President Muhammadu Buhari has fired the Executive Secretary of the Financial Reporting Council, Mr. Jim Obazee, and ordered the reconstitution of the Financial Reporting Council of Nigeria.
Jim Obazee, Executive Secretary of FRCN
Pastor Adeboye acted on the reccomemdation of the Financial Reporting council of Nigeria to relinquish the post of the General Overseer of Redeemed Christian Church
The Financial Reporting Council (FRC) of Nigeria’s law restricts the tenure of church and mosque leaders to a 20-year term or 70 years of age.
It has caused ripple effect among religious circles because it is beleived many great men of God in Nigeria will be affected by this new development
This ldeveloomen being implemented was passed in 2011 by govrernment of the former President Goodluck Jonathan.
The Financial Reporting Council of Nigeria (FRCN) was formerly the Nigerian Accounting Standards Board (NASB), is an organization charged with setting accounting standards in Nigeria.
On 18 May 2011 the Senate passed the Financial Reporting Council of Nigeria Bill, which repealed the Nigerian Accounting Standards Board Act and replaced it with a new set of rules.
The Financial Reporting Council Bill was signed into law on 20 July 2011.
Jim Osayande Obazee is the Executive Secretary/Chief Executive Officer of the Financial Reporting Council of Nigeria (FRN).
In that capacity, he oversees the setting, monitoring and enforcement of financial reporting standards and Corporate Governance practices in both Public and Private Sectors of the Nigerian economy. He is also responsible for harmonizing the activities of relevant professional and regulatory bodies in Nigeria.
It was the same FRC report that nailed the former Governor of Central Bank, now Emir of Kano, Mallam Sanusi. The report made the then CBN to be suspended from office, so as to enable the Emir to answer the query raised that borders on questionable expenses at the apex bank.
In 2012, the executive secretary said it had designed an accounting system for churches, mosques and other not-for-profit organisations, adding that it will compel them to report their financial transactions periodically from January 2013.
Continuing, Obazee said once charity organisations engage in non-charity activities, they would have to submit those goods for taxable purposes. A country is not run by oil, but by tax. Go to the internet and you see all the branches of the Redeemed Christian Church in United Kingdom, you will see their accounts and over there, they fully disclose the amount collected as a church. But in our own, people are asking me: “Jim, do you want God to render account.”
To those who know, Jim Obazee is not strange to controversy.
He, it was, whom one Mrs Abimbola Patricia Yakubu, his former Personal Assistant, accused of sexual harassment, intimidation and official handedness.
Mrs. Yakubu claimed Jim saw to her posting from their Lagos office posted in controversial circumstances to Kaduna where the council maintains a liaison desk at the Corporate Affairs Commission.
The affair got so messy that The Public Interest Lawyers League (PILL) waded in and made calls on Segun Aganga, Minister of Trade and Investment, to probe the grave allegations Mrs. Yakubu had made in her letter to the chairman of the governing board of the Financial Reporting Council of Nigeria, Hajia Mariam Ladi Ibrahim, and PILL.
The outcome of those calls is yet to find its way to the public, if the minister really made efforts to investigate the allegations at all.
Jim Obazee parades sterling professional-cum – academic records He was the Chairman of the Committee on Roadmap to the Adoption of International Financial Reporting Standards in Nigeria and currently establishing a national Code of Corporate Governance for Nigeria.
Mr. Obazee holds 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 and a professional member of the Nigerian Institute of Management and the American Accounting Association (AAA).
He has so many written works, some of which have been published locally and internationally.
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