Yemi Obafemi
Some financial experts have urged the Federal Government to hire a reputable and impartial audit firms to investigate the Central Bank of Nigeria (CBN).
Speaking with newsmen, on Sunday in Abuja, the financial expert opposed the appointment of a private investigator, Osayande Obaze, the former Chief Executive Officer of the Financial Reporting Council (FRC) to probe the CBN.
Recall that in a letter dated July 28, president Bola Tinubu recently announced Obaze as a special investigator to probe the CBN.
Some stakeholders stated that the law empowered the FRC to carry out such investigation, adding that going outside the FRC to appoint an individual could send the wrong message.
The Director, Institute of Capital Market Studies, Nasarawa State University Keffi, Uche Uwaleke said the president can commission an enquiry into the activities of the CBN.
However, stated that a consortium of audit firms could be trusted and reliable to do a more thorough probe than a private investigator.
“The CBN is the banker to the Federal Government, and in that regard, it is not out of place for the president to commission an enquiry into the activities of the bank.
“But in doing so, the president will approach it better by engaging the services of a consortium of reputable audit firms rather than giving that responsibility to an individual ” he said.
Speaking further, the past president of the Chattered Institute of Bankers of Nigeria (CIBN), Okechukwu Unegbu said, hiring a single individual for the investigation can be dangerous because he can be influenced by certain personal reasons in carrying out the assignment, adding that the government needed reputable and impartial audit firms for the investigation.
According to him, Obaze has had issues with the apex bank since his time at the FRC, which could influence his verdict.
” It is not right for the president to appoint a single individual to do such an investigation.
“The guy they hired is a controversial person who has had issues with the CBN even from the time he was at the FRC, and he is going to be a bit biased.
“We need reputable and impartial audit firms to do the examination,” he said.
Meanwhile, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said that the investigation had become necessary to ascertain if there were any infractions or abuse of office.
According to Yusuf, the only way to get the facts out is through the normal audit and maybe a forensic audit. It is not out of place.
‘’If there is any suspicion of abuse of office, the normal thing is to do a forensic examination to ascertain whether there was any infraction or abuse of office.
“You need to get the facts before you can take action against anybody,” he said
