President Tinubu vows to carryout detailed cleanup at the central bank

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Central Bank of Nigeria
Central Bank of Nigeria

Nigerian President Bola Tinubu on Sunday pledged to oversee a thorough housecleaning of the country’s central bank to rid the institution of corruption.

In a nationwide broadcast to commemorate Nigeria’s 63rd independence anniversary, Tinubu shed light on some critical and sensitive national issues, including instituting a monetary policy that will be for the benefit of all Nigerians.

He described the Central Bank of Nigeria (CBN) under the leadership of former governor Godwin Emefiele as a “den of malfeasance,” saying that the “housecleaning is well underway” in a move aimed at bringing large-scale corruption in the financial institution to an end.

While noting a new leadership for the central bank has just been constituted, the Nigerian president said a special investigator will soon present the findings on past lapses and how to prevent similar recurrences. “Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy.”

Nigeria’s secret police arrested Emefiele in June ahead of planned reforms in the financial sector. Olayemi Cardoso, a newly appointed central bank governor, took office Tuesday, with a mandate to enhance the confidence of Nigerians and international partners “in the restructuring of the economy toward sustainable growth and prosperity for all.”

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