The Central Bank of Nigeria (CBN) is facing new concerns as President Bola Tinubu has ordered an investigation into the bank and related entities. To carry out this probe, Jim Osayande Obazee, a former Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN), has been appointed as a Special Investigator. His main focus will be on examining the activities of the CBN during the tenure of the suspended Governor, Godwin Emefiele.
President Tinubu, in a letter dated July 28, 2023, personally signed the appointment of the Special Investigator. The investigation’s objective is to identify any irregularities within the CBN and other Government Business Entities (GBEs). Additionally, Obazee is tasked with preventing financial leakages within the CBN and related GBEs. The investigator is also expected to present a comprehensive report on corrupt individuals and establishments, whether they are in the private or public sector.
The appointment is in line with the administration’s commitment to fighting corruption, as mandated by Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended). The terms of Obazee’s engagement will be communicated to him in due course, but immediate action is required to ensure the integrity of key GBEs and to combat corruption.
The Special Investigator will be working with a competent and experienced team, collaborating with relevant security and anti-corruption agencies to carry out this assignment. President Tinubu expects to receive weekly updates on the progress made during the investigation.
The letter also includes the directive to suspend Governor Godwin Emefiele from his position at the CBN, effective from June 9, 2023. Emefiele is currently facing prosecution by the Department of State Services (DSS).
It is noteworthy that Jim Osayande Obazee made headlines in the past due to his involvement in implementing the controversial Corporate Governance Code 2016. This code sparked attention when Pastor Enoch Adeboye stepped down as the General Overseer of RCCG and Pastor Joseph Obayemi was announced as his successor. The code limited the tenure of heads of religious groups and civil rights organizations to 20 years, a move that went against President Buhari’s preference.