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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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FCTA uncovers illegal oil refining warehouse in Abuja

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In continuation of the city cleaning exercise, Authorities of the Federal Capital Territory Administration (FCTA) with operatives of security personnel have uncovered an illegal oil refining warehouse in Mabushi, opposite Mobile filling station on Ahmadu Bello way in Abuja.

 

The Director, Department of Development Control, FCTA, Mukhtar Galadima after the operation on Thursday, said the illegal refining site was discovered during the continuation of the city cleaning exercise.

 

According to him, about three to four plot of lands designated for commercial purposes have been converted to an area where oil and diesel are being adulterated and circulated to other parts of the city.

 

Galadima explained that the city sanitation task force will look into the provision of the law and make necessary recommendations to the FCT Administration for further actions on the plots used for the activity.

 

He said there was no arrest but the items used in carrying out the illegal refining have been impounded.

 

Galadima said, “During the continuation of our city sanitation exercise in Mabushi opposite Mobile filling station on Ahmadu way, we discovered an illegal refining site where oil and diesel are being adulterated, we have done the needful by moving the items to Nigerian Security and Civil Defence Corps.

 

“From what we have seen so far, about three or four pilot of lands designated for commercial purposes have been converted to unapproved activities, which we believe the owners are fully aware, there will be consequences.

 

“We are going to look at the provision of the law and make necessary recommendations to the FCT Administration”

 

He said the administration will continue to go tough on activities being carried out without government approval,  especially revocation of the titles.

 

Collaborating, Head, operations FCT Directorate of Road Traffic Service (DRTS), Deborah Osho said the city management team during the exercise also discovered that most of the areas in the Nation’s capital have been converted to illegal car mart and motor parks.

 

She disclosed that fifteen vehicles have so far been impounded since the operation commenced about two days.

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Central Bank To Freeze Accounts Without BVN, NIN From April 2024

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The Central Bank of Nigeria (CBN) said on Friday that it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.

This is according to a Friday circular by the apex bank which said a BVN or NIN verification will be “conducted shortly”.

It also said all BVN or NIN attached to accounts/wallets must be electronically revalidated by January 31, 2024, according to the circular by the CBN Director of Payments System Management Department Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha.

More details later….

 

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Adebayo Alli: Guinness Nigeria gets new Managing Director, Its first Nigerian CEO since 2015 …..

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Guinness Nigeria has announced the appointment of Mr Adebayo Alli as its new Managing Director, its first Nigerian MD since 2015.

The appointment comes after John Musunga, the now erstwhile MD of Guinness Nigeria moved to become Diageo Africa’s Managing Director for Southern, West, and Central Africa.

The announcement was given after the company’s board meeting held on Monday, November 27, 2023.

According to the corporate filing on NGX’s website signed by the Company Secretary, Abidemi Ademola, Adebayo Alli would resume his new role within the company on January 1, 2024.

Profile of Adebayo Alli …..

Adebayo Alli, a mechanical engineer by training, holds a B.Sc. in Mechanical Engineering from the University of Ibadan and an MSc in Advanced Process Engineering from Loughborough University, UK.

He joined Diageo, owner of Guinness Nigeria in 2005 as a Packaging Operations Support Manager. Since then, he has gone on to work as project lead for a business transformation project in Meta Abo Brewery Limited, Ethiopia, another of Diageo Africa’s businesses. In 2014, he became a plant manager at the Meta Abo Brewery, and in 2015, Supply Chain Director.

Upon his return to Nigeria in 2017, he assumed the role of Operations Director at Guinness Nigeria before shifting his focus towards general management, venturing into multiple senior commercial sales positions within Guinness Nigeria PLC.

His trajectory saw a brief tenure between 2019 and 2020 as the Director for IPS, Reserve & Modern Trade. Subsequently, in 2020, Bayo ascended to the role of Commercial Director at Guinness Nigeria.

What you should know….

Guinness Nigeria’s last Nigerian MD was Seni Adetu who served between 2012 and 2015. Since him, John O’Kefee an Irish man became the MD, followed by Peter Ndegwa, a Kenyan, Baker Magunda, another Kenyan, then John Musunga, also another Kenyan.

Guinness Nigeria Plc is majorly owned by Diageo Plc with a 58% stake. In the past, Diageo’s only footprint in Nigeria was through Guinness Nigeria and the Managing Director of Guinness Nigeria also doubled as the head of the Diageo brand in the country.

However, after Diageo announced a discontinuation of its import deal with Guinness Nigeria, which meant Guinness Nigeria would no longer import Johnnie Walker and Baileys into Nigeria, it was also announced that Diageo was creating a new “wholly owned spirits-focused business” to manage the importation and distribution of those premium spirits brand in West and Central Africa. Presumably, John Musunga is resuming to head this new business.

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