/ Aug 16, 2026
/ Aug 16, 2026

Nigeria’s Financial System under Emefiele Was Rotten – Tinubu

Published on

By

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

Speaking at an interactive session with Nigerians in Paris, France, the president said measures are being taken to address the alleged irregularities done by Emefiele.

“Then the financial system was rotten,” Tinubu said.

“Few people make bags of our money and then you yourself, you stopped sending money home to our poor parents. Several windows… but that is gone now, is gone.

“The man is in the hands of authorities, something is being done about that, they will sort themselves out.”

It will be recalled that earlier in month, President Tinubu suspended the CBN governor and ordered a probe of his office.

Since then, Emefiele has been in the custody of the Department of State Services (DSS).

On the removal of fuel subsidy, Tinubu said the subsidy on petrol needed to go because it was making a few people rich.

“They thought it was the joke of the century until I called NNPC. We are tired of feeding smugglers, making a few people rich, and subsidising the next-door neighbour,” the president said.

“I met with the president of the Benin Republic today. Everybody is equal now, we are friends. We are conjoined twins joined by the hips, how we will separate each other is with this fuel subsidy.

“Let us see whether we will survive or not but we are going to survive you.”

The president also said the federal government was working to make provisions that would cushion the effect of the removal of the subsidy.

“You want money to increase palliative, transportation. What are you protesting about? Are you sharing part of the subsidy? If you protest, I will join you and protest against it. And they stopped. No protest,” he said.

“Palliative we will get but we have to save the money in order to embark on a palliative [measures].”

You May Like

One thought on “Nigeria’s Financial System under Emefiele Was Rotten – Tinubu

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Must Read

Nasarawa State Governor Abdullahi Sule at the signing of a $2 million supplementary lithium agreement with Chinese investors in Abuja.

Governor Sule seals $2m Lithium deal with Chinese Firm

Nasarawa State Governor Abdullahi Sule has presided over the signing of a $2 million supplementary lithium agreement between the state government and Diamond New Energy, following his recent visit to China.   The agreement was signed at the Nasarawa State Governor’s Lodge in Abuja on Friday, August 14, 2026. Sule said the deal would help keep the company’s lithium processing factory operational while protecting jobs created by the investment. > “We are going to keep your factory functional, and we also have an interest as license owners in whatever you are doing in your company. More importantly, the people you have employed will remain employed,” the governor said. According to Channels Television, the governor said the state moved quickly to secure the relevant mining licence to ensure continued access to raw materials and prevent another party from obtaining the licence. The Commissioner for Environment and Natural Resources, Margaret Elayo, expressed appreciation to the investors and said the partnership could encourage further investment in Nasarawa. The signing was witnessed by officials from the state Ministry of Justice, Ministry of Environment and Natural Resources, the Nasarawa State Investment Development Agency (NASIDA), Diamond New Energy and Ganfeng Lithium Industry Limited. Sule also urged the company to maintain peaceful relations with host communities and contribute to their development. He disclosed that payments due to the state under the agreement would be made in foreign currency directly to Nasarawa Mining Company Limited, with the terms subject to periodic review. Agreement builds on 2024 mining deal NASIDA Managing Director and Chief Executive Officer Ibrahim Abdullahi said the state government had signed an exclusive mining cooperation agreement with the company in 2024. He said the partnership had contributed to the completion of what he described as the largest lithium processing refinery in West Africa. The supplementary agreement allows the continued supply of lithium materials from the state government’s mining block to serve as feedstock for the refinery. Abdullahi said the arrangement was expected to create further employment opportunities for young people and women in Nasarawa. He added that the state would receive $2 million immediately upon signing, with additional revenues expected under the agreement. A representative of Diamond New Energy, David Siong, said the company remained committed to expanding its operations in Nasarawa, including local processing of resources, job creation and supporting economic development in host communities. The Attorney-General and Commissioner for Justice, Isaac Danladi, also presented copies of a deed of assignment transferring the mining rights and interests of Nasarawa Mining Company within 3.5 mining cadastral units in Endo, Nasarawa Local Government Area, to Ganfeng Lithium Industry Limited.
Read more

Editor's Pick

Trending News

Newsletter

Enter your email address and receive notifications of news by email.

You have been successfully Subscribed! Ops! Something went wrong, please try again.

© 2026 GongNews. All Rights Reserved.