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

CYRIACUS IZUEKWE A 26-year old fake military officer, Ibrahim Rasheed has been arrested in... Continue
FUNSHO AROGUNDADE   A decade after it debuted on Nigerian television, the Big Brother... Continue
CYRIACUS IZUEKWE A 45-year old man, Austine Omuha and his wife Titilayo have been... Continue
FUNSHO AROGUNDADE   On Friday 27 January, the First Eko Art Expo to honour... Continue
 MICHAEL AKINOLA   ATB Techsoft Solutions Limited, an Information Technology and Software development company... Continue
Manchester United forward Wayne Rooney admitted it was a “proud day” after he became... Continue
Taekwondo gold medalist,  Famous Omorege, says his ambition is to be at the 2020... Continue
CAF President, Alhaji Issa Hayatou (far right) assisted by Nigeria’s Minister of Sports, Barrister... Continue
FUNSHO AROGUNDADE For Afrobeats singing sensation Ayo Jay, 2016 was a great year and 2017... Continue
  Reports have it that the Nigerian Police have released the Premium Times publisher,... Continue

NTEL ADVERT

Follow Us @pmexpressng