The Presidency has shed light on the circumstances surrounding the withdrawal of billions from Nigeria’s foreign reserves during the tenure of former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, without the explicit approval of ex-President Bola Tinubu.
According to Ajuri Ngelale, spokesperson for President Bola Tinubu, Emefiele’s ability to deplete the country’s foreign reserve was facilitated by his dual role as CBN governor and chairman of the apex bank’s board of trustees.
Speaking in an interview with TVC, Ngelale emphasised that Emefiele operated largely unchecked due to his significant authority over CBN operations.
Ngelale elaborated, stating, “The expenditure of billions of dollars from the foreign reserves was executed with minimal oversight, with neither the approval nor the knowledge of President Muhammad Buhari and President Bola Tinubu.”
He continued, “It may appear incredulous to some, but the unique structure of our Central Bank allowed the governor, who also served as chairman of the board, to essentially oversee his own actions.”
