Tinubu Appoints Special Investigator to Probe Central Bank of Nigeria and Key Government Business Entities

President Bola Tinubu has appointed Jim Osayande Obazee as a Special Investigator to carry out an investigation into the Central Bank of Nigeria (CBN) and related entities.

The appointment comes as part of the administration’s commitment to fighting corruption in the country.

Entities Under Investigation

The investigation will cover not only the CBN but also related entities such as Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL PLC), NIRSAL MFB, Nigeria Export-Import Bank (NEXIM),

Bank of Industry (BoI), Nigeria Deposit Insurance Corporation (NDIC), Nigerian Security, Printing and Minting Company (NSPMC), Bank of Agriculture (BOA),

Asset Management Company of Nigeria (AMCON), Infrastructure Company of Nigeria (INFRACO), Nigerian Commodity Exchange (NCX), and Federal Mortgage Bank of Nigeria (FMBN).

Investigation of Government Business Entities

In addition to the CBN and related entities, the Special Investigator will also look into key Government Business Entities (GBEs) such as the Federal Inland Revenue Service (FIRS), Nigeria National Petroleum Company Ltd (NNPCL), National Insurance Commission (NAICOM), Nigeria Gas Company Limited, Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and others.

Objectives of the Investigation

President Tinubu has tasked the Special Investigator with strengthening and ensuring probity in key Government Business Entities.

He’s also tasked to block leakages in the CBN and related GBEs, and providing a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments.

Progress Briefings

The President expects the Special Investigator to work with a competent team and collaborate with relevant security and anti-corruption agencies.

Additionally, the President has requested weekly briefings on the progress made in the investigation.

Obazee’s Background and Ongoing Trial

Jim Osayande Obazee, the appointed Special Investigator, previously led a team of experts constituted by the Department of State Security (DSS) for an investigation into the banking industry.

The suspended apex bank governor, Godwin Emefiele, is currently undergoing trial for alleged illegal firearm possession before the Federal High Court in Lagos.

With this new appointment, Obazee will continue the investigation and reorganize the CBN to restore its core functions.