In an effort to maintain transparency and integrity, in the countrys sector President Bola Tinubu has designated a Special Investigator to examine the operations of the Central Bank of Nigeria (CBN) and other related organizations. According to a letter dated July 28 2023 President Tinubu appointed Mr. Jim Osayande Obazee, the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN) for this task.
The activities of the bank have come under scrutiny recently with regards to its suspended Governor, Mr. Godwin Emefiele, who is facing charges brought by the Department of State Services (DSS).
President Tinubu clarified in his letter that appointing a Special Investigator was necessary to combat corruption and ensure practices within our nations business entities.
The responsibilities of the Special Investigator extend beyond investigating the apex bank and government entities; they also involve strengthening these institutions integrity and providing a report, on public funds held by corrupt individuals and establishments.
Obazee was assured that the details of his engagement would be communicated to him soon and it was made clear that he should report directly while on the job, as the appointed Special Investigator.
"In line, with the core objective outlined in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended) our administration is actively continuing the battle against corruption. As a result we are appointing you as a Special Investigator to conduct an inquiry into the activities of the CBN and its affiliated entities.
Your appointment will take effect immediately. You will report directly to my office.
The detailed terms and conditions regarding your role as a Special Investigator will be conveyed to you in course. However it is essential that you promptly take measures to enhance transparency and integrity within Government Business Entities (GBEs) eliminate any loopholes within the CBN and related GBEs and compile a report on illicit wealth held by corrupt individuals or organizations whether public or private.
In carrying out your investigation into the CBN and its associated entities you will be supported by an capable team. Your collaboration with security agencies and anti corruption bodies is vital in fulfilling this assignment. I anticipate receiving briefings on your progress.
Enclosed herewith is my directive suspending the Governor of the CBN from office effective, from June 2023 " stated in the letter."
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