Nigerian President, Bola Tinubu, announced that the central bank is currently undergoing an all-encompassing forensic audit as a component of the reform measures initiated subsequent to the suspension of the bank’s governor in June 2023.
Tinubu has introduced bold reforms since taking power in June 2023, which encompass the discontinuation of currency controls by the central bank that had artificially propped up the strength of the Naira currency. Additionally, he has abolished a petrol subsidy that incurred a $10 billion expense for the government in the previous year, reports indicate.
“A comprehensive forensic audit is on-going at the Central Bank (of Nigeria),” a presidency statement quoted Tinubu as telling World Bank Head, Ajay Banga, at a meeting in Abuja.
Reports also indicate that a special investigator has been appointed to probe the activities of the country’s apex bank and other related entities.
President Tinubu appoints Special Investigator, Jim Osayande Obazee, to probe CBN under Emefiele. pic.twitter.com/FK6wHEGy5f
— YabaLeftOnline (@yabaleftonline) July 30, 2023
In a July 2023 letter endorsed by the President, the appointment of Jim Obazee was announced effective immediately. As the designated special investigator, Jim Obazee will have a direct reporting line to the President.
This development emerges amidst the ongoing investigation and inquiry into the actions of the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who was suspended by President Tinubu in June 2023.
The former CBN chief is now facing charges in court and entered a plea of ‘not guilty’ to two counts related to the unlawful possession of firearm and ammunition which were brought against him by the Federal Government. Following the bail being granted, he was subsequently held at a correctional center.
Analysts speculate that Emefiele’s current situation is connected to the decisions made by the central bank during his tenure in the weeks leading up to the February 2023 elections.
During this period, a shortage of currency and the CBN’s policy of replacing existing Naira notes with new ones caused disruptions and confusion, which some believe might have contributed to the circumstances he currently faces.
Tinubu announced that the federal government’s payroll is also under scrutiny for review. This decision comes in response to criticism from economic analysts who have pointed out that the government has been losing significant amounts of Naira annually due to payments made to individuals not actually employed by the government, commonly referred to as ‘ghost workers.’
“We’ll block all financial loopholes,” said Tinubu.
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