Shareholders laud Obazee’s removal, urge new secretary to be investors-friendly

Shareholders in the capital market yesterday lauded the sacking of the Executive Secretary of the Financial Reporting Council of Nigeria (FRCN), Mr. Jim Obazee.His removal was not unconnected with a law by the council, which stipulated tenure for General Overseers of Churches and other religious bodies.

The former President, Independent Shareholders Association of Nigeria, Sunny Nwosu said: “I have never seen where a chief executive officer of an agency would have open confrontation with the minister that he is reporting to. He should have given due respect to him.

“We do not believe in the news making the rounds that the new corporate governance code was a combination of all interest groups. It is not possible to fight everybody and succeed without being subjected to problems. Since we are trying to reposition the capital market, it would be counter-productive to have policies that would discourage investments in the economy. This is more so as no body was an island.

We urge the new chairman to be properly briefed. Let his orientation be capital market-friendly to encourage investors. He should serve the investors’ interest and improve the business climate in the country with policies that would attract more investment into the country.”

Also, the President, Proactive Shareholders Association of Nigeria, Taiwo Oderinde said: “Obazee deserved the removal. The man has mismanaged the organisation and it is expected that others would learn a lesson from it, that we do not use public office to service personal interest.”

He, however, urged the incoming chairman to be professional and regulate only the affairs of financial reporting standards and not meddle in issues outside his jurisdiction.  

On his part, the President, Renaissance shareholders Association, Olufemi Timothy said: “We have said before now that he had exceeded his mandate. It is good that he has been removed.”

Also speaking, the President, Association for the Advancement of Rights of Shareholders, Dr. Faruk Umar described the removal as a good development.“It was a good development. I had opposed his attitude towards corporate governance at every annual general meeting, especially when he wanted to impose accountants as chairmen of audit committees, even though they have no knowledge of corporate governance and finance.

“The President of Nigeria needs people who will invest in the country and not people who will scare investors away. How could you tell Aliko Dangote how many years he has to spend as a director of a company he owns 90 per cent? How could one be a tenant in his own house? This should serve as a lesson to others,” he said.