Presidency Reveals How Emefiele Took billions from Foreign Reserve without Buhari’s Approval

Ajuri Ngelale, the presidential spokeswoman, has accused former CBN governor Godwin Emefiele of depleting the country’s foreign reserves.

In an interview with TVC, Ngelale said that Emefiele made important financial choices without the permission of former President Muhammadu Buhari.

He pointed out that the prior president did not approve foreign reserve expenses totaling billions of dollars.

The president’s spokeswoman stated that the CBN governor was in charge of the majority of the apex bank’s activities and also acted as the chairman of the board of directors.

“What was done concerning the expenditure of billions of dollars from the foreign reserves was done largely without the approval or knowledge of President Muhammad Buhari and President Bola Tinubu,” Ngelale said.

“Yes, that might seem hard for some people to believe, but I want to explain how that could have happened.

“We have one of the few Central Banks in the world where the day-to-day CEO was the governor of the Central Bank and was also the chairman of the board of directors. He was essentially overseeing himself,” he added.

Emefiele is currently being prosecuted for alleged procurement fraud and forgery of ex-president Buhari’s signature.