FG Suspends Constroversial Corporate Governance Law |The Republican News


•Why Buhari sacked Obazee, dissolved FRC board

From Juliana Taiwo-Obalonye, Abuja

The Federal Government has suspended the law which forced Pastor Enoch Adeboye to step down as the Nigeria General Overseer of the Redeemed Christian Church of God (RCCG).
The Financial Reporting Council of Nigeria (FRCN), under Jim Obazee, had directed Not-For-Profit Organisations (NFPOs)— 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 GO of RCCG, named Pastor Joshua Obayemi to head the Nigerian church as national overseer while he remained the worldwide general overseer of the church.
Yesterday, President Muhammadu Buhari fired Obazee and approved the reconstitution of the board.
Also, in a statement yesterday, Constance Ikokwu, media aide of Minister of Industry, Trade and Investment, Okechukwu Enelamah, said the law has also been suspended, in order to review it. “The code issued by the FRCN has been suspended pending a detailed review, extensive consultation with stakeholders and reconstitution of the board,” he said.
Obazee’s sack came hours after Adeboye retired as RCCG general overseer.
In a statement by the Senior Special Assistant on Media and Publicity, Garba Shehu, the president named Daniel Asapokhai as Obazee’s replacement and appointed Adedotun Sulaiman, as board chairman.
Daily Sun, however, gathered that Obazee was relieved of his job following Enelamah’s report to the president, on reconstitution of the FRC board.
“President Buhari has appointed a chairman and a new executive secretary for the council. The new council, as approved by the president, has Mr Adedotun Sulaiman, as chairman. 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 Asapokhai as the executive secretary of the Council. Asopokhai is a partner and a Financial Reporting Specialist at PricewaterHouseCoopers, Nigeria.
“He is a product of the University of Lagos and the University of Pretoria.
“President Buhari has also instructed the minister 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 its board,” Shehu’s statement said.  (The Sun)

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