INSIDE SOURCES: CBN sacked staff fighting back with cheap blackmail

“Institution needs more years to heal”

Our reporters

The Central Bank of Nigeria (CBN) needs more years to stabilize after the sleaze that engulfed it during the Godwin Emefiele years. Also, sacked staff are trying hard to blackmail the new management with accusations of nepotism and religion. Credible sources within the apex bank revealed these to KWARARAFA REPORTERS in separate interviews. They stressed that it would take more than two years for the institutions to fully recover from the years he described as the era of the locust.

One of the sources who spoke to KR said the new management was doing its best to rectify the situation but that the rot has eaten deeply. “It’s like cancer. The last management just threw caution to the wind and did all sort of things. Wholesale carting away of money and industrial scale level of thefts happened,”

The sources noted that aggrieved sacked staff who have been part and parcel of the rot have been sponsoring media attacks on the new Corp of leaders.

He said, “they are latching into the usual thing of alluding to persecution based on tribes and religion. But where were tribes and religion during the heists that were taking place. ”

Another source gave an insight into the corruption index of the sacked management. He said, for instance, that one department alone had the equivalent of the nation’s national budget in 2021. “There is a department called DFD. They had a budget that was the same as that of the whole country. Half of the money was looted.”

Sources said the CBN operated like a Mafia syndicate with whole families at times involved in the stealing spree. One insider said some families took to drug addiction as the money they stole overwhelmed them. He said the families are now undergoing therapy with CBN paying the medical bills.

He said the entire operations were shrouded in thievery as many top-level officers took away huge sums to private accounts. Millions of dollars were stowed up in staff accounts. Others were warehoused around the city. He revealed that many of the fingered corrupt officials have since fled to Canada.

KR was shown documents revealing unwholesome practices like round-tripping and private individuals making billions of naira from just phone calls by the institution.

Corruption is fighting back, said an industry watcher who gave his name as Justus Njokwu. A financial expert, Njokwu said the current work of the new management is bound to spark all sorts of negative reactions from the old order. “I’ll not be shocked if the sacked corrupt officials start screaming of tribal or religious witch hunt. That’s how Nigeria operates. But President Bola Tinubu needs to be applauded for the Jim Obazee panel and the current reforms and purge going on. They are saving our economy.”