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President Bola Tinubu, on Friday in Paris, France, described Nigeria’s financial system under the suspended Governor of the Central Bank of Nigeria, Godwin Emefiele, as “rotten.”
He cited the difficulty in the flow of forex in and out of the country, saying it enriched a few people while impoverishing the vast majority of Nigerians.
“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,” Tinubu said at his first Diaspora engagement with Nigerians living in France.
Tinubu’s comments come exactly two weeks after the suspended the former CBN chief to pave the way for the investigation of his office and the planned reforms in the financial sector, a statement from the office of the Secretary to the Government of the Federation explained.
Emefiele was later arrested and is currently being detained by the Department of State Services as operatives combed his Lagos residence, where they reportedly recovered some vital documents.
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The embattled Emefiele has since approached the Federal Capital Territory High Court in Abuja to challenge his detention by the DSS.
Speaking further in France on Friday, Tinubu said his administration would implement further financial reforms in the coming weeks.
He said while addressing Nigerians in France, “Then, the financial system was rotten. Few people were making away with our money and then you yourselves, stopped sending money home to our poor parents.
“That is gone now. The man (Emefiele) is in the hands of authorities; something is being done about that; they will sort themselves out.
“We have security challenges in the country. Maybe that is how they are fuelling insecurity; we have to look at everything. We will change the financial system; it will work for you.”
