₦airaland Forum

chemali:
The FRCN lacks statutory powers to carry out any investigation! It's the same way they went ahead to levy Eko Hotel before they were taken to court. If GEJ had evidence of financial impropriety against Sanusi, why didn't he use EFCC? I'm struggling hard not to call you and the OP idiots.

The Financial Reporting Council (FRC) of Nigeria is a federal government agency established by the Financial Reporting Council of Nigeria Act, No. 6, 2011. It is a federal government Parastatal under the supervision of the Federal Ministry of Industry, Trade and Investment.

The FRC is responsible for, among other things, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria; and for related matters.



The Council’s main objects, as defined in the FRC Act, are to:

protect investors and other stakeholders interest
give guidance on issues relating to financial reporting and corporate governance to professional, institutional and regulatory bodies in Nigeria
ensure good corporate governance practices in the public and private sectors of the Nigerian economy
ensure accuracy and reliability of financial reports and corporate disclosures, pursuant to the various laws and regulations currently in existence in Nigeria
harmonise activities of relevant professional and regulatory bodies as relating to corporate governance and financial reporting.
promote the highest standards among auditors and other professionals engaged in the financial reporting process.
enhance the credibility of financial reporting; and
improve the quality of accountancy and audit services, actuarial, valuation and corporate governance standards.

TheOtherview:
If you have paid attention to some of my posts on these boards, you would find several that highlight some of Sanusi's failings.
Blind solidarity is not my thing, so I never shriek from exposing unseemly conduct where this can be proved.

@OP on the other hand is someone who does not understand that principles are indivisible - my point
You cannot divide your principles by half or a quarter, on the basis of some spurious logic - "Superior information modifies ones conviction and shape position".

Pray tell what superior information he has presented here, which has not been previously debated on these same pages...

Demdem:
Ruling in a fundamental rights enforcement suit filed by Sanusi against his planned probe by FRCN, Justice John Tsoho said the FRCN’s action was in bad faith, besides being an abuse of executive power.

“Sanusi submitting himself to the probe panel by FRCN over allegation of financial recklessness will be like a cockroach finding itsself in the midst of fowls,” he said.

Demdem:
Did Jonah-daft appeal? if yes to what degree?
If No why? That is the crux

PassingShot:
In a straight forward answer please:
Are you saying that it is wrong for GMB to want to follow through on the PWC report (and similar ones) which was commissioned by GEJ himself?

TheOtherview:
Once upon a time.



^^^Before the re-incarnation as a born again TANoid, there was at least some semblance of objectivity.

Demdem:
MALLAM SANUSI LAMIDO SANUSI RESPONSE TO ALLEGATIONS OF FINANCIAL
RECKLESSNESS IN FRCN REPORT

http://www.pmnewsnigeria.com/wp-content/uploads/2014/03/LAMIDO-SANUSI-RESPONSE-TO-ALLEGATIONS-OF-FINANCIAL-RECKLESSNESS-IN-FRCN-REPORT.pdf

Demdem:
Your action abuse of executive power, court tells FG

BY LUKMAN OLABIYI A Federal High Court sitting in Lagos, yesterday affirmed the claim of the suspended Governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi that the planned investigation by the Financial Reporting Council of Nigeria (FRCN) is to execute a witch-hunt against him.

Ruling in a fundamental rights enforcement suit filed by Sanusi against his planned probe by FRCN, Justice John Tsoho said the FRCN’s action was in bad faith, besides being an abuse of executive power.

“Sanusi submitting himself to the probe panel by FRCN over allegation of financial recklessness will be like a cockroach finding itsself in the midst of fowls,” he said.

The court therefore restrained FRCN from investigating the plaintiff and also granted all the reliefs sought by Sanusi.

In the suit, the suspended former CBN governor alleged that apart from the fact that the principle of fair hearing was ignored in the planned investigation by FRCN, he had been nailed already even before the commencement of the investigation against him.

Sanusi denied the allegation in the briefing note to President Goodluck Jonathan by the FRCN that he supervised the writing off of a N40 billion debt owed the defunct Intercontinental Bank by former Kwara State governor, Bukola Saraki.

Saraki, now a senator, had allegedly secured the loan from Intercontinental Bank through his company, Joy Petroleum Limited.

The loan was said to have been written off during the tenure of Lai Alabi as managing director of Intercontinental Bank.

Alabi was appointed as the helmsman of the bank by Sanusi after he sacked its former managing director, Erastus Akingbola.

Sanusi also denied that he did not follow due process in writing off another N3.8 billion loan in favour of Heritage Bank, successor to the defunct Societie Generale Bank of Nigeria (SGBN), a bank that had strong link with the Saraki family.

Rather, Sanusi said it was the CBN board that approved the write-off of the loan as forbearance to Heritage Bank on December 17, 2010, as part of the process of facilitating the resumption of the bank as a regional bank.

Sanusi’s lawyer, Kola Awodein (SAN), argued during the trial that the FRCN lacked the powers to look into the books of CBN under Sanusi, as the investigation was against the principles of natural justice.

Awodein said: “The FRCN and the executive secretary who are to conduct the investigation have already shown that they have decided the issues by the statements they made about Sanusi being financially reckless. For instance, my lord, the FRCN executive secretary, in the concluding part of the briefing note to the president said and I quote: ‘It is important for Mr. President to take action fast before Sanusi resigns to foreclose investigation, and also so that the opposition will not accuse the president of allowing such financial recklessness to be perpetrated by the CBN governor under his watch.”

However, the FRCN counsel, Adesegun Ajibola (SAN), while responding to Sanusi’s allegations, urged the court to discountenance the allegations raised by Sanusi.

He said the court was not an administrative tribunal, and that the allegations ought to have been raised as Sanusi’s defence during the FRCN probe.

http://sunnewsonline.com/new/?p=63254

PassingShot:





Mr. Hurting Protection, you have given us another proof that Mr. Clueless was actually not competent to run the affairs of Nigeria.

Now, it's not going to be business as usual because parade has indeed changed gear. Live with it!

And employing lies that SLS was removed for indictment by FRCN will achieve NOTHING for you at this time because we are past that levels already.

mrmetoo1:
Resisted by who?? By you?? Please you're nothing but a joker.

I hate when people try to justify what people have done by saying "oh they're not the only thieves" Is money from NNPC missing or not?? Is there evidence of misappropriation of funds from NNPC or not?? Answer those questions first. As they have shown thieves have been ruling us, you guys too should also expose other thieves, nothing wrong with that.

This idea that because they're not the only ones stealing means we should all keep quiet is very stupid and dangerous. Please any evidence against Sanusi should be presented to us in form of an audit as well. Let them probe his tenure as governor. Let your voices be loud, do not rest until you achieve it. You saying we should overlook NNPC because the whistleblower too is a thief is very senseless

P.S.

Reading your defense again on why thieves shouldn't be called thieves because there are other thieves, you mentioned a federal high court dismissed Sanusi's case, keyword FEDERAL. Writing Osinbajo's name in bold doesn't stop it from being a federal court, this is at a time Osinbajo didn't have any federal powers. Technically he still doesn't as I write have any federal powers.

kinglekan:
ROTFL ooo. CHaiii abeg ooooo!!
Btw, Twaci like beta tin naa.

francizy:
Hehehehehe, if you eliminate Kinglekan, another barrier dey oh..

Honorable Dr. Sex KingTom..

U no see as them two get Kings for their moniker? D girl like/loves King size!

Twaci:
sure thing. So no divorce then?

francizy:
Hahahaha, my dear brother.. No mind the small geh.. She think say na by size.. Hahahaha..

Twaci:
Hey handsome

francizy:
Hehehehe, I will have my brother Whynotthetruth share that with you while Kinglekan does the laundry...

barcanista:
Thanks...I will pm you..

Lemme read that text

SeverusSnape:
I think that's a good idea. It's a really nice write up. If you do, Remember to tag me...I Just hope I'll be less busy by then.

barcanista:
I agree with you. Would you mind to be a contributor for my blog? And please create a new thread with that post

SeverusSnape:
I'm moved, this is so touching...Are you a writer?, I'm speechless. God bless you and your entire generations.

softysparky:
I will gladly vote for him.

francizy:
Bia IFE nke na ANYI, taki kwa time oh! I see as you turn that place to political Encyclopedia..

Hehehehehe, na matter of time you go emerge as Candidate and subsequently you go become Anambra state Governor..

francizy:
You sent a request? Guy chill na.. You didn't even ask me when last infused Facebook... Had to login now to accept ur request.

I don't understand the bolded..

francizy:
LoL, I say make u send me ur number for pm make I call you but u bone.. Unto say I no wan bug u make e no be like say me na gay, I just take my chill pill..

Try push ur number come make I hear from u on how things dey go..

patrickmuf:
Before we start the call for true federalism or 50% allocation, can we do a proper analysis of what has been achieved so far with what we have at hand?
Bet it still reads failure amidst plenty... Thus, until our leaders begin to lead us right, the story won't change not with 50% derivative nor with 100%...
Barca and co, channel you energy towards the fight for good governance and when it's a given we can start talking about true federalism... Until then, y'all dreamers...

Mogidi:
And in the other thread I called your dad a .... for raising a mentally deranged ..... who announces his presence on any thread with his trade mark tomfoolery.

Don't bother replying, you can bet I won't honour your invitation to derail.

francizy:
I think say you don commot from hospital oh.. Na wa oh

Are you sure the doc is giving the right treatment..?

socialmediaman:
I already tried to draw his attention to this issue but he hasn't really understood. Derivation is for the development of a region, not for the citizens to use to drink snapps and wine. Royalties paid to people who oil is developed on the lands is quite different from paying a single region half of the revenue. Furthermore, in most countries practicing resource control that I know, no one group of people lay claim to a land, there is equal rights among every citizen including not being referenced as visitor in any land. He seems not to realize that this whole resource control issue is a selfish ambition of some paymasters

patrickmuf:
If you really want a thorough assessment of the points you've raised, quit sounding out to your praise singers, you should be looking out for folks who you engage you in a proper debate...

pallyking:
@poster, yours is ethnocentric view point, not helpful in moving Nigeria forward if you think another civil war will help your case.

Have you been to Saudi Arabia, Kuwait, Iran, Iraq, UK, Norway, Russia, Venezuela etc., these countries produce oil but no one tribe claims any ownership. Rather, the resources are federal governments', which they use judiciously to develop their countries.

It is only in Nigeria, a country blessed with all kinds of resources, not just oil, that successive governments have let the people down by looting national treasury, including oil money, instead of developing the entire country as in those other oil-producing countries referred to above.

It is also only in Nigeria that you have this ridiculous bigotry and tribal claim to oil ownership of land that belongs to the Federal Government by virtue of the Constitution. Where this is denied, you want to split the country! How far can you go? Don't forget, each state has its own ambition to be self-governing but are you going to split the country into 33 countries? Whose right is more equal than the others?

I admit the region and in particular, the Ogoni tribe have been dealt harshly and inhumanely by late Abacha but that will be child's play under Biafra. The way forward is for Nigerians to demand better government and accountability how our resources are spent

patrickmuf:
If you really want a thorough assessment of the points you've raised, quit sounding out to your praise singers, you should be looking out for folks who you engage you in a proper debate...