In what appears to spell more trouble for the suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, President Bola Tinubu has appointed Jim Osayande Obazee as a special investigator to probe the apex bank.
In a letter titled, ‘Appointment as a special investigator to probe CBN, others’, dated 28th July and personally signed by Tinubu, pinned Obazee’s appointment on the fight against corruption within the financial sector.
The letter reads in part: “In accordance with the fundamental objective outlined 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.”
To underscore the aim of the appointment, the President attached the letter of the suspension of Emefiele to Obazee’s appointment letter.
“Find attached, herewith, my directive suspending the Governor of the CBN from office with effect from 9th June 2023,” the President said.
Recall that the Corporate Governance Code introduced in 2016 was implemented by the Financial Reporting Council of Nigeria (FRC) during Obazee’s tenure as its Executive Secretary. The code aimed to improve corporate governance practices in Nigerian companies and organisations.
One of the contentious provisions of the code was that religious organisations and non-profit entities were required to comply with certain financial reporting and governance standards, including the establishment of a governance board and term limits for leaders.
This provision received significant attention and criticism from various religious groups and leaders.
Notably, in response to this requirement, the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, stepped down from his position and appointed an overseer for RCCG Nigeria.
The controversy surrounding the code eventually led to Obazee’s suspension by the Federal Government in early 2017.
The appointee was also central to the suspension of the former CBN governor, Sanusi Lamido Sanusi. His team at FRC reportedly indicted the CBN for non-compliance with the financial report regulations as contained in the Act setting up the FRC, leading to Sanusi’s suspension.
In his days, FRC was often referred to as the super-regulator.
