Business
Sacked FRC Head, Jim Obazee lands in Fresh trouble over fraudulent activities
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
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.
The official had applied for the reimbursement of the cash through a memo addressed to Assistant Director (FIND).
The memo, which was obtained by our correspondent said: “Please arrange to reimburse me for my trip to Abuja for a meeting to attend the meeting of Heads of Parastatals with the Honourable Minister at Federal Ministry of Industry, Trade and Investment on Thursday, August 14, 2014.
“I travelled on Thursday, August 14, 2014 and returned back to Lagos on Friday, August 15, 2014.
“Details are as follows: (i) Return ticket( Lagos-Abuja-Lagos)—N150,000; (ii) Hotel expenses (N86,250); and (iii) Incidental expenses (N600,000).
“Amount due to me is N836, 250.”
A top government official said: “There were a lot of issues during the tenure of Obazee which the government will look into.
“There were allegations of mismanagement of funds and huge incidental expenses incurred by some top officials of the council.
“For instance, it was alleged that about N36 million was spent on local travel to investigate the books of the Central Bank of Nigeria during Sanusi Lamido Sanusi’s tenure.
“We have a report on how a top official of FRCN allegedly bought a N47 million mansion in Houston, Texas.
“The council made suspicious payments to hired consultants, who were suspected to be proxies for some of its officials.
“Some contracts awarded were questionable. Also, some outrageous allowances were paid outside the approved rates in the civil service. So, we may probe the administration of FCRN anytime from now.
“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.
“Actually, a member of the Audit Committee of the former board of FRCN had raised some of these issues, especially on poor management of resources.
“There are allegations that council did not publish its annual reports for some years contrary to Section 38 of the FRCN Act. This is not in line with international best practices.
“We will ask the new board to restructure the FRCN in a manner that it will disallow a sit-tight syndrome. Until he was removed, Obazee had served as FRCN chief for more than 10 years as Technical Director through CEO in NASB and to the Executive Secretary level.”
The FRCN’s stipulation of a maximum period of 20 years for the heads of all registered churches, mosques, and civil society organizations and its Governance Code 2016 have caused tension in the last few days.
The FRC’s regulations, which had not received final approval, led to the exit at the weekend of Redeemed Christian Church of God (RCCG) General Overseer Pastor Enoch Adejare Adeboye.
Worried by the religious tension, President Muhammadu Buhari on Monday sacked Obazee and reconstituted the board of FRC.
A statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, announced the President’s decision.
The statement said: “President Muhammadu Buhari has approved the immediate removal and replacement of the Executive Secretary and the reconstitution of the board of the Financial Reporting Council of Nigeria.
“He has appointed a Chairman and a new Executive Secretary for the council. The new Council as approved by the President has Mr. Adedotun Sulaiman, MFR, as Chairman.
“Mr. Sulaiman was a former Managing Partner/Director of Arthur Anderson and later, Accenture. He is a Chartered Accountant and a product of the University of Lagos and Harvard Business School.
“The President has also approved the appointment of Mr. Daniel Asapokhai as the Executive Secretary of the Council. Mr. Asopokhai is a partner and a Financial Reporting Specialist at the Price water House Coopers, Nigeria.”
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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