how he has been supporting his business from his foreign investments. He then narrated how difficult it has been for his business to have access to dollars while accusing CBN led by its then Governor, Godwin Emefiele, of racketeering.

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“For the past 5 years, I haven’t gotten credit in Nigeria, no loan. For the past 3 years, I haven’t gotten one dollar in foreign exchange.
They didn’t give me dollars and I don’t want to compromise, that’s why they don’t like me. Central Bank is hearing me, if they gave me one dollar call me bastard.”
Explaining how the racketeering works, he said:

“Then, money (dollars) was N420, N410, N440, if you want to get like $1 million, you are going to part with N40, N50, N70 that would not reflect, and your bank would not know.
You just pay them (CBN), and you get it. I said I don’t want to do that in my own country. Big racketeering and everybody knows. Ask big manufacturers, they know.”

Beware of bald headed men….

Why give you at that rate (N410 + N70 = N480) when they can go to black market and resell for over N700?

Maybe the process is too tedious to circumvent for our civil workers then.

RepoMan007:
Why give you at that rate (N410 + N70 = N480) when they can go to black market and resell for over N700?

Maybe the process is too tedious to circumvent for our civil workers then.

I think the legitimate demands from manufacturers makes the paperwork easier to defend

The man did not lie, I can confirm his statement!