Financial System Rotten Under Emefiele – Tinubu

President Bola Tinubu, on Friday in Paris, France, named Nigeria’s financial system under the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, as “rotten.”

He cited the difficulty in the flow of forex in and out of the country, stating 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.

Tinubu’s comments come exactly two weeks after he suspended the former CBN chief to pave 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 read.

He added that his administration would implement further financial reforms in the coming weeks.

He said, “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.”