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CBN suspends deputy governor over $50m forex scam



CBN suspends deputy governor over $50m forex scam

For allegedly soiling his hands, one of the three deputy governors of the Central Bank of Nigeria (CBN) has been suspended over a plot to defraud the apex bank of huge sums of money.

In a statement issued by CBN spokesman, Isaac Okoroafor, on Wednesday, two directors were involved in the multi-million naira scam.

He confirmed that the suspension was ordered by the governor of the CBN, Mr. Godwin Emefiele, after preliminary findings revealed that they were culpable.

Though the apex bank was silent on the names of the officials involved and the actual amount involved, investigation revealed that at the inception of CBN’s programme of issuing dollars to end users through commercial banks, the indicted deputy allegedly approved about $50 million to be sold through an unnamed parallel market operator not listed among the agencies to handle the sale of dollars.

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But Okoroafor said the investigation was still ongoing and might see other senior official of commercial banks and the apex bank sanctioned.

The statement reads in part: “A highly sophisticated plot to defraud the CBN by some criminally minded elements has been uncovered and aborted by the bank.

“Although preliminary investigations so far have not revealed any accomplices within the CBN, the management has decided to place all key personnel involved in the transaction on suspension.

“This is to ensure a full and unfettered investigation. This incidence has been reported to the relevant authorities”.

When contacted, Okoroafor declined to make further comments, adding, “the statement speaks for itself, if there are more information on that, we will let you know”, he told Ripples Nigeria in a phone chat.

However, tension is already gripping both senior officials of the apex bank and other forex market dealers over the investigation, ordered by Emefiele to further unravel the abuse of the Forex market.

Emerging reports however indicate that the indicted deputy governors may have been arrested by operatives of the Economic and Financial Crimes Commission.

But Okoroafor said it was untrue, that no official had been picked up by any agency on the issue.



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  1. Animashaun Ayodeji

    March 30, 2017 at 7:44 am

    The level of fraud in Nigerian is totally out of hand. Those we are supposed to be looking up to are even the masterminds behind most of the fraudulent acts. I was wondering if politics is for governance or fraud, Nigeria’s politics is more of fraud.

  2. Anita Kingsley

    March 30, 2017 at 7:48 am

    Despite the poor state of forex, some people are still defrauding the country. Our evil leaders who don’t care what happens to the country but their pockets. While Emefiele takes all the blames from Nigerians, his deputies were busy enriching their pockets

    • Agbor Chris

      March 30, 2017 at 8:43 am

      They have different missions madam. Emefiele is the CBN Governor and there to fix, solve problems. His deputies are there to assist Emefiele swindle money because he’s to good to involve himself in fraud, when he’s busy solving problems the deputies make money. It’s just unfortunate they got caught.

  3. yanju omotodun

    March 30, 2017 at 8:47 am

    Make mention the name of the culprit because I see no reason why they should keep it a secret.

    • Balarabe musa

      March 30, 2017 at 4:34 pm

      This is not a new thing. The abuse of the forex market has been in existence since the pdp era without being checked but baba Buhari won’t tolerate this to spring on. This government is a zero tolerance for corruption.


    March 30, 2017 at 1:19 pm

    Efcc must come into this matter immediately. Enough of this corruption. Corruption should not be mentioned in CBN as the apex bank.

    • Joy Madu

      March 31, 2017 at 3:50 am

      No matter what efcc coming in is just a waist because what will happen will happen…corruption has come to stay and it can not be taken

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