Special investigator for Tinubu criticises CBN reviewed reports

The Central Bank of Nigeria may be asked to retract its audited annual financial reports, which were published last month.

This followed the discovery of anomalies and abnormalities in the financial statements by a committee looking into the apex bank.

A Special Investigator appointed by President Bola Tinubu is currently looking into the financial services industry regulator, and in August, the CBN disclosed its financial statements for the years 2016 to 2022.

On 28 July, Tinubu named Jim Obazee, a former CEO of the Financial Reporting Council of Nigeria, as a Special Investigator to look into the actions taken by the top bank while its governor, Godwin Emefiele, was on suspension.

The Special Investigator is also looking into FRC, the Nigerian National Petroleum Corporation Limited, and other government-owned businesses in addition to the CBN.

The President said that the action was a continuation of the government’s anti-corruption campaign in the letter that he personally signed.

The letter, dated July 28, 2023, stated that the administration was continuing the fight against corruption by appointing you as a Special Investigator to look into the CBN and Related Entities in accordance with the fundamental goals outlined in Section 15(5) of the Federal Republic of Nigeria 1999 (as amended). You must report right away to my office for this appointment, which will have immediate effect.

“The full terms of your engagement as Special Investigator shall be communicated to you in due course but require that you take immediate action to ensure the strengthening and probity of key GBEs, further stop leaks in the CBN and related GBEs, and provide a thorough report on public wealth currently held by corrupt individuals and establishments (whether private or public).

In order to complete this project, “you are to examine the CBN and connected entities utilising a team that is appropriately experienced, professional, and capable, and to collaborate with pertinent security and anti-corruption agencies. A weekly update on the status of the project is what I can anticipate.

A copy of the President’s order suspending Godwin Emefiele as CBN Governor on June 9, 2023, was also annexed.

On Monday, it was learned that the CBN may be asked to retract its seven-year audited financial account reports (covering 2016 to 2022) due to claims that the data in the reports was incorrect and misleading.

According to numerous people familiar with the inquiry, the relevant agency (FRC) would soon be able to force the CBN to close the contentious financial accounts after receiving clearance from the president.

The CBN financial accounts were allegedly prepared using guidelines allegedly obtained from the FRC in a contentious manner, according to top sources close to the Special Investigator and his team. IFRS 9, which requires full disclosure of all financial transactions, was not used in the preparation of the CBN financial accounts.