Presidential Spokesperson Accuses Former CBN Governor of Depleting Nigeria's Foreign Reserve Without Approval

Presidential Spokesperson Accuses Former CBN Governor of Depleting Nigeria's Foreign Reserve Without Approval

In a startling revelation, Ajuri Ngelale, the spokesperson for the Nigerian presidency, has leveled serious allegations against the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Speaking in an interview with TVC, Ngelale claimed that Emefiele had single-handedly made significant financial decisions, leading to the depletion of the country’s foreign reserves, without seeking the approval of former President Muhammadu Buhari.

Ngelale asserted that expenses amounting to billions of dollars were incurred from the foreign reserves without proper authorization from the former president. He further alleged that Emefiele, who concurrently served as the chairman of the CBN's board of directors, wielded immense power within the apex bank, essentially overseeing his own actions.

"The expenditure of billions of dollars from the foreign reserves was largely done without the approval or knowledge of President Muhammadu Buhari and President Bola Tinubu," Ngelale remarked, shedding light on the apparent lack of oversight in the management of the country's financial resources.

Explaining the unusual governance structure of the CBN, Ngelale pointed out that Emefiele held the dual role of the day-to-day CEO and the chairman of the board of directors, which facilitated his unchecked authority over the bank's operations.

The accusations against Emefiele come amidst ongoing legal proceedings against him for alleged procurement fraud and forgery of former President Buhari’s signature. These allegations have cast a shadow over the integrity of Nigeria's financial institutions and raised concerns about transparency and accountability in governance.

As the investigation unfolds, stakeholders and the public alike await further developments, hoping for clarity and accountability in the management of Nigeria's economic affairs.

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