Following an authentic phone conversation as confirmed by the Central Bank of Nigeria between the governor of the bank, Godwin Emefiele, deputy governor, Edward Lamtek Adamu and Dayo Arowosegbe, special adviser to Emefiele, SaharaReporters presents the full transcript of the second part conversation which details a frantic effort by all involved to cover up missing N500bn which was invested in a private business that flopped.

-Phone Rings-


CBN GOV. EMEFIELE: Edward can you please step aside? 

CBN DEPUTY GOV. EDWARD ADAMU: Okay sir...  - Not clear –

CBN GOV. EMEFIELE: I am not too happy that Arowosegbe led us like this.

CBN DEPUTY GOV. EDWARD: In fact, that was what I was asking, I said we have an  impression that we had 500 billion, he said no. I said but that was the  impression until the end of the year.

CBN GOV. EMEFIELE: Ahhh! What are we going to do?

CBN DEPUTY GOV. EDWARD: You know... that’s what I told him.

CBN GOV. EMEFIELE: along we all thought he had that but it was very  shocking to hear that apparently, it was not 500 know.

CBN DEPUTY GOV. EDWARD: That’s the major issue.

CBN GOV. EMEFIELE: Ahh! ...Ye! I don die now where I go see money.

CBN DEPUTY GOV. EDWARD: What I told them is, let’s look at our income if there is anything  we can do around that area, you know, that might be an option.  

CBN DEPUTY GOV. EDWARD: Because, now, we are in a very  bad situation. He really didn’t give us full information.

CBN GOV. EMEFIELE: I was like, God, he did a good job,  he didn’t pass time he left. How do I handle this?

CBN GOV. EMEFIELE: We have to rack our brain and get something  out because we can’t afford it at all, not at this time.

CBN GOV. EMEFIELE: Opposition will say it should have depreciated  in the project.

CBN GOV. EMEFIELE: Opposition will say it should have depreciated  in the project.

CBN GOV. EMEFIELE: ...and then foreign investor would not begin to  panic and take their money out because they would say it would depreciate. 


EDWARD: Exactly, yes. There would be panic in the market and  we can’t take this at this stage, at all. We have to get a way out.  We are just discussing now in what are the possibilities,  what you can do. We will get back to you. 


CBN GOV. EMEFIELE: I’m just getting hopeless about it because I‘m  still thinking which way I should go.

CBN DEPUTY GOV. EDWARD: Yes, that is really the task now. 

CBN GOV. EMEFIELE: If there is a place you can find money. Ahhh! 

CBN DEPUTY GOV. EDWARD: We’ll have to think of a way out because we cannot afford it  at all. The implications are just too many to even think about  and damaging. We cannot allow this like this, we cannot. 

CBN GOV. EMEFIELE: To avoid any serious problem is just, the government to have to  agree to give us at least 100 billion cash but government  will not agree. They will kick against it. 

CBN DEPUTY GOV. EDWARD: Yes, they will kick against it. Really. That would have been a good one but the challenge is how to  get back to them but it will be very difficult, almost impossible. 

- Breathes heavily –

CBN GOVERNOR: The implication for the economy is... no no,no.  I’m just thinking if there is surplus of one naira, just give us  then we’ll begin to refund you in 2019. I can’t even find the  partners now because I cannot talk to the real partners like Ayo.
Ayo is not picking my call and I’m not used to the CI partener.  I don’t’ know him, it’s only Dayo that I know and Dayo has retired.  Hmnn... Oh God!

EDWARD: You’ll have to think of something. We really miss. It is a sad one. We’ll have to come out of it somehow.  If only we can say there is money here but I can’t find. I kept on  disturbing this guy in December and January but  he kept telling me no problem. God, this guy just...

 CBN GOVERNOR: It’s a mess; it’s really a mess.

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