N7 Trillion Uncovered”: Inside Details of Tinubu Panel’s Probe of Emefiele-Led CBN

FCT Abuja – New information has started to surface as a result of the ongoing investigation into the allegedly fraudulent activities that occurred during the nine years that Godwin Emefiele was the governor of the Central Bank of Nigeria (CBN) under the administration of former President Muhammadu Buhari. According to reports, Jim Obazee, a forensic auditor and former CEO of the Financial Reporting Council of Nigeria (FRC), is in charge of overseeing the ongoing special investigations.

Nigerians may soon witness the disclosure of the largest financial fraud in the history of the country, according to an early report on TheNigerianNews, as the team of special investigators established by Tinubu to look into the Central Bank of Nigeria (CBN) and related entities race against time to uncover a slew of crimes estimated to be worth over N7 trillion.

With a focus on the actions of the apex bank and associated entities under the governor, Godwin Emefiele, who is presently on suspension, the investigators are making every effort to untangle the web of frauds allegedly committed over the course of the last nine years.

Remember that President Bola Tinubu appointed Jim Obazee, a forensic auditor and former Chief Executive of the Financial Reporting Council of Nigeria (FRC), as the “Special Investigator” of the CBN and linked entities in July. While the specifics of Obazee’s involvement were kept private, the President claimed that Emefiele’s letter of suspension was attached to the letter that Tinubu himself signed.

Exact one month ago, reporters for The News reported that the squad had expanded to include top-tier fraud detectives and auditors from Nigeria. In addition, it was claimed that the team had detained and released on bail officials from CBN consulting businesses while they were interrogating important bank executives.

Following the report’s release, the Department of State Security detained Kingsley Obiora and Aisha Ahmad, two deputy governors of the Central Bank of Nigeria, in connection with their participation in the bank’s activities during Emefiele’s nine-year presidency.

According to recent updates from several sources with knowledge of the operations, the team is reportedly examining documents, notes, and oral confessions that may lead to additional arrests in the upcoming days.

Some of Nigeria’s diplomatic missions abroad in the Gulf region allegedly took part in some of the “illegal activities” in an attempt to desperately excuse the financial crimes, according to certain sources that TheNigerian was unable to independently verify.

Although it is not yet clear to what extent international financial watchdogs are involved in the investigation, there are indications that they may contact a number of foreign institutions as the inquiry gains momentum.

Inquiries of some directors who “must have had active roles in sanctioning some of the deals” have already raised concerns at regulator offices across the country.

The panel’s main objective, according to a reliable source, was to wrap up the investigation and submit a report on “how the financial system was mismanaged and the regulations were compromised so that the President could decide what to do to clean up the system,” despite concerns that some people will be detained in the coming weeks.

In his inaugural speech, Tinubu promised a “housecleaning” at the monetary authority. A few weeks later, Emefiele was put on leave and then jailed for a number of charges. At a town hall meeting for the diaspora, the President referred to the financial system Emefiele controlled for nine years as “rotten.”

However, it is doubtful whether the President has a complete knowledge of how corrupt the system is in light of the panel’s findings. Top bank owners and their friends who are acting as chief executives are allegedly actively involved in the rot that Obazee and his colleagues are working around the clock to unearth.

According to sources, the panel has pledged to look into every scenario in an effort to hold the culprits accountable. Obazee had a reputation as a direct and unyielding regulator during his time at the FRC. He reportedly refused bank CEOs who offered bribes in an effort to get him to approve financial statements that weren’t accurate.

Unfounded reports claimed that he had declined housing and other gifts in order to purge the system. Because of his steadfast position on regulatory issues, he gained the nickname “Super Regulator” in the banking sector. When he took action against general overseers of churches in an effort to maintain the FRC’s Code of Conduct for not-for-profit organizations, which led to his abrupt removal from the organization, the pressure of politicking hit him hard.

The Executive Branch, including the President, is already exerting comparable pressure on the group he leads. People who are “very close to the President” are apparently using covert and cunning actions to limit or sway the panel’s work.

“Quickly understanding that it transcends politics and that the team wants to act morally and in the best interests of the public,” they said. Therefore, they want to influence or limit the investigations. However, a source argued that this is difficult because the task has already started and everyone is aware of it, adding that the team is solely accountable to the President and Nigerians.

The probe was decided to be limited since, according to information acquired, it is already focusing on a few of the President’s business and political allies.

According to The Guardian, Tinubu reportedly told the team earlier to find the problem’s root cause no matter who had their ox gored. According to sources, the President’s assistance will allow the group to continue its work.
There are worries that the President would be forced to accede to the demands of influential businesses and politicians, whose names have already been mentioned as potential offenders in the unfolding drama. But if criminal proceedings are allowed to start and are successful, it is rumored that Obazee already has enough suspect dossiers to throw a lot of people in jail.

According to a number of reports, the investigation focuses on payments made by the CBN through its numerous intervention programs and management of foreign exchange.

The investigating team asserts to have uncovered scams of over N7 trillion in relation to the CBN chief, who is currently under criticism. Numerous bank presidents apparently also faced questions regarding their participation in a number of the deals.

Despite the possibility that there is considerably more money involved, at least N7 trillion has been located so far. It is an ongoing project. TheNigerian reports that new information on the odd crimes committed by those in charge of managing the nation’s economy is becoming available every day.

In a conversation with our correspondent yesterday, a person acquainted with the intense strain the investigators have been under said that those directly involved in the investigation are “ready to buy anybody” given their desire to avoid accountability.

Additionally, incidences concerning the erasure of evidence within and outside of CBN buildings, commencing with Emefiele’s incarceration, were brought to its attention. Attempts to pinpoint precisely how some of the frauds were committed and some ongoing investigations have reportedly slowed significantly as a result.

As “conspirators” come under the spotlight, uncertainty about the extent of the inquiry is swiftly spreading throughout the banking industry. TheNigerian is still unable to access Obazee’s complete employee list. Most of the famous persons come from strong backgrounds in forensic auditing, international finance, banking, and fraud detection. Some have previously worked with the CBN on other projects, such consulting.

“In the next weeks, heads will roll all over the place. The level of institutional corruption that was apparent could not have come from one person. If so, then none of his associates could have been saints. I don’t know the extent of the repercussions that will follow, but I can guarantee you that a lot of people will not go unpunished, the insider told The Guardian on August 4, 2023.

The same source highlighted on Wednesday that Obiora and Ahmad’s arrest and questioning in the weeks since the inquiry began was the only way Nigerians could understand the level of the system’s corruption.

Obazee apparently kept a safe distance from even his longstanding friends after accepting the mission. According to a close acquaintance, he possessed a shield-like style that was distinctive of him.
Despite our best attempts, he won’t pick up the phone.