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The Special Investigator Jim Obazee, appointed by President Bola Tinubu to probe the activities of the Central Bank of Nigeria (CBN) under the Muhammadu Buhari administration has completed his assignment and sent a “final comprehensive report,” the presidency said on Friday.
MoneyCentral reported the appointment of the investigator, Jim Obazee, last year. Some of his findings are being used to prosecute the former central bank governor, Godwin Emefiele.
According to a statement by spokesperson Ajuri Ngelale, President Tinubu thanked Mr Obazee for “answering the call of duty while wishing him success in his future endeavours.”
“President Bola Tinubu thanks Mr Jim Obazee, former Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), for his services as the Special Investigator of the Central Bank of Nigeria (CBN) and other related entities, upon his appointment on July 28, 2023.
“The President commends Mr Obazee for his dedication and professionalism in handling the complexities of this critical national assignment.
“After the conclusion of the assignment and the submission of a final comprehensive report, and with the winding up of all apparatuses used during the scope of the task which terminated on March 31, 2024, the investigation is formally closed, with all appropriate law enforcement and regulatory agencies already conducting follow-up action,” Mr Ngelale wrote.
President Bola Tinubu had, on 28 July 2023, designated Mr Obazee as a Special Investigator to scrutinise the operations of the CBN and associated bodies.
Mr Tinubu said the appointment was based on the fundamental aim outlined in Section 15(5) of the Nigerian constitution, in line with the nation’s anti-corruption campaign.
The president instructed Mr Obazee, who served as the chief executive officer of the Financial Reporting Council of Nigeria (FRCN) from 2011 to 2017, to promptly take measures to enhance the integrity and transparency of crucial Government Business Entities (GBEs) and prevent financial leakages in the CBN and related GBEs.
Additionally, he mandated Mr Obazee to produce a comprehensive report detailing the extent of public funds currently held by corrupt individuals and entities, whether private or public.
In December 2023, Mr Obazee uncovered 593 bank accounts in the United States, United Kingdom, and China. These accounts were found to hold Nigerian funds without the necessary authorisation from the board and investment committee of the bank during the tenure of Mr Emefiele.
The investigator also uncovered instances where billions of naira were purportedly stolen from the CBN’s accounts, including a “fraudulent cash withdrawal of $6.23 million,” equivalent to about N2.9 billion at the official exchange rate of N461 to a dollar at that time.
In his report, Mr Obazee recommended the prosecution of Mr Emefiele and at least 13 other individuals, including his deputy governors, for alleged financial misconduct.
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