Uneasy Calm as Osayande Obazee Swings into Action as CBN’s Special Investigator

Some Directors and top officials of the Central Bank of Nigeria, CBN, are said to be jittery as the Special Investigator appointed by  President Bola Tinubu to drain the swamp of corruption that the apex bank has reportedly become swings into action.

President Tinubu had, on Friday, July 28, 2023, through a letter he personally signed, appointed the Chief Executive Officer of Financial Reporting Council of Nigeria, Mr. Jim Osayande Obazee, as the Special Investigator of the Central Bank of Nigeria (CBN) and other related entities.

Though the President said in the letter that Mr. Obazee’s terms of reference would be communicated to him shortly, Tinubu, however, charged the Special Investigator to “immediately take steps to ensure the strengthening and probity of key 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).”

The President pointedly directed the Special Investigator to probe the CBN and related entities using capable team while also blocking further leakages in the CBN and related Government Business Entities (GBEs); and report to him directly.

The action, the President emphasized in the letter, was in part of his administration’s commitment to fight corruption, and in sync with the provisions of section 15 (5) of the 1999 constitution of the Federal Republic of Nigeria (as amended).

An insider confided in The Crest, Sunday, that certain Directors had become jittery as Obazee swung into action over the weekend.

“The President’s action caught them unawares,” the source continued, pleading confidentiality for fear of reprisal. “One, particularly, is in a state of flux. He is apparently confused.”

However, it is not certain how the general staff of the apex bank will welcome the probe when they resume Monday morning.

Meanwhile, below is the full text of the President’s letter appointing the Financial Reporting Council of Nigeria boss as Special Investigator to scrutinize the CBN:

“In accordance with the fundamental objective set forth 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 probity of key 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.

“Find attached, herewith, my directive suspending the Governor of the CBN from office with effect from 9th June 2023.”