The depletion of Nigeria’s foreign reserves during the tenure of former Central Bank Governor Godwin Emefiele went unnoticed by former President Muhammad Buhari, as asserted by Ajuri Ngelale, spokesperson for President Bola Tinubu.
Emefiele, who faced numerous legal challenges, served as CBN governor throughout Buhari’s eight-year tenure. Despite being appointed by former President Goodluck Jonathan after the suspension of Sanusi Lamido Sanusi, Emefiele found himself under scrutiny when Tinubu assumed power, leading to his suspension and subsequent probe.
In a recent interview, Ngelale revealed that Buhari was not privy to the majority of expenditures from the foreign reserves, totaling billions of dollars, under Emefiele’s leadership. Ngelale explained the unusual setup of the Central Bank, where Emefiele, as the day-to-day CEO, also served as both the governor and chairman of the board of directors, essentially overseeing himself.
The lack of oversight became apparent when a forensic document examiner, Bamaiyi Haruna, disclosed findings suggesting that documents authorizing the release of $6.2 million from the CBN in February 2023 were forged. Haruna, an official of the Economic and Financial Crimes Commission (EFCC), presented these findings during Emefiele’s trial before the Federal Capital Territory High Court in Abuja.
