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Jim Obazee, ex-FRC boss who attempted to sack renowned clerics, suspended others

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1 year ago

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The newly-appointed Special Investigator by President Bola Tinubu, Jim Obazee, served as the Executive Secretary of the Financial Reporting Council for more than six years.

From November 2010 when he was appointed as the FRC boss, till January 2017 when he was fired by former President Muhammadu Buhari, Obazee never showed any discomfort with controversies, as he made several controversial headlines.

In January 2017, before he was fired by Buhari, Obazee got entangled in controversy due to the enforcement of the code of corporate governance law.

The current CBN investigator had been re-appointed in 2015 by Buhari for another term of four years, which was to elapse in 2018, but was sacked in January 2017 after the controversial corporate governance law.

Towards the end of 2016, the FRC ordered not-for-profit organisations, including churches and mosques, to comply with the corporate governance code stipulating a term of 20 years for heads of such entities.

The law forced the General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, who had spent over 20 years as the head of the church, to name a National Overseer for the RCCG, Joshua Obayemi, at the time.

Adeboye, however, remained the global overseer of the church during this period.

However, two days after Adeboye stepped down, and in the heat of the controversy, Buhari sacked Obazee and approved the reconstitution of the board.

Following this development, the aide to the Minister Federal Ministry of Industry, Trade and Investment, Constance Ikokwu, announced in a statement that the corporate governance code had also been suspended for review.

“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,” the ministry had stated in the statement.

Sanusi’s sacking

The FRC under Obazee recommended the sacking of the former Governor of the Central Bank of Nigeria in February 2014, which was also controversial at the time.

Before he was sacked, Sanusi had alleged that billions of dollars accruable to the federation were being diverted by some persons in the management of the Nigerian National Petroleum Corporation during the administration of former President Goodluck Jonathan.

Following Sanusi’s allegation, the FRC accused Sanusi of financial recklessness and recommended that he be asked to step aside, which was eventually upheld by Jonathan, leading to the sacking of the former CBN boss.

After Sanusi was removed from office, he was probed by the FRC but he shunned several invitations from the council and later sued the agency for defamation of character.

Similarly, the FRC under Obazee suspended Atedo Peterside as the chairman of Stanbic IBTC in October 2015, citing infractions in the 2013-14 financial statements of the bank as the reason for its decision.

The council at the time directed the Deposit Money Bank to restate and to re-issue its 2013-14 financial statements. It consequently imposed a N1bn fine on the DMB.

It also suspended other senior management officials of Stanbic IBTC, including the Group Managing Director, Sola David-Borha and chief finance officer, among others. The council, however, lifted the suspension on the bank’s management in December 2016.

Obazee, a BSc. holder in Accounting from the University of Benin, and MSc. Accounting from the University of Lagos, also has a certification in Strategic Financial Analysis for Business Evaluation from Harvard University, United States.

The former FRC boss is a fellow of the Institute of Chartered Accountants of Nigeria, and a member of the Nigeria Institute of Management, as well as the American Accounting Association.

In his earlier role, he was on attachment to the Financial Accounting Standard Board, United States, and Atlantic Schools of Business, Canada.

He was the Chairman of the 29th Session of UNCTAD-ISAR (International Standards of Accounting and Reporting) and Chairman of the Committee of the Roadmap to the adoption of International Financial Reporting Standards in Nigeria.

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Former Governor Ifeanyi Okowa, Spends Second Night In EFCC’s Cell Over N1.3 Trillion Alleged Fraud

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5 hours ago

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November 7, 2024

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Immediate past governor of Delta State, Ifeanyi Okowa, who was arrested and detained by the Economic and Financial Crimes Commission (EFCC) has spent second night in the custody of the anti-graft commission.

 

Okowa is currently being investigated and detained over the alleged diversion of N1.3 trillion.

 

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

 

According to sources within the commission, Okowa was invited to the EFCC office in Port Harcourt, Rivers State, where he’s subsequently detained by officials.

 

One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

 

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.

Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.

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Lagos Government Shuts Down Redeemed Church, Celestial Church, Clubs, Event Centres Over Noise Pollution

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18 hours ago

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November 6, 2024

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The Lagos State government has shut down a branch of Pastor E. A. Adeboye’s Redeemed Christian Church of God, a Celestial church, nightclubs and event centres over noise pollution.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, who made this known on Wednesday, said the churches, clubs and event centres were sealed on Tuesday by the Lagos State Environmental Protection Agency (LASEPA) in the Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota areas of the state.

The sealed establishments include: Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Lounge & Lodging, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The commissioner in a post on X said, “In a bid to address noise pollution and other environmental violations, the Lagos State Environmental Protection Agency (LASEPA) took action yesterday, closing down several establishments across different parts of the state.

“This enforcement drive, focusing on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota, is part of LASEPA’s continuous efforts to uphold environmental standards and safeguard public health.

“The affected establishments include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.”

 

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Gen. Taoreed Lagbaja: Tinubu directs flags be flown at half-mast

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19 hours ago

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November 6, 2024

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President Bola Tinubu has directed that Nigeria’s national flags be flown at half mast for seven days across the country to mourn the passing of the late Chief of Army Staff, Lt. Gen. Taoreed Lagbaja.

The late Army chief, who was appointed by Tinubu on 19 June 2023, was said to have passed away on Tuesday night after a prolonged illness.

The Secretary to the Government of the Federation, George Akume, in a statement on Wednesday by his office Director of Information & Public Relations, Segun Imohiosen, said the president expressed regret over Lagbaja’s death.

Akume said, “President Bola Tinubu has expressed regret following the death of the Chief of Army Staff, Lieutenant General Taoreed Abiodun Lagbaja, after a brief illness at the age of 56.

“The President has directed that national flags be flown at half mast throughout the country for seven days in honour of the departed Army chief.

“He profoundly appreciates the services of the departed to the nation and wishes the family the fortitude to bear the great loss.”

Meanwhile, the Ministers of Defence, Mohammed Badaru and Bello Matawalle, have commiserated with the president, the military, and Lagbaja’s family over his death.

In a statement by the Ministry’s spokesperson, Henshaw Ogubike, the ministers described Lagbaja’s death as a great loss to his family, the Army, and the nation at large.

“The passing on to eternal glory shocked us at the Ministry of Defence, as our working relationship with him was commendable; he exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.

“The late Chief of Army Staff contributed significantly to internal security operations across Nigeria and also exhibited a high level of professionalism.

“He will be greatly missed by the family, the military, and the nation, as he served the nation with commitment and dedication,” the statement added.

 

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