Emefiele Suspended Over $1bn Transaction Allegedly Linked To Aliko Dangote

Following the suspension of Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN) by President Bola Tinubu, reports have now emerged as to the real reason behind his eviction by the president from the apex bank.

Recall that Emefiele, who was suspended by the president on Friday night was almost immediately arrested by operatives of the Department of State Services (DSS) on Saturday.

The suspension was a sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy, according to a statement on Friday by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey.

According to the statement, Emefiele was directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Folashodun Adebisi Shonubi who will act as the CBN governor pending the conclusion of the investigation and the reforms.

The ex-CBN boss was nabbed by DSS in Lagos and flown to Abuja for questioning.

But according to some reports on Saturday night, 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 about 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.

Recognising the gravity of the situation, the President took decisive action by suspending Emefiele and ordering a thorough investigation.

Meanwhile, Kanyi Daily reported that former Kaduna Federal Lawmaker, Shehu Sani has reacted to the suspension of Emefiele by Tinubu.

While he hailed the suspension, he also urged an independent probe of the apex bank.