The Emir of Kano has disclosed that he lost his position as Central Bank Governor because he exposed leakages and corruption in Nigeria’s petroleum sector. Sanusi stated that people made billions of naira from the subsidy business by claiming they imported petrol they never actually imported and collecting money from NNPC in an opaque manner that was never audited.
During the News Central TV interview, Sanusi explained that the Dangote Refinery faces opposition because it disrupts the corrupt business model that rent seekers have enjoyed for decades. He emphasized that the opposition to the refinery is not about rights or economics, but about people who see their lucrative corrupt practices suddenly disappearing with the advent of local refining capacity.
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Muhammad Sanusi II said: “I lost my job in the central bank because I was pointing out these leakages. Now the refinery disrupts a business model for rent seekers and that is why it will face opposition. It is not about rights. It is not about the economy. It is about people who see the model they have had for 30, 40 years suddenly disappearing. People have made billions of money from this business claiming they imported petrol that they never imported. Claiming money from NNPC as subsidy and in an opaque manner, in a manner that has not been audited, in a manner where nobody sees. Now that model is disappearing.