CBN Probe: Analyst Shares How Tinubu, Cardoso’s Anti-Corruption Drive Is Yielding Results

CBN Probe: Analyst Shares How Tinubu, Cardoso’s Anti-Corruption Drive Is Yielding Results

  • President Bola Tinubu and the CBN governor, Yemi Cardoso, have been praised for their efforts to drive change through the ongoing anti-corruption campaign in the apex bank
  • In a statement on Sunday, June 9, Gbenga Ibrahim, a Lagos-based public affairs analyst, said Tinubu has made significant progress in the investigation into the CBN
  • He noted that the CBN probe, led by special investigator Jim Obazee, had uncovered a staggering amount of stolen funds and fraudulent transactions totaling billions of naira journalist Esther Odili has over two years of experience covering political parties and movements.

A Lagos-based public affairs analyst and writer, Gbenga Ibrahim, has commended President Bola Tinubu and the governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, for their efforts in driving change through the ongoing anti-corruption campaign at the country’s central bank.

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President Bola Tinubu and Yemi Cardoso's probe of the CBN assessed
Analyst speaks on CBN probe, hails Tinubu and CBN governor Yemi Cardoso. Photo credit: Asiwaju Bola Ahmed Tinubu, CBN
Source: Facebook

Tinubu, Cardoso applauded for anti-corruption drive in CBN

Tinubu announced significant progress in the investigation into the CBN, which is being led by special investigator Jim Obazee.

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The probe has uncovered stolen funds, unauthorised bank accounts, and fraudulent transactions totalling billions of naira.

According to sources, the investigation implicated former CBN governor Godwin Emefiele, who has been suspended pending further investigation.

Emefiele is accused of financial misconduct and abusing his position for personal gain.

Probe reveals corruption in CBN, Emefiele implicated

The probe has revealed a complex web of corruption involving top officials at the CBN and other related entities.

Investigators have discovered numerous unauthorised bank accounts, both within and outside the country, containing billions of naira in stolen funds.

The investigation has also uncovered evidence of fraudulent transactions, including a controversial naira redesign project that allegedly stifled productivity and led to chaos in October 2022.

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The project, according to him, is a conspiracy against the Nigerian people and political class by the then-CBN governor and one of the erstwhile CBN deputy governors.

He also attributed the success to the ability of Cardoso’s leadership to identify capable hands like Bala Bello, an experienced and competent professional.

He noted:

“Though I have never met the Governor or his deputies, inside sources confirmed that Bello is a very diligent, meticulous and analytical person, one staff even describing him as workaholic and straightforward, most times the first to come to the office and last to leave is part of the CBN management team led by Yemi Cardoso.
“He rose through the ranks to become Deputy Governor, Corporate Services, a position requiring rigorous security checks and scrutiny. It’s unfair to blame him for implementing recommendations from the special investigation counsel appointed by the president.”

The success at the CBN is a result of teamwork, compliance with APEX Bank policy, and a capable team following the CBN hierarchy.

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Tinubu mandated Obazee to produce a comprehensive report on public funds held by corrupt individuals and entities.

The report exposed 593 unauthorised bank accounts in the US, UK, and China, and revealed billions of naira stolen from CBN accounts.

It also recommended prosecuting Emefiele and 13 others for alleged financial misconduct.

Ibrahim said Tinubu has commendably taken decisive action to combat corruption in the CBN, appointing a special investigator to probe the bank and related entities, TheNation reported.

He lauded the administration’s commitment to transparency and accountability, adding that it is a significant step forward in the fight against corruption.

He stated:

“The Federal High Court in Lagos has granted an order of interim forfeiture of property valued at N11,140,000,000 linked to Emefiele, further justifying President Tinubu’s efforts to ensure a corrupt-free CBN.
“Additionally, $4.6 billion charges have been levelled against Emefiele, equivalent to N7 trillion Naira, and $6.2 million fraudulently withdrawn from the CBN account in 2023 in the name of logistics to foreign observers, done by forging the signature of the then president Mohammadu Buhari.

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“Sources confirm that some staff involved have returned over $1 million to the CBN with confessional statements, and many CBN staff are ready to testify against Emefiele. A former Director of Information Technology, John Ayoh, has admitted to collecting $600,000 on behalf of Emefiele from contractors. Another staff member, Monday Osazuwa, has also admitted to collecting $3 million cash in tranches for Emefiele.
“It’s also on the court record and public records how Mr Monday Osazuwa who is not ready to follow Emefele to prison admitted to having collected $3 million cash in tranches for Emefele, it’s also in public knowledge that Zenith Bank the Bank Emefele left as CEO to CBN as Governor on 28th November 2023 A Compliance Officer at Zenith Bank, Remigious Ugwu, testified in court about a series of large transactions involving the Central Bank of Nigeria (CBN) and April 16 Investment Limited.
“He revealed that the CBN made several payments to the company, including; N39,060,465 on October 19, 2020; N421,953,488 on November 6, 2020; N304,883,720 on November 23, 2020; N304,883,720 on January 1, 2021; N304,883,720 on March 23, 2021

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“These transactions totalled over 1.4 billion naira and were paid by the CBN to April 16 Investment Limited over a period of five months. The purpose and legitimacy of these payments were not disclosed in the provided information.
“The investigation is ongoing, with many hailing President Tinubu’s commitment to transparency and accountability in the CBN. The President’s efforts have sent a strong message that corruption will no longer be tolerated in Nigeria’s financial sector. As the investigation continues, Nigerians are optimistic that President Tinubu’s anti-corruption drive will yield even more significant results, restoring public trust and integrity to the CBN and related entities.”

EFCC witness reveals how Emefiele spent $6.2m earlier reported that an EFCC witness told a federal high court in Abuja how the former governor of the CBN Emefiele spent over $6.2 million in cash for international election observers.

Emefiele is currently facing charges before the court for matters bordering on corruption allegations and money laundering.

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Proofreading by James Ojo Adakole, journalist and copy editor at


Esther Odili avatar

Esther Odili (Politics and Current Affairs Editor) Esther Odili is a journalist and a Politics/Current Affairs Editor at with 6+ years of experience. Before joining, Esther has worked with other reputable media houses, such as the New Telegraph newspaper and Galaxy Television. She Holds OND and HND in Mass Communication from NIJ, where she was recognized as the best student in print journalism in 2018. Email:

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