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George Akume, the Secretary to the Government of the Federation, has announced that the Federal Government will soon disclose the results of its investigation into the Central Bank of Nigeria. On July 28, 2023, President Bola Tinubu appointed Jim Obazee, a former Chief Executive Officer of the Financial Reporting Council of Nigeria, as the Special Investigator for the CBN. This investigator was tasked with examining the CBN and key Government Business Entities, with a direct reporting line to the President’s Office. SGF Akume, speaking during a press conference in Abuja on Nigeria’s 63rd Independence anniversary, revealed that the forthcoming CBN probe report would shed light on how inadequate governance contributed to the nation’s current challenges. He emphasized that this report would provide insight into the root causes of the country’s current situation, offering Nigerians a better understanding of what went wrong.

He commented, “A significant portion of the challenges we currently face can be attributed to poor governance. The current administration has been actively addressing these issues. When President Bola Tinubu assumed office, he made a crucial decision regarding the Central Bank of Nigeria that had a profound impact on the capital market, a development that experts have confirmed as unprecedented in the last 15 years. We now have a new team in place at the CBN, and a dedicated investigator has been diligently working within the CBN for some time. The findings of this investigation will soon be made public, providing Nigerians with a comprehensive understanding of the root causes of our current situation.”

Tinubu, in a letter dated July 28, 2023, instructed Obazee to ensure that the investigation uncovers instances of government funds being held by private individuals. The letter addressed to the special investigator stated, “In line with the fundamental objective outlined in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), this administration is committed to combating corruption. Therefore, I appoint you as a Special Investigator to scrutinize the CBN and Related Entities. Your appointment is effective immediately, and you are to report directly to my office.”

However, according to information obtained by The PUNCH on Monday, Jim Obazee had already submitted an interim report to the President’s office more than a week ago.

Multiple officials have confirmed that this preliminary report was handed over for the President’s consideration.

A reliable source, who requested anonymity due to a lack of authorization to comment on the matter, stated, “The CBN Special Investigator submitted a preliminary report to the President’s Office over a week ago. The investigation is ongoing, but the preliminary report is intended to provide the President with an overview of the findings up to this point.”

It has been learned that this interim report will assist the President in making significant decisions to facilitate the country’s progress. While it’s been suggested that the interim report influenced changes in leadership at the CBN last week, this information couldn’t be independently confirmed as of the time of this report.

Currently, the President and his team are said to be thoroughly reviewing the report in preparation for making timely and appropriate decisions.

The CBN special investigator had reportedly raised concerns about the accuracy of the recently released annual financial reports of the CBN. Consequently, there is a possibility that the CBN might be required to retract its audited annual financial reports. In August, the CBN had released financial statements covering the years 2016 to 2022 amid an ongoing investigation of the financial services sector regulator by a Special Investigator appointed by President Bola Tinubu.

SGF on independence

Meanwhile, the Secretary to the Government of the Federation (SGF) revealed on Monday that no world leaders have been invited to attend Nigeria’s 63rd independence anniversary celebration, scheduled for October 1. This decision aligns with the choice for a subdued celebration.

He emphasized, “A low-key celebration does not reflect poorly on our performance. Times are economically challenging, and we are approaching it not only as a nation but also as a family. There will be no invitations extended to world leaders. During the President’s inauguration, 53 world leaders were invited, but this time, no such invitations have been issued.”

He went on to explain that the decision to keep the celebration low-key was in line with the current economic realities. The theme for this anniversary is “Nigeria @ 63, Renewed Hope for Unity & Prosperity.”

Discussing national interests, he stressed, “We have all come to an agreement to foster a united, peaceful, and prosperous nation, despite our diversity. Without these elements, no nation can progress. The government is committed to safeguarding our national interests.”

He further highlighted the significance of the celebration, noting Nigeria’s unbroken democratic record since 1999 and the smooth and peaceful transition of power from one government to another.

He stated, “Despite political turbulence and coups in some parts of the ECOWAS sub-region, Nigerians have embraced democracy as the best form of governance, with its core values and practices. Democracy allows citizens to actively participate in their country’s affairs through elected structures and processes.”

Regarding economic challenges, he acknowledged the difficulties faced by Nigerians, particularly after the removal of the fuel subsidy and the impact of the global economic downturn. The government is actively working to provide relief measures and address concerns raised by labor unions.

As part of the celebration, various programs have been scheduled, including an anniversary symposium/public lecture, a lecture at the National Mosque Conference Center, Juma’at Prayer at the National Mosque, a presidential broadcast, an inter-denominational church service, and a military parade.

The SGF called on media professionals and patriots to support the administration and collaborate in transforming Nigeria into the nation of their dreams, while also encouraging the publicizing of activities related to Nigeria’s 63rd Independence anniversary.