RCCG leadership saga: Sacked FRC boss Obazee in fresh trouble

January 15, 2017

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 thevestablishment.
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.
Investigation revealed that FRCN had been under probe radar since 2014 but the administration of ex-President Goodluck Jonathan did not act.
Some of the other allegations against the council border on curious budget andvexpenses 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.