Jim Obazee
Jim Osayande Obazee ( born March 28, 1965) is the first Executive Secretary/Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC). He held this position from the inception of the Financial Reporting Council on June 3, 2011 until January 9, 2017. In that capacity, he was responsible for the setting, monitoring and enforcement of financial reporting standards and Corporate Governance practices in both Public and Private Sectors of the Nigerian economy. The job included the harmonization of the activities of relevant professional and regulatory bodies in Nigeria.
Early Life and Education
Jim Obazee was born in Benin City, Edo State, Nigeria. He attended Agbado Model Primary School 1,Benin City, Edo State, Nigeria; Edokpolor Grammar School, Ebomisi Secondary School. He holds a B.Sc in Accounting (University of Benin), M.Sc in Accounting (University of Lagos) and a certification in Strategic Financial Analysis for Business Evaluation (Harvard University, USA). He is a Fellow of the Institute of Chartered Accountants of Nigeria and a member of the American Accounting Association.[1]
Professional life
He is the 29th Chairman of International Standards of Accounting and Reporting (ISAR) of the United Nations (UNCTAD-ISAR). ISAR is the only intergovernmental working group devoted to corporate transparency and accounting issues at the corporate level. ISAR addresses a variety of issues in corporate accounting and reporting with a view to improving the global comparability and reliability of corporate reports. He was a member of the United Nations Consultative Group on Accounting by Small and Medium-sized Enterprises and the United Nations Consultative group on Compliance Monitoring and Enforcement.
He was the Chairman of the National Committee on Roadmap to the Adoption of International Financial Reporting Standards in Nigeria.
Hitherto he was Technical Director and later Chief Executive Officer of the Nigerian Accounting Standards Board (NASB). In his earlier role, he has been on attachment to the Financial Accounting Standards Board, USA and Accounting Standards Board, Canada. He joined the NASB in 1993. Prior to this, he was a Lecturer of Accounting at the University of Benin, Edo State, Nigeria.
Professional Membership
1. Fellow of the Institute of Chartered Accountants of Nigeria (F.C.A)
2. Associate Member of the Nigerian Institute of Management (AMNIM)
3. Member, American Accounting Association (AAA)
International/National Engagements
1. Member of the United Nations (UN) Consultative Group on Accounting by Small and Medium-sized Enterprises (SMEs).
2. Member, United Nations (UN) Consultative Group on Compliance Monitoring and Enforcement.
3. 29th Chairman, International Standards of Accounting and Reporting (ISAR) of the United Nations.
4. Chairman, National Committee on Road Map to the Adoption of International Financial Reporting Standards (IFRS) in Nigeria.
5. Chairman, National Committee on Top 100 Businesses in Nigeria 2015.
Major Investigations led in Nigeria
1. Central Bank of Nigeria (CBN)
Technical Committees Participated to Date
1. Technical Committee on Accounting in the Petroleum Industry - Upstream Activities.
2. Technical Committee on Accounting for Insurance Business
3. Technical Committee on Accounting for Statement of Cash Flows
4. Committee on Implementation Guide to Accounting for Leases
5. Technical Committee on Accounting in the Petroleum Industry - Downstream Activities
6. Committee on Accounting by Banks & Non-Bank Financial Institutions (Part 2)
7. Technical Committee on Earnings Per Share
8. Technical Committee on Taxes
9. Technical Committee on Financial Reporting in an Inflationary Environment.
10. Technical Committee on Research and Development Costs.
11. Technical Committee on Segmental Reporting.
12. Technical Committee on Accounting by Not-for-Profit Organisations.
13. Technical Committee on Interim Financial Reporting.
14. Technical Committee on Provisions, Contingent Liabilities and Contingent Assets.
15. Technical Committee on Consolidated Financial Statements and Accounting for Investments in Subsidiaries
16. Technical Committee on National Code of Corporate Governance
Some written works to Date
1. Accounting Information: Qualities, uses and user groups: Official Journal of NUASA, Uniben Branch, Vol. 1 No. 6, 1990
2. Capital Maintenance Reserves Approach in the Banking and Manufacturing Industries (A case study of selected Banks and Manufacturing Companies in Nigeria) M.Sc. Thesis, 1991.
3. Developments in Balance Sheet Reporting: Local and International Accounting Standards Requirements: Being a paper presented at ICAN workshop on Developments in Balance Sheet Reporting at the Lagos Sheraton Hotels and Towers, Nigeria, in November, 1993.
4. Introduction to Accounting for Financial Institutions (Unpublished, 1993).
5. Regulation of Accounting Profession in Nigeria (Unpublished, 1993).
6.Interpretation of Accounts and Ratio Analysis: Being a paper presented at a workshop on Basic Credit Analysis by Chartered Institute of Bankers of Nigeria in March 1994.
7. The Strengthening, Harmonization and Development of Accounting Professional Capacities in Africa: Being a paper presented at a workshop organized by the African Accounting Council in Brussels, Belgium in December 1994.
8. International Accounting Standards: Key Successes and Challenges in the Harmonisation of Accounting, Auditing and Reporting Standards: (ICAN Official Journal - The Nigerian Accountant, July/September, 2002 Vol. 35, No. 3)
9. Standardisation of Financial Reporting at the Federal, State and Local Government levels (ICAN Official Journal – The Nigerian Accountant, Jan/ Mar 2005. Vol. 38, No. 1)
10. Financial Reporting in the Extractive Industries in Nigeria: Being a paper presented at the United Nations Conference on Trade and Development (UNCTAD) on Financial Reporting and Transparency in the Extractive Industries. Held at Palais des Nations Geneva, Switzerland; October, 2007.
11. Country Practice: American Accounting Association, International Accounting Section. AAA Journal No. 92, Fall 2007, Page 4.
12. Practical Challenges in Implementing International Financial Reporting Standards in Nigeria: ABWA Journal Vol. 1, No. 3, Page 7.
13. Reliability of Corporate Financial Reports: Global Issues, Challenges and Options: Cover story of the 2008 Edition of the Nigerian Stock Market Annual published by CITC-PLC group, Lagos 2008.
Work Attachments
1. Working visit to the UK Accounting Standards Board (November 2001);
2. Financial Accounting Standards Board (FASB), USA. (April & May, 2003);
3. US Securities & Exchange Commission, Washington. (April, 2003);
4. International Accounting Standards Board (IASB), UK. (June, 2003) and
5. Working visit to the Canadian Accounting Standards Board (November 2005).
Personal Life
Obazee is married to Elizabeth Omotayo and blessed with two sons: Bethlehem and Naioth.
References[edit]
- ↑ Jim Obazee Biography | ItodoNR.com
{http://www.financialreportingcouncil.gov.ng}
{https://en.wikipedia.org/wiki/Financial_Reporting_Council_of_Nigeria}
{https://en.wikipedia.org/wiki/Financial_Reporting_Council_of_Nigeria#cite_note-7}
{http://www.thisdaylive.com/…/frc-boss-emerges-uncta…/129653/}
{https://m.youtube.com/watch?v=q6yKZXnunXE&feature=share}
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