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Adeboye's retirement: How FRC boss snubbed Buhari’s directive

11 January 2017, 13:01

Abuja - The former Financial Reporting Council boss, Jim Obazee, was sacked for disobeying a directive of the Minister of Industry, Trade and Investment, Okechuckwu Enelamah, Punch reports.

Enelamah had earlier recommended to Buhari that the implementation of the controversial corporate Governance Code 2016 be suspended.

A top government official, who spoke with one of our correspondents on condition of anonymity, said the President approved Enelamah’s recommendation and the minister thereafter conveyed the decision to Obazee.

The source said, “Since the minister had conveyed the President’s approval that the implementation should be suspended, it was taken for granted that it had been suspended.

“Surprisingly, the Presidency received a report that during the Christmas period, Obazee hosted chief executives of some quoted companies to a dinner.

“It was at that dinner that he reportedly told his guests that the law had taken effect and would be implemented.

“The report got to the government and the President was angry about it.”

The President of the National Council of The Nigerian Stock Exchange, Aigboje Aig-Imoukhuede, was said to have led the chief executives of companies to the dinner.

Another source, who confirmed the development, said Buhari sacked Obazee and dissolved the board of the FRC on Monday based on the recommendation of Enelamah.

News24 previously reported that Minister of Industry, Trade and Investment, Okechukwu Enelamah has faulted the Executive Secretary of the Financial Regulatory Council of Nigeria (FRCN) Jim Obazee over the code of governance that stipulated that heads of NGOs should retire after 20 years in service.

The Minister ordered Obazee to reverse the implementation of the controversial regulation but the later wouldn't budge.

- News 24

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