Northern Forum Demands Transparency In CBN, Emefiele Investigation Amidst Doubts On Special Investigator

Recall that Obazee, who was appointed as a special investigator in July 2023, submitted his conclusive report titled “Report of the Special Investigation on CBN and Related Entities (Chargeable Offenses)” to the Presidency on December 20, 2023


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In the document, he disclosed that the former CBN governor illicitly deposited billions of naira in foreign currencies across no fewer than 593 bank accounts in the United States, United Kingdom, and China, without obtaining the necessary approvals from the apex bank’s board of directors and the CBN Investment Committee.

Furthermore, Obazee asserted that Emefiele utilized certain individuals as proxies to establish Titan Trust Bank and acquire Union Bank.

However, the northern group, in a statement released on Tuesday by its chairman, Aliyu Muhammad, advised Tinubu to approach the report submitted to Obazee with great caution.

The forum highlighted that certain recommendations in Obazee’s report could have severe implications for Nigeria’s economic well-being. They warned that the President might unwittingly navigate a field filled with hidden dangers.

Muhammad stated, “The individual appointed by President Tinubu is entangled in scandals involving embezzlement of billions of naira during his tenure as the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC).

These allegations include awarding contracts to himself through proxies, engaging in racketeering, acquiring high-value properties both domestically and internationally, the costs of which far exceeded his legitimate income, and accusations of sexual harassment.”

Describing him as a controversial figure with a tainted reputation in both character and financial dealings, the forum argued that Obazee is unfit for the task at hand. They urged for an investigation into Obazee himself, emphasizing that he should not be the one conducting inquiries.

The group asserted that unless the President is seeking expertise in personal vendettas and controversies that could potentially incite chaos, Jim Obazee is not the suitable candidate to investigate the CBN or any other financial institution.

They reminded the President of the actions taken by his predecessor, former President Muhammadu Buhari, who, known for his anti-corruption stance, dismissed Jim Obazee.

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