Following the outcry that visited the forced resignation of the General Overseer of the Redeem Christian Church of God, RCCG, Pastor Enoch Adeboye, President Muhammadu has approved the sack of the Chief Executive Officer/Secretary of the Financial Reporting Council of Nigeria (FRCN), Jim Obazee.
Obazeeās sack is coming on the heels of the implementation of the councilās law which led to the exit of the General Overseer (worldwide) of the Redeeemed Christian Church of God, RCCG, Pastor Enoch Adeboye.
Recall Adeboyeās retirement on Saturday generated mixed reactions amongst Nigerians.
However, the respected clergyman will maintain oversight function of the global arm of the church.
The FRC rule is established by the Financial Reporting Council, Nigeria, Act No 6, 2011.
The council, which is under the supervision of the Federal Ministry of Industry, Trade and Investment, is responsible for, among others, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria and for related matters.
The Governance Code of 2016 put in place by the agency to implement the Act encompasses three sectors: the private, the public and not-for-profit.
It is the non-profit sector, sometimes referred to as the Benevolent Sector, the Third Sector or the Civil Society Sector, that religious bodies fall under.
Section 9; 1 of the code states that āThe Founder or Leader of a NFPO occupies a special position in the Organization and is committed to the success and longevity of the NFPO.ā
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Accordingly, a founder or leader should not take on too many responsibilities in the organization or have an indefinite term in the running of the organization, and is expected to not stay in office for more than 20 years.
Adeboye had while announcing his retirement as G.O criticized Buhariās interference with church and other religious activities.
His words: āThe government has been showing increasing interest in church affairs.
āUnfortunately, for us in RCCG, it might not be very helpfulā.
Buhari disclosed the sack of the FRC boss in a statement by his spokesperson, Garba Shehu.
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. Obazeeās sack
Garba Shehuās statement reads, āPresident 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).
āHe has appointed a Chairman and a new Executive Secretary for the council.
āThe new Council as approved by the President has Adedotun Sulaiman, MFR, as Chairman.
āMr. Sulaiman was a former Managing Partner/Director of Arthur Anderson and later, Accenture.
āHe is a Chartered Accountant and a product of the University of Lagos and Harvard Business School.
āThe President has also approved the appointment of Daniel Asapokhai as the Executive Secretary of the Council.
āMr. Asapokhai is a partner and a Financial Reporting Specialist at the PricewaterHouseCoopers (PWC), Nigeria.
āHe is a product of the University of Lagos and the University of Pretoria.ā
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