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Sanusi Challenges NNPC To Account For Dollar Inflows At Bank Directors’ Summit

Former Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi has urged the Nigerian National Petroleum Corporation (NNPC) to provide a detailed account of the dollar inflows from its operations. 

Sanusi, known for his previous confrontation with the NNPC during his tenure, reiterated the importance of transparency in addressing fiscal challenges.

Sanusi who spoke  at the 2023 Bank Directors’ Summit,also issued a warning against compromising the independence of the Central Bank, highlighting the potential dangers of subjecting it to political manipulations. 

He expressed concern that such a move could have adverse effects on the economy, emphasizing the importance of preserving the CBN Act while ensuring its effective implementation.

Attributing current fiscal challenges to a lack of transparency, Sanusi pointed fingers at government agencies for failing to account for their stewardship in a transparent manner. 

He particularly criticized the NNPC, labeling it as the “opaquest institution in the world” and emphasized the need for accountability in handling subsidy payments, citing the staggering N11 trillion without proper scrutiny.

Sanusi called for increased collaboration between the CBN and the banking industry, urging the central bank to consult with bank directors in crafting its policies.

 He emphasized the importance of ending the era of regulations without consultation and suggested regular meetings to enhance communication and understanding.

 

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