Home » How poor governance brought Nigeria to its present predicament – George Akume

How poor governance brought Nigeria to its present predicament – George Akume

by Maryam Olaniyi
Bola Tinubu portrait


How poor governance brought Nigeria to its present predicament - George Akume

The Secretary to the Government of the Federation, George Akume, said on Monday that the Federal Government will soon unveil the audit report of the probe of the Central Bank of Nigeria.

He stated that the probe report of the CBN when made public, would reveal how poor governance brought the country to its present predicament.

According to Akume, President Bola Tinubu had on July 28, 2023, named a former Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as the Special Investigator for the CBN.

The President asked the special investigator to probe the CBN and key Government Business Entities, adding that the investigator would report directly to the President’s Office.

Akume disclosed this while fielding questions at a press conference in Abuja on the 63rd Independence anniversary of Nigeria.

He said the report will enable Nigerians to know what went wrong and how the country got to its present situation.

“Most of these problems confronting us are due to bad governance. The present government has confronted and is confronting these challenges. When President Bola Tinubu came on board, he made a very sound decision at the CBN. That singular act led to a massive improvement in the capital market, as experts have told us, it is something that has never happened in the past 15 years.

“We have a new team at the CBN and a special investigator has been in the CBN for some time now and his result will soon be released and Nigerians will know what really went wrong and what brought us to where we are today.”

Tinubu had in a letter dated July 28, 2023, asked Obazee, to ensure the probe revealed government funds in the hands of private individuals.

The letter, which was addressed to the special investigator, read in part, “In accordance with the fundamental objective 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.”

idanNews gathered that on Monday, Obazee had submitted an interim report to the President’s office over a week ago.

Multiple officials said the preliminary report was submitted for necessary action by the President.

“The CBN Special Investigator submitted a preliminary report to the President’s Office over a week ago. The investigation still continues but the preliminary report is meant to give the President an idea of what has been discovered so far,” a top official privy to the development told The PUNCH on condition of anonymity because he was not authorised to speak on the matter.

It was learnt that the interim report would enable the president to take some key decisions that would help the country move forward.

Officials said the interim report led to the change of leadership at the CBN last week but this could not be independently verified as of press time.

The president and his team are said to be currently reviewing the report with a view to taking an appropriate decision on it soon.

As a result, it was learnt the CBN might be asked to withdraw its audited annual financial reports.

In August, the CBN released its financial accounts for the years 2016 to 2022 amid an ongoing probe of the financial services sector regulator by a Special Investigator appointed by President Bola Tinubu.

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