Sanusi Urges Tinubu to Relinquish Petroleum Minister Role

Former Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, has reignited the debate on transparency in the oil and gas sector, calling for a comprehensive audit of the Nigerian National Petroleum Company Limited (NNPCL).

In a bold statement delivered at The Bank Directors Summit at Transcorp Hilton, Abuja, Sanusi linked this demand to his own controversial dismissal from the CBN in 2014, implying that his push for accountability in the oil and gas sector played a significant role in his removal.

Expressing strong views on the nation’s petroleum sector, Sanusi stressed that the President should not concurrently hold the position of Minister of Petroleum.

He noted the significance of entities like the Asset Management Corporation of Nigeria (AMCON) and the Nigeria Deposit Insurance Corporation (NDIC), asserting their need to persist until banks settle their financial obligations within 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,” Sanusi said.

Sanusi underscored the imperative for the banking sector to rebuild public trust, addressing the prevalent trust deficit. He firmly advocated against any amendments to the CBN Act, aiming to maintain the apex bank’s independence from political influences.

In recent months, President Bola Tinubu implemented a division within the Ministry of Petroleum Resources, appointing Ekperipe Ekpo as Minister of State for Gas Resources and Heineken Lokpobiri as Minister of State for Petroleum Resources. However, echoingprevious presidential precedents, Tinubu retained the substantive Minister of Petroleum Resources portfolio for himself.