Business
We need to Import Angels for NNPC to be run honestly – Emir of Kano, Sanusi
The Emir of Kano, Muhammadu Sanusi (II), says the subsidy regime in the Nigerian National Petroleum Corporation has compromised the corporation to the extent that only an angel may be able to run the corporation honestly.
Sanusi said this during an interview with our correspondent in commemoration of his 4th year on the throne.
Sanusi was suspended as the Governor of the Central Bank of Nigeria by the then President Goodluck Jonathan in 2014 after accusing the NNPC of failing to remit $20bn into the government’s coffers despite high oil prices.
He had also complained about the lack of transparency at the nation’s top oil firm occasioned by the dubious payment of petroleum subsidy.
When asked if he was satisfied with how the NNPC was being run under the current administration, the emir said no law or regulation had been put in place to change how things were being done in the corporation.
The emir said, “I have not seen a change in laws or regulations that will institutionalise any changes. It is far more important to put in place the institutional changes that make it impossible for things to be done.”
While insisting that the payment of subsidy on petroleum products must be scrapped immediately, Sanusi said the problem of NNPC was beyond the change of its leadership.
He added, “It is not about the persons in the NNPC but about whether anyone can make a system operate honestly when there are such huge arbitrage opportunities. We need to import angels for that to happen.
“So, for me these are the issues. It is an economist’s nightmare. Sadly the very reason this subsidy should be scrapped is probably the reason it never will be. For those who profiteer from it, it is just too good to be true.”
The monarch, who described subsidy payment as ineffective, said its continuous payment was a “recipe for bankruptcy”.
The former CBN governor added, “The petroleum minister has disclosed that this government has spent N1.4tn already on fuel subsidy and for most of this period, oil price was between low and moderate.
“You can imagine how much we will pay as oil price goes up. Imagine if that money had gone into the power sector or agriculture and education and health. So for me this government inherited a bad situation but if it continues with these programmes, the next government will also inherit a bad situation which is a shame.”
Explaining the manner in which petroleum subsidy is paid, the emir said when the global price of crude oil increases, Nigeria fails to benefit because the government increases the payment on subsidy.
He said, “What we have is not a subsidy. The Federal Government guarantees Nigerians a maximum price per litre for fuel. And this is a product we import. And its price is based on unpredictable underlying commodity prices.
“So what the Federal Government is saying is look it does not matter what the price of oil is internationally, what the exchange rate is, what interest rate is, what shipping clearing and demurrage is, I am so rich that I will ensure you get fuel at this maximum price and I will pay the difference.
“Meanwhile, the balance sheet of the Federal Government is not hedged in anyway against these risks. As a professional risk manager, I have never seen a policy that is so guaranteed to bankrupt anyone as this policy.”
Prof Lawan Bala Buratai Appointed Vice Chancellor of Nigerian Army University Biu After Rigorous Selection
In a significant leadership transition at one of Nigeria’s foremost military-civilian academic institutions, Professor Lawan Bala Buratai has been appointed as the new Vice Chancellor of the Nigerian Army University Biu (NAUB).
The appointment was announced following an intensive and merit-based selection process conducted by the Governing Council of NAUB at the Armed Forces Officers Mess and Suites, Asokoro, Abuja. The Council, under the chairmanship of Dr. Awwal Moriki, concluded its deliberations and formally presented the letter of appointment to Prof Buratai in a brief but momentous ceremony.
Dr. Moriki, while congratulating the new helmsman, described the selection as the culmination of a transparent and rigorous process aimed at identifying a visionary academic leader who embodies the university’s core values of excellence, discipline, and innovation.
With this appointment, Prof Buratai succeeds Professor Kyari Mohammed, whose single five-year tenure is widely credited with laying a strong foundation for the university’s academic and structural growth.
The Nigerian Army University Biu (NAUB) was established in 2018 as a unique public institution owned by the Nigerian Army and designed to serve both military personnel and civilians. Located in Biu, Borno State, the university was conceived as a strategic response to the security and developmental challenges facing Nigeria and the wider Sahel region.
NAUB is focused on entrepreneurship, innovation, defense studies, and technology-driven research. It offers undergraduate and postgraduate programs in diverse fields ranging from engineering and environmental sciences to social sciences, computing, and military history.
What sets NAUB apart is its civil-military partnership model, which aims to foster mutual understanding and collaboration between Nigeria’s armed forces and the general populace. The university plays a key role in developing indigenous solutions to security challenges while also contributing to national capacity building and economic resilience through education.
With increasing national and international recognition, NAUB continues to attract scholars and partnerships across Africa and beyond, committed to transforming it into a world-class institution in security and development research.
Professor Lawan Buratai, a respected scholar and administrator, is expected to lead the university into its next chapter—deepening academic standards, expanding infrastructure, and strengthening NAUB’s role in national transformation.
His appointment signals a continuity of vision with a renewed focus on excellence, innovation, and service to the nation.
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