FG Suspends Controversial FRC Code That Forced Adeboye Out
The federal government on Monday has suspended the Corporate Governance Code that forced Pastor Enoch Adeboye to step down as the General Overseer of the Redeemed Christian Church of God (RCCG).
This was coming few hours after President Muhammadu Buhari fired Mr. Jim Obazee as executive secretary of the Financial Reporting Council of Nigeria (FRCN), who enforced the code and approved the reconstitution of the board.
In a statement on Monday, Constance Ikokwu, media aide of Okechukwu Enelamah, minister of industry, trade and investment, said the law had also been suspended in order to review it.
“The Corporate Governance Code issued by the Financial Reporting Council of Nigerian has been suspended pending a detailed review, extensive consultation with stakeholders and reconstitution of the board of the FRN,” he said.
The FRCN, under Obazee, had directed not-for-profit organisations — including churches and mosques — to comply with a corporate governance code stipulating a term of 20 years for heads of such entities.
It was by this provision that Adeboye, who had spent over 20 years as G.O of RCCG, named Joshua Obayemi to head the Nigeria church although he stressed the he remained the worldwide overseer of the church.
Meanwhile, Mallam Garba Shehu, presidential spokesman, disclosed in a statement on Monday that President Buhari has approved the sacking of Obazee and the reconstitution of the board of the council.
“The president has appointed a chairman and a new executive secretary for the council,” Shehu said.
“The new council as approved by the president has Mr Adedotun Sulaiman, MFR as chairman.
“Mr Sulaiman was a former managing partner/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 19 ministries, departments and agencies of the federal government and private sector organisations specified in the FRC Act to nominate members of the board of the council.”