• Monday, May 27, 2024
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BusinessDay

FG set to reveal CBN investigation report, promises accountability

Former banker endorses CBN Governor’s FX reforms amid naira volatility

The Secretary to the Government of the Federation (SGF), George Akume has revealed that the Federal Government is poised to unveil the audit report stemming from the comprehensive investigation into the Central Bank of Nigeria (CBN).

This investigation was initiated by President Bola Tinubu, who, on July 28, 2023, appointed Jim Obazee, the former Chief Executive Officer of the Financial Reporting Council of Nigeria, as the Special Investigator for the CBN.

In his role, Obazee was tasked with probing the CBN as well as key government business entities, reporting directly to the President’s Office.

The SGF disclosed this development while addressing questions at a press conference held in Abuja on the occasion of Nigeria’s 63rd Independence anniversary.

He highlighted that, when made public, the audit report of the CBN will provide critical insights into the governance issues that have contributed to the country’s present challenges.

Read also:CBN governor, 2024 budget top expectations as senate resumes

Akume elaborated on the importance of the forthcoming report, stating, “Most of these problems confronting us are due to bad governance. The present government has confronted and is confronting these challenges. When President Bola Tinubu came on board, he took a very sound decision at the CBN. That singular act led to a massive improvement in the capital market; as experts have told us, it is something that has never happened in the past 15 years.”

The SGF said that substantial changes have taken place at the CBN, with a new team in place and the Special Investigator diligently working on the investigation.

He assured that the investigation’s findings would soon be made available to Nigerians, providing a clear understanding of what went wrong and how the nation arrived at its current situation.

President Tinubu’s letter to Special Investigator Obazee, dated July 28, 2023, underscored the administration’s commitment to fighting corruption and ensuring accountability.

The letter stated, “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.”

Recent findings indicate that Obazee submitted an interim report to the president’s office over a week ago, marking a significant milestone in the ongoing investigation. While the investigation continues, the preliminary report is intended to provide the President with insights into the progress made thus far. Sources suggest that the interim report has already influenced changes in leadership within the CBN, although this information has yet to be independently verified as of press time.

The President and his team are currently reviewing the interim report with the intention of making informed decisions to facilitate the country’s progress. It is worth noting that the CBN Special Investigator has raised concerns about the accuracy of the CBN’s annual financial reports, which were recently released.

Consequently, there is speculation that the CBN may be asked to retract its audited annual financial reports, reflecting the ongoing scrutiny of the financial services sector regulator initiated by President Bola Tinubu in August.