CBN Governor, Lamido Sanusi opens up on why he exposed missing oil money

The Governor of the Central Bank of Nigeria, CBN, Mallam Lamido Sanusi, yesterday, explained that he exposed the opaque management of oil revenue in the country so that it could lead to people being asked to explain what they had done with the money. He also said that he “loves controversy”.

According to the CBN Governor, the controversy surrounding the missing oil revenue was also good for the country.

Sanusi spoke Tuesday night, while addressing the Standard Bank’s West Africa Investors Conference.

His words: “A lot of the noise that is happening in the country today around me and the oil sector is good for the country because at the end of the day, if it leads to improved governance of oil revenue; if it leads to increased transparency or people having to be called to explain what they have done with the money- that is good for the system.

“People must not see controversy and noise as necessarily bad. I love controversy. If you think there has to be change and if you think a system needs to be improved; and if you get too comfortable in a system, you should ask yourself what has happened to you. You need to step on a few toes, annoy a few people, have your own toes stepped on. You will be annoyed once in a while, of course they will slap you once in a while.”

Sanusi however, assured the gathering of the commitment of the CBN to the stability of the exchange rate, saying the apex bank would continue to defend the Naira as long as there was stable crude oil prices.