“Sack CBN Gov, Top Bank Officials” – Bwala Tells Tinubu Over Naira’s Struggle

A former spokesperson of Atiku Abubakar’s presidential campaign in the 2023 elections, Daniel Bwala, urged President Bola Tinubu to remove Olayemi Cardoso as the Governor of the Central Bank of Nigeria, over the foreign exchange crisis in the country.

Bwala also suggested that President Tinubu should consider removing top bank executives, arguing that their primary allegiance to the profit motives of the private sector might not align with the national interest in stabilizing Nigeria’s economy.

He added that the current governor of CBN has not adequately addressed the core issues affecting Nigeria’s foreign exchange market.

INFORMATION NIGERIA reports that Bwala made this known through his X account on Friday.

He said: “The key to dealing blow to Forex crisis against the naira is a bit similar to the Enron Scandal in the US; which also require tough political decision.

“Simply sack all the bank execs; they are the only private sector players posting profits without loss since 2015 to date.

“Make them account for the FX they have been receiving from CBN 2015-2024.

“Force them to pay up all loans (if any) obtained from FGN in one week or seize their assets to recover same.

“Replace them with CBN complaint execs.

“Appoint a new CBN governor without a history of bank exec role who would be ruthlessly committed to this reform (if the present CBN governor is not prepared for that) Cardoso appears to be dancing around the elephant in the room. President Bola Tinubu must succeed with his reform agenda.”

The key to dealing blow to Forex crisis against the naira is a bit similar to the Enron Scandal in the US; which also require tough political decision;

1. Simply sack all the bank execs; they are the only private sector players posting profits without loss since 2015 to date…

— D. H Bwala (@BwalaDaniel) March 1, 2024