Presidency Accuses Emefiele of Siphoning Billions from Nigeria’s Foreign Reserves

By Iyojo Ameh

The Presidency has accused the former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, of unlawfully siphoning billions from the nation’s foreign reserves without proper authorization from former President Muhammadu Buhari.

Presidential spokesperson Ajuri Ngelale has disclosed shocking details regarding the alleged financial impropriety committed by Emefiele during his tenure as CBN governor.

According to Ngelale, Emefiele’s unchecked control over the operations of the CBN enabled him to carry out significant transactions without the necessary oversight.

Emefiele’s dual roles as CBN governor and chairman of the apex bank’s board of trustees have come under scrutiny, with Ngelale highlighting the inherent conflict of interest in such a setup.

Ngelale emphasized that this arrangement allowed Emefiele to essentially oversee his own actions, leading to the unauthorized depletion of Nigeria’s foreign reserves.

“It is deeply concerning that the utilization of billions of dollars from the foreign reserves occurred largely without the authorization or awareness of President Muhammadu Buhari and President Bola Tinubu,” Ngelale stated during a recent interview.

These accusations have sent shockwaves through Nigeria’s financial sector, prompting widespread calls for a comprehensive investigation into the matter. Many are now questioning the integrity and transparency of the country’s financial institutions, demanding urgent reforms to prevent similar incidents in the future.