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Tinubu Special Investigator Faults CBN Audited Reports, DSS To Grill More Officials



A Special Investigator appointed by President Bola Tinubu has noticed loopholes in the audited annual financial reports of the Central Bank of Nigeria (CBN).

The Investigator was appointed to investigate the apex bank discrepancies and irregularities in the financial accounts.

In August, the CBN released its financial accounts for the years 2016 to 2022 amid an ongoing probe of the financial services sector regulator.

Recall that President Tinubu on July 28 appointed a former Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as Special Investigator to probe the activities of the suspended governor of the apex bank, Godwin Emefiele.

Aside from the CBN, the Special Investigator is also investigating the Nigerian National Petroleum Corporation Limited (NNPC), FRC and other Government Business Entities.

The President in the letter which he personally signed, said the move was in continuation of the government’s anti-corruption fight.

The letter, dated July 28, 2023, read, “In accordance with the fundamental objectives 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 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, 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.”

The President also attached a copy of his directive suspending Godwin Emefiele as Governor of the CBN on June 9, 2023.

According to Punch, the CBN Special Investigator is working with a team of accountants, auditors, and forensic accountants to carry out the investigation.

Meanwhile, the CBN might be asked to withdraw its seven-year audited financial account reports (spanning 2016 to 2022) over allegations of containing inaccurate and false data.

Multiple sources close to the investigation who spoke with the platform said presidential approval would soon be obtained to enable the relevant agency (FRC) to order the CBN to withdraw the controversial financial accounts.

Top sources close to the Special Investigator and his team said while the CBN financial accounts were not prepared using the International Financial Reporting Standards 9, which demands full disclosure of all financial transactions, the apex bank allegedly used guidelines controversially obtained from the FRC to prepare the financial accounts.

It was further learnt that the CBN allegedly paid N401.75m to IFRS Academy for the guidelines used in preparing the accounts.

A top official close to the investigation who spoke with Punch on condition of anonymity said, “As a government institution if you are getting any revenue, you are meant to pay it into Treasury Single Account from which a certain percentage will be deducted for the government. According to documents, the N401m paid by the CBN for the accounting guidelines between 2016 and 2022 was paid into the IFRS Academy account. The academy is a limited guarantee company set up by the FRC to train people in IFRS accounting.

“The issue is that the guidelines used in preparing the CBN accounts between 2016 and 2022 were not supposed to be paid for. Also, any accounting guidelines issued by the FRC are meant to be approved by its board and published on its website. These things were not done. The reason IFRS 9 was being avoided is to understate figures.”

Other officials close to the investigation, also claimed it was wrong to give the FRC accounting guidelines to external organisations.

As a result, it was learnt the Special Investigator team had included its recommendations that presidential approval be given to the FRC to order the CBN to withdraw the released annual financial accounts between 2016 and 2022.

Another official said, “The team has also invited the auditors that prepared the accounts for questioning. Some of the data contained in the CBN financial accounts cannot be relied upon as far as the team carrying out the investigation is concerned. Once the President approves, the CBN will be asked to withdraw the accounts in order to prepare new ones using the proper accounting methodology and standards.”

The platform added that the Department of State Services (DSS) may invite the Executive Secretary/Chief Executive Officer of FRC, Shuaibu Ahmed, and some top officials of the agency for questioning.

Also, the Special Investigator and his team are expected to question officials of the FRC for allegations bothering on the controversial accounting guidelines used by the CBN, among other issues.

Already, the DSS has quizzed some deputy governors of the CBN as the investigation continues.

Also, It was learnt that more cases involving Emefiele might soon be revealed in court sessions.

Tinubu had on July 28 directed the CBN Special Investigator to work with security and anti-corruption agencies to provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments, whether private or public


Just In: Olayemi Cardoso Resumes As Acting CBN Governor



The acting Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso on Friday formally resumed duties at the headquarters of the apex bank in Abuja.

This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN),

Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.

This development was confirmed in a press statement by the CBN on Friday which was signed by the bank’s Director of Corporate Communications, Isa AbdulMumin.

Naija News recalls President Bola Tinubu on September 15, 2023, appointed Cardoso and the Deputy Governors in acting capacity pending the confirmation by the Nigerian Senate.

Cardoso and the Deputies took the oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja, on Friday.

The new Deputy Governors are:

(1) Mrs. Emem Nnana Usoro

(2) Mr. Muhammad Sani Abdullahi Dattijo

(3) Mr. Philip Ikeazor

(4) Dr. Bala M. Bello

Cardoso is an Economic and Development Policy Advisor, Financial Sector Leader, former Chairman Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos State. He brings over three decades of managerial experience on board.

The acting CBN Governor is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies. He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America

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JUST-IN: Tinubu nominates new Ministers for federal ministry of Youth



President Bola Tinubu has approved the nomination of Dr. Jamila Bio Ibrahim to serve as the Minister of Youth, pending her confirmation by the Senate of the Federal Republic of Nigeria.

The President has further approved the nomination of Mr. Ayodele Olawande to serve as the Minister of State for Youth, pending his confirmation by the Senate of the Federal Republic of Nigeria.

Dr. Jamila Bio Ibrahim is a young medical doctor and most recently served as the President of the Progressive Young Women Forum (PYWF). She has also served as the Senior Special Assistant to the Kwara State Governor on Sustainable Development Goals (SDGs).

Mr. Ayodele Olawande is a community development expert and youth leader in the governing All Progressives’ Congress (APC). He most recently served in the Office of the Special Adviser to the President on Innovation from 2019 to 2023.

President Tinubu charges the above-mentioned nominees to ensure that they consistently reflect the dynamism, innovative zeal, and unyielding productivity that are synonymous with the young people of Nigeria as they discharge their duties.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

September 17, 2023

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Who is the new CBN Governor? Unveiling Yemi Cardoso: The Citibank Prodigy And Financial Genius Behind Lagos’ Tax Revolution!



In the buzzing financial district of Lagos, Yemi Cardoso’s name is whispered with a mix of respect, admiration, and perhaps a dash of envy. Today, as the entire country turns its eyes towards the Central Bank of Nigeria (CBN), the question on everyone’s lips is, “Who is the new CBN Governor?” We delve into the life and legacy of Yemi Cardoso, the man now at the helm of Nigeria’s financial future.

Born to a modest family, Yemi’s early life gave little indication of the powerhouse he would become. However, a relentless pursuit of education and an intrinsic passion for finance would set him on a meteoric rise. Starting his illustrious banking career with Citibank, Cardoso swiftly climbed the corporate ladder. His innate understanding of banking intricacies and a knack for strategic planning saw him rise to the esteemed position of Vice President. But the ambitious Cardoso didn’t stop there. He took a bold leap, co-founding Citizens International Bank, and for eight defining years, played a pivotal role as an Executive Director.

Yet, banking wasn’t the only domain where Cardoso left an indelible mark. He answered the call of public service, becoming the first Commissioner for Economic Planning and Budget for Lagos State. It was under his visionary leadership that Lagos underwent a pivotal financial reform, developing its own robust independent tax revenues. This wasn’t just a bureaucratic change – it was a revolution that altered the fiscal landscape of Lagos forever.

But who is Yemi Cardoso, the man behind the accolades and achievements? Beyond the corporate meetings and policy discussions, Cardoso has been a vital consultant and policy expert, aligning with major global development giants like the World Bank, UN Habitat, and even the Bill and Melinda Gates foundation. His expertise has shaped policies and development strategies, making him a revered name on global platforms.

Yet, for all his achievements, Cardoso remains grounded. A recipient of several awards, including a coveted honorary Doctorate Degree from Aston University, his alma mater, and the Global Distinguished Alumni award from Citi, he remains deeply connected to his roots. His Masters in Public Administration from the prestigious Harvard Kennedy School, where he was a celebrated Mason Fellow, is a testament to his commitment to public service and excellence.

As Nigeria stands on the cusp of a new financial era, the appointment of Yemi Cardoso as the CBN Governor isn’t just a political move; it’s a statement. A statement that Nigeria is ready to merge global financial strategies with homegrown expertise. With Cardoso steering the ship, the future of Nigeria’s financial landscape certainly seems promising

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