According to reports, the Central Bank of Nigeria may be asked to withdraw its audited annual financial reports which were released last month.
This came after a team investigating the apex bank discovered discrepancies and irregularities in the financial accounts.
In August, the CBN released its financial accounts for the years 2016 to 2022 amid an ongoing probe of the financial services sector regulator by a Special Investigator appointed by President Bola Tinubu.
Tinubu had on July 28 appointed a former Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as Special Investigator to probe the activities of the apex bank under its suspended governor, Godwin Emefiele.
Aside from the CBN, the Special Investigator is also investigating the Nigerian National Petroleum Corporation Limited, FRC and other Government Business Entities.
The President, in the letter which he personally signed, said the move was in continuation of the government’s anti-corruption fight.
The letter, dated July 28, 2023, read, “In accordance with the fundamental objectives set forth in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), this administration is, today, continuing the fight against corruption by appointing you as a Special Investigator, to investigate the CBN and Related Entities. This appointment shall be with immediate effect and you are to report directly to my office.
The full terms of your engagement as Special Investigator shall be communicated to you in due course but require that you immediately take steps to ensure the strengthening and probity of key Government Business Entities, 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).
“You are to investigate the CBN and related entities using a suitably experienced, competent and capable team and work with relevant security and anti-corruption agencies to deliver on this assignment. I shall expect a weekly briefing on the progress being made.”
The President also attached a copy of his directive suspending Godwin Emefiele as Governor of the CBN on June 9, 2023.
According to findings by Newsmen, the CBN Special Investigator is working with a team of accountants, auditors, and forensic accountants to carry out the investigation.
Meanwhile, it was gathered on Monday that the CBN might be asked to withdraw its seven-year audited financial account reports (spanning 2016 to 2022) over allegations of containing inaccurate and false data.
Multiple sources close to the investigation said a presidential approval would soon be obtained to enable the relevant agency (FRC) to order the CBN to withdraw the controversial financial accounts.
Top sources close to the Special Investigator and his team said while the CBN financial accounts were not prepared using the International Financial Reporting Standards 9, which demands full disclosure of all financial transactions, the apex bank allegedly used guidelines purportedly obtained from the FRC in a controversial manner to prepare the financial accounts.
