A Review of the Nigerian Energy Industry

Kerosine subsidy, a big scam operated by a cabal – Sanusi


11 March 2014, Abuja – Suspended Governor of Central Bank of Nigeria (CBN), Mallam Lamido Sanusi has again stirred the hornet’s nest as he declared yesterday that kerosine subsidy is a big scam operated by a cabal in government. Mallam Sanusi in an interview with New York Times yesterday also alleged that the money claimed for the subsidy was being used to finance election.

Said he: It’s (kerosine subsidy) just a big scam, the amount is shared by a cabal. By making NNPC an issue now, the source of money for financing elections is threatened. If this is stopped there will be no money to finance the elections”

Sanusi was suspended recently based on a report by the Financial reporting Council (FRC), which accused him of various financial recklessness and misconduct. Sanusi however said that he was sacked because he threatened to conduct special examination on the banks to ascertain their involvement in the missing $20 billion fuel money.

He said that at the Bankers Committee held on February 11, he had threatened to open their books, to trace the missing oil money.

According to him, “Some of them were not giving informationm about their accounts. I told them I would order a special examination.”

One of the bankers at the meeting told New York Times that, “ he made it clear to the bankers that the CBN would need to unravel what was going on, and they should cooperate.

Many of the bankers became angry and one of us said, “what next?- Another banker at the meeting said, “There was a general heaviness as he spoke tough.”Both bankers requested anonymity.

Mallam Sanusi explained that several of the banks panicked at his threat to open their books and two of the bankers went straight to the government and reported to the petroleum minister. He further said,at that moment, he knew his days were numbered at the CBN.

– Vanguard

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