The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been suspended, which is a surprising occurrence. Emefiele was reportedly taken into custody by the Department of State Services (DSS) on June 10 in Lagos before being transported to Abuja for questioning, which the security agency has now verified.
The $1 billion controversy that broke out right before the inauguration of the new president is said to be connected to the suspension.
According to information provided to this publication, suspicions started to grow after Emefiele borrowed $1 billion from Afrexim Bank on April 24, 2023, following the elections, as he was getting ready for the May 29 inauguration.
Surprisingly, $750 million was rapidly moved to Aliko Dangote's Dubai accounts using a "Form A" within two days of receiving the funds.
The President-Elect, Bola Ahmed Tinubu, is said to have been kept in the dark about this transaction.
According to sources within the CBN, Emefiele sold dollars to Dangote at the absurdly cheap amount of 445 Naira per dollar. On April 24, 2023, the CBN received $1 billion from Afrexim Bank into its JP Morgan account.
Within two days, 750 million of that sum was transferred using the "Form A" transaction method directly to Dangote's Bluestar Dubai account, obviating the need for a Letter of Credit.
The disclosure shows the possibility for money laundering and criminal activities within Nigeria's banking system, undermining the CBN's integrity while other CBN employees expressed worries about these transactions.
The President, realising the seriousness of the matter, took prompt action by suspending Emefiele and requesting a full inquiry.
SOURCE: POLITICSNIGERIA
