I do not come to venerate Sanusi Lamido Sanusi, for he is not a saint. As much as I admire him, there are flaws too obvious to ignore. But this is not a time for psychoanalysis; it is a time to set truth apart from fiction. When the (suspended) CBN Governor made his submission on how our nation was being robbed at the Senate, the response was predictable; ignore the message, and go after the messenger.
I read the Financial Reporting Council report that formed the basis of Governor Sanusi’s suspension and I thought it useful to leave a few comments. While most of the accusations in the report are ambiguous and unclear, some of the more sensational are easily explained.
1. The CBN paid N38.223 billion to the Nigerian Security Printing & Minting Company in 2011 to print bank notes, whereas the entire turnover of NSPMC in that year was N29.37 billion.
The CBN uses four companies to print notes; NSPMC and three foreign companies. If NSPMC recorded 75% of the total amount spent, it only means the other three companies got 25% of the business. Let us move to the more serious ones.
2. The CBN allegedly made rogue payments as air charter fees to Emirates Airways, Associated Airline and Wings Airlines for nationwide currency distribution. Emirates Airways do not operate a local charter service, Wings was unregistered with NCAA and Associated did not have records of the payments from the CBN.
The FRC is correct that Emirates Airways does not operate a domestic charter service. The only problem here is that the CBN did not contract “Emirates Airways” to move currency, it used a private charter company called “Emirate Touch Airways” instead. When you want to accuse someone, at least get the names right. If Associated Airlines does not have a record of the transaction, why is the CBN to blame? The CBN’s responsibility is to show proof of payments made to Associated; if it has done so, the rest of the discussion is between Associated and the FIRS. The final one is that Wings was an unregistered airline, I am sure the NCAA can answer this with clear evidence of registration at the time of contract award.
3. Legal and professional fees spiked in 2011 compared with 2012 – N20.2 billion in 2011 and N0.46 billion in 2012
2011 was a landmark year for banking in Nigeria; starting with the sale of eight banks that failed the 2009 special examination. Five of those banks were recapitalized via mergers & acquisitions, while the other three were nationalized. AMCON was established to acquire qualifying non-performing loans (NPLs) from all banks in Nigeria and inject equity into the rescued banks. These transactions needed significant legal services, which explain the N20 billion spent in 2011. To rationalize this, N20b is about 3% of the N620 billion spent recapitalizing the bank alone. The CBN was also sued by shareholders and owners of the recapitalized banks, and needed legal services to set AMCON up. Not so scandalous anymore? I think so too.
Promotional activities of N3.1 billion from N1.1 billion in 2012 despite not having a competitor in Nigeria.
What the investigators imply is you don’t need to promote your activities because you’re a monopoly. It means that EFCC (remember “Maga no need pay”), NAFDAC and other federal agencies who use the media to amplify their activities and sensitize the public might be acting recklessly. It is worth remembering that the CBN introduced a Cash Lite policy and continues to focus on financial inclusion and literacy. If you dont promote these activities, how will adoption improve? If you have an answer, feel free to charge a bottle of Guinness to my account at St. Bottles Cathedral.
N1.3 billion to feed policemen and pay for private guards
It is easy to see N1.3 billion and scream corruption. But let’s employ some logic. The CBN is one of the biggest employers of security, especially for the regular protection and movement of currency and security documents. The question we should ask is how many security agents did that amount cover. It is well known that organizations are often responsible for police officers attached to them. If the CBN employed 2,000 police officers and paid them a stipend N2, 000 daily (or N60, 000 per month), that will come to N4 million daily and N1.2 billion per annum. Not so scandalous anymore? Moving on.
6. CBN’s investment in the International Islamic Liquidity Management Corporation without obtaining a board approval.
This investment was approved by the President of the Federal Republic of Nigeria. If the approval of the CBN board was not obtained, why did the President assent to this illegality? If Governor Sanusi is held accountable for every document he signed, the same should hold for President Jonathan.
The CBN Annual Report is available here for anyone willing to read over 400 pages of boring stuff. If like me, you want to get a summary, skip to Page 21. There, you will find that the CBN reduced its overall operating expenses by 6.5%, and contributed N80.3 billion to the Federation Account in line with the Fiscal Responsibility Act. Before Governor Sanusi’s term, this amount was around N8 billion. Growing the CBN’s contribution to the Federation Account tenfold is the biggest indication of financial recklessness I found in the audited accounts.
I will conclude by saying that if you look hard enough at an organization like the CBN, you will find an infraction. If you don’t at the first attempt, some hair splitting will reveal something. Remember Professor Tam David-West was accused of corruptly signing the sum of $57m to an American company, Stinnes Interoil, for a wrist watch and a cup of tea. This is what we remember, conveniently forgetting Professor David-West was attacked because he criticized and exposed corruption in the oil industry.
Sanusi Lamido Sanusi might end up in prison. For taking a stand to protect the future of our children, he has my gratitude and respect.
proudlyekiti 
Well Said! The public needs to read this.
What a relief. Everyone should read this. Good work Akin.
Good points made,but on d number 1 point,d allegation specifically says 38.2b was paid to NSPMC.So,we can’t be talking about d foreign companies here.If they had said 38.2b was spent printing currencies,then it’s safe to assume d balance was paid to d other companies.But this was specifically about what was paid to NSPMC alone.
No sir. The comments from the governor suggest this was the total amount paid on currency productio. And, if I am to assume you are correct, the onus is on the CBN to show proof it paid the said amount to NSPMC. It is then left to NSPMC to show evidence of receiving a lower amount. That is how audits are done.
I respect you, Prof Oyebode.
The question is, when does this stop? You are looking at the worsest criminal acts or allegations ever, because Sanusi was in-charge of our money, the super-structure of the economy, and could destroy the economy. They want to charge him with money-laundering. Who knows who he gave the money to? Terrorrists, drug-dealers?
Why was he appointed as Governor? Think of all these questions. They are still allegations until proven.
I have read this article and require permission to share on a group I belong to ‘everythingjournalism’ on LinkedIn as well as on my FB group, ‘On the Front Burner’.
Great work.
Please share. Thanks
This clarification is so clear, I wish ozehome or whatever his name is can go through it
Incisively short!
Nice one! Thanks for the enlightenment.
Thanks Sir for sharing this and you have shown what any Audit Client will do in respponding to inquiries raised by an Auditor or an Investigator – itemise the issue and address them one after the other. You have done a brilliant job in the concise manner you have addressed the issue even with having access to the back up documents at CBN but using the publicly available information. I had a good also on this extract “anyone willing to read over 400 pages of boring stuff” – well that is what Auditors/Accountants are paid to put together. The greatest problem with our nation is CORRUPTION.
This thing is thrash, and I wonder why people are impressed. The government said the cbn books claimed to have spent the figure on NSPMC, why would you just claim that it was an amount spent on all the minting companies. You cant talk for the financial records.
Secondly, on the airlines, how would an Associated Airlines deny a transaction it actually went into, that your assertion seems to me like some high school argument.
Thirdly, 20Billion legal fees in a year is way overboard no matter how you look see it. Plus it lends further credence to the fact that the entire banking cleaning up could and should have been done in a more cost-effective and non-sensationalized manner. When you add that 20billion to the many that lost their jobs and the signals it sends to investors-both domestic and international-that some regulator can just come overnight to unseat you from your investments, then you see that the cost of that regulatory action might probably outweigh its benefits. Anyone can do anything anyhow but an Economic or Financial regulator like the players always seeks efficienc-within the constraints, the most benefit possible at the least possible cost.
kole boy, 3 billion on promotional activities to ri olorun, even the profit-making enterprises dont spend anything close to that on same expense line. That is way too much. Even the 1biillion police..haba! We should not be selective-if this was an allegation against Diezani , we would all scream and ask if those policemen were eating elephant meat.
On the investments in the Islamic Bank, the President said he was not aware and the law stipulltes that he should approve such. Mr Sanusi has not said the President is aware and you are claiming it was approved by the President. Perhaps you work at the Presidency or at cbn and you saw the President’s approval. But why would he invest in an Islamic Bank? Nigeria is a secular country for Allah’s sake and a good professional would dump those prejudices at home. I am sure there were several higher -yield investments he could have made, why that?
All in all, let us be fair in our analysis and before posting on the cyberspace, remember people of different intellectual levels are privy to it, some will just see the flowering english and shout but within minutes, our sentiments would be laid bare to others.
Thanks Tobi for proper clarification without prejudice.
Tobi,
I am sure you are capable of providing counter arguments intelligently, the use of “trash” is uncalled for. I believe we are all adults and we can provide differing views to whatever has been stated.
1. “The government said the cbn books claimed to have spent the figure on NSPMC, why would you just claim that it was an amount spent on all the minting companies.” – The Nigerian government is known to “claim” whatever suits its agenda. Have you seen these financial records you speak of? Have you seen the proofs of payment? This is a very simple issue to tackle, as Akin has said, it is up to the CBN to provide proof of the payments it made to its different printing vendors.
2. “Secondly, on the airlines, how would an Associated Airlines deny a transaction it actually went into, that your assertion seems to me like some high school argument” – Your argument quoted here can also be applied the other way. How can a WHOLE CBN claim it went into a transaction it did not??? As Akin has said, this is pretty straightforward. Men lie, women lie, records don’t. if the CBN has provided records of the transaction and payments made and Associated Airlines claims not to have any records, the tax man should spend some time with them.
3. “Thirdly, 20Billion legal fees in a year is way overboard no matter how you look see it. Plus it lends further credence to the fact that the entire banking cleaning up could and should have been done in a more cost-effective and non-sensationalized manner.” – Here, you went a bit off topic and betrayed your true sentiments. Many were hurt by the clean up exercise in varying degrees, IF you hate SLS because of it, that is understandable. Back to topic, 20 billion in legal fees in a year is not overboard given all that transpired in said period. Moving on.
4. “kole boy, 3 billion on promotional activities to ri olorun, even the profit-making enterprises dont spend anything close to that on same expense line. That is way too much. Even the 1biillion police..haba! We should not be selective-if this was an allegation against Diezani , we would all scream and ask if those policemen were eating elephant meat” – Akin just put up a perfectly rational argument explaining how this is possible, I guess you have just decided to agree to disagree without finding any holes in his argument. Hence, I won’t bother with this.
5. “On the investments in the Islamic Bank, the President said he was not aware and the law stipulltes that he should approve such. Mr Sanusi has not said the President is aware and you are claiming it was approved by the President. ” – In his interview with Sahara Reporters, SLS explicitly stated the investment was approved by the President of the Federal Republic of Nigeria Goodluck Ebele Jonathan. I believe there are documents to back up which he will produce.You say you are sure there are higher yielding investments he could have made, how sure are you? If a higher yielding investment was another Islamic investment, will you be fine with him investing in that? Or you are just against investing in Islamic companies?…I am digressing, SLS said GEJ approved, he will provide proof.
Note – I am a christian.
6. “All in all, let us be fair in our analysis and before posting on the cyberspace” – Tobi, please be fair and open to other views possibly contrary to yours.
The government knows Nigerians rarely bother to dig deep and the mere semblance of impropriety will have many calling for SLS’ head. Let each side state and prove his case.
I think we are basically saying the same thing. Records do not lie, if the records say that amount was expended on NSPMC, why would anyone extend it further to say it was actually an amount expended on all the minting companies? You cannot speak for the records.
In absolute terms, 20 Billion legal fees is a whole lot notwithstanding when you look at it in the context of what happened at that time. I doubt that there is any Reserve Bank (of comparable economies) that would cough out anything close to that for a single regulatory action. The efficiency argument was just to buttress my point that the whole process could have been better handled. We have to realize that a Reserve Bank by the sheer essence of its mandate is expected to exhibit a very high level of financial discipline. Plus, who does not know that exorbitant legal fees is a very common avenue that government officials use to draw money out of the treasury?
I don’t know why you guys keep making an effort at defending everything. The 3 Billion promotional activities for a non-profit making organization with a given customer-base (the commercial banks) is simply unheard of. Which customer is the C.B.N marketing to win? How much would you call the added value derived from that 3 Billion Naira expenditure for that period? @Bosun was very correct that I did not have to do any research to see the sheer profligacy in this. Cigarette firms can spend much more than that on that expense line because they are profit making and they operate in a perfectly competitive market. In simple terms, there are many cigarette firms that produce basically the same product-very insignificant differences. Plus,the Surgeon-General keeps issuing out stronger warnings- from its dangerous to health to liable to die young. So a cigarette firm would spend that much because it is saddled with so much competition- within and outside of its operating industry.
You are right about the Associated Company’s issue. It is CBN ‘s word against Associated company’s word. One of them is lying and one of them is being truthful but you and I cannot and should not tell which, yet. Reason why it is important we all seek and hope that both the CBN and NNPC issues are totally unraveled.
Plus, I am not against investing in an Islamic venture- Ma-n-sha Allah, I am a muslim and I do not even consider myself a liberal muslim, I am very confident that God-willing, I do not see any kind of force that can change me from the path of Islam as I am totally convinced it is the path to salvation in the hereafter. That is not to say that I do not appreciate that others are just as convinced about their chosen religious faiths/beliefs and it is not to say that I should support public officials- be it muslims, christians or whatever bringing their religious prejudices to bear in the discharge of their duties. Islamic financial products by their nature are not much highly-yielding. You would think that what it lacks in returns, it should have in low risk but not necessarily. The market space is constrained in terms of businesses they can do and people that patronize them. I dont want to go into details about this lest I get accused of going off-point. In essence, most times when we invest in Islam products, it is purely out of religious sentiments and not for optimal economic reasons. Sanusi was investing on behalf of Nigerians- muslims, christians, free-thinkers, aborisas….he should have dumped that personal prejudice at home.
About whether the President approved it or not. Then it becomes Sanusi’s words against Mr Presidnet’s . Again let us stop taking sides and demand for a full-fledged legal remedy to this issue, Let us exhibit the same level of enthusiasm about it as we have about NNPC’s.
I am not biased against any of the parties. I only insist that it is wrong to declare Sanusi innocent simply because he is a whistle-blower. A whistle-blower on corruption can as well be corrupt. So let us leave Sanusi to defend those allegations himself.
Pardon my foul language-‘thrash’. I am convinced the blogger will see beyond that and appreciate that these healthy back and forth arguments is a means of boosting traffic on his blog and by extension sooner or later, boosting the Naira in his Bank account.
Accept my warmest regards.
I find the defence to the FRCN quite watery. SLS has a lot of cases to answer. One is just the waivers granted to the companies where Sen Saraki has interests.
More to @amangala
Not to mention the cash Wema Bank owed and was waived by CBN as Lemo was a dep gov.
I wouldn’t want to loud it on social media, but I know a contractor and relation to d former president (yaradua) who know these people on business terms. The other offenses of SLS and co cannot come on print. Govt can’t be wrong, they just have to use a bait to tie him, just as saddam was murdered for a crime he did yearrssss ago.
SLS offenses cover both public and private waivers. On d govt side, the benefactors are not on the same page with GEJ; saraki and co, thus he has to go.
Let’s not make a horror case outta this, we see this stunts in movies and history books, no surprise to me here.
In another development, i just have a fear that a major APC big wig will face jail time this year, but later in the year, this will sap APC’s time and money and people loose confidence in them, its just time, an Alams model might be applied.
@Tobi, your submission look logical but Its obvious you just said some of these things off head.
1. The writer talked about approval given by president, if you are really objective, you should ask him where he got the info and if he is sure not to be sarcastic in asking if he is in CBN or presidency. Do you know what he does?
2. If you want to argue, stay on the point. You added the angle or those who lost their job and the signal to investor. Is it part of the report or you want to sensationalise your argument? Is it part of financial recklessness levied against him? Can you confirm from lawyere what they charge as legal fee (even if if its on signing agreement). If its normally between 5 and 10%. What the writer calculated at 3% Is very valid. Wether it was done at the right time or not is a debate for another day.
3. You said that profit making venture don’t spend close to 3 billion for promotion on expense line. Hmnnnnn it is obvious that you didn’t bother to do any research. Because some of these data are not readily available in Nigeria. My quick check on 5 tobacco companies shows each spent an average of 90.2 million dollars on promotion ( this is 14.3 billion dollars). How can u say profit making venture don’t spend close to this! Haba! You sound as if your post is laden with objectivities but it has more holes than the writers.
There are more in what you wrote but I had to take the pain to respond so you won’t mislead people the more.
Lastly people choose to disregard that this FRSN is under ministry headed by Aganga, How can they be objective? Has an independent commission of enquiry been set up even as at now? What stops a top level internationa audit firm from scrutinizing CBN as a whole?
All one needs is an interaction with the FRC fellows to know they are not to be taken seriously. The part were they turned to stating expense lines NXXbillion (up from NYYbillion in in 2011) is most mundane. Like doing a baby FS analysis.Like I said, I am not sure why anyone should take the FRC serious.
Prof Oyebode,
Yes, good analysis, without enough data… Two points:
1) N20 billion for legal fees? How much does the Justice department spend? hehehehe
2) N1.2billion for Police lunch? The CBN most likely has better security… much more than the Presidential complex? The President budget the same amount for feeding. By my estimate this should be about 200 to 300 police officers, and about N400 million a year, where is the remaining N800 million?
Perhaps, you don’t understand what Sanusi was trying to do, he was trying to destroy the economy to justify his accusation against the NNPC?
He was committing treasonable offences.
And again, Prof Oyebode, if this doesn’t stop, everyone will steal from the country. He was stealing from our revenues, our country reserves.
It’s all an allegation until proven.
Like your faulty assertion, you’ve also gotten the author’s details wrong. Nothing to add 🙂
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Any Nigerian who behaves like Jesus Christ will be killed by his people.
Rubbish… are you not from this world?
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If you read the last 3 paragraphs of the so called FRCN report indicting Sanusi, you’ll notice clearly that the authors were working to predetermined result. What was the FRCN ‘s business with asking the President to act fast on the recommendations of the report to prevent the Opposition, as it was put, from taking advantage of the information and using it to attack the government and accuse the President of being aware of the lax. Is the FRCN not supposed to be unbiased.
Pls what about other allegations, don’t you have answers to them?
Tell ,Sanusi to come and defend himself, you are not and cannot be in the best position to defend him.
We all see this man as saint, but not so if the report is to go by. Sanusi must be held responsible. We must stop corruption by all means.
Thanks.
Yes. This corruption is now going to the Central Bank. This is madness…
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Dear Author,
Please are you another Akin Oyebode or the Professor Akin Oyebode, the law prof we all know? I want to make reference to this write-up in an article I am currently writing.
Thanks
Suraj Oyewale
I am Akintunde Oyebode, and not a law professor. 🙂
I would naturally not have responded to this except that a friend posted it on my page as response to my request for detailed response / explanation by the CBN and the suspended governor on the issues raised by the FRC. Let’s keep the whistleblowing on our petrodollars issue aside for a moment and focus on the truth.
The question remains – did the CBN governor deserve to be suspended by the president? or put in another way, is this the way to run a bank that is at the heart of the Nigerian economy and financial sector?
It is interesting to note that you have focused your justification on your convenient points and left several other more weighty allegations unanswered.
But let us examine your response one after the other.
I. The CBN paid N38.223 billion to the Nigerian Security Printing & Minting Company in 2011 to print bank notes, whereas the entire turnover of NSPMC in that year was N29.37 billion.
The paragraph in the FRC report referred to an ‘appendix 12’ in the CBN’s response to Mr President where it claimed it paid N38.223 billion to NSPMC Plc alone in 2011 and not THE total cost of currency issue. Did you read this properly or just choose to misrepresent it? For your information, total currency issue cost of the CBN in 2011 was N47 billion – check the CBN annual report. Remember that this excludes additional N1.2b cited as sundry currency issue costs.
2. The CBN allegedly made rogue payments as air charter fees to Emirates Airways, Associated Airline and Wings Airlines for nationwide currency distribution. Emirates Airways do not operate a local charter service, Wings was unregistered with NCAA and Associated did not have records of the payments from the CBN.
You are correct to say the actual name of the company is Emirate Touch Airways at least it shows you did some research. Did you note in your research that Emirate Touch Airways is owned by Prince Isa Bayero, the Son of the Emir of Kano. Did I hear someone say related party transaction! In 2013, Emirate Touch Airline signed a lease agreement with Arik air for two cargo planes. I will let you figure out how many cargo planes were owned by Emirates Touch airline as the time of contract award in 2011. It would be interesting to know how this contract was awarded and how Emirate air became the preferred bidder. But let us move on before we get sentimental here. The next is associated airlines where you posit that once the CBN shows proof of payment then that is OK regardless of what the customer does. Is that the kind of customer the CBN should be engaging with – one that denies payment of billions of naira? One that has had operational challenges for lengthy period of time, is that really the kind of customer that should be moving money around the country? Please think again. The third is Wings – registered at the time of contract award and non operational by year end. Is this not a clear pointer to poor internal controls in CBN and a pointer to fraud? Let’s move on.
3. Legal and professional fees spiked in 2011 compared with 2012 – N20.2 billion in 2011 and N0.46 billion in 2012.
I agree that ‘2011 was a landmark year for banking in Nigeria; starting with the sale of eight banks that ‘purportedly’ failed the 2009 special examination. I would not want to mix up issues here about how the bank crisis was managed or mismanaged or how the economy is worse off so will go with your presumption. My simple question is – can you please point me to any organisation or country including the USA that was worse hit by the financial crisis whose rescue plan cost $130m on professional fees alone in one year if not on a poorly thought out strategy. If we actually had a ‘financial crisis’ as was sold to Nigerians, should it have been a time for cost cutting or increased expenditure? It would be interesting to know who provided these services. Note that this excludes the legal and professional fees in AMCON’s books as well as other setup costs. I will let you do the math and then ask yourself does the CBN governor deserve to be suspended based on these findings or maybe in your own words ‘not so scandalous anymore?
I hope that AMCON will become profitable in the long run (maybe 10 years from now) but as it stands today it’s the Nigerian public that has borne the brunt of this poor strategy contrary to what the CBN would have us believe. You may which to refer to AMCON’s financial statements for 2011. But let’s move on.
4. Promotional activities of N3.1 billion from N1.1 billion in 2012 despite not having a competitor in Nigeria.
I agree with you that the CBN needs to incure costs to promote its activities and policies. The introduction of the cash Lite policy remains one of the most laudable policies. However when promotional costs adds an additional £2bn (average of N50m in every state) then indeed we should be concerned. Let’s reflect again – Firstly, this policy was launched only in Lagos in 2012 and apart from announcing the policy, holding seminars and workshops, radio and TV jingles and fliers what else will the CBN be doing? The commercial banks are the ones that deal with customers one on one and bear the actual cost of grass root advertisement and educating the ‘financial illiterates’. Another way to put this is that CBN spent at least N6m every day to promote the cash Lite policy in Lagos alone. If we extrapolate this, it could cost as much as N50bilion to launch this nationwide. You still feel justified?
5. N1.3 billion to feed policemen and pay for private guards
I like the logic you have employed to rationalise this. But permit me to take it just one step further. The CBN has 36 branches based on the 2012 report but let assume it also has 4 satellite offices bringing it to a total of 40 branches. Going by your logic of 2000 policemen, it means each branch is guarded by 50 policemen everyday 7 days a week. It would be interesting to know the content of what they are guarding. Don’t forget your point above that says bank notes are being distributed by air and its is common knowledge the banks arrange their own logistics to and from the CBN. Still not so scandalous?
6. CBN’s investment in the International Islamic Liquidity Management Corporation without obtaining a board approval.
Your rationalisation of this point simply leaves me wondering. Indeed the President should have known better that this was illegal and should not have approved this in the first place bla bla bla. It is as good as saying the President should know every clause and content of all the laws and acts as passed by the national assembly. The simple fact that this is impossible is why SLS and his likes – ministers, advisers, permanent secretaries etc have a job in the first instance. I agree that the president is culpable but if he signed a proposal based on the trust of the CBN governor and then finds out he has been deceived into an illegality, is that not enough grounds to suspend the governor? You can accuse GEJ of selective justice but don’t forget, he is Mr President and the buck stops on his table. The CBN governor can never be equated to the President as one was appointed by the other.
The CBN Annual Report you refer to is a draft version, can you kindly publish the final version that shows the approval by the board and audit opinion? At least I have seen with the click of a mouse that of the Bank of England, Federal Reserve Bank of America and South African Reserve Bank with signatures and approvals.
Let us presume you are correct to say ‘if you look hard enough at an organization like the CBN, you will find an infraction’. My question to you is do you sincerely refer to the findings in the FRC report as ‘an infraction’. If over N150billion spent without due process is ‘an infraction’ then NNPC and its agencies have only committed ‘an infraction’ as well so why are we hailing SLS?
The CBN is not just an arm of the government but is at the heart of the financial sector and should be run as a world class organisation to set an example for the banks its regulates and set standards for other government agencies to follow. If these were the accounts of another government agency, or run by any GEJ’s cronies, your likes would have taken them to the cleaners.
Indeed, SLS did well by shedding light on the opaque operations in the oil sector by NNPC, but any justification of the reckless and frivolous spending by any government agency, CBN, Customs, FIRS, NPA, NMA, NNPC etc should be condemned in its entirety. To the extent that your write up is not aimed at this is what actually causes ‘some hair splitting’.
CHUKWUDI, Good analysis, but to be honest CBN in addition to moving money via air charter, still move money via land. Have you seen a convoy of CBN official on cash movement before? I have and i can confirm that they have up to 30 police men per trip. Banks move cash using at least 8 to 10 Mobile police and the cost is one of the highest overhead facing Nigerian banks before the cashless policies. Am not a fan of sanusi but just wish to make this point.
Chukwudi,
Well done, I have the feeling Oyebode just hodgepodges whatever favours his arguement.
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