CBN governor's job on the line over $2B arms deal.

Ongoing investigations into how $2.1bn meant for the procurement of arms was squandered may lead to the premature exit of Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele.A source in the presidency said that circumstances that surrounded the appointment of Emefiele, including recentrevelations about movement of the funds,and his involvement in the unexplained presence of two former heads of commercial banks, when President Buhari hosted members of the international business community in London, are being counted against the governor.“Already,” the source said, “a small team of legal and financial experts has been directed to weigh the various implicationsthe removal of the CBN chief could trigger, especially to prevent a similar backlash, as when the past government engineered the untimely retirement of former CBN governor, Sanusi Lamido Sanusi.”The source explained that the team was set up to examine all sides to the issue, adding that the presidency is worried thatsuch enormous amounts of money were carted away from CBN as if “it was in Idi Amin’s era.”“One thing you should known about Buhari is that before he takes a crucial decision that involves prominent appointees, he sets up a small committee to investigate the issues and report back to him”The source said the embarrassing presence of the two top bankers at the London meeting infuriated the President to the extent he approached the duo, asking how they were invited, and informing them that he personally handled the selection of who attended.“Checks revealed the possibility that since the well known bankers added theirvoices in recommending Emefiele for the CBN job, he (Emefiele) might have hinted the two, convinced their clout would open doors for them.“There is also information that the currentCBN governor is remotely related to the immediate past Finance Minister and Coordinating Minister of the Economy (CME) in President Goodluck Jonathan’s administration, Dr. Ngozi Okonjo-Iweala.”Another source disclosed that should the plan to have the CBN governor resign sail through, a replacement might be sought from the South East or South South geopolitical zones to avoid outrageand cries of marginalisation by the present administration.“We cannot speculate on the possible candidates but former President Olusegun Obasanjo is believed to have dropped some hints to President Buhari about the right calibre of persons, including Professor Chukwuma Soludo and Dr. Obiageli Ezekwesili.”
Credit: Guardian