Meet Jim Obazee, The Man Who Sacked Adeboye, Sanusi, Others, Appointed by Tinubu to Investigate CBN, Emefiele
- President Bola Tinubu's appointed special investigator, Obazee worked as the Executive Secretary of the Financial Reporting Council
- Obazee's FRC took several controversial decisions, including the suspension prominent people
- He was sacked by former President Muhammadu Buhari in 2017 after the enforcement of the corporate governance law
President Bola Tinubu appointed Jim Obazee as a special investigator to probe the Central Bank of Nigeria (CBN) activities under the suspended Governor, Godwin Emefiele.
Obazee served as the Executive Secretary of the Financial Reporting Council (FRC) for over six years.
Source: Getty Images
Obaze's turbulent years as FRC boss
He served as FRC boss from 2010 to 2017, when ex-President Muhammadu Buhari sacked him.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
In January 2017, Obazee became embroiled in a controversy over the enforcement of the code of corporate governance law.
The new CBN investigator was reappointed by Buhari for another four-year term, ending in 2018 but was fired in January 2017 after the corporate governance law.
At the end of 2016, Obazee's FRC asked non-profit organizations, including mosques and churches, to adhere to the corporate governance code outlining a 20-year term for heads of such organizations.
His recommendations sacked Adeboye
The new directives forced the General Overseer of the Redeemed Christian Church of God, Enoch Adeboye, to step aside as the head of the church and named Joshua Obayemi as the National Overseer of RCCG.
Adeboye had been RCCG's General Overseer for 202 years. He, however, remained the global General Overseer of the church during the period.
Two days after Adeboye stepped down, Buhari sacked Obazee and approved the FRC's board reconstitution in the heat of the controversy.
Constance Ikokwu, an aide to the former Minister of Industry, Trade, and Investment, announced the suspension of the corporate governance code in a statement.
The statement read:
"The Corporate Governance Code issued by the Financial Reporting Council of Nigeria has been suspended pending a detailed review, extensive consultation with stakeholders, and reconstitution of the board of the FRC."
Obazee recommended Sanusi's ouster
Under Obazee, the FRC recommended the sack of the ex-CBN governor, Sanusi Lamido Sanusi, in February 2014.
Sanusi had alleged that billions of dollars accruable to Nigeria were unaccounted for and diverted by persons in the management of the then Nigerian National Petroleum Corporation (NNPC) during the administration of President Goodluck Jonathan.
Sanusi's allegations prompted FRC to accuse him of financial impropriety and recommended his suspension, ratified by Jonathan, leading to Sanusi's sack.
After Sanusi's removal, the FRC probed him, but he shunned invitations from the council and sued the agency for character defamation.
Removed Stanbic IBTC Chairman, Peterside Atedo
Also, under the CBN Investigator, the FRC suspended Peterside Atedo as the Chairman of IBTC in October 2015, citing infractions in the bank's 2013 and 2014 financial statements as reasons for Atedo's suspension.
The FRC directed Stanbic IBTC to restate and reissue its 2013-2014 financials and fined the bank N1 billion.
The council also suspended other bank senior officials, including the Group Managing Director, Sola David-Borha, and the Chief Finance Officer.
Punch reports that the council lifted the suspensions in December 2016.
A pedigree to envy
Obazee holds a BSc in accounting from the University of Benin and an MSc, Accounting from the University of Lagos. He also has Strategic Financial Analysis for Business Evaluation certification from Havard University, United States of America.
He is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a member of the Nigeria Institute of Management and American Accounting Association.
He worked as an attachment to the Financial Accounting Standard Board in the USA and the Atlantic Schools of Business in Canada.
Tinubu begins CBN, Emefiele probe, appoints Jim Obazee as Investigator
Legit.ng reported that President Bola Tinubu has begun the probe of the Central Bank of Nigeria (CBN) under the suspended Governor, Godwin Emefiele.
Tinubu announced the Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as a special investigator to probe the apex bank and related entities.
Reports say Tinubu disclosed this in a letter, stating that the investigation begins immediately.
Source: Legit.ng
