Obazee Seeks Withdrawal, Restatement Of CBN 2025 Financials

President Bola Tinubu’s Special Investigator, Jim Obazee, has called on the Financial Reporting Council of Nigeria (FRC) to demand the withdrawal and restatement of the Central Bank of Nigeria’s (CBN) 2025 audited financial statements, citing serious concerns over their credibility.

He also urged the FRC to scrutinise the accounts of the Nigerian National Petroleum Company Limited (NNPCL) to provide Nigerians with clarity on the controversial ₦210 trillion figure under discussion at the National Assembly.

Obazee made these remarks on Tuesday at the commissioning of the FRC’s new headquarters in Lagos, where he challenged the council’s leadership to examine key financial records that have generated significant public interest.

He specifically drew the FRC’s attention to documents relating to the NNPCL’s ₦210 trillion figure, urging the National Assembly to forward all relevant records to the council for review, or for the FRC to proactively request them if necessary.

“If you have not seen it, ordinarily the NNPCL, the National Assembly should send you those documents. They should send you those documents. If they don’t, please request them and review them so you can give Nigerians closure,” he said.

Obazee also raised issues about the CBN’s 2025 fully audited financial statements, urging the FRC to obtain both the summary and full accounts and subject them to detailed review.

“Please, if you have not seen it, look for it. Ask someone to bring you the summary and the full accounts because they urgently need to withdraw that financial statement and re-issue it,” he said, adding that he was prepared to discuss the issues in detail with the FRC’s current leadership.

The event was attended by senior government officials, National Assembly members, professional bodies, and other stakeholders.

Speaking at the commissioning, Lagos State Governor Babajide Sanwo-Olu praised the new FRC headquarters as a major boost for the council and a development that would strengthen investor confidence and Nigeria’s economic  outlook. He noted that operating from a permanent headquarters would enhance the FRC’s efficiency, oversight, and public credibility, especially as Lagos is home to many of the businesses  and enterprises regulated by the council.

Sanwo-Olu also highlighted the wider economic benefits, including increased demand for legal, accounting, consulting, and technology services, as well as support for hospitality and transportation sectors. He urged regulatory institutions to evolve alongside the changing structure of Nigeria’s economy, stating: “We expect this new headquarters to provide the platform for the FRC to improve its efficiency, deepen engagement with businesses and professional bodies, strengthen regulatory capacity, and respond more effectively to emerging challenges.”

The governor commended FRC Executive Secretary and CEO, Dr Rabiu Olowo, for his leadership, while Olowo described the new headquarters as a step forward in positioning the council as a globally competitive regulatory institution committed to transparency and accountability.

The commissioning brought together key figures from government, the legislature, and the private sector, underscoring the increasing importance of financial reporting, corporate governance, and regulatory oversight in shaping Nigeria’s investment and economic environment.

Olowo said the new headquarters represented more than the opening of an office complex, describing the facility as the beginning of a new chapter for an institution responsible for strengthening investor confidence, corporate accountability and the integrity of Nigeria’s financial reporting system.

The institutional journey of the FRC began with the establishment of the Nigerian Accounting Standards Board (NASB) in 1982. The NASB was created to develop and issue accounting standards for Nigeria before evolving into the Financial Reporting Council of Nigeria under the Financial Reporting Council of Nigeria Act 2011.

The transformation expanded the council’s mandate beyond accounting standards to cover financial reporting, accounting, auditing, actuarial services, valuation, corporate governance and sustainability reporting.

Olowo said the council operated for about 44 years without a permanent headquarters, a situation that limited its ability to optimise its facilities and accommodate its expanding responsibilities.

“A headquarters is not merely bricks and mortar, not merely conference rooms and offices. A headquarters is an institutional expression of permanence, stability, independence, credibility and dignity,” he said.

According to him, the new facility would provide an environment for the council to collaborate, innovate, engage stakeholders and effectively discharge its statutory responsibilities.

As part of the commissioning, Olowo announced that key facilities within the new headquarters would be named after individuals who contributed to the development of the council.

An inspection and investigation room will be named after Obazee, who served as Executive Secretary of the FRC from 2011 to 2017.

Olowo said Obazee’s tenure placed strong emphasis on regulatory enforcement and compliance with financial reporting and corporate governance requirements.

“Many people may not like Jim, but Jim, I love you,” Olowo said while acknowledging the former executive secretary’s contribution to the development of the council’s enforcement framework.

The council also honoured the late Daniel Asapokhai, a former Executive Secretary, by naming an accounting development facility after him.

Olowo said Asapokhai contributed to the council’s professional and technical development, particularly in standardisation, institutional development and the strengthening of its technical foundation.

He said the development of clear standards was critical to effective regulatory enforcement.

“You cannot effectively regulate what you cannot properly standardise. You cannot consistently enforce what you have not clearly defined,” Olowo said.

The FRC also recognised the contribution of Ambassador Ahmed, who served as Executive Secretary and CEO during a period of significant changes in Nigeria’s financial reporting architecture.

Olowo identified the Financial Reporting Council of Nigeria Amendment Act 2023 as one of the major milestones during the period.

According to him, the amendment, signed into law on May 3, 2023, strengthened the council’s enforcement powers, clarified the definition of public interest entities, provided for a national repository for financial statements and streamlined aspects of the council’s governing board framework.

He also highlighted Nigeria’s advancement in sustainability reporting and its transition towards global sustainability reporting standards.

The FRC also announced plans to name a major corporate governance facility within its new headquarters after the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole.

Olowo said the proposed Dr Jumoke Oduwole Centre for Corporate Governance would recognise the minister’s support for the acquisition and development of the FRC headquarters, as well as her broader contributions to corporate governance, institutional reform, transparency and business-enabling reforms.

He said the decision reflected the importance of corporate governance to Nigeria’s  economic development.

“The work of the FRC may sometimes appear technical, accounting standards, financial statements, auditing and valuation. But behind these technical functions lies something much larger, which is trust,” Olowo said.

He said investors needed to trust financial information, markets needed confidence in institutions, while companies and boards needed to understand that corporate governance goes beyond mere compliance.