Obazee concludes investigation of CBN under Emefiele

President Bola Tinubu has commended Jim Obazee for his services as a special investigator as he concludes his probe on the activities of the Central Bank of Nigeria (CBN) and related entities.

In July 2023, Tinubu appointed Obazee, former chief executive officer (CEO) of the Financial Reporting Council of Nigeria (FRCN), as a special investigator.

Tinubu had said the special investigator would also work on a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments.

On December 22, 2023, Obazee’s team submitted a report, titled, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences)’, to President Bola Tinubu — revealing fraudulent activities and malfeasance in Nigeria’s apex bank.

In the report, the special investigator’s panel accused Godwin Emefiele, former governor of the CBN, of consenting to the “unlawful removal” of $6.23 million from the vault of the apex bank’s Abuja office.

The panel said during the administration of Emefiele, there was “fraudulent” use of ways and means advances by the CBN.

The probe team also accused Emefiele of using proxies to set up Titan Trust Bank (TTB) to acquire Union Bank of Nigeria(UBN).

Emefiele is currently facing a 20-count criminal charge preferred against him by the Economic and Financial Crimes Commission (EFCC).

In a statement on Friday by Ajuri Ngelale, presidential spokesperson, Tinubu commended Obazee for his professionalism “in handling the complexities of this critical national assignment”.

Ngelale said Obazee has submitted the report of the panel and that the scope of the task terminated on March 31, 2024.

“Subsequent to 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,” the statement reads.

He said Tinubu thanked Obazee for answering the call of duty while wishing him success in his future endeavours.