FG Suspends Controversial FRC Code That Forced Adeboye Out

Posted on January 9, 2017

MICHAEL AKINOLA

 

JUST IN: FG suspends FRN code that forced Adeboye out of RCCG Nigeria post

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.”

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

IKPO IGBINOBA Athletes’ representative,Amos Ilya has declared that the welfare of judokas must be... Continue
Chairman of Referees Appointment Committee of the Nigeria Football Federation, Comrade Ahmed Yusuf Fresh,... Continue
COMRADE HARRIS CHUMA The independent Media Support Organization (IMSO) has called on the nation’s... Continue
CYRIACUS IZUEKWE A 31-year old Temitope Adeyemi has been arrested and charged before a... Continue
The Lagos State Governor, Mr. Akinwunmi Ambode, has approved the rehabilitation and upgrade of... Continue
CYRIACUS IZUEKWE For ages, it has been established that there has been some isolated... Continue
ISRAEL TAIWO  Governor Akinwumi Ambode will play host to the two weeks Governor’s Cup... Continue
Renowned Kenyan scholar, Patrick Lumumba, would be the keynote speaker at the 2017 Felabration... Continue
Book publishers in the country have been urged to embrace Yorùbá writings in order... Continue
Music fans in Lagos are in for a thrilling experience this October as Nigeria’s... Continue