After a four-month probe, Special Investigator Jim Obazee accuses ex-CBN Governor Godwin Emefiele of embezzling billions and committing financial offenses.
The report, submitted to President Bola Tinubu, alleges fraudulent activities, including cash withdrawals and manipulation of exchange rates. Obazee recommends prosecution for Emefiele and others involved.
The controversial naira redesign, causing scarcity and hardship, is criticized for violating the CBN Act. Emefiele, in custody since June, faces separate charges.
The Supreme Court, backing a legal challenge, extended the coexistence of old and new naira notes.
Under the current administration and with the Supreme Court’s backing, old and new naira notes are now expected to co-exist until further notice.
In July, two months after his inauguration, President Bola Ahmed Tinubu appointed Obazee, a former Chief Executive Officer of the Financial Reporting Council of Nigeria, as a special investigator to probe the CBN and related entities.
Obazee was tasked with taking immediate steps to ensure the strengthening and probity of key Government Business Entities (GBEs), further block leakages in CBN and related GBEs, and provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public).
