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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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Viral list of ex-govs under investigation over alleged corruption false, misleading – EFCC

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The Economic and Financial Crimes Commission, EFCC has refuted a purported list of former governors under investigation for alleged corruption, which has now gone viral.

There were reports in the media that 58 former governors were under the investigation of the anti-graft agency over alleged corruption.

The former governors, according to reports, were accused of misappropriating N2.187 trillion over 25 years.

The 58 former governors were being probed, while others have been investigated, and prosecuted.

Reacting to the development, the EFCC spokesman, Dele Oyewale, in a statement on Sunday, described the reports as false and misleading.

He said, “the so-called list is a disingenuous fabrication designed to achieve motives known only to the authors.

“The Economic and Financial Crimes Commission, EFCC, feels obliged to dissociate itself from a phantom report circulating in sections of the media claiming it has released a full list of ex- governors being investigated for alleged corruption.

“The report headlined: “EFCC Releases Full List of 58 Ex- Governors that Embezzled N2 .187 Trillion”, in one of the news outlets, is false and mischievous as the Commission neither issued the said list nor entertained discussions on investigation of ex-governors with any news medium.”

The anti-graft agency, however, urged the public to disregard the report, saying “it is false and misleading.”

It also urged media practitioners to crosscheck facts about matters under investigation with the Commission to avoid misleading the public with false and inaccurate reports.

Recall that the EFCC has been probing some former governors over allegations of corruption and misappropriation of public funds.

The anti-graft agency is probing former Governor, Yahaya Bello of Kogi State.

He has been arraigned on 19 counts bordering on alleged money laundering, breach of trust, and misappropriation of funds to the tune of N80.2 billion.

According to the EFCC, the embattled ex-governor withdrew $720,000 from the state’s accounts to pay his child’s school fees in advance just before he left office on January 27, 2024.

The EFCC said Bello moved the money from the state coffers to a Bureau de Change operator, and used the money for his child’s school fee in advance.

 

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Dangote University explains how female student died in her off-campus apartment

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Tragedy struck on Thursday at the Aliko Dangote University of Science and Technology, Wudil, Kano State, when a female student, Aishat Yahaya Olabisi, was found dead in her off-campus apartment.

Olabisi, a 300-level female student of Food and Science Technology, was said to have been found dead after she returned to her room from the school.

The deceased student was said to have written her first examination in the ongoing first-semester examination at the university on the fateful day.

One of the male students who spoke to PUNCH Online on condition of anonymity on Saturday blamed her sudden passing away on examination pressure.

“The deceased was hale and hearty before she went out to write her first examination in the ongoing first-semester examination,” the student said.

However, following reports in the media that the female student died in the university students’ hostel, the Management of the university clarified the misinformation.

In a statement by the Dean, Students Affairs of the university, Prof. Abdulkadir Dambazau, dated 3rd May 2024, refuted the media claims.

The statement titled “Clarification Regarding False Statement About Student’s Death” read, “It has come to our attention that a recent statement made by DLC Hausa and some media outlets regarding the discovery of a student’s corpse at the students’ hall of residence is entirely false. We wish to address this matter promptly and unequivocally refute these claims.

“On 23 April 2024, we received news about the untimely passing of Yahaya Aishat Olabisi, a diligent and bright student of ADUSTECH Wudil. Aishat spent her last evening engrossed in her studies, diligently preparing for upcoming examinations. The following morning after a shared breakfast with her roommate and a heartfelt conversation with her father, she expressed her intent to rest briefly before resuming her studies. However, destiny had a different plan.

“In the early afternoon of the same day, concerns arose when Yahaya Aishat Olabisi did not respond to attempts to reach her. Upon investigation, it was discovered that she had passed away in her sleep in her off-campus residence. Immediate measures were taken, and she was swiftly taken to the university clinic, where her passing was confirmed by medical professionals.”

The statement added that Olabisi’s remains had been transferred to the Aminu Kano Teaching Hospital for postmortem analysis.

“Given the circumstances, her remains were transferred to Aminu Kano Teaching Hospital for postmortem analysis to ascertain the cause of her sudden demise. Meanwhile, her grieving parents, who hail from Ilorin arrived the following day to bid farewell to their beloved daughter.

“In honouring her memory and bidding her farewell, Aishat was laid to rest on 24 April 2024, surrounded by family, friends, and members of the academic community who mourned her loss deeply,” the statement added.

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Court Sentence FCMB Branch Manager to 121 years in Prison for embezzling Customers Funds

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FCMB is a leading financial institution in Nigeria has received a big shock of the year as one of its staff has been thrown to prison for fraud and embezzlement.

Justice S. Odili at the Anambra State High Court in Onitsha, Anambra State, sentenced Mr Nwachukwu Placidus, a bank manager at First City Monument Bank FCMB, Onitsha Anambra State to 121 years in prison for embezzling N112 million from a customer’s fixed deposit account.

The Honorable justices delivered the verdict resulting in the conviction and sentencing of a former manager at the First City Monument Bank’s branch in Onitsha, who has now been sentenced to a total of 121 years in prison for misappropriating fixed deposit funds totaling N112,100,000 from a customer for personal use. This is tantamount to a breach of trust by the former manager which has attracted a huge jail term.

 

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