Fakoyejo OlalekanOn Sunday, 30 July 2023, President Bola Tinubu appointed Jim Obazee as the special investigator to probe the Central Bank of Nigeria (CBN).
Prior to his appointment, Obazee has been involved in high-profile financial cases and infamous policies that rocked the financial sector and religious centres in Nigeria.
Obazee’s rise and fall
Before diving into the controversial world of Obazee, note that he has a reputable educational background and is also a member of international financial bodies.
Obazee has a BSc. in Accounting and MSc. Accounting from the University of Benin and the University of Lagos, respectively, and also a fellow of the Institute of Chartered Accountants of Nigeria.
He also graduated from Harvard University, United States, where he obtained a certification in Strategic Financial Analysis for Business Evaluation.
As a member of the Nigeria Institute of Management and the American Accounting Association, Obazee is a big shot in the financial world, coupled with the fact that he’s associated with the Financial Accounting Standard Board in the United States and the Atlantic Schools of Business in Canada.
Obazee’s controversial past decisions
Between November 2010 to January 2017, Obazee served as the Executive Secretary of the Financial Reporting Council (FRC).
During this period, he made several controversial decisions as the head of FRC that grabbed national and global headlines, one of which led to his sacking before the end of his tenure, which was meant to be in 2018.
Lamido Sanusi’s sack
Four years into his tenure at FRC, the sack of Lamido Sanusi, the former Governor of the CBN, was proposed by Obazee after the former made some shocking revelations.
Recall that Sanusi had alleged that some members of the management of the Nigerian National Petroleum Corporation (NNPC) diverted billions of dollars met for the federation account.
Following the accusation, Obazee made his own allegations against Sanusi, claiming that the former CBN governor was involved in financial recklessness. Consequently, Sanusi was sacked in February 2014 during Goodluck Jonathan’s administration.
Obazee attempted to investigate Sanusi, who snubbed their requests to make himself available for probe and also sued the former FRC boss for defamation.
Atedo Peterside ouster in Stanbic IBTC
A year after Sanusi’s removal as CBN’s governor, Atedo Peterside, the then chairman of Stanbic IBTC, fell on the sword of Obazee in October 2015.
Obazee accused Peterside’s Stanbic IBTC of financial infractions in the company’s 2013/2014 financial statements, resulting in an N1 billion fine against the firm.
He made several recommendations which included the suspension of Peterside, the Group Managing Director, Sola David-Borha, the then-chief finance officer and other senior management members.
Note that the suspension was later lifted in 2016, but before then, Obazee also demanded that Stanbic IBTC review its financial statement for the 2013/2014 period and republish it.
Sack of Adeboye, other religious leaders
While you might wonder how the paths of a financial council boss and religious leaders crossed, Obazee merged both worlds through a controversial policy in 2016.
Obazee initiated a policy that requires churches, mosques and other non-profit organisations to adopt a corporate governance code that demands their leaders step down after 20 years.
The 20 years tenure stipulated in the corporate governance code led to the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, stepping down.
It was also expected to affect other religious leaders, however, the policy was later suspended following public outcry and protest from religious leaders.
Also, Obazee was sacked by President Muhammadu Buhari, with the aide to the Minister Federal Ministry of Industry, Trade and Investment, Constance Ikokwu, assuring the country that the corporate governance code will be reviewed.
Note that ever since Obazee’s ouster, he has not been in the news until the recent appointment as a special investigator by President Tinubu.
Obazee’s rise: CBN’s old nemesis is back
Obazee is back to haunt the CBN as a special investigator, which he investigated in 2014, and he has the full backing of President Tinubu, which gives him more power than he had as FRC boss.
He commenced the investigation immediately, according to a letter dated 28 July 2023, and would be expected to give a weekly progress report to Tinubu.
Tinubu gave Obazee the power to select his investigative team and work with relevant security and anti-corruption agencies to deliver on the probe of the CBN’s affairs under the suspended apex bank governor, Godwin Emefiele.
“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,” the letter reads.
“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.
“Find attached, herewith, my directive suspending the Governor of the CBN from office with effect from 9th June 2023,” the letter reads.
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