Daud Olatunji
A committee led by Special Investigator Jim Obazee, tasked with probing the Central Bank of Nigeria (CBN) and Government Business Entities (GBEs), has uncovered a staggering N8 trillion looted from the CBN and GBEs.
The illicit funds have been traced to various bank accounts operated by individuals and private business organizations.
The recovery process for this colossal sum is set to kick off imminently, sparking optimism among Nigerians.
This shocking revelation is part of a preliminary report prepared by Special Investigator Jim Obazee and his team, containing a slew of other eye-opening findings.
However, the report’s submission is on hold as it awaits President Bola Tinubu’s return from his foreign trips. Once back, the President is expected to grant approval for the recovered funds to be deposited either into the Federation’s consolidated account or a designated recovery account.
President Tinubu is also slated to officially announce this N8 trillion recovery, with subsequent updates scheduled fortnightly or monthly.
The Obazee-led investigation aims to recover an astonishing N400 trillion believed to have been looted from the CBN and GBEs.
Simultaneously, steps are being taken to prevent a recurrence of fraudulent activities within the CBN.
The committee has proposed the immediate withdrawal of the seven-year CBN audited annual financial reports, which were released in September, following the discovery of discrepancies and irregularities in the financial accounts.
The CBN had previously released financial reports for the years 2016 to 2022 in August, amidst ongoing investigations led by Tinubu’s Special Investigator.
However, these reports have come under scrutiny for containing inaccurate and false data.
Meanwhile , a coalition consisting of 259 anti-corruption, civil society, and human rights organizations known as the Coalition for Transparency and Economic Reforms (COTER) has made a strong demand. The coalition is urging President Tinubu to take action based on a forthcoming preliminary report from a special investigator.
COTER is specifically advising President Tinubu to promptly suspend the acting CBN governor following his implication in the ongoing investigation of the apex bank by the Special Investigator and his team.
The coalition emphasizes the need for the immediate recovery of stolen funds, the confiscation of assets acquired through illicit means, and the initiation of legal proceedings against all involved parties.
Dr. Peter Chima Chukwu, President of COTER, and Mallam Auta Ibrahim Koko, General Secretary, emphasized that the government should also make public the recovered funds identified by the Special Investigator and his team.
Furthermore, COTER issued a stern warning to any individuals or groups opposing the Special Investigator’s work and recovery efforts, cautioning them to stay clear of the investigation team or face public backlash.
The coalition expressed its readiness to mobilize and galvanize Nigerians against such individuals or groups.
COTER’s statement read, “We implore President Tinubu to ensure the implementation of the forthcoming preliminary report by the Special Investigator. Those found guilty must face appropriate sanctions.
The indictment of the acting CBN Governor, Shonubi, and his former boss, Emefiele, in the alleged wrongdoing at the apex bank is deeply concerning. Hence, we call on President Tinubu not to spare any of them.
” In fact, we urge him to suspend the acting CBN Governor immediately to facilitate a thorough investigation into the alleged misconduct at the CBN.
“Your Excellency, Nigeria’s interests supersede any individual, regardless of their stature. We believe that for the betterment of your administration and the sake of posterity, Mr. President will hold everyone accountable.
“We commend your efforts, Mr. President, in recovering stolen funds. However, we insist that all those implicated must receive appropriate punishment to serve as a deterrent for future wrongdoers. The accused individuals should also return the stolen funds to the government’s treasury.”
COTER further called on the government to transparently communicate how the recovered funds would be utilized for the benefit of the nation, emphasizing that the entire country is closely following developments in the ongoing CBN probe.
The coalition also acknowledged the appointment of Obazee as the Special Investigator and the approval of the investigation team as one of the notable achievements of the Tinubu government.
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