Meet Jim Obazee, Controversial Ex-FRC Boss Who Fought Sanusi, ‘Suspended’ Peterside, ‘Fired’ Adeboye, Appointed By Tinubu To Probe CBN

Jim Osayande Obazee, the former Executive Secretary/Chief Executive Officer of the Financial Reporting Council of Nigeria, remains a controversial figure in Nigeria’s recent history, and his tumultuous tenure is unlikely to be forgotten by those who were affected by his actions.

 

Six years after he was dismissed by former President Mohammadu Buhari as the head of the Financial Reporting Council,  Pastor Jim, as he is known by those close to him, is again making the headlines. His sack followed the implementation of a controversial law by his agency, which resulted in the controversial exit of Nigeria’s most influential Christian leader, Pastor Enoch Adeboye, as the General Overseer of the Redeemed Christian Church of God.

 

On Sunday, President Bola Tinubu announced the appointment of Obazee as a Special Investigator to probe the activities of the Central Bank of Nigeria and other related entities.

 

In a letter dated 28 July, President Tinubu said the appointment of Obazee, relying on the fundamental objective set forth in Section 15(5) of the Nigerian constitution, was in furtherance of his administration’s anti-corruption fight.

 

The appointment is with immediate effect and Obazee is to report directly to the president. According to the letter signed by the president, the full terms of Obazee’s engagement as a special investigator will be communicated to him in due course.

 

Specific directives

President Tinubu specifically directed Mr Obazee to take immediate steps to ensure the strengthening and probity of key Government Business Entities (GBEs) and block leakages in the CBN and related GBEs.

 

He also directed the special investigator to provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public).

 

Also, the president directed Mr Obazee to investigate the CBN and related entities using a suitably experienced, competent and capable team and to work with relevant security and anti-corruption agencies to deliver on the assignment.

 

Mr Obazee is expected to brief the president weekly on the progress being made concerning the assignment.

 

Man of controversies

 

Jim Obazee, being a man of controversies, has never shown any discomfort with controversy since his appointment in November 2010 as the helmsman of the Financial Reporting Council of Nigeria,

 

Little was known about the council until 2014 when Obazee’s recommendation led then-President Goodluck Jonathan to suspend the then-CBN Governor, Lamido Sanusi. Before the sacking, Mr Sanusi had accused the Jonathan administration of massive financial malpractice relating to the alleged misappropriation of remittances from the NNPC.

 

In 2015, he was re-appointed as the FRC executive secretary for another term of four years, which was to have elapsed in 2018.

 

Among many controversies he had been involved in, the last one he got himself entangled in – enforcement of the code of corporate governance –cost him his job, as he got fired in 2017.

 

He has been accused of many things, including sexual harassment and insubordination.

 

And he had a frosty relationship with Okechukwu Enelamah, a former minister of industry, trade and investment, who had directed him to suspend the law, but he refused.

 

ACCUSED OF SEXUAL HARASSMENT BY HIS PA

Obazee was accused of sexual harassment by one Abimbola Yakubu, his personal assistant of three years, in 2013. But he denied the allegation.

 

In a letter to the board of the FRC, Yakubu alleged that Obazee had repeatedly threatened to sack her if she did not accede to his amorous gestures.

 

“For the period of years that I worked with him, I have always been closing as late as 10 pm and sometimes beyond. I have been very loyal, committed and dedicated to duty. I have never for one day shown any sign of insubordination. Early this year, I noticed the Executive Secretary’s attitude changed towards me,” she wrote.

 

“I met with him on several occasions, asking him what I have done wrong but he would not say anything rather, he would yell and scream at me saying all manner of unprintable words like: ‘When I am done with you, you will cry’; ‘when I am done with you, you will hang yourself’. So I withdrew and kept to myself. He continued in this attitude towards me, not relating with me and giving my subordinates my job to do (the things I should be doing).

 

“I close very late at night as a civil servant, not because we really have much work to do, but that’s when he finds it most convenient to talk to me about his love for me. He makes sure everyone has closed and we are left alone in the office to make his demands. I am grateful to God for the kind of husband I married who is very understanding.

 

“Besides, there is no sexual move or plea he made that I did not tell my husband, from the very beginning of the advances. So, my husband is very much aware of the goings on but, he trusts me. Even when I told the Executive Secretary that my husband is aware of his moves he tells me it is not trust, that there is no man who will allow his wife to go through such since all men are jealous. He then warned me sternly not to ever mention goings on in the office with my husband.

 

“We have had to travel around the country together to places like Calabar, Uyo, Enugu, Ibadan, Ijebu-Ode, Abuja and Minna. These were occasions he would have had his way had God not helped me, if I had not been determined to stand firm and if my husband was not solidly behind me. All of the time when we ought to retire back to our hotel rooms he would call me to either come to his room if we are in the same hotel or he would call to tell me he was coming to my room. Other times when we stay in different hotels, like when we are in Abuja, he would call me sometimes very late at night to tell me he was on his way to my hotel.”

 

She added that Obazee later transferred her to a corner office in Kaduna, where she would “suffer”, and that he eventually sacked her. Despite the allegations, Obazee was not probed. He strongly denied them, saying he sacked Yakubu because she had a history of poor performance at work.

 

RECOMMENDED SACK OF SANUSI

The sack of Sanusi Lamido Sanusi, former Central Bank of Nigeria (CBN) governor, in February 2014, is perhaps, one of the most controversial actions of the FRC under Obazee.

 

Prior to his sack, Sanusi had made weighty allegations against the government of former President Goodluck Jonathan.

 

He had alleged that billions of dollars accruable to the federation were being diverted by some persons in the management of the Nigeria National Petroleum Corporation (NNPC).

 

And in the heat of the storm which followed his allegations, Jonathan relying on a recommendation of the FRC, which accused Sanusi of financial recklessness, sacked him.

 

After his sack, the FRC began to probe Sanusi, but he shunned several invitations from the council.

 

He later sued the council for defamation of character.

 

SUSPENDED PETERSIDE’S FRC NUMBER

In October 2015, the FRC under Obazee suspended the FRC number of Atedo Peterside, chairman of Stanbic IBTC, implying that for the period of the said suspension, he would be unable to append his signature on financial reports.

 

The council cited infractions in the 2013-14 financial statements of the bank as the reason for its decision.

 

It directed the bank to restate and reissue its 2013-14 financial statements. It also imposed a fine of N1bn on the bank.

 

Besides Peterside’s, the FRC numbers of Sola David-Borha, the group managing director, and two other directors of the company, were also suspended.

 

The matter was challenged in court; and in December 2016, the FRC lifted the suspension on the management of the bank.

 

FORCED ADEBOYE TO STEP DOWN

In late 2016, the FRC directed not-for-profit organisations — including churches and mosques — to comply with a corporate governance code stipulating a term of 20 years for heads of such entities.

The code limits the tenure for heads of religious groups and civil rights organisations to 20 years.

 

Obazee pushed for the implementation, despite former President Muhammadu Buhari’s objections.

 

The financial standards expert is also responsible for harmonising the activities of relevant professional and regulatory bodies in Nigeria.

 

It was by this provision that Enoch Adeboye, who had spent over 20 years as the general overseer of the Redeemed Christian Church of God (RCCG), named Joshua Obayemi to head the Nigeria church although he emphasised that he remained the worldwide overseer of the church.

 

But two days after Adeboye stepped down, and in the heat of a caustic controversy, Buhari fired Obazee and approved the reconstitution of the board.

 

In a statement afterwards, Constance Ikokwu, media aide of Enelamah, said the law had also been suspended in order to review it.

 

“The Corporate Governance Code issued by the Financial Reporting Council of Nigeria has been suspended pending a detailed review, extensive consultation with stakeholders and reconstitution of the board of the FRC,” she said.

 

Obazee has a bachelor of science degree in accounting from the University of Benin; a master of science degree in accounting from the University of Lagos, and a certification in strategic financial analysis for business evaluation from Harvard University, USA.

 

He is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a member of the Nigeria Institute of Management (NIM) and the American Accounting Association (AAA). He also has a certificate in strategic financial analysis for business evaluation from Harvard University, USA.

 

In his earlier role, he has been on attachment to Financial Accounting Standards Board (FASB) USA and ASB, Canada. He was the Chairman of the 29th Session of UNCTAD-ISAR and chairman of the committee of the roadmap to the adoption of International Financial Reporting Standards (IFRS) in Nigeria.

 

Obazee who holds an M.Sc in Accounting, is also a Fellow of the Institute of Chartered Accountants of Nigeria and a member of American Accounting Association.

 

Checks show that Obazee had previously conducted investigations on the Central Bank of Nigeria (CBN).

 

He also investigated the Bank of Industry (BOI); Zenith Bank of Nigeria Plc; Guaranty Trust Bank Plc and Access Bank Plc.

 

The financial standards expert served in several Technical Committees, including those on Accounting in the Petroleum Industry, Upstream Activities; Technical Committee on Accounting for Insurance Business; Technical Committee on Accounting for Statement of Cash Flows; Committee on Implementation Guide to Accounting for Leases and Technical Committee on Accounting in the Petroleum Industry – Downstream Activities among others.

 

His new assignment from President Tinubu will be the second time he will take on the CBN, though in a different circumstance.