President Bola Tinubu recently appointed Jim Obazee as a Special Investigator to probe the activities of the Central Bank of Nigeria (CBN). This move comes several months after Tinubu suspended the CBN governor, Godwin Emefiele, in line with the planned reforms in the financial sector of the economy.
In a statement, Tinubu noted that Obazee’s appointment comes as part of his administration’s fight against corruption.
As we await the details of the full term of Obazee’s engagement, let’s examine 3 reasons why Tinubu is probing the CBN.
To ensure the strengthening and probity of key Government Business Entities (GBEs)
In the letter addressed to Obazee, Tinubu asked him to immediately take steps to ensure that the integrity of key Government Business Entities is strengthened. Some of these key government business entities include The Nigerian National Petroleum Corporation, NNPC, Nigerian Communications Commission, NCC, Nigerian Ports Authority, NPA, Nigerian Television Authority, NTA, National Bureau of Statistics, NBS, etc.
Tinubu also asked Obazee to block leakages in the CBN and related GBEs.Blocking leakages in the CBN would mean preventing loss of revenue and reducing fraud within the financial system.
To ascertain the amount of public wealth currently in the hands of corrupt individuals and establishments
President Tinubu is also probing the CBN to ascertain the amount of public wealth currently in the hands of corrupt individuals and establishments. This is in accordance with the fundamental objective set forth in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 as amended). The investigation will involve both private and public establishments. Tinubu asked Obazee to use a suitably experienced, competent and capable team to provide a comprehensive report on his request. He also urged him to work with relevant security and anti-corruption agencies to deliver on this assignment.
To determine CBN’s relationship with other entities
Recall that CBN Governor, Emefiele had been accused of funding unknown gunmen and members of the outlawed Indigenous People of Biafra(IPOB).
The State Security Service, SSS accused him of sabotaging President Muhammadu Buhari’s administration, financing terrorism, aiding and abetting terrorism and committing other economic crimes with the effect of undermining Nigeria’s national security.
These allegations could be the reason why Tinubu want to understand the relationship of CBN with other entities. It could also be an avenue to track the inflow and outflow of funds from the CBN.
According to the statement, Obazee is required to give the President a weekly briefing as he progresses with the assignment.
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