New Telegraph

Why I Suspended Emefiele As CBN Governor – Tinubu

President Bola Ahmed Tinubu has revealed why he suspended the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele fortnight ago.

President Tinubu who spoke during an interactive session with Nigerians residing in Paris, France on Friday said he sacked Emefiele because the financial system was rotten under his watch.

According to him, many of those living outside the country could not send money to their parents and relatives due to the multiple exchange rates.

He cited the difficulty in the flow of forex in and out of the country, saying it enriched a few people while impoverishing the vast majority of Nigerians.

He said, “Then the financial system was rotten. Few people made bags of money and then you yourself stopped sending money home to our poor parents. Several windows. But that is gone now.


“The man is in the hands of the authorities. Something is being done about that. They will sort themselves out.

“We have security challenges in the country. Maybe that is how they are fuelling insecurity; we have to look at everything. We will change the financial system; it will work for you.”

It would be recalled that Tinubu had on Friday, June 9 suspended Emefiele as the Governor of the Apex bank and ordered an investigation into some allegations leveled against him.

He was subsequently arrested in Lagos and flown to Abuja, by the Department of State Services (DSS), where he is being interrogated.

He was currently being detained by the DSS as the operatives combed his Lagos residence, where they reportedly recovered some vital documents.

The embattled Emefiele has since approached the Federal Capital Territory High Court in Abuja to challenge his detention by the DSS.

Speaking further in France on Friday, Tinubu said his administration would implement further financial reforms in the coming weeks.

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