‘He’s dancing around elephant in the room’: Bwala calls for CBN gov’s sack

Daniel Bwala, a staunch supporter of former Vice President Atiku Abubakar, has called for the removal of the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.

Bwala, who said the move to tackle the foreign exchange crisis in the country requires tough decision by President Bola Tinubu, noted that Cardoso “appears to be dancing around the elephant in the room”.

He likened the FX crisis in Nigeria to the Enron Scandal in the United States and advised Tinubu to appoint a new CBN Governor without a bank executive role experience.

“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.

“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,” Bwala, a former spokesperson for Atiku Abubakar’s presidential campaign in the 2023 election, said in a statement on his X (formerly Twitter) account on Friday, March 1, 2024.

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He further called for the removal of all bank executives, saying they “are the only private sector players posting profits without loss since 2015 to date”.

Bwala added: “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.”

The Enron scandal was an accounting scandal involving Enron Corporation, an American energy company based in Houston, Texas.

When news of widespread fraud within the company became public in October 2001, the company declared bankruptcy and its accounting firm, Arthur Andersen – then one of the five largest audit and accountancy partnerships in the world – was effectively dissolved.

In addition to being the largest bankruptcy reorganisation in U.S. history at the time, Enron was cited as the biggest audit failure, according to Wikipedia.

The Star