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Sources linked to the Secretariat of the Sandinista Front (FSLN) at the El Carmen presidential compound confirmed to CONFIDENCIAL the removal of Francisco “Chico” Lopez from his responsibilities as the main operator of the private businesses of the Ortega-Murillo family under state protection. The now ousted official was replaced by the president of the Central Bank of Nicaragua (BCN), Ovidio Reyes.
“The departure of Lopez took place in an orderly manner at the end of February. All his responsibilities were transferred to Ovidio Reyes,” the sources said, also denying that Lopez is detained or under investigation.
Operator of fund detour
Over the past two decades, “Chico” Lopez was the main operator of the diversion of funds from Venezuelan state cooperation, estimated at more than 4.7 billion US dollars between 2007 and 2018. With part of that money, the regime created Alba de Nicaragua, S.A. (ALBANISA), to function as a conglomerate of binational companies. They also injected many millions into the Rural National Savings Cooperative (Caruna).
When the Venezuelan counterpart audited the use of those resources, the creation of Banco Corporativo (BANCORP) was ordered, with the aim of gaining greater control over the use of the money. After the voluntary closure of Bancorp, as a way to channel a multibillion-dollar fortune that could not be operated through the national banking system, the Savings and Credit Cooperative (CREDICOOP) was created.
Part of those funds were also used for major investments that allowed control of the energy distribution companies Disnorte and Dissur. The Ortega-Murillo family also invested in other energy generation companies, as well as in commerce, media, and real estate.
This entire “business group” of the Ortega-Murillo family has now passed into the control of Ovidio Reyes, president of the Central Bank, who acts as the new “czar of Nicaragua’s economy,” also in charge of the Superintendency of Banks and the Ministry of Finance and Public Credit.
Reyes manages and oversees control of the Ortega-Murillo family’s private businesses through a “commission” made up of Luis Angel Montenegro, Superintendent of Banks; Gonzalo Espinoza (general manager of Albanisa, alongside “Chico” Lopez); and Manolo Miranda, former official of Banco Corporativo (Bancorp).
Calderon Vindell summoned by Police
Sources from the FSLN Secretariat in El Carmen stated that the detention of retired major general Ramon Calderon Vindell is unrelated to the fall of “Chico” López and his replacement by economist Ovidio Reyes, the most powerful technocrat of the Ortega-Murillo regime.
The fall of “Chico” López occurred a month ago. “General Calderon, former director of Petronic, Eniminas, Albanisa, and Alba Generación, was summoned for questioning on Tuesday, March 24, 2026, to District III of the National Police. This Thursday the 26th he already returned home to sleep,” the sources said.
However, more recent reports indicate that Calderón Vindell remains in custody and is under investigation. They reiterated that his arrest is not related to the downfall of Chico López, but rather to investigations led by Ovidio Reyes and the commission he heads regarding the management of the Ortega Murillo family’s private business affairs.
The sources did not confirm whether, in addition to managing the funds from Venezuelan state cooperation as private businesses of the ruling family, Ovidio Reyes is also in charge of the FSLN Treasury that “Chico” Lopez managed. “So far there is no new appointment and we cannot confirm whether those functions were also delegated to Reyes,” they commented.
Reyes, the super-minister
From his position as president of the board of directors of the Central Bank of Nicaragua (BCN), Ovidio Reyes is the most visible face of the country’s macroeconomic policy. His power has been consolidated, in part, after the departure of other regime officials, especially following the fall of Ivan Acosta at the end of 2023.
Between 2004 and 2012, Reyes served as an economic advisor to the Ministry of Finance and Public Credit. That year he moved to the general management of the BCN, a position he held until 2013. A year later, he was appointed president of the country’s financial authority, a post in which he was confirmed in 2023 for a new five-year term.
Since April 2024, the economist has also been an alternate governor to the Inter-American Development Bank (IDB) and the World Bank. At the same time, he serves as coordinator of the National System of Production, Consumption, and Trade.
Reyes is considered a de facto super-minister, not only because he has been tasked with supervising agricultural and export goals that technically exceed the autonomy of a Central Bank, but also because of all the other public positions he holds.
The December 2024 reforms that affected BCN operations, and those of January 2025 that introduced changes in the Superintendency of Banks and Other Financial Institutions, expanded Reyes’ powers, placing him at the head of the Financial Stability Committee and giving him influence over more state entities.
In addition to Finance and the Superintendency of Banks, in practice Reyes controls the Financial Analysis Unit, the Deposit Guarantee Fund, and is a member of the National Anti-Money Laundering Council. As reported by CONFIDENCIAL on the regime’s political operators, under Reyes’ supervision policies of state laundering of confiscations, and administration of “official corruption” activities are carried out.
“Chico” Lopez, the all-powerful treasurer
“Chico” Lopez Centeno was tasked with running the financial structure of the Sandinista National Liberation Front (FSLN), initially fueled by the privatization of state funds from Venezuelan cooperation, which exceeded 4.7 billion dollars. Over time, other sources were added, stemming from the appropriation by the State, accelerated by the dismantling of all branches of government and the elimination of checks and balances.
In Lopez Centeno’s profile, his role as FSLN treasurer stands out. Forced to maintain a low profile due to US sanctions, he was considered the main operator of the party’s businesses.
Among the various positions he held in recent years, he served as vice president of Alba de Nicaragua, S.A. (ALBANISA), the binational company that managed Venezuelan cooperation. He was also president of the Nicaraguan Petroleum Company (PETRONIC) and president of the Nicaraguan Mining Company (ENIMINAS). He had to resign from both positions in July 2018 after being sanctioned by the United States under the Global Magnitsky Act.
