CBN, Government Entities Probe Uncovers N8 Trillion in Looted Funds

A special investigative committee, led by Jim Obazee, is unraveling a colossal financial scandal in Nigeria.

The probe has uncovered a shocking N8 trillion ($19 billion) looted from the Central Bank of Nigeria (CBN) and Government Business Entities (GBEs).

This staggering sum has been traced to various bank accounts operated by individuals and private business organizations.

The preliminary report, spearheaded by Special Investigator Jim Obazee, has sent shockwaves through the country, revealing not only the enormity of the theft but also a web of other disturbing findings.

However, the release of the full report is currently on hold, awaiting the return of President Bola Tinubu from his foreign trips. Upon his return, President Tinubu is expected to grant approval for the recovered funds to be deposited, either into the Federation’s consolidated account or a designated recovery account.

The impending announcement of this N8 trillion recovery by President Tinubu is set to captivate the nation, with subsequent updates promised at regular intervals, either fortnightly or monthly.

Ambitious Recovery Efforts

The investigation, headed by Jim Obazee, has an ambitious goal: to recover a staggering N400 trillion ($950 billion) believed to have been looted from the CBN and GBEs. This revelation has left the nation reeling, as it grapples with the implications of such widespread financial misconduct.

Concurrently, measures are being put in place to prevent a recurrence of fraudulent activities within the CBN, an institution critical to Nigeria’s financial stability.

Coalition Demands Accountability

In response to the unfolding scandal, a coalition comprising 259 anti-corruption, civil society, and human rights organizations, known as the Coalition for Transparency and Economic Reforms (COTER), is demanding swift action. They are urging President Tinubu to take immediate steps based on the forthcoming preliminary report from the special investigator.

COTER specifically calls for the suspension of the acting CBN governor, who has been implicated in the ongoing investigation into the apex bank. They emphasize the urgency of recovering stolen funds, seizing assets acquired through illicit means, and initiating legal proceedings against all those involved.

COTER is insistent that the government transparently communicates how the recovered funds will be used for the nation’s benefit. They underscore the vigilance of the entire country in monitoring developments in the ongoing CBN probe.

The coalition commends President Tinubu for appointing Jim Obazee as the Special Investigator and approving the investigation team. They see these actions as significant steps in Nigeria’s pursuit of transparency and economic reform.

This shocking financial scandal has far-reaching implications, not only for Nigeria’s financial landscape but also for the fight against corruption in the nation. The coming weeks promise to be a critical period as Nigeria grapples with the fallout from this massive looting scandal.