Tinubu Appoints Jim Obazee to Investigate CBN

By Adedapo Adesanya

President Bola Tinubu has appointed a special investigator, Mr Jim Obazee, to probe the Central Bank of Nigeria (CBN) and look into related activities.

In a letter on Sunday, Mr Tinubu said the appointment of Mr Obazee, who is also the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN), is with immediate effect, and he is to report directly to him.

“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,” Mr Tinubu’s letter read.

The President ordered Mr Obazee to take immediate steps to ensure the strengthening and probity of key Government Business Entities (GBEs) and block leakages in the central bank and related GBEs.

He also directed the special investigator to provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public).

“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,” the letter added.

Mr Tinubu also sent a copy of his order suspending Mr Godwin Emefiele as the apex bank chief, a move which was carried out on June 9.

While it is not clear where exactly the special investigations will lead to, many will anticipate the opening of the CBN books, which haven’t been shared since 2015. It will also give clarity on policies like the Anchor Borrower’s Programme (ABP), which has reportedly gulped billions of Naira.