Sunday 30 March 2014
centre for Rights and Grassroots Initiatives: THE FINANCIAL REPORTING COUNCIL OF NIGERIA (FRCN) ...
centre for Rights and Grassroots Initiatives: THE FINANCIAL REPORTING COUNCIL OF NIGERIA (FRCN) ...: 30 st March, 2014 THE FINANCIAL REPORTING COUNCIL OF NIGERIA (FRCN) INVESTIGATIVE PANEL SITTING AS A NEGATION OF THE PRINCIPLE O...
THE FINANCIAL REPORTING COUNCIL OF NIGERIA (FRCN) INVESTIGATIVE PANEL SITTING AS A NEGATION OF THE PRINCIPLE OF JUSTICE
30st
March, 2014
THE FINANCIAL
REPORTING COUNCIL OF NIGERIA (FRCN) INVESTIGATIVE PANEL SITTING AS A NEGATION
OF THE PRINCIPLE OF JUSTICE
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| Mallam Sanusi Lamido Sanusi (Ex CBN Governor) |
Recently
on February 21, 2014 to be precise, the Nigerian public space was jolted with
the sack from office of the former governor of the Central Bank of Nigeria
(CBN) Mallam Sanusi Lamido Sanusi by President Goodluck Jonathan following the
recommendations by the Financial Reporting Council of Nigeria (FRCN), which
accused the CBN, under his leadership, of financial recklessness.
The
recommendations followed the Council’s review of Mr. Sanusi’s response to its
report on the audited financial statement of the CBN for the year ended
December 2012 and other related issues, which it described as unsatisfactory
and ever since a lot of water has passed under the bridge ranging from
commendations, condemnations and even a law suit is pending in court on the
matter.
However
only last week, the public consciousness was aroused once again with
advertorials in some national dailies about (FRCN) investigative panel
invitations to Mallam Sanusi Lamido Sanusi and others to in their words, answer
questions on some aspects of his tenure between 2011 and 2012.
As
a firm believer in the much touted doctrine of respect for rule of law and due
process which is crucial for the sustenance of societal peace, stability and
progress but which has been observed more in speech than in actions by
successive governments, it behooves on us as stakeholders in the Nigeria
project to try and find out what the Financial Reporting Council of Nigeria
(FRCN) stands for and its statutory functions due to the fact that some public
commentators have inundated us with the reality that the agency has gone
outside its statutory functions as authorized by law?
On
18 May 2011, the Senate passed the Financial Reporting Council of Nigeria Bill,
which repealed the Nigerian Accounting Standards Board Act and replaced it with
a new set of rules. The Financial Reporting Council Bill was signed into law on
20 July 2011.
The
FRCN according to its Act No. 6, 2011 is responsible for, among other things,
developing and publishing accounting and financial reporting standards to be
observed in the preparation of financial statements of public entities in
Nigeria; and for related matters.
The
Council’s main objects, as defined in the FRC Act, are to:
protect
investors and other stakeholders interest
give
guidance on issues relating to financial reporting and corporate governance to
professional, institutional and regulatory bodies in Nigeria
ensure
good corporate governance practices in the public and private sectors of the
Nigerian economy
ensure
accuracy and reliability of financial reports and corporate disclosures,
pursuant to the various laws and regulations currently in existence in Nigeria
harmonise
activities of relevant professional and regulatory bodies as relating to
corporate governance and financial reporting.
promote
the highest standards among auditors and other professionals engaged in the
financial reporting process.
enhance
the credibility of financial reporting; and
improve
the quality of accountancy and audit services, actuarial, valuation and
corporate governance standards.
From
the statutory functions of the council itemized above after our search, one is
at a loss as to where the council derived the powers to investigate financial
recklessness in a public organization and so we wonder whose interest the
council is serving by allowing itself to be used to serve other purpose at the
expense of good corporate governance practices in the Nigerian economy and
justice?
For
the umpteenth time, it is important to emphasize that the major function of the
Financial Reporting Council of Nigeria (FRCN) among others is in developing and
publishing accounting and financial reporting standards to be observed in the
preparation of financial statements of public entities in Nigeria; and for
related matters. It is a standard setting and advisory body on observing
standards just like ICAN, COREN and other professional standard setting bodies.
Therefore
the present assignment being carried out by the Financial Reporting Council of
Nigeria (FRCN) in indicting a public entity of financial recklessness is
illegal, null and unconstitutional and it is high time Nigerians place public
institutions like this under close watch lest they be used to commit illegality
as in the present scenario.
The
power to investigate the financial records of public entities at all levels is
constitutionally outside the purview of the financial reporting council of
Nigeria and so we wonder whose agenda it is being used to prosecute? Definitely
not our national interest.
Again,
by inviting Mallam Sanusi Lamido Sanusi to appear before its investigative
panel to give account of his stewardship when the man in question has already
been sacked based on its recommendations is not only unconstitutional and a
negation of the principle of justice but is also an attempt to use back door tactics
to justify illegality, in other words, it is akin to putting the cart before
the horse and we all know the implication.
The
illegality and desperation of the FRCN to nail Mallam Sanusi Lamido Sanusi at
all cost was even taken further to a ridiculous height when this same agency
invited persons who are standing trial in court of competent jurisdiction for
abuse of public trust but which it didn’t observe to implicate then if it were
a serious body to come and testify at its illegal sitting, oh, what an
absurdity and show of shame.
One
cannot but commend Mallam Sanusi Lamido Sanusi for taking the courageous and
constitutional step of ignoring the illegal invitation by the FRCN
investigative panel, otherwise he would have given legitimacy to what is
nothing but a charade and a hatchet job by a misguided and an unserious agency
of the state which has lost focus of its constitutional duty.
One
would therefore like to use this medium to admonish the management of the
Financial Reporting Council of Nigeria and its instigators to take heed and
retrace their unholy steps because the sine qua non for a peaceful, orderly and
good corporate governance practices in the Nigerian economy is justice and
whatever we do today or allow ourselves to be manipulated to do against our
conscience and constitutional functions becomes history tomorrow and posterity
will judge appropriately.
A
word is enough for the wise!
Friday 14 March 2014
centre for Rights and Grassroots Initiatives: LAGOS STATE COMMISSIONER FOR TRANSPORTATION VISITS...
centre for Rights and Grassroots Initiatives: LAGOS STATE COMMISSIONER FOR TRANSPORTATION VISITS...: LAGOS STATE COMMISSIONER FOR TRANSPORTATION VISITS FESTAC TOWN BOAT TRAGEDY SITE: Images from Festac town boat tragedy site Informatio...
LAGOS STATE COMMISSIONER FOR TRANSPORTATION VISITS FESTAC TOWN BOAT TRAGEDY SITE:
LAGOS STATE COMMISSIONER FOR TRANSPORTATION VISITS FESTAC TOWN BOAT TRAGEDY SITE:
Information just coming in has it that the Lagos State Commissioner for transportation Comrade Kayode Opeifa, the Managing Director Lagos State Waterways Authority (LASWA) Mr. Olayinka Marinho and the executive Chairman Amuwo Odofin Local government Comrade Ayodele Adewale will this morning Friday 14th March 2014 visit the site of the Festac town boat tragedy.
Here's wishing and praying that the soul of the departed rest in perfect peace and as well that the Almighty grant the families of the bereaved, the fortitude to bear the irreparable loss.
Please stay tuned as we will post pictures from the crash site.
 |
| Images from Festac town boat tragedy site |
Information just coming in has it that the Lagos State Commissioner for transportation Comrade Kayode Opeifa, the Managing Director Lagos State Waterways Authority (LASWA) Mr. Olayinka Marinho and the executive Chairman Amuwo Odofin Local government Comrade Ayodele Adewale will this morning Friday 14th March 2014 visit the site of the Festac town boat tragedy.
Here's wishing and praying that the soul of the departed rest in perfect peace and as well that the Almighty grant the families of the bereaved, the fortitude to bear the irreparable loss.
Please stay tuned as we will post pictures from the crash site.
Wednesday 5 March 2014
centre for Rights and Grassroots Initiatives: NIGERIA, A COUNTRY IN PERPETUAL CRISIS
centre for Rights and Grassroots Initiatives: NIGERIA, A COUNTRY IN PERPETUAL CRISIS: NIGERIA, A COUNTRY IN PERPETUAL CRISIS Nigeria, a country in perpetual crisis Good day pals, I hope your day is going well? Just rumin...
NIGERIA, A COUNTRY IN PERPETUAL CRISIS
NIGERIA, A COUNTRY IN PERPETUAL CRISIS
Good day pals, I hope your day is going well? Just ruminating how it feels to be without electricity in a 21st century Lagos for over 118 hours and yet we say we are modern times compliant. I have had cause to bemoan my plight and that of fellow countrymen and women on this forum on Monday 3rd March 2014 and till this moment we still without power in my neighbourhood but have had to make do with our alternative generated power courtesy of generators which can only service those that can afford the cut throat price of petrol at the black market because the fuel stations have become a war zone. Because I didn't witness the civil war, I am of the opinion that a lot of the people I see in the petrol stations since Friday last week must be war veterans to be able to engage in all sorts of cuffs just to get fuel for either the car or the generating set at home.
I also observed that a lot of businesses that are barely managing to survive on generating sets are unable to do so lately because of the fuel crisis which is killing life gradually. Most of the small businesses are without light in the evenings due to power outage and lack of petrol.
As I was leaving the house this morning, a group of women accosted me and demanded to know what we are doing to raise awareness about our collective plight of which I couldn't but sympathize with myself, this are women who are barely literate. To them, they are concerned and wanted to know if we can protest and to where? To this women, the suffering is just too much and has made life unbearable; no water for use because of lack of electricity to produce it, cant store things in the refrigerator, cant run business on power because of the state of anomie in the power and energy sector, etc. This made me to wonder, that if these women can be this concerned to demand civil action on these social issues, what are we the educated folks doing to change things before we are pushed off the podium by those who want action.
I had to calm them down that I will broadcast their, sorry our story to the whole world through this medium and I just hope somebody is listening and will help spread this message to the authorities concerned that Nigerians are not happy with the state of things and are disturbed that why is our country in perpetual crisis? If it is not insecurity, it is Power outage or shortage of fuel supplies, or untimely deaths from preventable or avoidable situations or a case of massive looting of our commonwealth by a few, etc. Why cant we for once break this negative jinx and have a good development unfold about our country to delight our minds and lengthen our days on earth?
Oh, how I weep for my country and have resolve to organize the people in my neighbourhood for political power to make the desired change and stop this lamentations because the state we are in today is a consequence of either our actions or inaction's, How about you?
 |
| Nigeria, a country in perpetual crisis |
Good day pals, I hope your day is going well? Just ruminating how it feels to be without electricity in a 21st century Lagos for over 118 hours and yet we say we are modern times compliant. I have had cause to bemoan my plight and that of fellow countrymen and women on this forum on Monday 3rd March 2014 and till this moment we still without power in my neighbourhood but have had to make do with our alternative generated power courtesy of generators which can only service those that can afford the cut throat price of petrol at the black market because the fuel stations have become a war zone. Because I didn't witness the civil war, I am of the opinion that a lot of the people I see in the petrol stations since Friday last week must be war veterans to be able to engage in all sorts of cuffs just to get fuel for either the car or the generating set at home.
I also observed that a lot of businesses that are barely managing to survive on generating sets are unable to do so lately because of the fuel crisis which is killing life gradually. Most of the small businesses are without light in the evenings due to power outage and lack of petrol.
As I was leaving the house this morning, a group of women accosted me and demanded to know what we are doing to raise awareness about our collective plight of which I couldn't but sympathize with myself, this are women who are barely literate. To them, they are concerned and wanted to know if we can protest and to where? To this women, the suffering is just too much and has made life unbearable; no water for use because of lack of electricity to produce it, cant store things in the refrigerator, cant run business on power because of the state of anomie in the power and energy sector, etc. This made me to wonder, that if these women can be this concerned to demand civil action on these social issues, what are we the educated folks doing to change things before we are pushed off the podium by those who want action.
I had to calm them down that I will broadcast their, sorry our story to the whole world through this medium and I just hope somebody is listening and will help spread this message to the authorities concerned that Nigerians are not happy with the state of things and are disturbed that why is our country in perpetual crisis? If it is not insecurity, it is Power outage or shortage of fuel supplies, or untimely deaths from preventable or avoidable situations or a case of massive looting of our commonwealth by a few, etc. Why cant we for once break this negative jinx and have a good development unfold about our country to delight our minds and lengthen our days on earth?
Oh, how I weep for my country and have resolve to organize the people in my neighbourhood for political power to make the desired change and stop this lamentations because the state we are in today is a consequence of either our actions or inaction's, How about you?
centre for Rights and Grassroots Initiatives: COMMISSIONER FOR TRANSPORTATION CONTROLLING TRAFFI...
centre for Rights and Grassroots Initiatives: COMMISSIONER FOR TRANSPORTATION CONTROLLING TRAFFI...: FUEL CRISIS AND ATTENDANT GRIDLOCK IN LAGOS: Reports just coming in has it that the Honourable commissioner for transportation in Lagos stat...
COMMISSIONER FOR TRANSPORTATION CONTROLLING TRAFFIC? GOOD ONE
FUEL CRISIS AND ATTENDANT GRIDLOCK IN LAGOS: Reports just coming in has it that the Honourable commissioner for transportation in Lagos state Comrade Kayode Opeifa is himself busy controlling traffic on Awolowo road, Ikoyi due to the gridlock caused by the fuel crisis in the fuel stations. Please maintain discipline by keeping to your lane or queue and avoid obstruction of free flow of traffic all in the name of buying fuel. This admonition is very necessary cause we might be saving some ones life by keeping our head even in this state of anomie that our country has become.
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