In a major development in the ongoing investigation of the Central Bank of Nigeria (CBN) and related entities, it has been revealed that Chief Executive Officers (CEOs) and top management staff of banks may also be probed. This disclosure comes as part of efforts to examine potential discrepancies surrounding the management of intervention funds by deposit money banks.
The investigation into the CBN’s activities was initiated by a Special Investigator appointed by President Bola Tinubu, Jim Obazee, on July 28, 2023. The probe has unearthed discrepancies and irregularities in the financial accounts of the apex bank, prompting further scrutiny.
In a letter dated July 28, 2023, President Tinubu emphasized the importance of this investigation in continuing the government’s anti-corruption fight. He instructed the Special Investigator to work with competent teams and relevant security agencies to strengthen the governance of key Government Business Entities (GBEs), eliminate financial leakages, and provide a comprehensive report on public wealth in the hands of corrupt individuals and establishments.
The investigation, led by the CBN Special Investigator with a team of accountants, auditors, and forensic accountants, aims to ensure transparency and accountability within the financial sector.
As the probe continues, bank CEOs are expected to be invited for questioning regarding the utilization of intervention funds. Approximately N1.27tn of these funds are currently held in the accounts of five banks, including Access Bank, Fidelity Bank, Guaranty Trust Bank, United Bank for Africa, and Zenith Bank.
The intervention funds encompass various lending facilities provided by the CBN, such as the Accelerated Agriculture Development Scheme, Anchor Borrowers’ Programme, Commercial Agriculture Credit Scheme, and more, designed to promote economic growth.
The investigation has also shed light on the need to revamp the CBN’s role, transitioning it from direct development finance interventions to a limited advisory role that supports economic growth while maintaining independence and credibility.
Stakeholders are eagerly awaiting the audit report’s release, as it promises to uncover the truth behind the management of intervention funds, potentially shedding light on the challenges facing the Nigerian economy due to poor governance.
Experts have highlighted the importance of assessing these intervention funds to identify shortcomings and make necessary improvements in the financial system.
In addition to the financial sector, the ongoing probe is also examining other Government Business Entities, including the Nigerian National Petroleum Corporation Limited (NNPC) and the Financial Reporting Council (FRC). The interim report submitted by Special Investigator Jim Obazee is currently under review by President Tinubu and his team, who are expected to make key decisions based on its findings in the near future.