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The former Financial Reporting Council boss, Jim Obazee, was sacked for disobeying a directive of the Minister of Industry, Trade and Investment, Mr. Okechuckwu Enelamah.

According to Punch, Enelamah had earlier recommended to that the implementation of the controversial corporate Governance Code 2016 be suspended.

A top official, who spoke with a Punch correspondent on condition of anonymity, said the approved Enelamah’s recommendation and the minister thereafter conveyed the decision to Obazee.

The source said, “Since the minister had conveyed the President’s approval that the implementation should be suspended, it was taken for granted that it had been suspended.

“Surprisingly, received a report that during the period, Obazee hosted chief executives of some quoted companies to a dinner.

“It was at that dinner that he reportedly told his guests that the law had taken effect and would be implemented.

“The report got to the government and the President was angry about it.”

The President of the National Council of The Nigerian Stock Exchange, Mr. Aigboje Aig-Imoukhuede, was said to have led the chief executives of companies to the dinner.

Another source, who confirmed the development, said Buhari sacked Obazee and dissolved the board of the FRC on Monday based on the recommendation of Enelamah.

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