BY AMECHI OGBONNA
Contrary to a recent media report that monies contributed by the Central Bank of Nigeria (CBN), commercial banks and other stakeholders toward the construction of the permanent site of the International Financial Reporting Standard (IFRS) Academy has been misappropriated, Chairman of the Financial Reporting Council (FRC), Hajia Maryam Ladi Ibrahim, Monday refuted the allegation, insisting the fund was intact and safe.
Reacting to the report that an estimated N1 billion meant for the construction of the Academy had been depleted to about N800 million even when the ground breaking for the project had not been done, the chairman said the only deduction made on the fund lodged with Zenith Bank and Access Bank Plc was for FRC’s subscription to some international financial reporting organisations.
Ibrahim who spoke at the FRC boardroom in Lagos said she was shocked at at the allegation, which she said was untrue but merely intended to distort facts and mislead Nigerians on the status of the Academy.
She, however, said that the only setback the project had was on the issue of land acquisition and title, which took some time to perfect but assured that having gone over those hurdles, construction work on the project would soon commence.
The FRC Chair regretted the initial plan to start the academy in the offices of the Securities and Exchange Commission (SEC) could not immediately be realised, hence the need to pursue acquisition of its permanent site in Abuja.
On alleged rumours of division in the board of FRC, Ibrahim said there are no cracks in its fold, pointing out that thorny issues of staff welfare and promotions had since been resolved, despite the delays in their implementation occasioned by the need for due process.
“I am surprised people are saying there is a problem, but I can tell you there is no problem in our board. As you can see, we just concluded our meeting for the day. In December, FRC staff demanded for their right pay and they were paid. Some people also demanded their promotion in line with their conditions of employment. But there is due process to be followed in doing some of these things. You also know that with the new directorates under the FRC, there is a lot of work to be done and we need requisite manpower to do the job,” she said.
Source : SunOnline