Nine Months After, Obazee Concludes Investigation into CBN and Related Entities

* Submits final and comprehensive report to Tinubu

* President appreciates him for a job well done

* Follow-up action already being taken by relevant law enforcement and regulatory agencies 

Deji Elumoye in Abuja 

The Jim Obazee-led team set up nine months ago by President Bola Tinubu to investigate the Central Bank of Nigeria (CBN) and other related entities has concluded its assignment and turned in its report.

The president has therefore appreciated the former Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Jim Obazee, for his services as the Special Investigator of the CBN and other related entities.

President Tinubu, according to a statement issued on Friday by his Media Adviser, Ajuri Ngelale, lauded Obazee for the dedication and professionalism he exercised in handling the complexities of this critical national assignment.

With the conclusion of the assignment and  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 president thanked Obazee for answering the call of duty while wishing him success in his future endeavours.

President Tinubu had last July appointed Obazee as Special Investigator of the CBN and other related entities. 

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

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

The letter read in part: “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.”