Kerosene Subsidy, A Big Scam Operated By A Cabal – Sanusi Lamido



Suspended Governor of Central Bank of Nigeria (CBN), Mallam Lamido

Sanusi has again stirred the hornet’s nest as he declared yesterday

that kerosine subsidy is a big scam operated by a cabal in government.

Mallam Sanusi in an interview with New York Times yesterday also

alleged that the money claimed for the subsidy was being used to

finance election.



Said he: It’s (kerosine subsidy) just a big scam, the amount is shared

by a cabal. By making NNPC an issue now, the source of money for

financing elections is threatened. If this is stopped there will be no

money to finance the elections”


Mallam Sanusi was suspended on Thursday 19th based on a report by the

Financial reporting Council (FRC), which accused him of various

financial recklessness and misconduct.


Sanusi however said that he was sacked because he threatened to

conduct special examination on the banks to ascertain their

involvement in the missing $20 billion fuel money.


He said that at the Bankers Committee held on February 11, he had

threatened to open their books, to trace the missing oil money.


According to him, “Some of them were not giving informationm about

their accounts. I told them I would order a special examination.”


One of the bankers at the meeting told New York Times that, ” he made

it clear to the bankers that the CBN would need to unravel what was

going on, and they should cooperate.


Many of the bankers became angry and one of us said, “what next?-

Another banker at the meeting said, “There was a general heaviness as

he spoke tough.”Both bankers requested anonymity.


Mallam Sanusi explained that several of the banks panicked at his

threat to open their books and two of the bankers went straight to the

government and reported to the petroleum minister. He further said,at

that moment, he knew his days were numbered at the CBN.


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