Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

Nigeria's Tinubu appoints investigator to probe central bank - letter

Published 07/30/2023, 02:07 PM
Updated 07/30/2023, 02:10 PM
© Reuters. FILE PHOTO: Nigeria's Central Bank Governor Godwin Emefiele briefs the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi Sotunde

ABUJA (Reuters) - Nigeria's President Bola Tinubu has appointed a financial watchdog to investigate the central bank, weeks after he suspended its governor, a copy of a letter from the president showed on Sunday.

Tinubu on June 9 suspended Godwin Emefiele, who was then detained by state security agents for allegedly misappropriating funds and a "criminal breach of trust." Emefiele last week appeared in court to deny illegally possessing a firearm and ammunition.

In a letter dated July 28, Tinubu appointed the chief executive of Nigeria's Financial Reporting Council as special investigator of the Central Bank of Nigeria (CBN) and other government-owned entities.

The letter said the investigator should make weekly reports to the president.

"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," Tinubu said.

The investigator was to "provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments."

A presidency source confirmed the authenticity of the letter.

Tinubu's spokesperson Dele Alake did not immediately comment.

Tinubu has embarked on the country's boldest reforms in decades, including removing a popular but costly fuel subsidy and lifting restrictions on foreign exchange trading, a gamble which he hopes will boost growth.

Latest comments

What a *#%& hole country.
It's time for investigation also on the European Central Bank
Bola Tinubu didn't commit suicide.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.