Alleged Corruption: CBN Denies Corruption Allegations Against It

The Central Bank of Nigeria (CBN) has described corruption allegation levelled against it as baseless.

A pressure group known as Nigerian Wailers had this week started an online campaign tagged #OccupyCBN against the apex bank.

Responding, the spokesman of CBN, Isaac Okorafor, described the group as paid hirelings and a bunch of blackmailers fighting for the interest of those who want to destroy the Nigerian economy.

“The allegations are totally false and fabricated,” Okoroafor said.


He challenged the group to show proof of its claims that the CBN allocated $12 million to a government official, stating that such a thing is not possible under the new forex system.

His words: “These paid agents of selfish interests and the enemies of the Nigerian economy will fail in their bid to distract the CBN and the federal government from their focus on the diversification of the Nigerian economy away from import and crude oil dependency.

“Some powerful interests want the CBN and government to reverse the policy on conservation of forex and sabotage the ongoing efforts to wean Nigerians from senseless importation.

“What these charlatans and hirelings want are basically twofold; first, they want the CBN to give out the nation’s scarce foreign exchange to their sponsors to import all manner of foreign goods and dump them on our markets, thereby frustrating the good work our own farmers and manufacturers have begun.

“Second, they want the CBN to fold its arms and allow currency speculators to drive the naira down to a level at which it will be easy for their paymasters to buy up and take control of the Nigerian economy.

“They have even gone to the extent of making false allegations that some banks are having trouble just to trigger panic in the financial system. These will not happen.”

The apex bank spokesman said it will be economically suicidal for the CBN to allocate scarce forex to those who will engage in another escapade in senseless importation.

He noted that it will be dangerous to peasants in the rural areas and the masses of Nigerian workers who are on fixed incomes for the CBN to allow speculators to drive the value of the naira to any level.

On the issue of the CBN funding the Federal Government budget, Okorafor said this has been long addressed, with clear figures which have been widely publicised. He restated that the role of the CBN as banker to the Federal Government is to do exactly what had been done and it is within the limits specified by law.

He queried if the so-called group would want the CBN to withhold advances so that the government collapses.

Nigerian Wailers had in a statement, called on Nigerians to come out en mass for a protest (#OccupyCBN) to stop the impunity of the fraudulent forex trading, round tripping and racketeering going on in the CBN.