Central Bank of Nigeria (CBN) Governor, Yemi Cardoso has made a shocking revelation.

He said: “We had had reasons to believe we needed to take a harder look at these obligations.”

“So we contracted Deloitte management consultants to do a forensics of all these obligations and to actually tell us what was valid and what was not.”

“The result that came out of this was startling in a great respect. It was startling.”

“We discovered that of the roughly $7 billion, about $2.4 billion had issues, which we believe had no business being there and the infractions on that ranged from so many things, for example not having valid import documents and in some cases entities that do not exist.”