Following the resignation of the General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adejare Adeboye, the Federal Government has suspended a corporate governance code issued by the country’s Financial Reporting Council of Nigeria, FRC.
The suspension follows after President Muhammadu Buhari ordered the sacking of the head of the council, Jim Obazee
The Minister for Industry, Trade and Investment, Okechuckwu Enelamah, made the disclosure in a statement on Monday.
Mr. Obazee’s sack comes about 48 hours after implementation of his agency’s law led to the exit of Nigeria’s most influential Christian cleric,
Mr. Adeboye, arguably Nigeria’s most influential Christian cleric, had on Saturday complained about the government’s interest in Church activities.
The governance code sought to provide financial reporting, transparency and accountability standards for not-for-profit organizations.
Among others, it provided that founders or leaders of not-for-profit organizations would not head governance of their organisations for more than 20 years, and could not also pass baton to their family members.
While the code received positive reactions by people who consider it necessary to ensure accountability, it also suffered knocks by those expressing concerns it was targeting faith organisations, especially the Church.
In his statement, the minister said the code stood suspended pending its review and consultation with stakeholders.
Mr. Enelamah reassured of Nigeria’s commitment to enhancing market and ease of doing business in the country.
Meanwhile, Mr. Obazee is to be replaced by Daniel Asapokhai while a new board, headed by Adedotun Sulaiman was also constituted for the agency.
No official reason was given for Mr. Obazee’s sack
Read Mr. Shehu’s full statement below:
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 new Council as approved by the President has 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 Daniel Asapokhai as the Executive Secretary of the Council.
Mr. Asapokhai 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.