Financial Energy Review
The federal government has now turned a special searchlight on the NNPCL and NPA as the probe on CBN commences.
The government had appointed a Special Investigator to probe the CBN after the suspension of the Governor, Godwin Emefiele and has now extended the same investigation to cover the financial activity of the Nigerian National Petroleum Company Limited, Nigeria Port Authority (NPA), and others.
The Investigator’s activities is also to cover key Government Business Entities (GBEs), as it just normal that NNPCL is affected in this case.
Stakeholders in the Nigerian economy are of the view the problem will not only straighten the Central Bank of Nigeria, it will also clean the mess in other government business entities such as the Nigerian Petroleum Company Limited, the Nigerian Port Authority, and others
Sources however said NNPCL and CBN are not going to be the only government concerns that are going to be affected.
Related entities to CBN are Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL PLC), NIRSAL MFB, Nigeria Export-Import Bank (NEXIM), Bank of Industry (BoI), Nigeria Deposit Insurance Corporation (NDIC), Nigerian Security, Printing and Minting Company, (NSPMC), Bank of Agriculture (BOA), Asset Management Company of Nigeria (AMCON), Infrastructure Company of Nigeria (INFRACO), Nigerian Commodity Exchange (NCX) and Federal Mortgage Bank of Nigeria (FMBN).
In the letter personally signed by the President and dated July 28, 2023, Jim Obazee, the Chief investigator appointed by the government will also, investigate other key Government Business Entities (GBEs) including Federal Inland Revenue Service (FIRS), Nigeria National Petroleum Company Ltd (NNPCL), National Insurance Commission (NAICOM), Nigeria Gas Company Limited, Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency, (NIMASA) and others.
Obazee whose appointment is rooted in section 15(5) of the constitution of Federal Republic of Nigeria 1999 as amended, is expected to block the leakages in CBN and others, and, provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public) to the president.
The appointment was contained in a letter signed by the President and addressed to Obazee, the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN).
“In accordance with the fundamental objective 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,” Tinubu’s letter read.
“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 (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).
“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.
Meanwhile, Economists and civil society organisations have backed the appointment of a special investigator to probe the Central Bank of Nigeria, Nigerian National Petroleum Corporation Limited and other Government Business Entities by President Bola Tinubu.
The experts and groups in separate interviews with The PUNCH on Sunday said the investigation was necessary to ascertain if there were any infractions or alleged abuse of office by the suspended CBN Governor, Godwin Emefiele, and other top government officials.
Their comments came on the heels of Tinubu’s appointment of the former Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as Special Investigator to probe the CBN, NNPCL, and other Government Business Entities.
In a letter Tinubu directed the special investigator to work with security and anti-corruption agencies to provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments, whether private or public.
According to the letter, the appointment takes immediate effect and the investigator is to report directly to the President on a weekly basis.
