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Tinubu Appoints Jim Obazee as Special Investigator to Nigeria’s Central Bank

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ABUJA, Nigeria – President Bola Tinubu has appointed a Special Investigator to probe the Central Bank of Nigeria, CBN, and related Government Business Entities, GBEs, which reaffirms his administration’s commitment to combating corruption.

The president named Jim Obazee, the Chief Executive Officer of the Financial Reporting Council of Nigeria, FRCN, as the investigator.

The appointment was confirmed in a letter made available to journalists on Sunday, July 30, 2023, in which President Tinubu asked Obazee to report directly to his office.

According to the letter, President Tinubu stated: “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 letter further outlines the investigator’s responsibilities, which include strengthening and ensuring probity of key GBEs, blocking leakages in the CBN and related entities, and providing a comprehensive report on public wealth in the hands of corrupt individuals and establishments.

President Tinubu directed Obazee to assemble a competent team and work with relevant security and anti-corruption agencies to fulfill the assignment. The president also expects weekly briefings on the progress being made.

In a related development, a copy of President Tinubu’s directive suspending Godwin Emefiele as Governor of the CBN on June 9, 2023, was also revealed.

Since then, Emefiele has been in the Department of State Services, DSS, custody.

Although he was granted bail last week, he was rearrested by the secret police.

The investigation into the CBN and related GBEs signifies a robust effort by the administration to scrutinize significant financial institutions within the country.

This move could have far-reaching implications on the financial sector and the broader fight against corruption.

Experts will be watching closely to see how the investigation unfolds and its potential impacts on Nigeria’s financial landscape.

The decision to appoint a special investigator directly reporting to the president underscores the gravity of the matter and the government’s determination to ensure transparency and accountability within key financial entities.

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