CBN Investigator Set TO Probe Wema Bank MD, Moruf Oseni, Over Intervention Funds

Wema Bank Risks Federal Government's Sanction Over Data Breach

Jim Obazee, a special investigator appointed to probe the activities of the Central Bank of Nigeria (CBN) is set to invite the Managing Director of Wema Bank Plc, Mr. Moruf Oseni, and other senior officials of the bank over the management of intervention funds released to the lender by the apex bank.

According to media reports, the bank’s executives will be invited for questioning as the investigations cover over N1.27 trillion undisbursed intervention funds in some commercial banks in Nigeria, including Wema Bank.

The investigation is aimed at unraveling any discrepancies around the management of intervention funds by the lender after a team investigating the CBN discovered discrepancies and irregularities in the financial accounts.

BizWatch recalls that the CBN, in August, 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.

Tinubu had on July 28 appointed a former chief executive officer of the Financial Reporting Council of Nigeria, Jim Obazee, as a special investigator to probe the activities of the apex bank under its suspended governor, Godwin Emefiele.

The secretary to the Government of the Federation, George Akume, recently said the Federal Government would soon unveil the audit report of the probe of the CBN adding that the probe report of the CBN when made public, would reveal how poor governance brought the country to the present predicament.

According to him, the report will enable Nigerians to know what really went wrong and how the country got to its present situation.

When contacted, Mabel Adeteye, head of Brand & Marketing Communications, at Wema Bank Plc, did not respond to inquiries.

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