Tinubu speaks on Emefiele, says financial system ‘rotten’ under former CBN boss

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President Bola Ahmed Tinubu, on Friday in Paris, France, said the financial system of the country was ‘rotten’ under the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

Tinubu, who spoke during his first engagement with Nigerians in France, cited the difficulty in the flow of forex in and out of the country, adding that 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.

Ripples Nigeria reports that President Tinubu suspended the former CBN chief two weeks ago to pave the way for investigation of his office and the planned reforms in the financial sector.

Emefiele was later arrested and detained by the Department of State Services (DSS), while investigation into his office continues.

The President, speaking further during the Diaspora engagement, also said that his administration would implement further financial reforms in the coming weeks.

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“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”, Tinubu said.

The President further stated that he and his Special Adviser on Monetary Policy, Mr Wale Edun, turned the fortunes of Lagos State around between 1999 and 2003 moving the internally generated revenue from N600m annually to N50bn monthly.

“Now, Lagos is on auto pilot. Anybody intelligent enough can navigate it,” he added.

He also promised to work for those who did not vote for him during the February 25 election in which he was declared the winner.

“Whether you voted for me or you didn’t vote for me, I am your president. By the grace of God, I have to work on your behalf,” he said, while describing Nigeria’s challenges as “enormous”, which he said he was prepared for.

“So, your President is here. I danced for it and I have to continue to be prepared for it.

“The challenges are enormous. But do we have hope? Yes. With perseverance, determination and persistence, we can achieve whatever we desire.”He also noted that he, like some in the audience, had experienced the rough side of Diaspora life, saying “I know the road and I’ve been through what many of you have been through outside the country. I’ve been in America and in the UK; I had been a night guard, security man and a door man in America. But I have achieved my aim.”

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