President Tinubu Closes Investigation into CBN Activities, Thanks Special Investigator

President Bola Tinubu has officially concluded the investigation into the activities of the Central Bank of Nigeria (CBN) and related entities, extending gratitude to Mr. Jim Obazee for his dedicated service as the Special Investigator. The investigation, which delved into various aspects of the apex bank's operations, has now reached its conclusion, as confirmed by Presidential spokesman Ajuri Ngelale.

In a statement released on behalf of the President, Ngelale highlighted President Tinubu's appreciation for Mr. Obazee's professionalism and commitment throughout the course of the investigation. The President commended Obazee for navigating the complexities of the national assignment with diligence and expertise.

With the submission of the final comprehensive report and the closure of all investigative apparatuses on March 31, 2024, the investigation officially comes to an end. President Tinubu expressed confidence in the follow-up actions being undertaken by law enforcement and regulatory agencies in response to the findings of the investigation.

Mr. Jim Obazee, former Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), was appointed by President Tinubu in July to lead the inquiry into the activities of the CBN under the leadership of former Governor Emefiele.

As a result of the findings presented by Obazee and his team, charges have been brought against the former CBN Governor in court. The report uncovered a range of irregularities, including unauthorized offshore funding, fraudulent cash withdrawals, and financial misconduct involving the former governor and his Deputy Governors.

Among the key revelations in the report were substantial fixed deposit holdings totaling £543.4 million, manipulations in the Naira exchange rate, irregularities in the e-Naira project, unauthorized printing of new currency denominations, and significant expenditures on legal fees.

President Tinubu expressed gratitude to Mr. Obazee for his dedication to duty and wished him success in his future endeavors, as the nation moves forward with the insights gained from the investigative process.