Concerns over Obazee’s Appointment as Special Investigator for CBN

Oluchi Chibuzor

Some analysts have expressed concerns over the decision of President Bola Tinubu to sidestep the Financial Reporting Council of Nigeria (FRC), a body statutory empowered to investigate misconduct and malpractices in public entities and appoint a former Chief Executive Officer of the agency, Mr. Jim Osayande Obazee, who was sacked from office as Special Investigator of the Central Bank of Nigeria (CBN) and other related entities.

The commentators who pleaded to remain anonymous, pointed out that Section 62 of the FRC Act empowers the agency to carry out such investigation, saying going outside the FRC to appoint an individual might send a message that the president had ulterior motive.

President Tinubu had appointment Obazee, as Special Investigator of the CBN and other related entities.

While the letter from Tinubu announcing the appointment of Obazee addressed him as CEO of the FRC, Obazee was sacked by the Muhammadu Buhari’s administration in 2017, and since then the agency has had two other chief executive officers – the late Mr. Daniel Asapokhai and Shuaibu Adamu Ahmed, who is the current CEO.

But the source said: “Section 62 of the FRC Act empowers the agency to investigate and that was the Section the agency relied on when it did same exercise in 2014, when a former CBN Governor, Sanusi Lamido was suspended by President Goodluck Jonathan.

“It will be in the interest of the presidency to empower the FRC to carry out this task to investigate the CBN, so as to ensure credibility.

“How will the international community take us serious when they know that somebody that was sacked from office is now being asked to be the chief investigator of a critical institution like the CBN?

“The FRC has global reach and is very significant to the Nigerian economy and should not be ridiculed. So, for the investigation to be fair, credible and transparent, the statutorily mandated agency, which is the FRC should be made to carry out this task.”

 In a letter addressed to Obazee dated July 28, 2023, which was personally signed by him, Tinubu had explained that the appointment of Obazee was in line with his administration’s commitment to fight corruption and in accordance with provisions of section 15 (5) of the 1999 constitution of the Federal Republic of Nigeria (as amended).

While assuring the appointee that terms of his engagement which he said was with immediate effect would soon be made known to him, the president directed Obazee to report directly to him while probing the CBN and related entities using capable team while also blocking further leakages in the CBN and related Government Business Entities (GBEs).

The letter read: “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.”