END OF THE ROAD! Emefiele Gives Shocking Response To N500 Billion Fraud He Was Indicted For At CBN………See Details

Last week, President Muhammadu Buhari, wrote the Nigerian Senate over the re-appointment of the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, for second tenure of another five years, effective from June 3 2019.

The country commended the president’s foresight for having such confidence in Emefiele’s abilities to lead the apex bank.

Emefiele and Buhari

But, in a twist of event, it looks like Emefiele may have done more harm than good to Nigeria’s financial system.



Yesterday, SAHARA REPORTERS released an audio conversation between Emefiele and some CBN executives to cover up N500 billion which was a bad loan from a private investment.

In a swift response to the audio conversation, the CBN admitted yesterday that the conversation happened between Emefiele; Deputy Governor, Edward Adamu; Director of Finance, Dayo Arowosegbe; and Special Adviser to the Governor, Emmanuel Ukeji.

Confirming the audio, the CBN in a press statement released yesterday and signed by the Director of Corporate Communications, Issac Okorafor, stated that the money was N150 bilion, instead of the N500 billion claimed by Sahara Reporters in its headline, while explaining how the bad loan came about.

The statement read in part: “In closing the Bank’s 2018 accounts, external auditors in their Draft  Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund. The selective  conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it.

“Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations.  The Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort  to the auditors who accepted in writing that these monies would be repaid. On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs.

“Reconciliation of Balance Sheet items are regular conversations amongst Senior Management of many agencies and should not be misconstrued as anything but that”.

According to SAHARA REPORTERS, the admittance is in response to a detailed shady transactions of the governor of the CBN with a Dubai based company which later went awry which it had exclusive reported on earlier.

Contrary to claims by the CBN that N150 billion was a classification error by auditors as “bad loans” in the audio, Emefiele is clearly heard saying, “I am not too happy that Arowosegbe led us like this, in fact, that was what I was asking, I said we have an impression that we had 500 billion, he said no…where are we going to find this? Now we are in a very bad situation. The implication for the economy is a no, no, no” he lamented.

Video Credit: Sahara Reporters

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