CBN: Tinubu Hails Jim Obazee As Panel Probing Godwin Emefiele Winds Up

President Bola Tinubu has appreciated Mr. Jim Obazee, the former Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), for his service as the special investigator of the Godwin Emefiele-led Central Bank of Nigeria (CBN).

Tinubu’s commendation follows the conclusion of the investigation into alleged financial improprieties involving Emefiele, the immediate past CBN governor.

Appointed on July 28, 2023, Obazee was tasked with spearheading an inquiry into the conduct of the CBN under Emefiele. His appointment came amid allegations of unauthorized foreign currency transactions and procurement irregularities within the apex bank.

After months of investigation, Obazee submitted a report titled “Report of the Special Investigation on CBN and Related Entities (Chargeable Offenses)” to President Tinubu in December 2023.

The report detailed damning findings, including that Emefiele unlawfully deposited billions of naira across 593 foreign bank accounts in the United States, United Kingdom, and China, without authorisation.

Specifically, the report said the former CBN governor deposited £543,482,213 in fixed deposits in UK banks alone, without approval of the apex bank’s board of directors and the CBN Investment Committee.

Emefiele, amidst the investigation, was detained at the Kuje Correctional Centre.

However, he was released on December 23, 2023, upon meeting bail conditions, including a bail sum of N300 million and the provision of two sureties with assets within the Maitama district of Abuja.

The former CBN governor was also accused of procurement fraud relating to unauthorized acquisition of 43 vehicles totaling N1.2 billion between 2018 and 2020.

With the conclusion of the investigation and the submission of the final report, President Tinubu thanked Obazee’s dedication and professionalism throughout the process.

A statement issued by his spokesman, Chief Ajuri Ngelale, said “The President commends Mr. Obazee for the dedication and professionalism he exercised in handling the complexities of this critical national assignment.

“Subsequent to the conclusion of the assignment and the submission of a final comprehensive report, and with the winding up of all apparatuses used during the scope of the task which terminated on March 31, 2024, the investigation is formally closed, with all appropriate law enforcement and regulatory agencies already conducting follow-up action.

“The President thanks Mr. Obazee for answering the call of duty while wishing him success in his future endeavours.”