Tinubu reviews CBN probe report, promises action

President Bola Tinubu has received an interim report from the Special Investigator for the Central Bank of Nigeria (CBN), Jim Obazee, who was appointed by the president in July to probe the activities of the apex bank and other related entities. The president is currently reviewing the document and is expected to take the necessary actions to address the issues raised by the investigation.

The Secretary to the Government of the Federation (SGF), George Akume, disclosed this on Monday at a press conference in Abuja ahead of the 63rd Independence Anniversary of Nigeria. He said the president was committed to fighting corruption and ensuring accountability in the management of public funds.

Akume said the investigation was initiated by the president to uncover the governance problems that have contributed to the country’s economic and social challenges. He said the audit report of the CBN, when made public, would reveal how poor governance brought the country to the present predicament.

“Most of these problems confronting us are due to bad governance. The present government has confronted and is confronting these challenges. When President Bola Tinubu came on board, he made a very sound decision at the CBN. That singular act led to a massive improvement in the capital market; as experts have told us, it is something that has never happened in the past 15 years,” Akume said.

He added that the president had put in place a new team at the CBN and appointed a special investigator to probe the bank and its related entities. He assured that the investigation’s findings would soon be made available to Nigerians, providing a clear understanding of what went wrong and how the nation arrived at its current situation.

The SGF also said the investigation would expose the government funds that were in the hands of private individuals and recover them for the benefit of the nation.

The Special Investigator, Obazee, is a former Chief Executive Officer of the Financial Reporting Council of Nigeria who was sacked by the previous administration in 2017 for allegedly exposing financial irregularities in some churches. He was given the mandate by the president to investigate the CBN and report directly to his office.

According to sources, Obazee submitted a preliminary report to the president’s office over a week ago, marking a significant milestone in the ongoing investigation. The preliminary report is intended to provide the president with insights into the progress made so far and the areas that require further attention.

The investigation is expected to cover the CBN’s monetary policy, foreign exchange management, financial inclusion, intervention funds, audit and compliance, and other aspects of the bank’s operations. It is also expected to probe the activities of other government business entities, such as the Nigerian National Petroleum Corporation (NNPC), the Nigerian Sovereign Investment Authority (NSIA), and the Nigerian Export-Import Bank (NEXIM).

The investigation is seen by many as a bold move by the president to reform the country’s financial sector and restore public confidence in the institutions that manage the nation’s resources. It is also seen as a way of fulfilling the president’s campaign promise of fighting corruption and ensuring transparency in governance.