The Presidency has provided an revealed on how the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was able to withdraw billions from Nigeria's foreign reserves without the approval of ex-President Bola Tinubu.
According to Ajuri Ngelale, the spokesperson for President Bola Tinubu, Emefiele was able to deplete Nigeria's foreign reserves as he served as the CBN governor and the chairman of the apex bank's board of trustees at the time.
In an interview with TVC, Ngelale stated that Emefiele's activities went unchecked due to his oversight of most of CBN's operations.
Ngelale further explained that the expenditure of billions of dollars from the foreign reserves was carried out without the knowledge or approval of President Muhammad Buhari and President Bola Tinubu.
He went on to elaborate that the Central Bank of Nigeria had a unique structure where the Governor, who was also the chairman of the board of directors, was essentially overseeing himself.
This situation made it possible for Emefiele to operate without proper checks and balances, leading to the depletion of Nigeria's foreign reserves.