President Bola Tinubu has appointed Jim Obazee, Chief Executive Officer of the Financial Reporting Council of Nigeria, as a special investigator to probe the Central Bank of Nigeria (CBN) and related entities.
According to reports, this disclosure is contained in a letter signed by President Tinubu, where he stated that the investigation is with immediate effect.
President Tinubu in the letter said that the action is part of its fight against corruption, adding that the special investigator will report directly to his office.
What the President is saying
The letter from President Tinubu reads, “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.”
Jim Obazee and the CBN
In 2014, during Jim Obazee’s tenure as the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN), the council raised serious allegations against the former Central Bank of Nigeria (CBN) governor, Mallam Sanusi Lamido.
Under Obazee’s leadership, the FRCN accused Sanusi of financial recklessness during his tenure as the head of the CBN.
Mallam Sanusi initially declined the FRC’s invitation to appear before the council, questioning whether it was the appropriate statutory body to conduct such an investigation.
He cited specific sections of the FRC Act 2011, including Sections 7, 8, 11, 25, 28, 58(2), and 62, which, according to him, did not grant the FRC the authority and powers to undertake the investigation they were pursuing.
Amidst Sanusi’s refusal to cooperate, the FRC persisted in its efforts to investigate the alleged financial misconduct.
Eventually, Sanusi appeared before a court after several declined invitations from the FRC. His lawyer strongly defended him, stating that Sanusi was wrongly accused by the FRC.
The court ultimately ruled in Sanusi’s favor, resolving all the issues for determination in his favor and acknowledging that he was right not to honor the FRC’s invitation.
Despite the court’s ruling, the erroneous allegations made by the FRC played a significant role in Sanusi’s suspension from office in February 2014 by then-President Goodluck Jonathan.
Apart from the clash with Sanusi, Jim Obazee’s tenure at the FRCN was marked by other notable confrontations with various entities. The council had run-ins with Stanbic IBTC, MTN, ICAN (Institute of Chartered Accountants of Nigeria), and even Pastor Enoch Adeboye of The Redeemed Christian Church of God.
These incidents, along with Obazee’s track record in overseeing financial reporting and regulatory matters, have been closely scrutinized in the wake of his recent appointment as a special investigator to probe the CBN and related entities by President Bola Tinubu.
As he embarks on this new investigation, stakeholders are watching closely to see how Obazee will handle the mandate given to him and whether his past experiences will influence his approach to this high-stakes assignment.