The Special Investigator’s report on prior operations at the Central Bank of Nigeria would soon be complete, President Bola Tinubu stated on Sunday morning.
This information was provided by President Tinubu during his broadcast speech honouring Nigeria’s 63rd year of independence.
On Sunday, July 30, the President designated the former CEO of the Financial Reporting Council, Mr. Osayande Obaze, as a Special Investigator.
Investigations of the operations of government-owned businesses, such as the Central Bank of Nigeria, are part of his mission.
Calls for an intervention stem from recent unfavorable developments in the country’s monetary and fiscal affairs, specifically the sharp drop of the Naira against other currencies, particularly the US Dollar, have triggered calls for an investigation into the central bank’s operations.
President Tinubu assured Nigerians in his Independence speech on Sunday that an inquiry is ongoing and a report is on the way.
“I pledged a thorough housecleaning of the den of malfeasance the CBN had become. That housecleaning is well underway. A new leadership for the Central Bank has been constituted.
“In addition, my special investigator will shortly deliver his findings on previous slip-ups and how to avoid repeating the same mistakes.”
The President declared that moving forward, monetary policy would be for the advantage of all, rather than just the powerful and wealthy.
The new governor of the CBN, Dr. Olayemi Cardoso, and four other appointees were all named by the president.
Cardoso and the new management are reportedly a part of the president’s clean house initiative to restructure the apex bank and assist in stabilizing the naira, which appears to be in free fall versus the dollar since the President’s unification of the foreign exchange policy was enacted.
