Tinubu appoints ex-FRCN boss fired for corruption to probe CBN, other agencies

President Bola Tinubu has taken a significant step in his administration’s fight against corruption by appointing a man fired by Muhammadu Buhari over multiple allegations of corruption, abuse of office, federal racketeering and convicted of sexual harassment as Special Investigator to probe the Central Bank of Nigeria (CBN) and other federal agencies. 

The decision was conveyed in a formal letter seen by NewsWireNGR, where the President named Jim Osayande Obazee, the former Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN), as the investigator for this crucial task.

The President emphasized the importance of this investigation, assigning Mr. Obazee to look into the affairs of the CBN and key Government Business Entities (GBEs). With a direct reporting line to the President’s office, Mr. Obazee’s responsibility is to ensure transparency, strengthen accountability, and root out any corrupt practices within these institutions.

In his letter, President Tinubu cited Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), emphasizing the government’s unwavering commitment to fighting corruption. The appointment of Mr. Obazee as Special Investigator took effect immediately, signifying the urgency of the matter.

While the full terms of Mr. Obazee’s engagement are yet to be communicated, the President’s directive outlines the key objectives. He is expected to take necessary measures to fortify the integrity of key Government Business Entities, curtail financial leakages in the CBN and related GBEs, and provide a comprehensive report on public wealth held by corrupt individuals and establishments, whether they operate in the private or public sector.

To ensure the success of this investigation, Mr. Obazee will lead a team of suitably experienced, competent, and capable individuals. Collaborating with relevant security and anti-corruption agencies, they will work diligently to achieve the objectives outlined in the President’s directive. The President has also requested weekly briefings on the progress made, underscoring the significance of this mission.

As part of this anti-corruption move, President Tinubu has taken action regarding the leadership of the CBN. In a separate correspondence, he suspended Godwin Emefiele from his role as Governor of the CBN on June 9, 2023. Following the suspension, Mr. Emefiele has been in the custody of the Department of State Services (DSS). Although he was previously granted bail after being arraigned in court, the secret police rearrested him, signifying the seriousness of the allegations and the commitment of the administration to ensuring accountability.

President Tinubu’s appointment of a Special Investigator and his decisive action on the leadership of the CBN demonstrate his administration’s dedication to fighting corruption and promoting transparency in Nigeria’s financial institutions. The nation eagerly awaits the outcome of the investigation and hopes for a fair and just resolution to these critical matters.

Recall that Obazee, in connection with the implementation of the controversial corporate Governance Code 2016 made the headlines when Pastor Enoch Adeboye relinquished his position as the General Overseer of RCCG and announced Pastor Joseph Obayemi as the new overseer of the church.