Shareholders rejoice as Buhari fires FRC boss

January 9, 2017


Stanley Opara

Shareholders in the country’s capital market, on Monday, expressed joy over the sack of the former Executive Secretary/Chief Executive Officer, the Federal Reporting Council of Nigeria, Jim Obazee, saying it is a timely step in the right path.

They said erstwhile FRC CEO had overshot his bounds so many times before recent developments.

In a telephone interview with our correspondent, the President, Renaissance Shareholders Association of Nigeria, Olufemi Timothy, said at this particular time, the sack of Obazee was a good thing that had happened to the country as a whole, and not just the capital market.

He said this considering that Obazee had earlier maintained that only chartered accountants could be admitted into the audit committee of companies; going against the practice where any shareholder could be elected into the position by fellow shareholders.

Timothy stressed, “He had gone beyond his mandate, and putting the country on a very hot seat. I think President Muhammadu Buhari is no longer comfortable with him. He has met his waterloo. It is the best thing to happen to us to save the nation.”

Timothy maintained that the FRCN should concentrate on accounting matters, adding that the council was not a regulator and should not see itself as one.

Also commenting, the President, Constance Shareholders Association of Nigeria, Shehu Mikail, described Obazee’s sack as “lovely”, saying the FRCN boss had no business regulating bodies that were not under it.

He said the activities of FRCN in recent times had hurt more people, saying the development “is a lesson for many others in the position of authority.”

He added, “This means the government has heard the cries of the people. I really support his sack.

“People saddled with responsibilities should take into cognisance the interest of the people. The former FRCN boss did not properly liaise with the regulators, but rather saw himself as superior.

“Whoever is coming up after him should have a listening ear and consider stakeholders’ view also when there is the need to do so.”

http://punchng.com/shareholders-rejoice-fg-fires-frcn-boss/

Good riddance to bad rubbish.

First great job by President Buhari.

I hope the law will be put on hold till eternity.

That man have Bleep up big time.

Banana Adeboye prayer will scattered them all. You cannot fight God and win.

More will follow

Which region is the guy from again

BTW, the sacked guy was the one who supported the removal of SLS as CBN governor.

I DON'T GIVE A FU.K.

good?

I think the former Executive Secretary was just trying to make standards high for the private companies while on the other hand he was just going against most of their wishes which was not healthy.

the whole nigeria will rejoice if buhari resigns

hmm

lafuria1:
Which region is the guy from again

What do you want to do with the region he is from??

No fvck given.

okay.

No comments

gentlesoul196:
the whole nigeria will rejoice if buhari resigns

That is a wild assumption!

blazetitov:


What do you want to do with the region he is from??

I'm confused as well.

It is well.

Listen to Adeboye .. Join a political party today

blazetitov:


That is a wild assumption!

in a more serious country he would had been booted out

In as much as I am not against this action, what of all those in the kitchen cabinet and some ministers that are alleged to be corrupt, are they not within his firing range? And some members of the economic team that seem to have no idea how to deal with recession, are they not fireable?

Many accountants in practice will agree FRCN has gone past its limit under Jim's administration

Learnt the man is even a Redeem Pastor

The ploy to keep Nigeria in perpetual servitude is a strong one even among religious groups. For the first time in the history of Nigeria a govt official implements policies to the letter even to the detriment of stakeholders who hold this nation to ransom and gets fired for it. I really don't think change begins with Buhari this time around. You sack an official simply because a GO of a church resigned and yet wants a beta Nigeria whr laws are obeyed? Funny!

Next news

#IDGAF

VampireeM:
I disagree with Mr Olufemi's comment. Obazee's stance that only Chartered Accountants should be members of the audit committee is a good step that should be commended! Why would shareholders vote/appoint another shareholder who has no idea on what audits is all about be a member of the committee?

What a country!

Dats what we get in Nigeria, the future of this country is very slim.

Izzy002:

The guy doesn't know his job obviously.