Tinubu appoints a special investigator to investigate CBN and related businesses

President Bola Tinubu has designated a Special Investigator to conduct an investigation into the Central Bank of Nigeria (CBN) and Related Entities.

In a letter dated July 28, 2023 and addressed to Jim Osayande Obazee, the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN), President Tinubu stated that he was naming him as the special investigator in the ongoing fight against corruption.

While emphasising that the exact terms of his participation would be communicated later, the President’s personally signed letter told Obazee that he would be needed to take urgent actions to prevent further leaks from the CBN, assure probity, and strengthen critical government business companies.

According to the letter, the special investigator will report directly to the president and must submit a complete report on public wealth now in the hands of “corrupt individuals and establishments.”

“In accordance with the fundamental objective set out 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,” according to the letter.

“This appointment is effective immediately, and you must report directly to my office.”

“The full terms of your engagement as Special Investigator will be communicated to you in due course, but we expect you to take immediate steps to ensure the strength 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 will investigate the CBN and related entities with a team that is appropriately experienced, competent, and capable, and you will collaborate with relevant security and anti-corruption agencies to complete this assignment.”

“I expect a weekly update on the status of the project.”

“Please find attached my directive suspending the Governor of the Central Bank of Nigeria from office effective June 30, 2023.”

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), who has been detained by the Department of State Service (DSS), was arraigned in court and given bail last week but has yet to be freed.