Controversy trails Obazee’s appointment by Tinubu

Controversy has continued to trail the appointment of Osayande Obazee as Special Investigator to probe the Central Bank of Nigeria ( CBN) and other federal government agencies.

President Bola Tinubu addressed him as the CEO of the Financial Reporting Council in the letter he signed dated 28 July 2023.

But BusinessDay investigation shows that Osayande Obazee, the first Executive Secretary/Chief Executive Officer of the Financial Reporting Council of Nigeria, had his appointment terminated in January 2017 by former President Muhammadu Buhari.

Obazee’s experience in the financial intelligence circle is not in doubt, having been saddled with overseeing the setting, monitoring and enforcement of Financial Reporting Standards and Corporate Governance practices in both Public and Private Sectors of the Nigerian economy.

Read also Meet Jim Obazee, the man appointed to probe CBN

Obazee got himself into the muddy waters of Nigeria’s power play when he was also linked to the implementation of the controversial corporate Governance Code 2016, which made Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God ( RCCG), relinquish his position and announce Joseph Obayemi as his successor.
The code limits the tenure for heads of religious groups and civil rights organizations to 20 years. Obazee pushed for the implementation, despite former President Muhammadu Buhari’s objections.

In January 2017, the President terminated his appointment following the controversy that trailed the action, resulting in political backlash as the President prepared for the electioneering campaigns for a second term in office.

But President Tinubu had, in his letter appointing Obazee to carry out the assignments, addressed him as “ the CEO, Financial Reporting Council ( FRC).

Efforts to confirm his current status at the FRC failed to yield positive results as calls put to the Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, were not answered.

Read also Tinubu appoints Obazee to probe CBN.

Obazee, who is also responsible for harmonizing the activities of relevant professional and regulatory bodies in Nigeria, had, in his earlier role, worked as an attache to FASB, USA and ASB, Canada. He was also the Chairman of the 29th Session of UNCTAD-ISAR and the Committee of the Roadmap to adopting 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 the American Accounting Association.

BusinessDay checks show that Obazee had previously conducted investigations in 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 expert has 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.