nature of the CBN Act.