The Central Bank of Nigeria (CBN) is experiencing new levels of worry as President Bola Tinubu orders an investigation into the apex bank and linked organizations
In addition, the President has chosen Jim Osayande Obazee, a former CEO of the Financial Reporting Council of Nigeria (FRCN), as a Special Investigator to look into the CBN’s operations, particularly those that took place when Godwin Emefiele, the bank’s suspended governor, was in office.
In a letter that he personally signed and was dated July 28, 2023, President Tinubu instructed the Special Investigator to look into the CBN and other significant Government Business Entities (GBEs).
Along with stopping CBN leaks, Obazee’s duties include compiling a thorough report on the public assets that are now in the hands of corrupt people and organizations (both public and private).
The letter reads: “In accordance with the fundamental objective set forth in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), this administration is, today, continuing the fight against corruption by appointing you as a Special Investigator, to investigate the CBN and Related Entities. This appointment shall be with immediate effect and you are to report directly to my office.
“The full terms of your engagement as Special Investigator shall be communicated to you in due course but, require that you immediately take steps to ensure the strengthening and probity of key Government Business Entities (GBEs), further block leakages in CBN and related GBEs and provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public).
“You are to investigate the CBN and related entities using a suitably experienced, competent and capable team and work with relevant security and anti-corruption agencies to deliver on this assignment. I shall expect a weekly briefing on the progress being made.
“Find attached, herewith, my directive suspending the Governor of the CBN from office with effect from 9th June 2023.”
Suspended Godwin Emefiele, the governor of the CBN, is being investigated by the Department of State Services (DSS).
Recall that Obazee made headlines when Pastor Enoch Adeboye resigned from his position as the General Overseer of the RCCG and proclaimed Pastor Joseph Obayemi as the new national overseer of the church in connection with the implementation of the contentious corporate Governance Code 2016 (CGC).
The code places a 20-year term limit on the employment of leaders of religious and civil rights organizations. Against Buhari’s wishes, he pushed for its adoption.