Following discrepancies and irregularities discovered in the top bank’s financial statements by a team of investigators, the Central Bank of Nigeria may be requested to retract its audited annual financial reports, which were published last month.
A Special Investigator appointed by President Bola Tinubu is currently looking into the financial services industry regulator, and in August, the CBN disclosed its financial statements for the years 2016 to 2022.
On 28 July, Tinubu named Jim Obazee, a former CEO of the Financial Reporting Council of Nigeria, as a Special Investigator to look into the actions taken by the top bank while its governor, Godwin Emefiele, was on suspension.
The Special Investigator is also looking into FRC, the Nigerian National Petroleum Corporation Limited, and other government-owned businesses in addition to the CBN.
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The President said that the action was a continuation of the government’s anti-corruption campaign in the letter that he personally signed.
The letter, dated July 28, 2023, stated that the administration was continuing the fight against corruption by appointing you as a Special Investigator to look into the CBN and Related Entities in accordance with the fundamental goals outlined in Section 15(5) of the Federal Republic of Nigeria 1999 (as amended). You must report right away to my office for this appointment, which will have immediate effect.
A presidential approval would soon be obtained, according to multiple sources close to the investigation team, enabling the relevant agency (FRC) to order the CBN to withdraw the contentious financial accounts, it was learned on Monday. The CBN’s seven-year audited financial account reports, covering the years 2016 to 2022, were allegedly asked to be withdrawn due to allegations that they contained inaccurate and false data.
The CBN financial accounts were allegedly prepared using guidelines allegedly obtained from the FRC in a contentious manner, according to top sources close to the Special Investigator and his team. IFRS 9, which requires full disclosure of all financial transactions, was not used in the preparation of the CBN financial accounts.
The Special Investigator team had included its recommendations that presidential approval be given to the FRC to order the CBN to withdraw the released annual financial accounts between 2016 and 2022. It was learned that the CBN allegedly paid N401.75 million to the IFRS Academy for the guidelines used in preparing the accounts.
Muda Yusuf, the chief executive of the Centre for the Promotion of Private Enterprise, stated that the investigation had become necessary to see whether there had been any violations or abuses of authority.
The only way to learn the truth, he said, “is through the regular audit and possibly a forensic audit. It is a new administration, and if there is any cause to assume that the case has not been managed appropriately. It fits in perfectly.
‘’If there is any suspicion of abuse of office, the normal thing is to do a forensic examination to ascertain whether there was any infraction or abuse of office. You need to get the facts before you can take action against anybody. That is what it is.”
The suspended central bank governor’s monetary policy and the legality of the redesign of the naira note must be investigated, according to Debo Adeniran, chairman of the Centre for Anti-Corruption and Open Leadership. He also stated that the former CBN boss should be tried for crimes against humanity if it is discovered that the implementation of the policy had political overtones.
“They should look into how the former governor of the CBN changed the monetary policy of Nigeria and the illegality that was committed when he didn’t do his homework before he changed the naira’s colour,” said Adeniran. Since the naira essentially has no value, we need to determine whether he had legitimate reasons for altering its hue.
“They should look at the monetary policy he implemented, and if there is any political undertone, for the implementation, or the changing of the colour of the naira without recourse to due process, and if he were to be politicking with the lives of Nigerians, then he should be seen to have committed a crime against humanity.
