BEVERLY HILLS, January 9, (THEWILL) – The Federal Government has suspended the law by the Financial Reporting Council of Nigeria (FRN), that forced Enoch Adeboye to step down as the Nigeria overseer of the Redeemed Christian Church of God (RCCG).
THEWILL recalls that FRN had directed not-for-profit organisations, which includes churches and mosques, to comply with a corporate governance code stipulating a term of 20 years for heads of such entities.
However, in a five paragraphs statement issued on Monday by Constance Ikokwu, media aide of Okechukwu Enelamah, Minister of Industry, Trade and Investment, the Minister said the code was suspended in order to carry out a detailed review of its application.
The statement quoted the minister to have said that government remains committed to restoring and enhancing market confidence and improving the ease of doing business in the country.
“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.
“Government remains committed to restoring and enhancing market confidence and improving the Ease of Doing Business in Nigeria.
“Government is committed to strengthening FRC and enhancing its capacity to fulfil its core objective.”
THEWILL recalls that President Muhammadu Buhari fired Mr. Jim Obazee as head of the FRN and approved the reconstitution of the board of the agency.
The President appointed a new Chairman and a new Executive Secretary for the council according to a statement on Monday by Garba Shehu, Senior Special Assistant to the President (Media and Publicity).
THEWILL can however report that Obazee’s sudden removal could be linked to a controversial provision which limited the tenure of heads of non-profit organizations, like religious institutions to 20 years. The General Overseer of the RCCG, Pastor Enoch Adeboye was forced to retire weekend following the law. Several other powerful and influential church heads would be forced out following the law.
“The new Council as approved by the President has Mr. Adedotun Sulaiman, MFR as Chairman,” Shehu stated.
“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 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.”