Friday, August 8, 2014

“The Financial Reporting Council is not through with Sanusi” | The Executive Secretary is not backing down


Mr Obazee replied that if Sanusi sued as the CBN governor, the CBN would act on his behalf but if an individual sues in his own name then he cannot be suing on behalf of the organization and further iterated that the issue was for the court to decide.
If you thought the battle between the federal government and its former Central Bank governor Sanusi Lamido Sanusi was over, well think again. In a recent Interview with Geoff Iyatse of the Guardian Newspapers Edition, Jim Obazee, the current Executive Secretary/Chief Executive Officer of the Financial Reporting Council (FRC) which indicted the governor earlier this year, released a bombshell. According to him, the FRC is not through with Sanusi, who was suspended on 20 February this year and who is currently Emir of Kano.
According to Obazee, the case withdrawn by the former governor was the case against the President, the Attorney General of the Federation (AGF) and the Inspector General of Police (IGP). He further stated that the case against the FRC is still ongoing and that the FRC has appealed the Ruling of the lower court.
In his words:
“You mentioned that Sanusi has withdrawn his case. The case he withdrew is not the one with FRC, but the one he has with the President, the Attorney General of the Federation and the Inspector General of Police. That of FRC is appealed, where we are asking the court to look at our concerns on the matter. The determination of the court will establish the next turn of events. We should not forget that FRC was investigating the Central Bank and not individuals employed in CBN, including Sanusi. We are reviewing its financial statement, and if the Appeal Court says we should go and complete our work there, we will.”
According to him, the FRC did not investigate Sanusi but the CBN.

He also referred to a case between the FRC and the popular Eko Hotel in Lagos over the latter’s financial statement. He replied that although the commission lost at the lower court, the matter has been appealed against. He explained that the FRC Act defined both public entities and entities in general by virtue of section 77 of the Act.
According to him, if Eko Hotel is not a public entity, it is at least an entity and by virtue of the FRC Act, the powers of the FRC extends to entities.
He further pointed that Section 44(1) of FRC provides that a report made by a professional on the audited accounts of an entity was be in accordance with the FRC Act and that Section 11(d) of the same Act gives the FRC the powers to ensure the accuracy of financial statement of entities. While the matter is being appealed, he said, Eko Hotels must comply with the FRC Act.

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