Okey Ndibe: Again, a case of unaccounted billions

by Okey Ndibe

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Even if Mr. Sanusi were talking nonsense, the proper response would be for reporters versed in oil transactions to thoroughly dissect his presentation and expose his misrepresentations. Besides, President Goodluck Jonathan and his aides ought to debunk Mr. Sanusi’s allegations by providing proof that no money is missing.

To a first-time visitor, much of Nigeria is likely to appear like the wreckage of a long war, what with its gutted roads, rutted infrastructure, the near-absence of electric power, and the paucity of pipe-borne water. It’s a developmental nightmare, a relic of the misshapen monuments of small-minded men and women, a patchwork of ill-conceived, abandoned projects.
Given Nigeria’s shape—or, more appropriate, its lack of shape—you’d expect a certain sense of urgency about transforming the space. You’d expect politicians and experts to focus at every opportunity on ways of creating a healthcare system worthy of human beings, revitalizing the educational sector, creating jobs for milling youths, providing basic facilities, and changing the moral tone.
Instead, what you find is a deranged obsession with a rat race whose sole goal is the primitive accumulation of riches. The country’s political leaders, who incidentally lead the rat race, seem to miss the point that the winners of such a race remain rats! Yes, a lot of them amass obscene sums of illicit wealth, but lucre merely raises their rating as ridiculous figures. The more they steal, the more they consolidate their contemptible quotient.
But Nigeria’s political “leaders” are far from the only problems. If anything, they seem to reflect a broader cultural malaise. Many Nigerians, one suspects, are hostile to the deep thinking that is a precursor to remarkable transformation. We’d much rather muck around in sectarian, ethnic and partisan baiting. Confronted with evidence of systemic collapse, many of us are content to blame Christians or Muslims, Igbo, Yoruba or Hausa, the North or South. We fail to realize that, where it counts, so-called Christian and so-called Muslim figures collaborate in schemes that impoverish the rest of us; that Igbo, Yoruba and Hausa politicians are not averse to acting together to corner looting opportunities; that men and women from the North and South work together daily to abort Nigeria’s promise.
The reportorial priorities of the Nigerian media mirror, I suggest, Nigerians’ little tolerance for substance. Despite Nigeria’s abysmal condition, it’s hard to see any serious debates in the media. It’s all about PDP this, APC that. Nobody, least of all the two parties’ top officials, can articulate what either party stands for. In lieu of any sustained presentation of ideas for making Nigeria a habitable address, both parties settle for parading personalities. What’s worse, the advertised political henchmen (and women) have pedigrees defined less by ideas than their possession of stupendous wealth.
You’d expect Nigerians to pay attention when somebody who ought to know talks about billions missing from the national treasury. But perish the thought!
Last week, Governor Sanusi Lamido Sanusi of the Central Bank of Nigeria appeared again before the Finance Committee of the Nigerian Senate, and spoke about huge frauds in the oil sector. Mr. Sanusi’s presentation rang with grave claims. Speaking with a directness hardly ever used by any past occupant of his seat, he accused the Nigerian National Petroleum Corporation (NNPC) of failing to account for $20 billion from crude oil exports. According to him, the NNPC sold $67 billion worth of crude oil, but deposited only $47 billion.
He told the committee that two companies, Seven Energy and Atlantic Energy (which he said were owned by the same persons), were beneficiaries of a curious deal with the Nigerian Petroleum Development Company (NPDC). The deal enabled the ostensible private investors to pocket billions of dollars that ought to belong to Nigeria, the CBN head asserted. He also spoke about “leakages from the system through opaque and complex Swap transactions between PPMC [Pipeline and Products Marketing Company] and some counter parties.” He added: “The Agreements signed by PPMC contained a troubling clause that permits the destruction of documents after one year.”
These are startling allegations, worthy of particular attention by Nigerians and their media. When I googled Mr. Sanusi’s presentation, I found that it received relatively tepid reportage in Nigerian newspapers. It was played up more by online media, especially those based outside of Nigeria.
Even if Mr. Sanusi were talking nonsense, the proper response would be for reporters versed in oil transactions to thoroughly dissect his presentation and expose his misrepresentations. Besides, President Goodluck Jonathan and his aides ought to debunk Mr. Sanusi’s allegations by providing proof that no money is missing. It’s far from an adequate response to point to the fact that the CBN governor’s figures have shifted since September, 2013. The discrepancies may point, in fact, to the complex, labyrinthine nature of the schemes used to defraud Nigerians.
The role of the media has been shameful—but let’s put it aside for now. How about labor unions, student organizations, and such professional bodies as the Nigerian Bar Association (NBA), the Nigerian Medical Association (NMA), and the Nigerian Guild of Editors? What explains their astonishing silence on the matter? Is Nigeria so affluent—so awash with cash—that $20 billion don’t count?
On the Internet, some anonymous commentators fixated on the fact that Mr. Sanusi, bearer of a disquieting message, is a Muslim and a Northerner. Some accused him of awarding billions of naira worth of contracts to his cronies. Others raised issues about his personal life. Mr. Sanusi’s faith and ethnicity have nothing to do with anything here. If he illegally awarded contracts, he deserves to be called on it—and prosecuted, if he broke the law. If there are lapses in his personal life, they should concern us only if he meddled with public funds. Otherwise, it is up to the stakeholders in his personal life to hold him to account, or choose not to.
If students, lawyers and editors didn’t find the case of the missing billions worthy of a single raised eyebrow, who would blame the rest of the populace for going on, unconcerned? It was as if most of us yawned and quickened our stride to that pepper soup joint! Few, if any, bothered to contemplate all the things that $20 billion could do for Nigeria.
I can’t help contrasting the collective indifference to Mr. Sanusi’s expose with the hysteria over former Vice President Atiku Abubakar’s decision to leave the PDP and enlist in the APC. Nigerian newspapers not only rushed to cover this relative non-event, they have also offered their readers numerous follow-ups.
You’d think that the answer to Nigeria’s crises of underdevelopment lie in Mr. Atiku’s choice to register with a party that has yet to spell out how it differs from the PDP, much less what answers it has for Nigeria’s worsening state.
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This post was published with permission form Premium  Times Newspapers

 Op-ed pieces and contributions are the opinions of the writers only and do not represent the opinions of Y!/YNaija.

 

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