Findings On Past Lapses In Central Bank Will Soon Be Released By Special Investigator, Says Tinubu

Nigeria's number one man, President Bola Tinubu has said that findings on past lapses in the Central Bank of Nigeria will soon be out.

The president stated this on Sunday morning in his nationwide broadcast as part of the programme of events to mark Nigeria’s 63rd Independence anniversary celebration.

In July, Tinubu appointed a special investigator to probe the apex bank.

In a letter dated July 28, 2023, the president named the Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as the special investigator.

The President asked Obazee to investigate CBN and key Government Business Entities.

The letter read, “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, further block leakages in the 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 appointment of Obazee came over a month after Tinubu suspended Godwin Emefiele as the CBN governor.

Shortly after his suspension in June, Emefiele was arrested and taken into custody by Nigeria’s secret police, the Department of State Services (DSS).

In his address, Tinubu said, “I pledged a thorough housecleaning of the den of malfeasance the CBN had become. That housecleaning is well underway. A new leadership for the Central Bank has been constituted. Also, my special investigator will soon present his findings on past lapses and how to prevent similar reoccurrences. Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy.

“Wise tax policy is essential to economic fairness and development. I have inaugurated a Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth.

“To boost employment and urban incomes, we are providing investment funding for enterprises with great potential. Similarly, we are increasing investment in micro, small and medium-sized enterprises.”