FG Fires Jim Obazee, FRC Boss

FRCN, one of the parastatals under the supervision of the Ministry of Industry, Trade and Investment, was the principal actor in the controversial exit of Pastor Enoch Adeboye as the General Overseer of the Redeemed Christian Church God, RCCG, Nigeria, last weekend.

The Federal Government, yesterday effected a major shake-up in the boards of some public institutions, sweeping away the Executive Secretary/Chief Executive of the Financial Reporting Council of Nigeria, FRCN, Mr Jim Osayande Obazee.

The Council is responsible for setting and promoting compliance with standards for accounting, financial reporting and auditing in Nigeria, under which it created its controversial Code of Corporate Governance, now also suspended by the Minister of Industry, Trade and Investment, Dr Okechukwu Enalema. Following the removal of Obazee, President Muhammadu Buhari, has ordered the re-constitution of the Council’s board.

Consequently, his Senior Special Assistant, Media, Mallam Garba Shehu, yesterday, in Abuja stated that the President has approved Mr Adedotun Sulaiman as the new council chairman, and Mr Daniel Asapokhai as the new Executive Secretary of the Council, replacing Obazee.

Garba Shehu also said the President has instructed Enelama to invite the 19 ministries, departments and agencies of the Federal Government and private sector organisations specified in the FRCN Act to nominate their representatives to fill the remaining vacancies on the board of the Council.

On the side-lines of Obazee’s sack, the Federal Government has suspended the Corporate Governance Code, CCG, FRCN, pending a detailed review, extensive consultation with stakeholders and reconstitution of the board of the FRCN. Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah in Abuja, yesterday, said that Government remains committed to restoring and enhancing market confidence and improving the Ease of Doing Business in Nigeria.