In a shocking development, the Nigerian Federal Government has suspended the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. Sources reveal that Emefiele was arrested in Lagos by the Department of State Services (DSS) on June 10 .
The suspension is allegedly directly tied to a staggering $1 billion scandal that unfolded just before the inauguration.
Startling revelations expose 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 a mere two days of receiving the money, $750 million was swiftly transferred to Aliko Dangote’s Dubai accounts using a Form A. These explosive findings have rocked the nation, raising concerns of integrity, collusion, and abuse of power. It is alleged that the President-Elect was kept in the dark about this transaction.
The magnitude and method of the transaction are mind-boggling. Sources within the CBN claim that Emefiele sold the dollars to Dangote at an unbelievably low rate of 445 Naira to the dollar. 1billion dollars was received from Afrexim Bank into the CBN JP Morgan account on April 24, 2023, out of which 750million 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.