Benjamin Fakunle, the former Finance Director of the Central Bank of Nigeria (CBN), has been apprehended and is currently under detainment by the Department of State Service (DSS).

Reports suggest that Fakunle’s arrest is linked to his involvement in the recently released seven-year audited financial reports of the CBN, which are under scrutiny for purportedly not adhering to prescribed accounting and reporting standards.

Fakunle, who had recently retired, is one among several CBN officials facing arrest and interrogation as part of the ongoing investigation led by Jim Obazee, the Special Investigator appointed by President Bola Tinubu.

He was reportedly taken into custody during his retirement celebration in Abuja and remains detained.

Sources indicate that Fakunle is being questioned regarding the utilization of accounting guidelines that allegedly deviated from the International Financial Reporting Standards (IFRS) when preparing the CBN’s published financial statements. Additionally, he will need to provide explanations regarding a reported payment of N401 million for the documents, which allegedly violates the regulations set by the Financial Reporting Council of Nigeria.

President Tinubu had appointed the Jim Obazee-led special panel in late July to investigate the CBN following the arrest and prosecution of the former CBN Governor, Godwin Emefiele, on charges of financial irregularities.

The panel has been interviewing the deputy governors of the CBN and other senior officials of the bank as part of their ongoing audit.