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

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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.

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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.”

 

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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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Scarcity: Normalcy returns as fuel stations get supply of petroleum products

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*Scarcity: Normalcy returns as fuel stations get supply of petroleum products*

Queues have begun to vanish from filling stations across Nigeria’s major cities after the Nigerian National Petroleum Company Ltd intervened in the logistic issues that had breached the supply of premium motor spirit (PMS).

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Findings by this newspaper across filling stations in Abuja showed that queues are disappearing and normalcy has returned.

Queues have disappeared from most filling stations across major locations like Kubwa, Central Area, Wuse, Maitama, and Gwarimpa.

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Speaking on the development, a top official said, “The fuel stations round shows that the situation is calm. All stations have products and are selling.”

Recall that this newspaper had reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Tuesday warned against panic buying, adding that normalcy would return.

The National Secretary of IPMAN, James Tor, said, “If there is no product, then we can not give out anything. But happily, now, there are products, and the federal government is doing much. yesterday, our national president was explaining to us that the NNPCL has opened up some of their depots so that we can have products supplied and distributed to the public.

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“The president (IPMAN) even called me this morning (April 30, 2024) about the increase in the supply. So, what we are witnessing is just a bridge of what is going on and what is going on.

“But happily enough, I want to announce to the public that there shouldn’t be any panic buying, because when this thing happens, and people start rushing here and there and trying to accumulate the products, that effect will go a long way to affect everybody.

He explained that Nigeria exists in a global system that is influenced by the crisis in the Middle East between the Israelis and Iran.

“All these things if we put them together (impacts the Nigerian market),” Tor said, adding “any slightest thing that happens in the world, will affect the supply and distribution of petroleum products”

However, he expressed confidence in the role of the NNPCL in playing in ensuring energy security for Nigerians.

Tor said, “Good enough, an NNPC is ready and has opened up some of the depots so that they will start bringing in our product for distribution. I want to assure you that in any moment from now, you will see that the queues will be going down because they have intensified the supply.

“With what the NNPC is doing, very in a little, few days, you will start seeing the impact of what they are doing because IPMAN is involved.”

Scarcity: Normalcy returns as fuel stations get supply of petroleum products*

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Aviation Minister, Keyamo Join Other World Leaders For Dominican Republic Conference

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Aviation Minister, Keyamo Join Other World Leaders For Dominican Republic Conference

 

 

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The Honourable Minister of Aviation and Aerospace Development, Festus Keyamo SAN CON FCIarb (UK) has joined his counterparts across the globe for the International Civil Aviation Organization (ICAO) conference holding in Punta Cana, Dominican Republic.

 

 

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The world aviation forum, titled Global Implementation Support Symposium 2024 kicked off today with other distinguished Ministers and Secretaries of Aviation from across the globe in attendance. With over 600 delegates in attendance, this symposium marks a pivotal moment for the aviation industry.

 

 

 

Themed “Optimizing Aviation Capacity: Strategies for Safe Skies, Sustainable Future,” this year’s symposium promises captivating discussions and enlightening sessions aimed at shaping the trajectory of global aviation. Attendees can expect to delve into pressing topics including “Building Capacity for an Effective and Sustainable Air Transportation System,” “Safeguarding the Skies: A Deep Dive into Aviation Cybersecurity,” “Scaling Up Global Collaboration for LTAG Implementation,” and “Future-Ready Aviation Workforce: Embracing Mobility and Agility.”

As the aviation community convenes in Punta Cana, Dominican Republic, stakeholders are poised to explore innovative strategies and collaborative efforts to ensure the safety, efficiency, and sustainability of aviation operations worldwide. The symposium serves as a platform for experts to exchange ideas, share best practices, and forge partnerships that will shape the future of the industry.

Stay tuned for updates as the ICAO Global Implementation Support Symposium 2024 unfolds, charting a course towards safer skies and a more resilient aviation ecosystem.

 

Aviation Minister, Keyamo Join Other World Leaders For Dominican Republic Conference

Tunde Moshood
SA Media and Communications to the Honourable Minister of Aviation and Aerospace Development

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ASR AFRICA SET TO COMMENCE THE CONSTRUCTION ABDUL SAMAD RABIU HOSTEL BLOCK FOR THE FEDERAL UNIVERSITY OF TECHNOLOGY, MINNA, NIGER STATE

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ASR AFRICA SET TO COMMENCE THE CONSTRUCTION ABDUL SAMAD RABIU HOSTEL BLOCK FOR THE FEDERAL UNIVERSITY OF TECHNOLOGY, MINNA, NIGER STATE

 

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Sahara Weekly Reports That The Abdul Samad Rabiu Africa Initiative (ASR Africa) is set to commence the construction of a state-of-the-art hostel block for the Federal University of Technology, Minna. The project, which is being executed under the philanthropic initiative of the Chairman of BUA Group, Abdul Samad Rabiu (CFR, CON), will provide contemporary hostel accommodation for undergraduate students within the university’s main campus. The proposed hostel facility will accommodate 108 students with other auxiliary facilities such as laundries, kitchenettes, common rooms, and the warden’s room.

 

 

 

 

ASR AFRICA SET TO COMMENCE THE CONSTRUCTION ABDUL SAMAD RABIU HOSTEL BLOCK FOR THE FEDERAL UNIVERSITY OF TECHNOLOGY, MINNA, NIGER STATE 

 

 

 

 

Speaking at the groundbreaking event, the Vice Chancellor of the University, Prof Faruk Adamu Kuta, expressed joy for having the University as one of the beneficiaries of the ASR Africa Tertiary Education Grant Scheme. He extended the University’s appreciation to the Chairman of ASR Africa and the BUA Group, Abdul Samad Rabiu and added that upon completion, a large number of students will have access to hostel accommodation thereby reducing the number of students that are exposed to insecurity and other vices outside the university campus.

 

 

 

 

 

 

 

 

 

 

 

 

In his response, Dr. Ubon Udoh, the Managing Director of ASR Africa, affirmed the excellent reputation of the University of Minna which ranked amongst the top 10 Nigerian universities and top 2500 in the world by Webometrics. He applauded the management of the university for prioritizing the security of their students amidst the institution’s quantum of needs. In his words, “The choice of this project will facilitate the relocation of the university’s temporary accommodations back into the main campus”. Dr Udoh urged the student to ensure proper use of the building which is constructed with state-of-the-art facilities.

 

 

 

 

ASR AFRICA SET TO COMMENCE THE CONSTRUCTION ABDUL SAMAD RABIU HOSTEL BLOCK FOR THE FEDERAL UNIVERSITY OF TECHNOLOGY, MINNA, NIGER STATE 

 

 

 

 

 

The hostel accommodation is designed to have an apartment styled accommodations with each room having an en-suite bath and water closet facilities. This model of each room having its independent convenience and shower has been found to engender hygiene and a sense of responsibility amongst the students which is what the university aim to achieve among its students.

 

 

 

 

 

 

 

About ASR Africa

 

 

ASR Africa is the brainchild of African Industrialist, Philanthropist and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

 

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