By Francis Ajuonuma
President Bola Tinubu’s Special Investigator, Jim Obazee, has called for the withdrawal and reissuance of the Central Bank of Nigeria’s 2025 audited financial statements, alleging that the accounts contain significant irregularities requiring urgent regulatory attention.
Obazee also urged the Financial Reporting Council of Nigeria (FRC) to obtain and scrutinise documents relating to the controversial N210 trillion associated with the Nigerian National Petroleum Company Limited (NNPCL), saying Nigerians deserved clarity on the matter.
He spoke in Lagos at the commissioning of the new headquarters of the FRC, where he challenged the council to deploy its inspection and investigative powers in examining the financial records of the two key institutions.
The former pioneer Chief Executive Officer of the FRC said the CBN’s 2025 audited financial statements contained issues serious enough to warrant their withdrawal and fresh issuance.
“I don’t know whether you have seen the CBN account for 2025, the fully audited account. Please, if you have not seen it, look for it,” Obazee told the FRC Executive Secretary, Dr Rabiu Olowo.
He added, “Ask them to bring you the summary and the full account because they urgently need to withdraw that financial statement and reissue it.”
According to him, a detailed examination of the documents would reveal several issues requiring regulatory intervention.
“It’s a whole lot of work that is there. I’ll discuss everything with you and show you all of them,” Obazee said.
*Urges Financial Reporting Council to probe NNPCL’s N210trn books
Turning to the controversy surrounding the N210 trillion linked to the NNPCL, Obazee urged the FRC to independently request and review relevant documents if they had not been formally submitted to the council.
He said the FRC should not wait for the NNPCL or the National Assembly to voluntarily transmit the records before commencing a review.
“I don’t know, sir, whether you have seen the documents that the National Assembly has been talking about — the N210 trillion NNPC issue,” he said.
“If you have not seen it, ordinarily the NNPC and the National Assembly should send you those documents.
“They should send you those documents. If they don’t, please request them and review them so you can give Nigerians closure.”
Obazee said the CBN audit controversy and the questions surrounding the NNPCL’s financial records represented major tests of the FRC’s statutory responsibility to enforce accountability and integrity in financial reporting.
In a light-hearted remark to Olowo, Obazee said the council’s inspection and investigation responsibilities would demand greater resolve from its leadership.
“I didn’t see the grey hair on your head. The grey hair will have to start now. You have named the hotbed after me, which is inspections and investigation,” he said.
Lagos State Governor, Babajide Sanwo-Olu, who attended the commissioning, said the effectiveness of regulatory institutions was crucial to building confidence in Nigeria’s economy and protecting the integrity of the financial system.
He said the country’s regulatory framework must evolve alongside the economy to address emerging challenges and strengthen investor confidence.
Sanwo-Olu said the new FRC headquarters should enhance the council’s operational efficiency, deepen engagement with businesses and professional bodies and improve its capacity to discharge its regulatory responsibilities.
According to him, businesses require certainty about the rules governing their operations, while investors and shareholders must be assured that their interests are adequately protected.
The governor said public confidence in the economy also depended on the ability of institutions responsible for financial oversight to effectively carry out their mandates.
“This is where the Financial Reporting Council plays such an important role. By promoting credible financial reporting, sound corporate governance and greater transparency, the council helps to reduce uncertainty in the marketplace,” Sanwo-Olu said.
“This makes investment easier, leading to significant socio-economic consequences.”
Sanwo-Olu also backed Obazee’s call for a thorough review of the CBN’s 2025 audited accounts and the documents surrounding the N210 trillion NNPCL controversy.
He described the former FRC chief’s remarks as a clear challenge to the council’s leadership to demonstrate its capacity for independent investigation.
“You can see what Jim Obazee is made of with the marching orders that he gave you to look into the NNPCL controversial N210 trillion issue and the CBN 2025 audited account, which he said must be withdrawn,” the governor said.
Obazee’s intervention places renewed scrutiny on the financial reporting practices of two of Nigeria’s most strategically important institutions, while also testing the FRC’s readiness to exercise its regulatory and investigative powers over issues of significant public interest.
