His ordeal not a surprise, says Muda Yusuf

Strong indications emerged weekend on why the Central Bank of Nigeria (CBN) governor, Godwin Emefiele was suspended by President Bola Ahmed Tinubu.

In a shocking development, the Federal Government of Nigeria Friday suspended Emefiele and ordered his probe.

According to Politics Nigeria, his suspension is tied to a $1 billion scandal that was uncovered just before the Presidential inauguration on May 29.

The newspaper claimed that it learned the suspicion arose after the CBN borrowed $1 billion from Afrexim Bank on April 24, 2023, after the elections, during preparations for the inauguration.

It further claimed that within two days of receiving the money, $750 million was swiftly transferred to Aliko Dangote’s Dubai accounts using a ‘Form A’.

It is also alleged that then President-elect, Bola Ahmed Tinubu, was kept in the dark about the transaction.

The newspaper revealed further that sources within the CBN claim that Emefiele sold dollars to Dangote at an unbelievably low rate of N445 to the dollar.

Access reaching further
“1 billion dollars was received from Afrexim Bank into the CBN’s JP Morgan account on April 24, 2023, out of which $750 million 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 is said to have had ties with Dangote since 2007”, it was gathered.

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.

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

Sources revealed that Emefiele was arrested in Lagos by the Department of State Services (DSS) on June 9 and flown to Abuja for questioning which the security agency has now confirmed.

His ordeal not a surprise, says Muda Yusuf.

Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), says the suspension of Mr Godwin Emefiele as the CBN Governor is not a surprise.

Yusuf in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos, said the suspension showed that “President Bola Tinubu’s administration is at variance with the policy disposition of the CBN under Emefiele.

“The monetary and foreign exchange policy thrusts of President Tinubu’s administration is at variance with the policy disposition of the CBN under Emefiele.

Access swift pay post
“President Tinubu was very clear in his inaugural speech about his resentment of some current CBN policies such as the multiple exchange rate and the Naira redesign policy.

“The president also hinted at a house cleaning plan for the CBN. It is impractical to reform the apex bank and review some of its major policies with Mr. Emefiele remaining on the seat as governor.”

According to Yusuf, it is therefore logical that the CBN governor be advised to proceed with suspension.
“The truth is that there is a major compatibility issue. The parting of ways was inevitable.”

He said that the brazen involvement of the CBN governor in partisan politics was an aberration and most unbecoming.

According to him, it was damaging to the credibility of the CBN and the reputation of the governor himself.

NAN reports that Tinubu suspended Emefiele from office with immediate effect on Friday.
This was contained in a statement by Willie Bassey, Director, Information, Office of the Secretary to the Government of the Federation.

According to Bassey, the suspension is sequel to the ongoing investigation of Emefiele’s office and the planned reforms in the financial sector of the economy.

He said that Emefiele had been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr. Folashodun Shonubi, Shonubi will act as the CBN Governor, pending the conclusion of the investigation and the reforms.

https://championnews.com.ng/emefiele-suspension-tied-to-1bn-transaction-allegedly-linked-to-dangote/

So they mean Dangote is a launderer?

Probably money meant to speed up the completion of the refinery Buhari was so eager to commission before completion and Emefiele was reported to have visited more often than the owner, Dangote.

So Dangote the billionaire and sobcallwd Africa's richest man could not use 1 billion out of his several billions to fund whatever he wants . He had to take from the Nigerian people funds illegaly.

I hope Tinubu orders the DSS to also arrest Aliko Dangote.

swaggerjack:
His ordeal not a surprise, says Muda Yusuf

Strong indications emerged weekend on why the Central Bank of Nigeria (CBN) governor, Godwin Emefiele was suspended by President Bola Ahmed Tinubu.

In a shocking development, the Federal Government of Nigeria Friday suspended Emefiele and ordered his probe.

According to Politics Nigeria, his suspension is tied to a $1 billion scandal that was uncovered just before the Presidential inauguration on May 29.

The newspaper claimed that it learned the suspicion arose after the CBN borrowed $1 billion from Afrexim Bank on April 24, 2023, after the elections, during preparations for the inauguration.

It further claimed that within two days of receiving the money, $750 million was swiftly transferred to Aliko Dangote’s Dubai accounts using a ‘Form A’.

It is also alleged that then President-elect, Bola Ahmed Tinubu, was kept in the dark about the transaction.

The newspaper revealed further that sources within the CBN claim that Emefiele sold dollars to Dangote at an unbelievably low rate of N445 to the dollar.

Access reaching further
“1 billion dollars was received from Afrexim Bank into the CBN’s JP Morgan account on April 24, 2023, out of which $750 million 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 is said to have had ties with Dangote since 2007”, it was gathered.

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.

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

Sources revealed that Emefiele was arrested in Lagos by the Department of State Services (DSS) on June 9 and flown to Abuja for questioning which the security agency has now confirmed.

His ordeal not a surprise, says Muda Yusuf.

Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), says the suspension of Mr Godwin Emefiele as the CBN Governor is not a surprise.

Yusuf in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos, said the suspension showed that “President Bola Tinubu’s administration is at variance with the policy disposition of the CBN under Emefiele.

“The monetary and foreign exchange policy thrusts of President Tinubu’s administration is at variance with the policy disposition of the CBN under Emefiele.

Access swift pay post
“President Tinubu was very clear in his inaugural speech about his resentment of some current CBN policies such as the multiple exchange rate and the Naira redesign policy.

“The president also hinted at a house cleaning plan for the CBN. It is impractical to reform the apex bank and review some of its major policies with Mr. Emefiele remaining on the seat as governor.”

According to Yusuf, it is therefore logical that the CBN governor be advised to proceed with suspension.
“The truth is that there is a major compatibility issue. The parting of ways was inevitable.”

He said that the brazen involvement of the CBN governor in partisan politics was an aberration and most unbecoming.

According to him, it was damaging to the credibility of the CBN and the reputation of the governor himself.

NAN reports that Tinubu suspended Emefiele from office with immediate effect on Friday.
This was contained in a statement by Willie Bassey, Director, Information, Office of the Secretary to the Government of the Federation.

According to Bassey, the suspension is sequel to the ongoing investigation of Emefiele’s office and the planned reforms in the financial sector of the economy.

He said that Emefiele had been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr. Folashodun Shonubi, Shonubi will act as the CBN Governor, pending the conclusion of the investigation and the reforms.

https://championnews.com.ng/emefiele-suspension-tied-to-1bn-transaction-allegedly-linked-to-dangote/

So why is Dangote not arrested along with him, since they want to investigate?

Different version

No, I thought they said it's only Emefiele that is guilty of the fraudulent naira redesign policy? At the end, Emefiele will majestically walk out off DSS custody with his head held high.

....because if they should continue this their selective justice, the number of polithiefcians that will go down with Emefiele when he starts exposing their asses with undeniable proof will be too numerous to mention.

If Emefiele talks he will bring down this fantastically corrupt criminal enterprise that has been hijacked by bandits. He will go scot free.

otipoju:
So Fangote the billionaire could not use 1 billion out of his several billions to fund whatever he wants

Which several billions? The wealth of Nigerians is being ascribed as Dangotes wealth

What is happening is systematic looting never before seen in any human civilization since 1960. Even South Africa,Somalia, Congo, Kenya,Guinea is more civilized in their looting.


Grown men and women going to work everyday to loot and plunder the nation.

Macphenson:
I hope Tinubu orders the DSS to also arrest Aliko Dangote.

How will the western banks recover all the money loaned to him. They will seize Nigerian oil field and oil blocks.

gare:


So why is Dangote not arrested along with him, since they want to investigate?

He's not an Igbo man....

loosecanon50:
No, I thought they said it's only Emefiele that is guilty of the fraudulent naira redesign policy? At the end, Emefiele will majestically walk out off DSS custody with his head held high.

....because if they should continue this their selective justice, the number of polithiefcians that will go down with Emefiele when he starts exposing their asses with undeniable proof will be too numerous to mention.

There is no rule of law and justice in this country. The law only applies to the poor.

It will be the best news if tinubu can do that

Macphenson:
I hope Tinubu orders the DSS to also arrest Aliko Dangote.

Ihateheadslamer:
It will be the best news if tinubu can do that

The owner of Nigeria is untouchable.

The arrest of dangote looks almost impossible but if the president can make it happen then that will mark the beginning of liberation for the Nigerian people.

Dangote is the reason why many Nigerians are poor, hungry and hopeless.

Borders were closed and almost everything he wishes to sell are banned from importation

The exchange rate not favorable to Nigerians today can only be linked to the same man.

CBN and politicians are always at his mercy. Why?

What is he selling that is cheap in spite of all the support he gets from every government?

Even government policies are crafted with his interest at heart.

Omo

Person wey dem suppose burst his balls

Business as usual

Champion says it's fake news

https://championnews.com.ng/fake-news-emefiele-suspension-tied-to-1bn-transaction-allegedly-linked-to-dangote/