Abuja, FCT – In the ongoing investigation of the alleged fraudulent actions that took place under Godwin Emefiele’s nine-year tenure as Governor of the Central Bank of Nigeria (CBN) under the administration of former President Muhammadu Buhari, new information has started to emerge. The former Chief Executive of the Financial Reporting Council of Nigeria (FRC) and forensic auditor Jim Obazee are in charge of the special investigations, according to a story by The Guardian.
According to an early report on ProbitaNews, Nigerians may be on the verge of witnessing the unveiling of the biggest financial fraud in the history of the country in the coming months. This is because the team of special investigators set up to investigate the Central Bank of Nigeria (CBN) and related entities is racing against time to unravel a string of crimes already estimated at over N7 trillion.
The investigators, whose primary focus is on the actions of the apex bank and affiliated organizations under the governorship of Godwin Emefiele, who is currently suspended from his position, are putting everything they have into their investigation in an effort to untangle the web of frauds that have allegedly been committed over the previous nine years.
You may remember that in July, President Bola Tinubu nominated Jim Obazee, a forensic auditor and a former Chief Executive of the Financial Reporting Council of Nigeria (FRC), to the position of “Special Investigator” of the Central Bank of Nigeria and related businesses. Emefiele’s suspension letter was attached to the letter personally signed by Tinubu, according to the President, despite the fact that the specifics of Obazee’s participation were not disclosed to the public.
A article that was published in The Guardian exactly one month ago stated that the squad had been enlarged to include elite auditors and fraud detectives from Nigeria. It was also alleged that the team had expanded its tentacles across the entire financial system, with executives of CBN’s consultancy businesses being arrested and granted bail while top officials of the apex banks were being probed. This was despite the fact that the team had spread its tentacles throughout the entire system.
Following the publication of the report, the Department of State Security detained two deputy governors of the Central Bank of Nigeria (CBN), namely Kingsley Obiora and Aisha Ahmad, in connection with their roles in the operations of the bank during Emefiele’s tenure of nine years.
New information obtained from a variety of sources with intimate knowledge of the operations suggests that the team is currently analyzing papers, notes, and oral confessions that have the potential to lead to additional arrests in the days to come.
According to certain reports, which The Guardian was unable to independently verify, some of Nigeria’s foreign missions in the Gulf region were involved in some of the “illegal transactions” in an attempt to legitimize the financial crimes. This was a desperate attempt to legitimize the financial crimes.
However, the extent to which international financial watchdogs have been involved in the investigation up to this point is not entirely known; however, there are signs that several international banks will be contacted in the course of the rapidly expanding investigation.
Already, there is a mounting sense of unease at the offices of the regulator across the country as several directors “who must have played active roles in authorizing some of the agreements” are being questioned. These directors are being questioned about their involvement in the approval of various business transactions.
According to a reliable source, despite the fact that there are concerns that some individuals will be arrested in the coming weeks, the primary motivation of the panel is not to make arbitrary arrests but rather to complete the investigation and submit a report on “how the financial system was mismanaged and the regulations were compromised to enable the President to decide on what to do to clean up the system.” This report will enable the President to decide what steps should be taken to clean up the system.
In his inaugural speech, Tinubu made a commitment to “cleaning house” at the monetary authority. A few weeks later, Emefiele was taken into custody on various charges and suspended from his position. The President, when speaking at a town hall gathering with members of the diaspora, referred to the banking system that Emefiele oversaw for the previous nine years as “rotten.”
As a result of the discoveries made by the panel, there are some who question whether or not the President has a nearly accurate understanding of how corrupt the system is. It is believed that top bank owners and their associates who serve in chief executive positions are actively engaged with the corruption that Obazee and his colleagues are working tirelessly around the clock to uncover.
According to our sources, the panel has vowed to investigate every possible avenue in order to identify and bring those responsible to justice. During his time at the FRC, Obazee was known for having the reputation of being a forthright and no-nonsense regulator. It was stated that he had refused to accept bribes from the chief executives of banks when they tried to get his approval for financial statements that did not comply with regulations.
There were rumors that he had turned down a house and other gifts in order to keep the system as clean as possible. Because of his firm attitude on regulatory concerns, some in the banking system dubbed him the “Super Regulator.” When he took action against general overseers of churches in an effort to implement the FRC’s Code of Conduct for not-for-profit organizations, the weight of politicking came heavily on him, which ultimately led to his surprise dismissal from the FRC.
Already, the group that he is in charge of is being subjected to comparable pressure from the halls of power, which includes the Presidency. Earlier in the week, a credible source disclosed to The Guardian that certain persons who are “quite close to the President” are engaging in clandestine and underhanded maneuvers in an effort to restrict or influence the activities of the panel.
“They instantly realized that it goes beyond politics and that the team wants to do the right thing in the interest of the public,” the author writes. In other words, they aim to exert some kind of influence or control on the investigations. But that is a difficult thing to do; the job has begun, and everyone is aware of it,” insisted a source, adding that the team is only answerable to the President and to the Nigerian people.
Due to the fact that it has been learned that the inquiry is already getting closer to certain of the President’s political and economic allies, a decision has been made to limit the scope of the probe.
Earlier, it was stated by The Guardian that Tinubu gave the team the instruction to go to the bottom of the issue regardless of whose ox was being gored. It is believed that the group will keep working since the President will continue to provide support for it.
Already, the names of powerful politicians and business magnates are being bandied about as candidates for the role of villains in the unfolding drama, and there are concerns that the President may be pressured into caving in to the demands of these individuals. However, it is reported that Obazee has already amassed enough evidence against scumbags to send dozens of them to prison, provided that the prosecution is permitted to begin and is successful.
According to a number of independent sources, the payments made by the CBN as part of its various intervention programs and its control of the foreign exchange market are at the center of the investigation.
According to reports, the team has found frauds linked to the troubled head of the CBN that total over N7 trillion so far. It has been reported that a significant number of bank CEOs have been questioned in connection with their roles in various financial activities.
“The sum that is involved could be far more, but as of right now, not less than N7 trillion has been found. This is a practice that never ends. According to information provided to The Guardian, the investigation into the mind-boggling crimes that have been perpetrated by persons who have been given the job of controlling the national economy continues to yield new details on a daily basis.
In a conversation that took place the day before, a source who was privy to the severe strain that the investigators have been facing indicated that individuals who are directly involved in the situation are “ready to buy anybody” in light of their desperation to get off the hook.
The Guardian was also made aware of instances of evidence being destroyed both within and outside of the CBN buildings, and this information dates back to the time when Emefiele was arrested. Some of the continuing investigations and efforts to determine clearly how some of the scams were conducted are believed to have been slowed considerably as a result of this.
The banking industry is experiencing a rapid spread of anxiety on the scope of the probe as the spotlight continues to shine on “conspirators.” The Guardian does not currently possess a complete list of the people who are working with Obazee. The bulk of the names that are known have credentials that are intimidating in the areas of fraud detection, forensic auditing, banking, and international finance. Some individuals had previous experience working with the CBN in a variety of positions, including consulting.
“Over the next few weeks, there will be a number of personnel changes. One person could not have been responsible for the amount of decay that was observed in the system. If that’s the case, then the people who work with him can’t possibly be angels. According to a report that was released by The Guardian on August 4, 2023, a source was cited saying, “I don’t know the size of consequence that will follow, but I can assure you that a lot of individuals will not go unpunished.” This statement was made in response to the question of how severe the subsequent sanction will be.
In light of the fact that Obiora and Ahmad have been held and questioned in the weeks since the investigation was initiated, the same source reiterated yesterday that Nigerians could only comprehend the extent to which the system has become corrupt.
Since he agreed to take on the responsibility, it is believed that Obazee has kept a safe distance from even his longtime pals. One of his close friends likened his manner to a shield and said it was typical of him.
It has not been possible to get in touch with him via phone despite our best efforts.
