Nigeria’s President Tinubu appoints investigator to probe central bank

President Bola Tinubu has appointed Osayande Obaze, the former chief executive officer of the Financial Reporting Council, as a special investigator to probe the Central Bank of Nigeria (CBN)

In a letter he signed and dated 28 July, 2023, the President stated that the probe is by section 15(5) of the Constitution of the Federal Republic of Nigeria 1999, as amended.

The President, however, said the “terms of reference as the Special Investigator shall be communicated to you in due course”.

The President also directed the Special Investigator to “ take immediate steps to ensure the strengthening and integrity of crucial government business entities (GBEs), further block leakages, in CBN, and related CBEs.

The investigator is also to provide comprehensive reports on public wealth currently in the hand of corrupt individuals and establishments ( whether private or public)

The President asked the special investigator to investigate CBN and key Government Business Entities (GBEs).

“By the fundamental objective outlined 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 integrity of crucial 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 read. The letter includes a directive suspending Godwin Emefiele as Governor of the CBN on June 9, 2023.