A report by Factual Times, entitled: “Emefiele Suspended Over $1bn Transaction Linked To Aliko Dangote” would appear to be an isolated reason for President Bola Tinubu’s action, which has yet to feature publicly or to be robustly interrogated in the long list of alleged offences by Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria, CBN.
The publication said sources had disclosed that the suspension was allegedly directly tied to a staggering $1 billion scandal that unfolded just before the inauguration of the Bola Tinubu administration on May 29, 2023.
It stated that Emefiele’s hurried borrowing of $1 billion from Afrexim Bank on April 24, 2023, after the general elections, and, specifically during preparations for the May 29 inauguration blew open.
According to the report, “Shockingly, within 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 (who has not stepped in the saddle as President and Commander-in-Chief) was kept in the dark about this transaction.
The magnitude and method of the transaction were said to be mind-boggling.
The report further quoted sources within the CBN to have claimed 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 disclosure highlights the potential for money laundering and illicit activities within Nigeria’s financial system, questioning the CBN’s sector or industry integrity under Emefiele’s leadership.
Recognizing the gravity of the situation, the President, according to the report, took decisive action by suspending Emefiele and ordering a thorough investigation.
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