Ben Fakunle, CBN finance director, let off after questioning by DSS

Benjamin Fakunle, the outgoing Finance Director at the Central Bank of Nigeria (CBN) has been arrested and detained by the Department of State Service (DSS).

It was learnt that the Secret Service arrested him to understand his role in the recently published seven-year audited accounts of the CBN which is being alleged to have not followed stipulated accounting and reporting guidelines.

Fakunle who just retired is one among many officials of the apex bank who have bee arrested and interrogated as Jim Obazee, the Special Investigator appointed by President Bola Tinubu continues the investigation of CBN.

He was said to have been arrested Wednesday at his retirement party in Abuja and has since been in detention.

Reports say Fakunle is being interrogated on why and how the accounting guidelines which allegedly deviated from the provisions of the International Financial Reporting Standards (IFRS) was used to prepare the published accounts of the CBN.

He would also be required to explain why some alleged N401 million was paid for the document as against the rules laid down by the Financial Reporting Council of Nigeria.

President Tinubu late July, appointed Jim Obazee-led special panel to investigate the CBN following arrest and prosecution of former CBN Governor, Godwin Emefiele over alleged financial infractions.

BusinessDay understands that the has since then has been questioning the deputy governors of the CBN, as well as other senior officials of the bank, as part of the ongoing audit.

Emefiele has been in the DSS custody since his arrest on June 10, 2023, a day after President Tinubu removed him from office.

Onyinye Nwachukwu

Onyinye Nwachukwu is the Abuja Bureau Chief of BusinessDay, overseeing coverage across Abuja and Northern Nigeria. With more than two decades of experience in economic and financial journalism, she reports on business, policy, and market trends, linking local developments to the global economy. A fellow of the International Monetary Fund (IMF) and recipient of the P. Vishwanathan Memorial Award for Excellence in Financial Journalism, she is known for her insightful storytelling and interviews with senior policymakers, diplomats, and business leaders. Well traveled and globally minded, Onyinye brings depth and international perspective to her reporting.