President Bola Tinubu, during his meeting with Nigerians in Paris on Friday, expressed his concern about the actions of Godwin Emefiele, the suspended Governor of the Central Bank.
Tinubu stated that under Emefiele’s leadership, a few individuals with connections were enriched, while the majority of Nigerians experienced a decline in their economic well-being.
Describing the financial system implemented by Emefiele as controversial and unorthodox, President Tinubu expressed his discontent with the situation.
He characterized the system as rotten, reflecting his strong disapproval of the practices and policies implemented during Emefiele’s tenure as the CBN governor.
According to Tinubu, “The financial system was rotten. Few people were making away with our money…that is gone now; the man (Emefiele) is in the hands of the authorities.”
Two weeks ago, following his suspension by the President, Godwin Emefiele was detained by secret police agents. The President, in his inaugural address, had pledged to thoroughly cleanse the apex financial institution, which had been marred by cronyism and a manipulated foreign exchange system.
This allowed a select group of well-connected Nigerians and their foreign collaborators to exploit an imbalanced route to arbitrage.
President Tinubu’s remarks coincide precisely with the 14-day mark since the former CBN chief’s widely circulated video emerged.
The footage captured Emefiele disembarking from a security truck at Lagos airport and being escorted onto a waiting plane by detectives. Notably, one of the detectives openly displayed the handcuffs he carried, highlighting the gravity of the situation.
According to a statement released by the office of the Secretary to the Government of the Federation, the suspension and subsequent detention of Godwin Emefiele were necessary steps to facilitate a thorough investigation and initiate the financial system reforms promised by Tinubu.
During his address in France on Friday, Tinubu reiterated his commitment to implementing additional financial reforms shortly.
He highlighted the challenges associated with the flow of foreign exchange into and out of the country, emphasizing that this disparity had led to the enrichment of a privileged few while plunging the majority of Nigerians into poverty.
The President who described Nigeria’s challenges as “enormous,” said he was prepared for the job ahead of him.
While addressing the issue of illicitly acquired wealth and its connection to insecurity, the president highlighted the prevailing security challenges in the country.
He suggested the possibility of such illicit wealth being used to fuel the existing insecurity, emphasizing the need for a comprehensive approach. The president expressed his commitment to transforming the financial system to address these concerns, assuring the people that the reforms would be beneficial for them.
Furthermore, the president shared a notable achievement from his experience, recounting how he, along with his Special Adviser on Monetary Policy, Mr. Wale Edun, successfully revitalized the fortunes of Lagos State between 1999 and 2003. He cited a remarkable increase in the state’s internally generated revenue, which rose from an annual amount of N600 million to a monthly sum of N50 billion.
This accomplishment served as an example of their capability to drive significant economic growth and development.
“So, your President is here. I danced for it and I have to continue to be prepared for it. The challenges are enormous. But do we have hope? Yes. With perseverance, determination, and persistence, we can achieve whatever we desire.”
He said that he, like some in the audience, had experienced the rough side of diaspora life, saying, “I know the road and I’ve been through what many of you have been through outside the country. I’ve been to America and the UK; I had been a night guard, security man, and a doorman in America. But I have achieved my aim.”
