House Committee Investigates CBN for Financial Irregularities

The House of Representatives Committee on Delegated Legislation has begun an investigation into the Central Bank of Nigeria (CBN) regarding the exercise of its delegated legislative powers. This scrutiny is focused on alleged financial irregularities linked to regulations, guidelines, circulars, and other subsidiary legislative instruments issued by the CBN.

The motion for this investigation was sponsored by Hon. Baraje Yusuf Kure, who represents the Bosho/Paikoro Federal Constituency of Niger State. He emphasized that while the CBN is authorized to create such regulations under its enabling legislation, these powers must align with the 1999 Constitution and relevant National Assembly Acts.

Concerns were raised about specific financial transactions and expenditures related to the CBN's activities. Deputy Chairman Hon. Dominic Okafor pointed out issues with the CBN's audited accounts for 2024 and 2025, as reported by President Bola Tinubu's special investigator, Mr. Jim Obazee, stressing the need for legislative intervention to ensure transparency.