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.”

Punchng