The Presidency has explained how former Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, succeeded in taking billions from foreign reserves without the approval of ex-President Muhammadu Buhari.

President Bola Tinubu’s spokesperson, Ajuri Ngelale, said Emefiele succeeded in depleting Nigeria’s foreign reserve because he was the then CBN governor and the chairman of the apex bank’s board of trustees.

In a recent interview, Ngelale said Emefiele was unchecked because he was in charge of most of CBN’s operations.

He said: “What was done concerning the expenditure of billions of dollars from the foreign reserves was done largely without the approval or knowledge of ex- President Muhammad Buhari and  President Bola Tinubu.

“Yes, that might seem hard for some people to believe, but I want to explain how that could have happened.

“We have one of the few Central Banks in the world where the day-to-day CEO was the governor of the Central Bank and was also the chairman of the board of directors. He was essentially overseeing himself.”