Jim Obazee, the executive secretary of the Financial Regulatory Council of Nigeria, FRCN, the federal agency mentioned as the cause of the retirement controversy of legendary cleric, and general overseer of the Redeemed Christian Church of God, RCCG, Pastor Enoch Adeboye, has suddenly been sacked by President Muhammadu Buhari.
The Financial Reporting Council of Nigeria, FRCN, was cited by Pastor Adeboye on Saturday morning while announcing his retirement as general overseer of the Redeemed Christian Church of God (RCCG).
A statement by a presidential spokesperson, Garba Shehu a few minutes ago on Monday, January 9, 2016 said that the board of the council has been dissolved and immediately reconstituted.
“President Muhammadu Buhari has approved the immediate removal and the replacement of the Executive Secretary and the reconstitution of the board of the Financial Reporting Council of Nigeria (FRN). He has appointed a Chairman and a new Executive Secretary for the council,” the statement titled, Buhari Approves the Reconstitution of the Financial Reporting Council of Nigeria, said.
“The new council as approved by the president has Adedotun Sulaiman, MFR as the chairman,” Shehu wrote on Facebook.
“Mr. Sulaiman was a former managing partner and director of Arthur Anderson and later, Accenture. He is a chartered accountant and a product of the University of Lagos and Harvard Business School.
“The president has also approved the appointment of Mr. Daniel Asapokhai as the executive secretary of the Council.
“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.
“President Muhammadu Buhari has also instructed the minister of industry, trade, and investment to invite the nineteen ministries, departments and agencies of the Federal Government and private sector organizations specified in the FRC Act to nominate members of the board of the council.”
The New Corporate Governance Code
The Corporate Governance Code For Not-for-Profits was revised on October 2016 with specific targets being founders and leaders of non-for-profit organisations.
Reminiscent of the Central Bank of Nigeria rule of 2010 which targeted the heads of banks of Nigeria, this law required that any leader or founder of a non-for-profit in Nigeria should resign after spending “more than 20 years (in office) or is age 70 years and above”.
The law acknowledges the “spiritual role” leaders play in religious organisations, but added that these roles are “distinguishable from corporate governance and management responsibilities”.
In essence, the new government policy is telling churches and religious bodies how to operate and set up its internal leadership structures.
It also said that to ensure the founder/leader’s continuous advisory and spiritual role, the organisation can create a Board of Trustees (BOT) and make the founder/leader the first or life chair. But, every registered non-for-profit in Nigeria is already required by law to have a board of trustees.
See excerpts of the code below:
Adeboye already occupies the position of “Chairman Governing Council” and “Chairman Board of Trustees” of RCCG Worldwide as stated on the church’s website.
You may download the Corporate Governance Code HERE and also visit HERE to visit the Financial Reporting Council Website for more information on this new law.