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FRC Boss, Jim Obazee In trouble over alleged multi billion Naira fraud…. + Documents inside..

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Jim Osayande Obazee, the controversial Executive Secretary of the Financial Reporting Council of Nigeria (FRC), who was allegedly used by former President Goodluck Jonathan to author a report that formed the basis for the suspension and eventual removal from office of the former Governor of the Central Bank (CBN), Sanusi Lamido Sanusi, is presently battling fresh allegations of graft and misuse of funds belonging to the FRC.

 

The Economic and Financial Crimes Commission (EFCC) is reviewing multiple petitions against Obazee, who is being accused of using proxies and phoney consultants to siphon tens of millions of naira belonging to the FRC.

 

The EFCC has been asked to investigate the N1billion International Financial Reporting Standards (IFRS) Academy fund as well as over N225 million wastefully expended for the printing of FRC registration certificates for use by the agency for the next two decades through proxies fronting as contractors.

 

We recalls that allegations of corruption against Obazee first emerged in 2014 when a home he purchased in cash with funds allegedly received from the hatchet job he did for Mr. Jonathan in 2014 was uncovered in Houston-Texas.

 

Harris County Appraisal District records listed Obazee as purchaser of the over $100, 000 home located at 15918 Mission Village DR Houston Texas 77083. However, following the defeat of Jonathan in the 2015 presidential election by President Muhammadu Buhari, who is renowned for his anti-graft stance, Obazee swiftly transferred ownership of the property to one Omosigho Victor, a fellow Bini native, who is believed to be holding the property in trust for him. Obazee is still believed to have unrestricted access to the property.

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It is not clear whether Obazee listed the multi-million-naira home in his asset declaration form as stipulated by law before he was busted by the unrelenting internet news media. What is puzzling is how a public official managed to acquire this property without a taking out a mortgage.

 

Sources close to Obazee say he lives large and has a taste for luxury cars. His fleet include a Porsche, a Mercedes SUV and a few American made cars. His annual salary, allowances and perks are estimated to be around N27 million. So how is he financing his flambuoyant lifestyle? Fleece the FRC!

 

A website’s report said the EFCC has commenced discreet investigations into the books of the Financial Reporting Council to unravel how its boss appropriated over N36 million within just 60 days in 2014 for only local travel to Abuja claiming to be investigating the books of Central Bank of Nigeria (CBN).

 

On several occasions, Obazee approved monies running into millions of naira for one of his allies in FRC (Titus E. Osawe) for “data sourcing, collation, and analysis” while investigating CBN claiming that “We are hardly allowed inside the Bank to collect relevant information”.

 

Obazee had allegedly sometime in July 2014 written to an Assistant Director in the finance department within the FRC to pay him N736, 250 for day’s trip to Abuja.

 

The Memo reads: “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 back 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).”

 

Will Obazee, who barely has two years to serve out his tenure, survive the ongoing scrutiny being conducted by the EFCC on his stewardship?

 

Efforts by this newspaper to speak with the FRC Boss proved futile as his mobile number was not reachable as at press time.

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— THE WILL

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Organiser unveils speakers, panelists for the 2024 Industry Summit

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The organiser of the Industry Summit, an annual gathering for professionals and experts in brand marketing, finance, sustainability, and entertainment, has announced the speakers for the fifth edition of the summit in Lagos.

 

 

 

The event themed: Sustainable Marketing for Growth would feature the marketing director of Nigerian Breweries Plc, Mr. Emmanuel Oriakhi as keynote speaker while the head of unit, sustainability at Access Bank, Mrs. Omobolanle Victor-Laniyan and manager brand, strategy & communications at Stanbic IBTC, Ms. Rita Akao would feature as guest speakers.

 

 

 

The summit, which is scheduled to hold on Friday, May 3rd, 2024 at the Marcelina’s Place Ikeja GRA, Lagos would feature some exhilarating panel sessions with some of the contemporary professionals in the Nigerian brand and marketing industry.

 

 

 

The panelists include; Ms. Chioma Mbanugo, Head of Marketing PZWILMAR, Mr. Abiodun Coker, Team Member Media, UBA, Mrs. Mabel Adeteye, Head, Brand & Marketing Communications, Wema Bank PLC, Mr. Kevin Olumese, Marketing Communications Specialist, and Mr. Adeola Kayode, Head, Brands & Creative Services, 9mobile Nigeria.

 

 

 

Others who have confirmed participation are Ms. Aisha Anaekwe, Head, Brands & Comms, Coronation Group, Mrs. Victoria N’dee Uwadoka, Public Relations, Public Affairs & Sustainability Lead, Nestle Nigeria Plc, Mr. Samson Adeoye, Public Relations Manager, Airtel Nigeria, Mrs. Oluwatosin Odiagbe, Marketing Manager, Simba Solar and Ms. Arinola Shobande, Head of Marketing, Showmax.

 

 

 

While Oriakhi would be speaking to the topic, ““New Age Marketing – Catalyzing Transformation Through Value Chain Innovation, Technology, Analytics & Sustainability”, Victor-Laniyan and Akao would present papers on the topics; “Aligning organizational objectives with sustainable marketing for the good of the people, society and business, and “Reimagining Sustainable Growth Through Green Marketing” respectively.

 

 

 

In the press statement signed by the Publisher of The Industry Newspaper/Convener of The Industry Summit/Awards (TIES), Mr. Goddie Ofose, he said that “The 5th edition of the Industry Summit is focusing on sustainable marketing, which is a purpose-driven practice that works to orientate businesses, brands and society towards a sustainable future, influencing appropriate awareness, aspiration, adoption and action across economic and sociocultural systems by taking necessary accountability for its impacts and opportunities.”

 

 

 

“In today’s ever-evolving world, debating whether to incorporate sustainability into business strategy is no longer an option. Considering a values-driven approach when developing business strategies can be vital to long-term success” he said.

 

 

 

Therefore, we have carefully selected these professionals and experts to deliberate on the subject matter, highlight challenges and proffer solutions where private and public sectors could take lessons from and improve upon whatever they have been doing,’ Ofose added.

 

 

 

The Industry Summit/Awards is a brainchild of The Industry Newspaper Limited, publishers of The Industry Newspaper (theindustry.ng) and 789marketing.ng.

 

 

 

The summit is designed to bring together industry leaders across the continent in all sectors in the quest to rev up conversations that will move the Nigeria business, economy and communication industry forward.

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IBEDC records 1,459 energy theft cases in January, February

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The Ibadan Electricity Distribution Company said it has recorded 1,459 cases of energy theft by its subscribers between January and February 2024.

This was disclosed in a press statement signed by the firm’s Chief Key Accounts Officer, Mr. Johnson Tinuoye, on Tuesday.

IBEDC added that it is actively pursuing investigations and legal actions against individuals and businesses involved in the theft in collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences.

Identifying the cases, IBEDC said they included various offences such as meter bypass and illegal meter tampering, which resulted in significant financial losses amounting to hundreds of millions of naira for the company.

The statement read, “We want to send a clear message to our customers that energy theft will not be tolerated. Our collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences underscores our commitment to ensuring a fair and just electricity distribution system.

“Energy theft not only undermines the integrity of our operations but also deprives IBEDC of the revenue necessary to provide quality services to our customers.”

Tinuoye emphasised that under the Electricity Act, energy theft is now recognised as a criminal offense, carrying severe penalties including imprisonment stressing, “In the Osun region, two individuals were apprehended for stealing energy through meter bypass and illegal connections. Their cases have been formally charged in court for prosecution.”

IBEDC further urged customers to refrain from engaging in any form of energy theft, emphasising that the consequences can be severe, as there is no room for negotiation with the SIPTEO Task Force team, which is actively patrolling and investigating instances of energy theft for prosecution.

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Copyright Breach: NCC Drags MTN, Others To Court Over Musician’s Works

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The Nigerian Copyright Commission (NCC) has filed criminal charges against MTN Nigeria Communications Ltd. and four others over alleged copyright infringement.

The charge with number FHC/ABJ/CR/111/2024 filed in the Abuja Division of the Federal High Court was obtained by journalists on Monday.

News Agency of Nigeria (NAN) reported that the four other defendants in the case include the chief executive officer of MTN Nigeria, Karl Toriola; Nkeakam Abhulimen, Fun Mobile Ltd.; and Yahaya Maibe.

In the three-count charge, NCC alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business’’, infringed the musical works of an artiste, Maleke Idowu Moye, without his consent and authorisation.

The commission alleged that the defendants used musical works and sound recordings of Mr Maleke with subsisting copyright as caller ringback tunes without the authorisation of the artiste.

The musician’s musical works and sound recordings allegedly infringed upon included 911, Minimini-wanawana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No Bother.

The defendants were also alleged to have distributed the musical works to their subscribers without authorisation, thereby infringing on the rights of the artiste.

In the third count, the defendants were alleged to have in their possession, other than for their private or domestic use, the artiste’s musical works and sound recordings.

According to NCC, the alleged offences are contrary to and punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

The case has yet to be assigned to any judge, and no date has been fixed for the mention.

Meanwhile, no official statement has been released by any of the defendants as at the time of filing this report, while all efforts to get reactions from MTN by New Telegraph proved abortive.

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