Jim Obazee In Fresh Trouble, Faces Corruption Charges


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.
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 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
In a particular curious expense in July 2014, a top official allegedly applied for N736, 250 to go to Abuja for an official assignment.
In a similar claim, the official on August 18, 2014 asked for a reimbursement of N836, 250 for a trip to Abuja.
A top government official said: “There were a lot of issues during the tenure of Obazee which the government will look into.
“We have a report on how a top official of FRCN allegedly bought a N47 million mansion in Houston, Texas.
“The probe of Obazee and others will be part of plans to overhaul the Financial Reporting Council of Nigeria. The agency stinks a lot.
“These allegations are not new but the administration of ex-President Goodluck Jonathan did not act on them.
Worried by the religious tension, President Muhammadu Buhari on Monday sacked Obazee and reconstituted the board of FRC.

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