Fresh details have emerged on why President Bola Tinubu suspended the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
Emefiele was arrested by the Department of State Services (DSS) on Saturday and flown to Abuja for questioning.
POLITICS NIGERIA reports that one of Emefiele’s sin was an alleged transaction amounting to a staggering $1 billion scandal that unfolded just before the Presidential inauguration on May 29.
According to the online newspaper, suspicions arose after Emefiele’s borrowing of $1 billion from Afrexim Bank on April 24, 2023 after the elections, during preparations for the May 29 inauguration.
Shockingly, within two days of receiving the money, $750 million was swiftly transferred to Aliko Dangote’s Dubai accounts using a ‘Form A’.
It is alleged that the President-elect, Bola Ahmed Tinubu, was kept in the dark about this transaction.
Sources within the CBN claim that Emefiele sold dollars to Dangote at an unbelievably low rate of 445 Naira to the dollar. One billion dollars was received from Afrexim Bank into the CBN’s JP Morgan account on April 24, 2023, out of which 750 million dollars was immediately transferred to Dangote’s Bluestar Dubai account within two days using the “Form A” transaction method, bypassing the requirement of a Letter of Credit.
Bluestar has had ties to Dangote since 2007.
While some CBN officials raised concerns about these transactions, the revelation highlights the potential for money laundering and illicit activities within Nigeria’s financial system, tarnishing the CBN’s integrity under Emefiele’s leadership.
Recognizing the gravity of the situation, the President took decisive action by suspending Emefiele and ordering a thorough investigation.
More to come.
Source: politicsnigeria.com
