The saga surrounding President Tinubu’s appointed Special Investigator, Mr. Jim Obaze, concerns are rising over the investigative approach that seems more akin to an inquisitor than a detached fact-finding inquirer.
Before assumptions are made about any personal interest, it is essential to clarify that encounters with individuals implicated in Obaze’s investigations, such as Emefiele and Lemo, were brief and devoid of any financial transactions.
Critics argue that Obaze’s methodological shortcomings could lead to dire consequences, particularly the potential demolition of Titan, Keystone, and Polaris Banks.
The fear extends beyond these institutions, touching both Nigerian and non-Nigerian banks, as the investigator assumes roles of accuser, prosecutor, judge, and gaoler, violating established principles of fairness.
The premature judgment, and court proceedings, raises concerns about the potential takeover of the three banks by the Federal Government, possibly disregarding the rights of other stakeholders, including AFREXIM Bank.
Obaze’s perceived contempt for the rule of law has drawn comparisons with regimes in North Korea and Afghanistan, underscoring the need for a more measured and mature approach to such a crucial and unprecedented assignment.
Amidst the quest to uncover possible crimes and hold culprits accountable, there’s a growing call for a broader review of existing laws and parts of the constitution to curb excessive powers vested in the President and the CBN Governor.
In a related article, doubts were cast on aspects of Obaze’s report, particularly the alleged existence of 593 illegal accounts in the US, UK, and China and the claim that President Buhari did not authorize a currency re-design.
Historical records suggest Buhari’s awareness of the currency change, contradicting the report.
The importance of maintaining secrecy, surprise, and speed in executing such decisions is highlighted, challenging the credibility of the allegations.
Highlighting the fragility of banks, the potential takeover of financial institutions, like Titan, Keystone, and Polaris, by federal authorities is underscored as a last resort with unintended consequences.
The closure of a bank, especially without thorough legal reviews, can lead to severe disruptions, impacting millions of stakeholders.
Historical examples, like the abrupt closure of Savannah Bank, serve as cautionary tales of the profound repercussions on businesses, lives, and families.
The alarm raised by Obaze, regardless of its intent, has triggered concerns about the safety of deposits, with individuals contemplating the fate of their accounts.
The interconnected nature of the banking sector further amplifies the risks, with potential contagion affecting other banks and organizations.
Given the vulnerability of Nigeria’s banking sector, previously exemplified by the fallout from the global crisis of 2008, there is a collective plea for prudence in handling the current situation.
In conclusion, while the need for a thorough investigation remains paramount, the method and consequences of Obaze’s approach are raising significant reservations.
A more careful and considered review, involving legal experts and appropriate channels, is urged to prevent unwarranted disruptions and protect the stability of Nigeria’s financial landscape.
