RCCG leadership saga: Sacked FRC boss Obazee in fresh trouble

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RCCG leadership saga: Sacked FRC boss Obazee in fresh trouble

The last may not have been heard about the sack of Mr. Jim Obazee as Executive Secretary of Financial Reporting Council of Nigeria (FRCN).
Few days after he was removed as the scribe of the body, the Federal Government is considering probing his tenure.

Some other top officials of the council may also be asked to make way  as government  prepares for the overhaul of the parastatal.
The planned reorganisation is a consequence of allegations of wrongdoings  in the establishment.

One of the allegations is that over N1 billion cash of the council, meant for International Financial Reporting Standards Academy (IFRS) is  trapped in a bank, contrary to the decision of the board to invest it in treasury bills.

Some of the other allegations against the council border on curious budget and expenses as follows:
  • Expenditure of  N225 million on the  production of FRC registration certificates which cannot be exhausted in 24 years’ time
  • Acquisition of  a  N47 million mansion in Houston, Texas (suspected as 15918 Mission Village DR Houston Texas 77083) by a top official  of FRCN.
  • Expenditure of N36 million within  60 days in 2014 on local travel to Abuja to probe the books of Central Bank of Nigeria (CBN) under ex-Governor Sanusi Lamido Sanusi
  • Suspicious payment of incidental expenses.
In a particular  curious expense in July 2014, a top official allegedly applied for N736, 250 to go to Abuja for an official assignment.
His memo said: “Please arrange to reimburse me for my trip to Abuja to meet and brief the Permanent Secretary on the activities of the FRC.

“I travelled on Monday, July 14, 2014 and returned to Lagos on Tuesday, July 15, 2014.
“Details are as follows: Return ticket (Lagos-Abuja-Lagos) N150,000; Hotel Expenses (N86, 250); Incidental Expenses (N500,000), amount due to me, (N736,250).”
In a similar claim,  the official on August 18, 2014 asked for a reimbursement of  N836, 250 for a trip to Abuja.


Worried by the religious tension, President Muhammadu Buhari on Monday sacked Obazee and reconstituted the board of FRC.
    A statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, announced the President’s decision.

The statement said: “President Muhammadu Buhari has approved the immediate removal and replacement of the Executive Secretary and the reconstitution of the board of the Financial Reporting Council of Nigeria.
“He has appointed a Chairman and a new Executive Secretary for the council. The new Council as approved by the President has Mr. Adedotun Sulaiman, MFR, as Chairman.

“Mr. Sulaiman was a former Managing Partner/Director of Arthur Anderson and later, Accenture. He is a Chartered Accountant and a product of the University of Lagos and Harvard Business School.
“The President has also approved the appointment of Mr. Daniel Asapokhai as the Executive Secretary of the Council. Mr. Asopokhai is a partner and a Financial Reporting Specialist at the Price water House Coopers, Nigeria.”

Will keep you updated...

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