President Tinubu Reveals Reasons for Suspending CBN Governor Emefiele, Highlights Rotten Financial System

President Tinubu Reveals Reasons for Suspending CBN Governor Emefiele, Highlights Rotten Financial System

…By Joseph Benjamin for TDPel Media. During an interactive session with Nigerians residing in France and neighboring European countries, President Bola Tinubu shared more information regarding his decision to suspend Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN).

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He expressed concerns about the state of the country’s financial system under Emefiele’s leadership, emphasizing the prevalence of illegal financial activities and the hindrance faced by Nigerians in the diaspora in sending money back home due to multiple exchange rates.

Tinubu assured the audience that the situation has changed as the individual responsible for these issues is now under the custody of law enforcement agencies.

The Rotten Financial System:

According to Tinubu, the financial system during Emefiele’s tenure was deeply flawed.

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He lamented the fact that a select few were able to exploit the system to accumulate wealth illegally, while ordinary Nigerians, including those living abroad, suffered the consequences.

Tinubu specifically highlighted the difficulties faced by Nigerians in the diaspora who were unable to send money back home due to the existence of multiple exchange rates.

He emphasized the detrimental impact this had on impoverished parents who relied on remittances for financial support.

A Thing of the Past:

President Tinubu, however, expressed optimism that the issues plaguing the financial system have now been addressed.

He conveyed that the responsible individual is now in the hands of law enforcement authorities, indicating that appropriate measures are being taken to rectify the situation.

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Tinubu reassured the audience that the era of a corrupted financial system enabling a few individuals to profit unlawfully has come to an end.

The government is committed to resolving these issues and ensuring accountability.

Conclusion:

During the New Global Financing Pact Summit in Paris, President Bola Tinubu convened a meeting with Nigerians residing in France and neighboring European countries.

In this interactive session, Tinubu shed light on his decision to suspend Godwin Emefiele as the Governor of the Central Bank of Nigeria, citing the rotten state of the financial system under Emefiele’s leadership.

Tinubu acknowledged the difficulties faced by Nigerians in the diaspora due to multiple exchange rates and assured the audience that the responsible party is now under investigation by law enforcement agencies.

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