Investigator Jim Obazee Who Targeted Adeboye, Takes on CBN’s Emefiele: 5 Key Facts

The recently appointed CBN investigator, Jim Obazee is known for taking on high-profile figures in Nigeria’s corporate and financial sectors. Before his recent appointment, Obazee served as the Executive Secretary of the Financial Reporting Council (FRC)for over six years.

Obazee’s career has also been marked by bold pursuits of accountability and transparency. Without further ado, let’s delve into five key facts about Obazee, exploring his noteworthy investigations and their impact on Nigeria’s socio-economic landscape.

Obazee’s recommendations dismissed Adeboye as GO

Obazee’s FRC had in 2016 asked non-profit organisations, including mosques and churches, to adhere to the corporate governance code outlining a 20-year term for heads of such organisations.

These directives made the General Overseer of the Redeemed Christian Church of God, RCCG Enoch Adeboye step down as the head of the church. Adeboye also named Joshua Obayemi as the National Overseer of RCCG.

According to reports, Obazee who was once an RCCG member was on a vendetta mission against Adeboye, where he reportedly vowed to take Adeboye out.

He suspended Peterside Atedo as Chairman of IBTC

Obazee’s FRC also suspended Peterside Atedo as the Chairman of IBTC bank in October 2015.  The council suspended Atedo because of infractions in the bank’s financial statements.

The infractions made the Obazee-led FRC ask Stanbic IBTC to restate and reissue its 2013-2014 financials. It also fined the bank N1 billion and suspended other bank senior officials. 

The brain behind Sanusi’s sack

The CBN Investigator further recommended that the former CBN Governor, Sanusi Lamido Sanusi, be sacked in February 2014.

Sanusi’s dismissal came after he alleged that billions of dollars of Nigeria’s wealth were unaccounted for and diverted by persons in the management of the then Nigerian National Petroleum Corporation, NNPC during President Goodluck Jonathan’s Administration.

Obazee noted that Sanusi’s allegation was a reflection of financial misconduct. He later recommended his sack, which was approved by Jonathan.

His controversies cut short his tenure

The Corporate Governance Code issued by the Financial Reporting Council generated a lot of controversies especially as it made Pastor Adeboye resign as General Overseer. 

Obazee who has just been re-appointed in 2015 by President Buhari for another term of four years, was sacked in January 2017, when the heat of the corporate governance law troubled the nation.

Recall that in 2021, the Senate Committee on Public Accounts ordered Obazee to refund N94 million to the federation account. The committee alleged that N66 million was approved for a two-year rent on a property that the FRC never occupied while Obazee was its CEO.

The panel also accused Obazee of not carrying out due diligence in the application of public funds by ensuring value for money expended.

Obazee’s pedigree and his relationship with Nigerian Presidents

Obazee who is a member of the Nigeria Institute of Management, was on attachment to the Financial Accounting Standard Board, United States, and Atlantic Schools of Business, Canada.

He was the Chairman of the 29th Session of UNCTAD-ISAR (International Standards of Accounting and Reporting) and Chairman of the Committee of the Roadmap to the adoption of International Financial Reporting Standards in Nigeria.

Obazee worked with Former Presidents Goodluck Jonathan and Muhammadu Buhari. He has also been brought in to work and reports directly to President Bola Tinubu.