Former CBN Governor Sanusi Lamido Sanusi's push for NNPC audit gathers momentum, As World Bank Calls for transparency and accountability
Ezenwa Opara- M.Sc. MCIPR, ANIPR
Strategic Public Relations & Media Specialist | Brand Visibility Expert | Thought Leader CIPR-Accredited PR Practitioner: C-Suite Reporting Manager
Sanusi Lamido Sanusi, the former Central Bank Governor of Nigeria, stands out as a dedicated advocate for transparency and accountability within the Nigerian financial system. His unwavering commitment to addressing corruption and financial mismanagement, particularly within the oil and gas industry, has garnered widespread recognition.
During his recent address at the Bank Directors’ Summit in Abuja, Sanusi raised pertinent concerns about the discontinuation of subsidies and questioned the whereabouts of funds. His outspokenness on these matters led to his suspension as CBN Governor by former President Goodluck Ebele Jonathan, underscoring the challenging landscape he faced in advocating for transparency. He shed light on the lack of transparency in the Nigerian National Petroleum Corporation (NNPC), labeling it as the most opaque oil company globally. He highlighted the absence of audits during his 15-year tenure at the Central Bank, emphasizing the urgent need for a substantive minister of petroleum to curb NNPC's immoderations.
In alignment with Sanusi's call for an audit, the World Bank, as reported by Punch Newspaper on Thursday, December 14, 2023 [insert link], accused the NNPC of lacking transparency regarding the financial gains from fuel subsidy removal. The World Bank, as a global financial institution, consistently emphasizes good governance, transparency, and accountability in its interactions with countries, including Nigeria.
It is now imperative for the elected representatives (Upper and Lower Chambers) at the National Assembly, the offices of the Accountant General of The Federation, Attorney General of the Federation and Minister of Justice, other government agencies such as the Independent Corrupt Practices and Other Related Offences Commission (ICPC); the Economic and Financial Crimes Commission (EFCC), charged with the responsibility of combating corruption in the public sector, with the Central bank of Nigeria {CBN}; the Nigerian Extractive Industries Transparency Initiative (NEITI} and the National Stakeholders Working Group (NSWG) to thoroughly investigate and audit the NNPC's books to curb its excesses.
At this critical juncture, and with the overwhelming calls for NNPC’s audit from Sanusi, the World Bank, and other unheard voices, Nigeria's leaders must heed the calls for integrity and openness within national institutions, particularly in vital sectors like the petroleum industry. The ball is now in the court of these governmental bodies to uphold the principles of good governance and ensure accountability for the benefit of the nation.
Relevant Links-On Sanusi/World bank Call for Probity
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Ezenwa Opara
Thursday, December 14, 2023
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