VAM News Update

President Bola Tinubu has appointed Jim Osayande Obazee as Special Investigator to probe the Central Bank of Nigeria (CBN) and Related Entities.

Obazee was the Chief Executive Officer, Financial Reporting Council of Nigeria (FRCN).

The President in a letter personally signed by him and dated July 28, 2023 directed the Special Investigator to investigate CBN and key Government Business Entities (GBEs).

Obazee’s task also includes blocking leakages in CBN and provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public).

The letter reads: “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.”

Suspended CBN Governor, Godwin Emefiele, is being prosecuted by the Department of State Services (DSS).