The suspension of Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele is reportedly linked to a significant scandal involving the borrowing of $1 billion that occurred just before the inauguration.
Startling revelations have emerged, shedding light on Emefiele’s actions in obtaining the funds, a news outlet reported.
It is alleged that on April 24, 2023, after the elections and in preparation for the May 29 inauguration, Emefiele borrowed $1 billion from Afrexim Bank.
Shockingly, within two days of receiving the money, $750 million was swiftly transferred to Aliko Dangote’s Dubai accounts using a Form A transaction.
These revelations have sent shockwaves throughout the nation, raising concerns about integrity, collusion, and potential abuse of power. It is claimed that the President-Elect was not made aware of this transaction.
The scale and method of the transaction are deeply troubling. Sources within the CBN suggest that Emefiele sold the dollars to Dangote at an exceptionally low rate of 445 Naira to the dollar.
On April 24, 2023, $1 billion was deposited into the CBN JP Morgan account from Afrexim Bank. Within two days, $750 million was transferred to Dangote’s Bluestar Dubai account using the “Form A” transaction method, bypassing the requirement of a Letter of Credit. Bluestar has had connections to Dangote since 2007.
While some CBN officials expressed concerns about these transactions, the revelations underscore the potential for money laundering and illicit activities within Nigeria’s financial system, casting a shadow on the CBN’s integrity during Emefiele’s tenure.
Recognizing the gravity of the situation, the President took decisive action by suspending Emefiele and initiating a thorough investigation.
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