Business

Sacked FRC Head, Jim Obazee lands in Fresh trouble over fraudulent activities

Published

9 years ago

January 14, 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 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.”

Business

ADVAN Wins Global Honour at WFA Awards for “Project Freedom” Initiative

Published

2 days ago

April 25, 2026

Sahara Weekly

ADVAN Earns Global Recognition As WFA President’s Award Winner For “Project Freedom”

The Advertisers Association of Nigeria (ADVAN) has been recognised on the global stage as a recipient of the prestigious WFA President’s Award, presented by the World Federation of Advertisers during its Global Marketer Week in Stockholm. The recognition places ADVAN among a select group of leading industry associations worldwide acknowledged for driving meaningful impact in marketing and society.

The WFA President’s Awards, established in 2010, celebrate national industry associations whose initiatives advance the marketer’s agenda and contribute to positive change. This year’s honours were awarded following a rigorous selection process involving 38 submissions from associations across the WFA’s global network, with winners chosen for their measurable impact and potential for replication across markets.

ADVAN’s recognition comes through its advocacy initiative, Project Freedom, a bold and strategic effort focused on addressing the challenges of stifling, non–data-driven regulations affecting businesses in Nigeria and across Africa. The initiative underscores the importance of evidence-based policymaking while championing the constitutional right to freedom of commerce.

Through Project Freedom, ADVAN has taken a proactive leadership role in engaging key stakeholders and shaping conversations around fair, balanced, and transparent regulation. The initiative reflects a shift toward constructive dialogue and collaboration, ensuring that regulatory frameworks support innovation, protect consumer interests, and enable sustainable business growth.

By earning this global recognition, ADVAN reinforces the growing influence of African marketing institutions in shaping international discourse. Its work highlights how local advocacy, when rooted in data and guided by clear principles, can deliver impact not just within national borders but across the global marketing ecosystem.

The award also affirms ADVAN’s commitment to strengthening self-regulation within the industry, fostering accountability, and promoting standards that align with global best practices while remaining relevant to local realities.

As the marketing landscape continues to evolve, ADVAN’s recognition by the World Federation of Advertisers signals a strong endorsement of its leadership and vision. It positions the association as a key voice in advancing responsible marketing, advocating for enabling policies, and ensuring that businesses can operate in an environment that supports both innovation and economic freedom.

Business

PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status

Published

3 days ago

April 24, 2026

Sahara Weekly

***PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status**

To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.

UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.

In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.

Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.

We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.

Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.

Thank you.

Business

Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

Published

3 days ago

April 24, 2026

Sahara Weekly

Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”

Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.

The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.

This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.

Speaking on the collaboration, the Laffmattazz team stated:

“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”

As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.

With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.

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About Laffmattazz

Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.

About First Bank of Nigeria Limited

First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.