Ismaila Isa Funtua, a crony of President Muhammadu Buhari, is said to receive $12m each week from the Central Bank of Nigeria at the rate of 305 naira to the dollar and then sells this on the black market at 495 naira to the dollar.
It is alleged that the president’s wife Aisha is also involved in this foreign exchange scam. The Emir of Kano and former Central Bank governor, Lamido Sanusi, alleged that the bank was creating billionaires through “forex subsidies”. He claimed that the previous administration of Goodluck Jonathan created billionaires through oil trading, while the current one was all about trading in foreign exchange.
Funtua is the chairman of Bulet International Construction Company, which was involved in the development of the new capital in Abuja in the late 1980s and early 1990s, and a close friend of Buhari.
A few sources have claimed that current Central Bank governor Godwin Emefiele owes his position to keeping powerful forces like Funtua sweet.