Lagos, Nigeria – In a bold and decisive move, President Bola Tinubu has pledged to uncover and eradicate corruption within the Central Bank of Nigeria (CBN), describing it as a “den of corruption” during his predecessor’s administration under former President Muhammadu Buhari. This declaration was made during his Independence Day speech on October 1, 2023.
President Tinubu, who took office after the end of Mr. Buhari’s tenure on May 29, 2023, wasted no time in addressing the alleged malfeasance within the CBN. Under the leadership of Godwin Emefiele as CBN governor during Mr. Buhari’s presidency, the institution faced significant criticism.
“I pledged a thorough housecleaning of the den of malfeasance the CBN had become. That housecleaning is well underway,” President Tinubu asserted, signaling his commitment to transparency and accountability.
The president announced that a new leadership team had been appointed for the Central Bank and that a special investigator would soon present findings on past lapses and strategies to prevent their recurrence.
This declaration comes in the wake of President Tinubu’s decision to relieve Godwin Emefiele of his duties as CBN governor in June. This move was followed by an order to investigate Mr. Emefiele’s tenure as the CBN governor, which garnered public attention and some criticism for his detention without charges.
In a meeting with Nigerians in Diaspora, President Tinubu expressed his concern over the alleged corruption within the financial system during Mr. Emefiele’s tenure. He stated, “The financial system was rotten. Few people making bags of our money, and then you yourself, you stopped sending money home to our poor parents. Several windows. But that is gone now, is gone.”
Laolu Akande, a member of the previous administration, and media aide to former Vice President Yemi Osinbajo, echoed concerns over Mr. Emefiele’s dual exchange rate policy, emphasizing the detrimental impact on Nigeria’s resources and the Nigerian people.
President Tinubu’s determination to address corruption within the CBN signals a significant step toward ensuring transparency and accountability in Nigeria’s financial institutions, as his government strives to root out corruption and bring about positive change. The Nigerian public eagerly awaits the findings of the special investigator and the outcomes of these efforts to cleanse the CBN of alleged corruption.