The Department of State Service (DSS) has apprehended Benjamin Fakunle, the outgoing Finance Director of the Central Bank of Nigeria (CBN), as part of an ongoing investigation into the CBN’s recently published seven-year audited accounts.
These accounts have raised concerns about their adherence to prescribed accounting and reporting standards.
Fakunle, who had recently retired, was arrested during his retirement celebration in Abuja on Wednesday and has been held in custody since.
CBN finance director faces interrogation
He faces interrogation regarding the use of accounting guidelines that allegedly diverged from the International Financial Reporting Standards (IFRS) in the preparation of the CBN’s published accounts.
He will need to clarify why an alleged sum of N401 million was paid for the document, contrary to the regulations established by the Financial Reporting Council of Nigeria.
Jim Obazee, the Special Investigator appointed by President Bola Tinubu, is overseeing the ongoing investigation into the CBN.