According to reports, there was a feud brewing between the two over a letter that Sanusi had written to Jonathan, in September last year, informing the president of the unremitted 49.8 billion dollars of oil revenue to the Federation Account.
Sources say that Jonathan accused Sanusi of leaking the letter to former President Olusegun Obasanjo. The accusation was made after the former statesmen made reference to the Federation Account in an open letter to Jonathan titled "Before it is too late" where Obasanjo critiques the current state of the country and corruption.
Jonathan is said to have been upset by Obasanjo’s criticism, and denied government fraud.
In a rebuttal letter before Christmas, the president said that Obasanjo, was threatening ‘national security’ by whipping up opposition to his administration.
While adding that the allegations made by Sanusi in his September letter were ‘spurious’.
Sanusi has since denied leaking the letter and has since refused to resign until the end of his tenure, which is in March of this year. Just months to the end of his tenure as governor, Sanusi has however refused to resign, even as he denied leaking the letter to anyone.
The governor also expressed his surprise to the president that he was the one being asked to resign instead of Johnathan making sure that those responsible for the non-remittance of the funds step down.
The respected banker has spearheaded reforms in Nigeria's troubled banking sector since his appointment in 2009.