President Bola Tinubu has announced an extensive probe into the Central Bank of Nigeria (CBN) operations, focusing on unaudited interventions during former Governor Godwin Emefiele’s tenure.
Notably, initiatives like the Real Sector Facility, 100 4 100 PPP, and Nigerian Electricity Market Stabilization Facility (NEMSF-2) with a total of ₦2.56 trillion, ₦173.31 billion, and ₦254.39 billion respectively are being scrutinized.
The investigation also targets CBN’s corporate governance. Analysts emphasize the necessity of consistent reporting, citing CBN Act 2007 Section 39 and Section 42 for transparency and public access.
Experts stress the need to redefine CBN’s roles and responsibilities alongside Nigeria Deposit Insurance Corporation (NDIC), possibly creating a separate regulatory authority similar to the UK’s Financial Conduct Authority (FCA).
This shift would enhance financial market regulation, enabling CBN to focus on monetary policy and banking guidelines.
