Credited to the fall out of the retirement of Pastor Adeboye, Paul Obazee has been replaced with Mr. Adedotun Sulaiman as the new head at FRC.
Adedotun Sulaiman was a former Managing Partner/Director of Arthur Anderson and later, Accenture.
He is a Chartered Accountant and a product of the University of Lagos and Harvard Business School according to the press release.
The President also approved the appointment of Mr. Daniel Asapokhai as the Executive Secretary of the Council.
According to his own CV, Mr. Asopokhai is a partner and a Financial Reporting Specialist at the PricewaterhouseCoopers (PWC), Nigeria. He is a product of the University of Lagos and the University of Pretoria.
The latest development will for many reason change the calibration of the FRC and how it carries out its duties going forward.
Paul Obama and his team had had a rough period with many members of the corporate sector in carrying out their functions.
One of such was the long drawn battle between the FRC and Stanbic Ibtc Bank. It turned out that Stanbic IBTC was prevented from making some huge payments kept in its balance sheets to its South African counterparts as management fees because the FRC ruled that the payment was not authorized by the body.
While the matter has since been resolved, but it affected the bank to a great extent as it was not only prevented from releasing its financial statements for nearly two years, it’s stock also suffered along the line.