President Bola Tinubu says Nigeria’s financial system under the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was rotten.

Tinubu said this during a meeting with Nigerians living in France on Friday, June 23.

The president, who cited the difficulty in the flow of foreign exchange in and out of the country, stressed that the ongoing reforms on the economy will be sustained and expanded, with a view to relieving families struggling with the burden of poverty and insecurity.

He said more creative and innovative policies will be unfolded and implemented in education, health sector, and other areas that directly impact the livelihood of Nigerians, like electricity sports, and energy.

Tinubu said: “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.

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“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.”

President Tinubu suspended Emefiele as CBN Governor on Friday, June 9, over the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

Emefiele was directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate).

He was later arrested and is currently being detained by the Department of State Services after the DSS operatives raided his residence in Lagos, where they reportedly recovered some vital documents.

The secret police has however prayed the Federal Capital Territory High Court to deny the suspended CBN Governor bail.

Defending his continued detention, the DSS said Emefiele would flee Nigeria if granted bail, describing the suspended CBN boss as a “flight risk”.

The Star