Former President Goodluck Jonathan was accused of misusing his authority on the Central Bank of Nigeria (CBN) by the former Governor of the Central Bank of Nigeria, Prof. Chukwuma Soludo. He said in an interview that Jonathan turned the CBN into the Presidency’s Automated Teller Machine, ATM to produce cash for his personal use.

In his word;

“Imagine a scenario where a President can order the CBN to create an intervention fund for national stability and the CBN literally ‘prints’ say, N3tn, and doles it out as cash to the President to prosecute an election campaign, or for just about anything he fancies. It is a scary thought.

“Recent revelations regarding the ‘arms-gate’ (short for the $2.1bn scandal involving the former National Security Adviser, Sambo Dasuki) and the apparent abuse of the CBN as an ATM by the Presidency should get reasonable people thinking.
“We are going down a dangerous path that ruins the economy. I don’t know any other country where such is tolerated, except perhaps what I watched in a movie about Idi Amin and his governor of the central bank.”

 

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